Unfortunately, 75% of those who lost their homes in the Palisades fires were severely underinsured. Why? The algorithms that insurance companies use to determine the Replacement Cost Estimate (RCE) for homes are not always accurate. (The RCE is based on the construction cost for rebuilding your home, not the real estate market value). When you look at your policy declarations, Dwelling Coverage A is the limit of what your carrier will pay for a total loss to the structure of your home.
Many homeowners shop online for home insurance, or, they have an agent who doesn't reach out to them to check up on their coverage. We strongly recommend that you work with a local agent to help you determine if you have the correct coverage.
If you are a client of Alive Insurance, we will email you 45 days before your renewal as a reminder, then one of our Broker Assistants will call you 30 days before renewal to schedule an appointment with a licensed agent to go over your policy. We will cover changes, billing, and of course, coverage. We are knowledgeable about construction costs in your area, and can make recommendations if you need to increase your coverage.
If you're not a client, and would like an evaluation of your policy coverages, Contact Us.