We’ve all seen the tragic and devastating images from the fires in the Los Angeles area and many people we talk with know someone directly impacted by the fires. So far, as many as 28 people have died as a direct or indirect result of the fires and thousands of lives have been changed forever. According to many of the experts, more than 50% of the fire victims will not rebuild their home and will instead relocate permanently. Those who choose to rebuild may be faced with a five-year timeline by the time their home is rebuilt. Many victims are suffering a second calamity they never anticipated.
Insurance and real estate professionals are reporting that many and possibly even the majority of those impacted are “horribly underinsured.” This description is from Josh Altman, one of the stars of Million Dollar Listing L.A. In 2024 Altman’s firm sold over $1 billion dollars in L.A. Real Estate so his opinion has weight. These victims were insured and they thought everything was covered. The reality is they needed more insurance than they had. In many cases they needed a lot more.
When you combine being under-insured with many of the major companies pulling out of the California insurance market as a result of premium rates, you have created the perfect storm. Many of those initial victims will now suffer a second and possibly even greater loss. Imagine losing every possession you have along with family heirlooms and then learning you only have 50% of the coverage you need to start over. Would you be able to get back on your feet or would everything change again forever? These are important questions that need thoughtful answers.
This tragedy can be used as a warning to pay attention to your situation and act now. This is the time to use your smartphone and video all of the contents of your home. Then store that video on the cloud. We suggest Google but you can decide what works best. Take a video inventory of everything including closets, silverware and especially your garage. If replacement cost insurance is in your budget, that may be something to seriously consider. Taking a close look at your automobile insurance is critical.
On a year over year basis, it’s dramatically more likely you will have a claim as a result of a car crash than a home fire. In California, its increasingly possible the other party will be uninsured or under-insured. In either of those cases, the level of insurance you carry matters more than ever. If you carry what many agents call “basic coverage” and you are involved in a life changing crash you may not have what you need for the long-term needs of you or your family. By then it’s too late. Please make reviewing your level of home, automobile and life insurance a priority. Do this as soon as possible for your own peace of mind. An ounce of prevention is worth a pound of cure has never been so true!
We represent people who are injured because of the careless and reckless acts of others. At the end of the day your case can only be settled one time and you need to know all of the facts beforehand. The reason that insurance companies have paid our clients in excess of $130,000,000.00 is that we get the facts and are not intimidated at the prospect of going to trial when insurance companies fail to offer full compensation. We help with serious injuries that require serious representation. We are the Law Offices of Guenard & Bozarth, LLP. Our attorneys have more than 60 years of experience specializing in only representing injured people. Call GB Legal 24/7/365 at 888-809-1075 or visit www.gblegal.com
