At Gabi, our hearts go out to those who have been impacted by the recent California fires. We love California; it’s our home. Because we are a team of insurance experts, we wanted to lend some wisdom and advice (with regards to insurance) for those impacted by the fires. Hopefully, this post will alleviate some of your worries so that you can intend to more important things.
Please note that the coverage mentioned below will not apply to every policy but that they are typical in most policies so we suggest you consult your agent or company for a claims investigation and details.
- Keep ALL receipts for fees incurred from being displaced (emergency items purchased, hotels, restaurants, etc.) These expenses will be reimbursed to you and is covered under what is known as “Coverage D,” a category that covers “loss of use.”
- Any damage caused to your car from the fire is covered under comprehensive coverage. You must pay your comprehensive deductible. Comprehensive claims do not count against you and will not cause your insurance rate to increase.
- Your home is covered under your homeowners insurance. Your policy will pay out what’s known as “Coverage A,” dwelling or replacement cost, to rebuild your home.Do not be alarmed if your replacement cost is less than the market value of your home. Remember, you still own the plot of land. Therefore, the replacement cost will be less than the market value.
- Furniture, appliances, clothing, etc. are covered under Coverage C, coverage that involves personal property. Please start to make a list of all items you owned and their approximate replacement cost value to make the claim process go by quicker. If you have any photos of the inside of your home prior to the loss/showing your personal property, those will help the claims process as well.
- If you are a renter and have renters insurance, your renters insurance will pay out personal property coverage to replace the contents of your home. This is subject to your deductible. Also create a list of items you owned and their approximate replacement cost.
- If you are a condo unit-owner, your policy pays for contents “studs in.” This includes doors, countertops, cabinetry, and of course all of your personal property. Your condo association policy will cover the building itself.
- If you are a landlord, your policy will pay to replace the dwelling and most appliances. Also, you have loss of rents coverage as the home is being rebuilt.
- All home coverage is subject to your deductible. Please note that you only have to pay that deductible once. For example, if your claiming both Coverage A and C, you only pay your deductible amount once. The deductible is “per occurrence” and the fire counts as one occurrence.
Please feel free to comment on this post with questions. We will do our best to reply in a timely manner, regardless of whether or not you’re a Gabi client. No need to be a client, we want to help answer everyone’s questions.
Let us know if there are any funds or causes that you are actively involved in, because we want to to help. Lastly, please take a minute to share this post with anyone who may have been impacted and we’ll be sure to answer their questions.
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