The Expert Podcast

As a homeowner, you may actually be seriously underinsured and not even know it. Now, this is an example from California, but any state that has any kind of natural disasters, fires, earthquakes, flood, hail storms, hurricanes, anything that's a natural disaster has taken insurance coverages and made them almost get thrown out the window. Many coverages and policies have exclusions for natural disasters. And even if it covers your home, you may find that rebuilding can be impossible using the limits that you have on your policy.

Many times if you have to rebuild your home from a natural disaster, the new requirements for hardening the home or resiliency may not be covered under your policy and you might have to come out of pocket hundreds of thousands of dollars just to rebuild your home in the same place. In the case of, for example, the wildfires in California, uh, Pacific Palisades, you're finding that if you had a million-dollar pallet in your house that was worth a million dollars, it might cost you 2 million to rebuild. Because of the fact that the whole neighborhood was wiped out, hurricanes can have the same effect.

You will be back in your video in just a few seconds. In the meantime, remember that actualhum.com offers you live one-on-one private video consultation with an expert in this exact subject. We want to listen to your story. We want to hear your questions. We want to give you expert advisement of your options and tell you what we know about your particular situation. Now, back to your video.

So, what do you do about this? First of all, try to see what coverages you do have and how you can up them. Second thing you want to do is look at things like an umbrella policy or additional coverages or even a replacement value versus uh an actual cash value. The last thing you want to do, and this is very important, look at options through excess and surplus lines coverages. And you can click the link below to get information on it. Uh and even things like parametric insurance.

It gives you a flat fee extra money for an event that triggers the parametric payout. has nothing to do with how much damage is done to your house. A parametric insurance policy can just pay you extra cash for an event that happened. If there's a hail storm in your area, whether your house is damaged or not, you get paid. The other thing you can do is if you are underinsured or even not insured at all, you can use parametric as a way to offset the major catastrophic loss to at least put some money in your pocket for a home that you're unable to insure any other way.

Thank you for watching another episode of Actual Human Advisory on Describe TV. Remember, we have live one-on-one consultation appointments available at actualhum.com where you can book a one-on-one undivided attention live call with a licensed investigator, a licensed insurance broker, a licensed mortgage broker, real estate broker. Uh I'm also a certified real estate title examiner, a certified civil court mediator along with having developed and started over 15 businesses, several of which were sold for millions of dollars. So if you do have questions in any of those categories, you can arrange a one-on-one live video consultation. Use the link below and we'll see you on the nextRetryClaude can make mistakes. Please double-check responses.