Part 2/13:
A persistent problem in California is homeowners being underinsured following devastating wildfires. Many fire victims report receiving compensation that covers only about 20% less than their home's actual value, which often isn't enough to rebuild in the current cost environment.
Rebuilding costs have soared due to inflation, stricter building codes, and increased construction expenses. When homes are destroyed, the process isn’t just about the market value but about covering the actual cost to replace structures—something homeowners frequently underestimate or fail to adequately insure for.