In the wake of the recent wildfires here in Southern California, I’m joined today by Zachary Schneiderman of Schneiderman Insurance Agency to talk about what you should keep in mind about your home insurance. Here’s what to do to make sure your insurance protects you sufficiently:
1. Examine your insurance policy. A large percentage of homeowners across Southern California and throughout the country have inadequate insurance for their dwelling. The main thing people think of is insuring their actual home—what it actually costs to rebuild a property in regard to labor and materials. In a catastrophic loss where an entire community is destroyed, the supplies and labor needed to rebuild can sometimes be surcharged due to the higher demand for contractors.
2. Have enough coverage for loss of use. People sometimes don’t understand exactly how long it takes to rebuild a home. Many policies only cover one year’s loss of use, but it typically takes 18 to 24 months to rebuild after a massive loss. You’re going to be paying your mortgage and paying for another place to live in the meantime; your lender doesn’t give you a break in paying your mortgage.
3. Review the contents in your home. It’s one thing to have enough contents coverage, but you need a way to back up your contents claim. Some people have nothing left to use as evidence after a catastrophic fire and lose their claims. A good idea is to film a video walkthrough of your home at least once each year to document your property, store it in cloud storage or send it to your insurance agent, and record your serial numbers as well. Keeping a good inventory of your home never hurts.
If you have any questions or would like your policy reviewed, you can contact Zachary at 818-322-4744. If you’d like help with your real estate needs or would like some information, you can contact me. I look forward to hearing from you.
