Wildfires Particularly Devastating for Under-Insured Homeowners
As devastating as the recent wildfires in California have been, homeowners are now faced with more awful news: their insurance policies are woefully inadequate.
Learning the Hard Way
It’s surprising just how many people are underinsured. You would think that your homeowner’s insurance policy would provide enough funds to cover rebuilding a lost home, but that’s not necessarily the case. This problem is especially bad for people who have owned their homes for decades and haven’t updated their policies. A policy might have been appropriate when a home was built in the 1970s, but that’s far from the case now.
According to an article that recently appeared in The New York Times, as many as 60 percent of U.S. homes are underinsured by as much as 20 percent. As the article shows, if you have a home valued at $500,000 and you’re underinsured by this amount, you would have to come up with $100,000 to rebuild after a disaster.
How an Attorney May Be Able to Help
There is evidence that part of the Pacific Gas & Electric (PG&E) infrastructure may have played a role in the wildfires that have ravaged hundreds of thousands of acres in California and killed more than 30 people. As a result, homeowners throughout the region are finding that the gap between what they lost and what their homeowner’s policies will cover is tremendous. There have been instances where losses are 100-150 percent larger than coverage amounts.
Baron & Budd, along with Dixon Diab & Chambers LLP and the Singleton Law Firm are working on behalf of people who lost everything in this tragedy. We may be able to help you obtain the compensation you need in order to replace your losses. Please complete our contact form or call wildfire to learn more.