As of June 27, 2011 the California Department of Insurance now requires that insurance companies and agents provide consumers with a copy of a replacement cost estimate report, used to determine the amount of coverage necessary to rebuild their homes in the event of a total loss. The new regulation stems from the recent catastrophic California wildfires that found some homeowners without enough coverage to replace their homes.
The intent of the new regulation is to promote an insurance industry standard in determining the cost of rebuilding a home nearly identical to the previous home. The construction cost per square foot of a home varies by several factors including (but not limited to) flooring, roof type, exterior of home, counter finishes number of bathrooms etc. It’s a good idea to review the cost estimator provided to you, to be sure that it accurately reflects the characteristics of your home.
To see if your home is properly insured please call our Carlsbad office serving San Diego County at 760-795-2002, or our Temecula office serving Riverside County at 951-296-6843. You can also request a quote on our website at www.hwpinsurance.com.
