Do You Have Enough Coverage in the Event of a Wildfire?

July 2, 2018

Are You Financially Prepared for a Wildfire?

Your home is generally your biggest and most valuable asset. If your home was damaged or destroyed, having adequate insurance coverage can help reduce costs and provide you with a peace of mind.

In the past year, a series of wildfires hit California and has affected the whole state. It is important, now more than ever, to ensure you and your home are protected.

Here are some tips to help ensure you are prepared in case a disaster strikes.

Know What Your Policy Covers

The details of your policy matter. Make sure you are aware if you have a replacement cost policy or an actual value policy. Replacement cost policies pay to replace all your items at current market price while actual cash value policies take depreciation into account and pay less for aged items. Don’t hesitate to call us if you have any questions about your policy.

Know How Much Coverage You Have:

Be aware of how much coverage you have in the following areas and make sure it is enough:

  • Additional Living Expenses
    Additional Living Expenses can help pay additional costs of temporarily living elsewhere if you can’t live in your home after a wildfire. It can cover hotel bills, restaurant meals and other living expenses incurred while your home is being rebuilt. Coverage options vary from company to company. Some policies may provide unlimited amounts of coverage for a limited period of time, while others may set limits only on the amount of coverage and not the time.
  • Other Coverage Limits
    Your policy may have limits on coverage for expensive items. For example, items such as jewelry, collectibles, furs, etc. may have a $2,000 coverage limit.

Conduct Annual Insurance Reviews

Call us or your insurance company annually to discuss your policy coverage and limits. Make sure that your policy properly reflects the features in your home as well as the correct square footage. We can help you ensure you are adequately covered as your insurance needs changes.

Regularly Update Your Policy to Cover Home Improvements

If you make home improvements or renovations, it is important to call us or your insurance company to update your coverage. You want to make sure your new renovations or additions are covered.

Make A Home Inventory

Recovery is easier if you have an accurate home inventory. We suggest that you document your personal belongings by making a list as well as taking photos and videos. Make sure you include the price you paid for the item as well as where or when you bought the item from. Remember to note expensive items as well such as your electronics (computers, tablets, TV’s, phones), appliances, sports equipment, jewelry, etc. Don’t forget to include the contents of your garage, attic or basement!

Contact Us!

Don’t hesitate to contact us with any questions about your coverage options or limits. Just give us a call at 415-386-2283 or send us a message at [email protected]!