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Community Assisting Recovery, Inc.

“Survivors Helping Survivors” • 888-216-8264 • carehelp.org

Upcoming Meeting Schedule:

Insurance/Recovery Tip:

Your deductible after a total loss

Under homeowners policies, following an unfortunate total loss, the deductible amount shown on the declaration page is waived.  You will not be required to “pay” it.

Since the loss almost always exceeds the insurance coverage, the deductible amount is subtracted from the total loss and gets absorbed in the balance above your coverage limit.

For example, you have $250,000 Coverage A limit with $1,000 deductible. You incur a loss to your dwelling of $300,000.  The adjuster will subtract your deductible, $1,000, from $300,000. Since the remainder, $299,000 is greater than your coverage, the adjuster will pay you $250,000 and your deductible simply goes away. (Ironically, in this example, or in any underinsurance situation, the amount unpaid above your coverage is a “hidden” deductible. In this example, while $1,000 deductible is shown on the declaration page, the “hidden” deductible is another $49,000. This is why we encourage homeowners to get full coverage and “insure to value” to avoid the devastating “hidden” deductible.)

However, if the loss to your dwelling was exactly $250,000, then the adjuster would apply the deductible, in this example, $1,000, and pay you only $249,000.

The general rule is that following a catastrophic or total loss, your deductible will get absorbed and all your policy limits will be paid, upon satisfactory proof.

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CARe Update:

September Meetings in San Diego
This Wednesday is our final meeting in September for the San Diego area. Keep an eye on our schedule for next months San Diego meetings.

http://www.carehelp.org/workshop_schedule/workshop.php

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Sempra/SCE Update:

Regulators reject San Diego utility wildfire plan

Sep 10, 2009

SAN DIEGO—California regulators have rejected a San Diego utility's plan to cut power to homes when weather is ripe for major wildfires.

http://www.mercurynews.com/news/ci_13305860?nclick_check=1

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Disaster Recovery News:                   

After the Station fire, a new danger: mudslides

Sep 17, 2009

When Clint Watson returned home to La Cañada Flintridge, the wildfire evacuee was relieved to find that the flames had spared his neighborhood.

Today, however, the 21-year-old is working feverishly to protect his home from a new menace: mudslides.

http://www.latimes.com/news/local/la-me-sandbags17-2009sep17,0,5592397.story

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Insurance Industry News:                  

Allstate may pay more wildfire claims than rivals

Sep 1, 2009

Allstate Corp., the largest publicly traded home insurer in the U.S., may face more claims from the California wildfires than competitors including Travelers Cos. and Chubb Corp., an analyst at Barclays Plc said.

Allstate's claims costs from the fires will potentially be below Barclays's catastrophe estimate for the third quarter, and losses "should be manageable" for the entire industry, Jay Gelb wrote today in a note to clients. The largest blaze, the so-called Station Fire, has caused at least $7.7 million in property damage so far, Los Angeles County Fire Department inspector Steve Zermeno said yesterday.

 http://www.dailyherald.com/story/?id=318133

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Disaster Prepared:

September is Disaster Preparedness Month

NPM 2009 will focus on changing perceptions about emergency preparedness and will help Americans understand what it truly means to be Ready. We will illustrate how preparedness goes beyond fire alarms, smoke detectors, dead-bolt locks and extra food in the pantry and help you communicate important preparedness messages to your family, your business and your community with a new series of customizable materials.

http://www.ready.gov/america/npm09/index.html

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Disaster News:

NIST study of 2007 “Witch Fire” north of San Diego
National Institute of Standards and Technology (NIST) have issued an in-depth study on fire behavior and defensive actions taken in a community during a Wildland-Urban Interface (WUI) fire.

http://calfire.blogspot.com/2009/07/nist-study-of-2007-witch-fire-north-of.html

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Quote of the Week:                   

Prosperity is a great teacher; adversity is a greater.

     - William Hazlitt

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Help CARe provide assistance to disaster survivors and continue our free services:

http://www.carehelp.org/contribute/contribute.htm

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Community Assisting Recovery, Inc.

19360 Rinaldi Street, PMB 220, Northridge CA 91326
www.carehelp.org
888-216-8264