The positive side to all the fires

[katie45]

Yes, there will be positives; and I am proud of the residents of my home state for helping each other, for being survivors and for not giving up!

I am confused about insurance. I heard several being interviewed say they were homeowners who lost their homes in the fires, but that they did not have insurance I thought that was a requirement? Or am I wrong. How could anyone own a home and not have it insured? Is "fire" insurance separate from regular home insurance?

[Roaddog]

Originally Posted by katie45

Yes, there will be positives; and I am proud of the residents of my home state for helping each other, for being survivors and for not giving up!

I am confused about insurance. I heard several being interviewed say they were homeowners who lost their homes in the fires, but that they did not have insurance I thought that was a requirement? Or am I wrong. How could anyone own a home and not have it insured? Is "fire" insurance separate from regular home insurance?

I'm guessing here but if their house was paid off then they wouldn't be required to insure it, of course that would be insane.

[greggd]

Originally Posted by katie45

I am confused about insurance. I heard several being interviewed say they were homeowners who lost their homes in the fires, but that they did not have insurance I thought that was a requirement? Or am I wrong. How could anyone own a home and not have it insured? Is "fire" insurance separate from regular home insurance?

If they had a loan on the property, they had to have some type of insurance. If their policy cancelled for some reason, the mortgage co would be covered for the amount of the loan only through their own mortgage placed policy.

All homeowner policies include fire coverage. That is the most basic bare bones coverage on the policy. Anyone who didnt have some type of
coverage is foolish. Even the State will sell a basic fire policy for a few
hundred $'s.

[Desertho]

It wasn't THAT bad. The fire four years ago seem worse, and the one 1993, and in the one in...so on. 1,600 homes destroyed is nothing to the hundreds of thousands that dot the fiery hillsides. If you are expecting large price drops in real estate after this, then you're mistaken.

[OutOfSoCal]

I would bet most who have owned their houses for more than 10 years are very much underinsured. I don't why you would have no home owner insurance, its so affordable