"There's a misconception, he said. People have been reading news and [thinking the problem] is about obtaining insurance. I tell them, No, it's not obtaining insurance, it's insurance payouts."
"We had to start our rebuild without knowing we're going to get the rest of our funds because we're between a rock and a hard place."
"Getting insurance coverage is not an issue in any way. There have been 1,200 properties that have sold since the fires in the high-fire areas... None of them had any problem getting insurance."
Permitting timelines for rebuilding have averaged three and a half months, faster than anticipated. The main challenge for homeowners is not obtaining insurance, but rather the payouts from insurance. Many homeowners are starting construction without knowing the total funds they will receive, leading to financial uncertainty. Marguleas noted that despite concerns about insurance availability, coverage remains attainable, with many properties selling without issues. Premiums have increased, but this reflects market adjustments rather than a lack of insurance options.
Read at www.housingwire.com
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