The Law of Rebuilding LA Episode 3: Personal property claims and the challenge of content valuation

Welcome to Episode 3 of "The Law of Rebuilding LA," where the Daily Journal continues its examination of insurance issues in LA's fire recovery process. In this episode, Daily Journal Contributing Editor Howard Miller continues his conversation with Michael Bidart of Shernoff Bidart Echeverria LLP, focusing on the critical aspects of contents and personal property coverage.

The discussion illuminates the often misunderstood aspects of personal property claims and reveals important provisions that affect how policyholders can recover their losses.

Listen as Miller and Bidart explore:

• Why content coverage limits aren't automatic payouts and the crucial distinction between stated value and standard policies
• The importance of pre-loss documentation and practical strategies for creating post-loss inventories
• Why replacement cost for personal property can actually exceed original purchase prices, especially for appreciating assets like art and musical instruments
• How insurance companies are responding to Department of Insurance requests to relax itemization requirements during this emergency

Stay tuned for Episode 4, publishing Monday.

Missed an episode of The Law of Rebuilding LA? Catch up here.