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FAIR Plan advises homeowners to insure to value; local rebuild costs vary widely
Summary
At a Topanga workshop FAIR Plan staff urged homeowners to confirm replacement‑cost coverage and advised that rebuild costs depend on local factors and build quality, citing wide per‑square‑foot variation.
Homeowners at the Topanga FAIR Plan meeting pressed the broker liaison on how much coverage they should buy to rebuild after fire and whether insurance proceeds can be used to change the type or quality of a rebuilt home.
Peter Irwin said policyholders should seek to “insure your home to value” by selecting replacement‑cost coverage and verifying the dwelling limit equals the amount required to rebuild with their intended quality of materials. He described a replacement‑cost estimator tool used by…
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