Hello I lost my house in the Palisades fire, and I have been asking my State Farm agent to reduce my policy. He keeps referring me to my mortgage company and saying they will tell me what my minumum need is… however I have spoken to other people who have SF and they say their agents just reduced to the minimum need for a vacant lot… they say 19%… is there a legal amount we need to keep? I also have an umbrella policy.
China Fox asked 4 months ago 1 Answers
Hi China, your agent is correct, in that you should check with your lender to see if there is a minimum requirement needed for your insurance policy. If there is not, you can certainly ask your carrier for the least amount of dwelling coverage available (and that they will allow), increasing these limits as you rebuild.
Typically in order for your umbrella to get triggered, you must have an underlying policy. In this instance, it would be your homeowner’s policy (liability portion), which we would recommend that you discuss with your agent.
Kindly, UP Staff
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