Shortly after the Eaton Fire destroyed thousands of homes in and around Altadena, signs sprung up across the community announcing “Altadena is not for sale.”
Now, nearly one year later, hundreds of Altadena families have concluded that rebuilding isn’t in their budget. In nearly half of recent deals for empty lots, homeowners are selling to investors.
This is another way of wording that the insurance companies found a clause they could use to deny claims, right?
Was their home insured at replacement cost or actual cash value? And if it was at replacement cost is there a coinsurance value that they were not keeping up with?
If insured at ACV or with a coinsurance that wasn’t maintained properly people could easily be getting less than the value of rebuilding.
If your insurance agent hasn’t explained these things to you upon insuring your home, get another insurance agent.