I'm sure most of you followed the news coverage on Sunday with respect to the Malibu and Canyon Country wild fires. Here are some of the headlines...
In a recent article from the Los Angeles Times: Winds Drive Southland Wildfires
"Thousands of Southern California homes could be at risk in coming days as powerful Santa Ana winds continue to stoke wildfires, fire officials said."
In another article from ABC News:
"A huge fire being driven by strong desert winds has forced the evacuation of hundreds of homes in Malibu, California.
So far it has scorched 400 hectares in the upscale Malibu neighbourhood, home to stars like Olivia Newton-John, Mel Gibson and Barbra Streisand."
I point these headlines out because they emphasize the importance of having adequate property coverage as well as coverage for your personal belongings! At this point I'd like to welcome Terri Habecker from Farmers Insurance Group and Exchanges. An active contributor of the Active Rain Real Estate Network, Terri is well versed in all things insurance and Real Estate!
To find out more about Terri you can visit her website at www.farmersagent.com/thabecker/
Or you can contact Terri directly at (949) 254-9511
Interview:
Q. Terri, what message can we take away from these fires?
A. The most important message regarding fire is to make sure you have adequet coverage on your home and personal belongings. You want to consider the following...
Do you have adequate coverage in your policy to live while your home is being re-built or repaired?
A good rule of thumb is to look at your coverage and multiply your square footage by 150.00 a square foot.
What do you need to do to rebuild in your City?
Farmers replaces up to 125% of your residence plus Building code requirements if you have at least 80% of coverage on your residence. As far as Landlord polcy- make sure you add building code replacement, have your tenants purchase their own Fire policy for their contents. Make sure your policy has coverage if your tenant starts a fire and you are covered for loss of rent.
Does your HOA have proper coverage? Check it out. If you own a townhome or Condo, coverage is available for loss of use, contents.
Q. What can home owners do to be better prepared?
A. Always be prepared for a fire. Living in Southern California, you never know when you may not even get home to retrieve your belongings with road closures. Get a Fire Safe for your documents. I used to have about 40 large family photos on the wall. When we were close to evacuation, the photos were the most important belonging I could think of. We were lucky and after the close call, I took all the photos off the wall and placed them in albums. Now, we can put and keep our photos on CD's!
Take a home Inventory, pictures and if you have a Farmers Agent, ask them to give you a copy of home inventory software. Keep the software with you or in your fire safe. Keep a fire break around your home of a minimum of 100 feet. No uncleared brush or fuel that can burn.
Have the Fire Department come and access your home. Plan and practice a safe evacuation in case of emergency with your family. Don't forget your pets. Many pets are lost in emergency situations. Keep plenty of water available and have a micro chip placed in your dogs and cats. These microchips are checked at the Shelters. Don't just rely on a collar.
A solid plan and proper coverage on your home and property can make the difference betwen having the money to rebuild and having to move in with relatives or friends.
This is just some information to help home owners assess their current situation. For further questions, you can always reach Terri Habecker at her office: (949) 254-9511
Mortgage Advisor
323.810.2175
www.ricardobueno.com | Blog: www.industry-report.com
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