This article provides crucial advice for homeowners on navigating the complexities of home insurance in the aftermath of a widespread natural disaster. It emphasizes the importance of reviewing your policy to understand coverage options, such as replacement cost value versus actual cash value, and highlights the benefits of state laws regulating advanced insurance payments during emergencies.
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If you do nothing else, check your policy now to see if you have “replacement cost value” coverage. That’s the comprehensive standard, which will grant you the amount of money needed to get a new replacement of what you lost in case of a major disaster like a wildfire. Amy Bach of the consumer advocacy group United Policyholders says the two are apples and oranges in terms of payouts. She describes it this way: “Actual cash value is the Craigslist price. It’s not the replacement cost price.”From finding a new place to live to buying yourself clothes and toiletries, it’s expensive to survive the immediate aftermath of an emergency, so get familiar with any state laws regulating insurance companies on advanced payments.
Home Insurance Natural Disasters Replacement Cost Value Actual Cash Value Insurance Claims Emergency Preparedness
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