California E&S Insurance

There are very few actual "guaranteed replacement cost" policies out there. Most are in the HNW marketplace, but HNW carriers generally inspect the property to be sure that it is insured to value. Most other "guarantees" are limited to, say, 25% over the policy limit. Chubb, for instance, really took it in the shorts after the Northridge Earthquake. They found many of their insured homes were way underinsured, yet with the true guarantee of replacement cost, Chubb was out millions of dollars. Since then, Chubb and most every other carrier has become much more aggressive about making sure that properties are insured to value.

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