Courtesy of iii.org. Homeowners and businesses in California’s Butte, Sutter and Yuba counties who have flood insurance will be covered if the Lake Oroville Dam’s auxiliary spillway fails, according to the Insurance Information Institute (I.I.I.). Revised forecasts call for about 10 inches of rain heading to the area according to the LA Times. Roughly 50,047 single- and multi-family residential homes could be damaged with an estimated reconstruction cost value of $13.3 billion if the Oroville Dam in California were to fail completely, according to new data analysis from CoreLogic that included the six primary counties in that area. “The potential for flooding poses a significant threat to life and property in these northern California counties and forced the evacuation of almost 200,000 of residents,” said Janet Ruiz, the I.I.I.’s California Representative. “Standard homeowners, renters and business insurance policies do not cover flood-caused damage. A separate flood insurance …
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Insurance & Wildfires Part 2
PART2 Courtesy of iii.org. Condo Insurance Q. There is damage to my kitchen cabinets and my clothes as well as the roof and elevator of the building. Just who is responsible? A. Usually, your own condominium insurance policy provides coverage for your personal possessions, structural improvements to your apartment and additional living expenses. There is also a “master policy” provided by the condo/co-op board which covers the common areas you share with others in your building like the roof, basement, elevator, boiler and walkways. Sometimes the association is responsible for insuring the individual condo or co-op units, as they were originally built, including standard fixtures. The individual owner, in this case, is only responsible for alterations to the original structure of the apartment, like remodeling the kitchen or putting in a new bathtub. Sometimes this may include not only improvements you make, but also those made by previous owners. In other situations, …
FAQ Wildfires Part 1
Courtesy of iii.org. After a wildfire, people may have questions about their insurance coverage. The Insurance Information Institute offers answers to some of these basic questions. Homeowners Coverage Q. If my house burns down, will my insurance company pay to have it rebuilt? A. The typical homeowners policy covers damage due to wind, fire and lightning. So if your home has been completely destroyed by a fire or if the roof has been burned, your insurance company will pay to have your home rebuilt or the roof replaced. It will also pay if flames and smoke have damaged any other part of your home. Q. I know my homeowners policy covers my house. Does it cover the contents of my home and my garage? A. Yes. In addition to paying for damage to the dwelling, homeowners policies cover other structures on the premises, such as a garage or tool shed, as well as damage to your furniture, clothes, appliances and other personal possessions up to the limits of your policy. Q. My …