Chubb is offering California homeowners extended replacement cost settlement after a total loss to a home, even if the customer chooses not to rebuild at their home’s original site.
After a total loss to a home, the decision to rebuild on-site or move away from a devastated area is understandably personal and emotional, the company explained. Some people may find it psychologically difficult to rebuild on the same spot, or they may just feel it could happen again.
Benefits under “Extended replacement cost” (ERC) coverage is available to all California homeowners customers with ERC, including the victims of the October, 2007 Southern California wildfires, regardless of whether the customer rebuilds on the same site or builds or purchases a new home elsewhere. Pending regulatory review and approval, Chubb intends to update California homeowners’ contracts as quickly as possible to reflect this broadening of coverage for all California policyholders.
For more information, contact Tim Dadik, Chubb’s California personal insurance manager, at e-mail tdadik@chubb.com.
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