What you need to know about the Lilac fire and your insurance
Insurance rates could slightly go up with all these wildfires
Homeowner insurance rates could go up in fire-prone areas, but state laws will likely hold back any dramatic increases.
Regulators like the
But,
"These losses are likely to review their risk assessment and how much exposure they want to these areas," she said.
However,
Also, the proposition calls for "catastrophe loading" by insurance companies where large losses are spread out over a 20-year period.
Still, Seifert said
Claims might be sped up
California Insurance Commissioner
"These fires are exacting a devastating emotional and financial toll on residents across the state," Jones wrote in a news release. "Victims need every resource available to them as quickly as possible, which is why I am asking
The county
Luckily for insurance holders, fire is one of the main things covered by homeowners insurance. (That's not the cause when there is damage caused by rain or flooding, which is much more difficult to sort out.)
Insurance will cover a hotel
Hundreds of evacuees, many whom did not lose their homes, rushed to hotels when they were ordered to leave. Possibly unknown to them is that many homeowner and renter insurance policies pay for relocation and recovery expenses, said the
Polices typically list the coverage under additional living expense coverage, or ALE, and can include food, furniture rental, storage, transportation and housing.
It is bad if you didn't have insurance, but there are options
Although rare, sometimes homeowners in major fires do not have insurance. Options are limited but, occasionally, there are grants or low-interest loans to help people get back on their feet.
Homeowners may be eligible for up to
First things to do after a fire
The state
Some homeowners have also gone back to the architect of their homes to get plans to present to insurance agencies, said
We still don't know the cost
It will likely be a few weeks before we have an estimate of damages for the Lilac fire.
However, statewide estimates of costs so far this year give a rough idea of what to expect. The state said in early December that claims so far from fires in
For homeowners the cause of the fire does not affect the payout unless it was an intentional blaze set by the owner. Roughly 90 percent of wildland fires are caused by humans (the rest is lightning or lava), said the
What to do next time
Insurance experts recommend taking photos or videos of your home, so when a fire hits, it will be easier to assess what is lost.
"Take pictures, do a video, and if you have cloud storage, you're all set," said Ruiz, of the
The institute recommends updating the amount of coverage to replace a home and belongings every couple of years. One strategy: Check with a local contractor about the average cost per square foot to rebuild, and then update insurance accordingly.
Homeowner insurance costs
The average annual home insurance rate in
Factors outside of insurance are sure to increase costs. Materials and labor can rise if many homes in the same area are destroyed.
[email protected] (619) 293-1891 Twitter: @phillipmolnar
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