(FARGO, ND) – A Fargo insurance agent says there’s more homes in California, which burned in the wildfires, that don’t have enough insurance coverage.
“You need to make sure you have enough coverage,” D.J. Colter, an agent with American Family Insurance, said. “Not just to rebuild your home.”
He says every insurance company has an 80 percent coinsurance penalty.
“If you are not at least 80 percent (covered), then it goes to a percentage of what’s being paid out,” Colter said. “This is going to be a disaster. Can you imagine some of the mortgages on some of these places?”
He said banks are likely scrambling to make sure they have enough coverage paid out.
“There is so much to a situation like this,” Colter said.
