State Farm releases early California claims numbers

State Farm releases early California claims numbers

State Farm releases early California claims numbers State Farm reported that as of yesterday it had received 1,400 homeowners’ insurance claims and 850 auto insurance claims related to the California wildfires.

The fires, which began on October 08, have scorched about 170,000 acres of land, damaged at least 3,500 structures and taken the lives of at least 23 people. Latest reports say that firefighters continue to deal with 22 instances of wildfire across multiple California counties.

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Napa Valley Register noted that most of the State Farm claims are in the Sonoma and Napa counties. The insurer did not reveal a breakdown of the claims in both regions.

Some 20,000 residents of areas close to the wildfires were forced to evacuate as the fires continue to spread.

Meanwhile, at least 7,000 residents in Napa County were without power, ABC News reported.

At a press conference, Sonoma County Sheriff Robert Giordano said that the wildfires will be “one of the worst natural disasters in California history.”

According to home insurance data analyst CoreLogic, about 60% of homes in America are underinsured by an average of about 20%. This means a policyholder with a home valued at $500,000 could receive an insurance payout that is $100,000 less.


Related stories:
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2 Comments
  • Vince with AAA insurance 10/12/2017 1:29:54 PM
    Most home insurance in California contains Extended Limits Coverage protection. This extends dwelling (Coverage A) limits from 120% to 150% depending on the insurance company. It is mostly misleading to attempt to scare insureds with this report implying that insureds likely will receive less than it takes to rebuild their homes.
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  • Bob 10/16/2017 5:10:09 PM
    Vince, Read the Extended Dwelling Coverage Endorsement. If you insure the dwelling to 100% of its replacement cost as agreed by the Insurance Company the Extended Dwelling coverage will apply. If you fail to comply with any of the Extended Dwelling Coverage provisions, the limit of liability shown in the Policy Declarations for Coverage A shall apply. So, yes they can receive less than the amount to rebuild their home.
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