Rebuild or buy Richard Kuhlenschmidt asked 7 days ago
Rebuild or buy

Hello – we lost our main home and our ADU in the Palisades fire. They were both declared a total loss. We have separate policies for both the main house and the ADU

We understand that if we choose to not rebuild, we can use the insurance money to buy a new property.

I have two questions:

  1. Can we use the money to buy out of state?
  2. Can the insurance proceeds from both policies be combined to purchase another property?
1 Answers
Answer for Rebuild or buy Alexis Ricci Staff answered 4 days ago
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Hi Richard,

Unless there is specific language in your policy limiting the geographic area for your home replacement, yes you can buy out of state. And yes, you could consider combining both policy settlements to purchase your new home. However, you will be limited to the coverage limits for each policy, including any extended replacement cost coverage. We would recommend that you discuss this with each carrier and make sure that you are afforded as much coverage as possible and have an agreement with the carriers on the process to secure any extended replacement cost coverage.