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SACRAMENTO (CBS13) – Before this storm you might want to ask yourself if you have enough insurance. After the fires and the pandemic, house prices and the cost of reconstruction are now much higher.
With inclement weather, some insurers say it’s the perfect storm for up to 20-30% of Californians, who are underinsured.
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Insurance agent Harold Newbill says, “That’s probably a modest estimate. “
The Department of Labor Statistics reported figures for August showing building materials were up 19.4%.
Plus, the median list of homes in Sacramento is nearly 14% higher, according to Realtor.com.
So how do you know if you have enough insurance?
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Newbill says, “Ask a contractor what is the construction cost per foot he sees.”
In Sacramento, Newbill sees $ 200 to $ 250 per square foot.
“You can just do the quick math of your house and say – it’s that big, and it’s insured for 175 a foot – it’s probably not enough,†Newbill said.
Home insurance generally covers damage caused by the sky, such as damage caused by rain. For damage caused by mudslides and flooding, flood insurance is usually required.
Adding protection today will typically take 30 days to take effect.
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“Think about all of these things when you buy home insurance so that in the event of a disaster everything will be fine,†Newbill added.
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