do the people in the Maui fires get a free home or have there houses rebuild if they have home insurance? Idk how home insurance work they never thought me this when I went to school
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Depends on the home owners insurance policy. In general, yes. It’s not “free”, because you’ve been paying homeowners insurance for years, but yes the insurance generally still replaces the house.
The tough part is that from the fire, to processing the claim, to then starting to rebuild to finally being rebuilt is a process that can take months and months and months.
I wouldn’t say free as they had to pay the premium and then there are deductibles which is not uncommon to be 1 to 3% of the value of the house. That’s assuming the insurance company doesn’t give them any hassle with their claim.
No, your insurance estimates the value of your home and the things in it. They do this when you first buy the house and get insurance. If you have fire insurance in your policy and they determine the damage was caused by something your policy covers, they will pay you that amount, minus your deductible.
Read about force majeure. From what I understand, natural disasters are not covered by most of the insurance schemes.
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