Too many who lost homes in Los Angeles -fires, insurance does not cover the entire cost of reconstruction

Roberto Covarrubias and his family of six have lived in Altadena, California, for 10 years. Their American dream had four bedrooms, four bathrooms and 2,400 square meters.

But disaster hit when Eaton four swept through their neighborhood. Almost everything the family owned has settled in lots of ash. Now they are facing another disaster – an economic.

“You are under insured when it comes to the policy, which is obviously not enough to make you whole again,” said Alex Traslavina, a state -proof, independent insurance adjustment hired by fire victims to negotiate with insurance companies.

Although Covarrubias’ Homeowners Insurance Policy covers more than $ 1 million in losses, it won’t be enough.

“Based on your numbers, it’s everywhere between $ 500,000 to $ 1 million cards,” Traslavina said.

Traslavina estimates that many of the residents who lost their homes in Los Angeles-Brande are under insured, which means that the total cost of reconstruction will exceed what their insurance policies can afford them.

For some victims, the loss is both totally and completely out of pocket. Nationally, 12% of US homeowners have no housing insurance, according to the Insurance Information Institute. With prizes soaring, many of them dropped their coverrolled the dice and lost big in the disaster.

“I don’t think most Americans understand that they are under insured,” Dr. Jeremy Porter, who studies property values ​​after natural disasters for nonprofit First Street. “I think they see it as something they need to have.”

After Colorado’s Marshall Fire By 2021, a disaster of approx. 2 billion dollars, estimated three -quarters of the victims that they were underinsured.

“If your home is completely destroyed, it is very difficult for most insurance policies to cover the complete reconstruction of a property. So there is another layer of revictimization,” Porter said.

This is where Covarrubias is located. His savings are now competing with a million dollars in uninsured losses. Still, he is determined to rebuild.

“We want to rebuild here. The property is worth it. The place is worth it. If Rome was burned, how many times did they rebuild? We rebuild Altadena,” said Covarrubias.