Comments by "Screen Apple" (@screenapple1660) on "ABC10"
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Fire insurance may not replace million-dollar homes because policies are often underinsured, leaving the coverage insufficient to rebuild or replace high-value properties. Rising construction costs, policy limits, or exclusions for unique features and natural disasters can further complicate claims. Some policies only cover the depreciated value of the home rather than its full replacement cost, while others exclude specific causes, like wildfires or negligence, unless additional coverage is purchased. In some cases, homeowners fail to update their policies after renovations or increased property values, leaving gaps in coverage. Additionally, insurers may deny claims based on policy conditions or financial strain during widespread disasters, leaving homeowners without the support they expected.😮😱
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