Run Time: 7:38
Garamendi’s Crisis in Homeowners Coverage
According to Marshall & Swift/Boeckh, a Los Angeles-based residential and commercial property valuations firm that supplies insurance companies with software designed to evaluate the replacement cost of property, 61% of the homes in America are underinsured by at least 25%. According to Garamendi, this is the cause of a majority of problems facing the survivors of the California wildfires. Coming up on the one-year deadline for insurance claims from the wildfires, Garamendi recommends contacting the California Insurance Commissioner's office to request mediation. This, he says, does not preclude the option to litigate in the future.