More coming out on the fires in Southern California. The Department of Insurance says 40 percent of homeowners do not have enough coverage. WOW!
Interestingly, some fault seems to be placed with the homeowners for not realizing that they do not have enough coverage. Of course, homeowners don’t write the insurance policies, insurance agents, people who are supposed to be experts in valuation, do. And they don’t insure the homes for enough.
I called 10 insurance agents and asked for a quote. I told them about my house and how much I wanted it insured for. How many gave me a quote based on the amount I asked for? ZERO!
Yet, despite this, homeowners are being blamed. Maybe the insurance companies need to take some blame for not valuing the homes properly!