LA Fires
Feb. 28, 2025
The Law of Rebuilding LA Episode 8: The cash out option and contents coverage
In this episode we explore how "cash out" settlements, while not guaranteed in policies, can offer flexibility and benefits to both disaster victims and insurers.
Welcome to Episode 8 of The Law of Rebuilding LA. In this episode, Contributing Editor Howard Miller continues his conversation with Peter Klee of Shepard Mullen, exploring alternative settlement options and contents coverage following a disaster.
Miller and Klee examine:
- The "cash out" settlement option as an alternative to traditional claims processing
- Special provisions for contents coverage following natural disasters
- The automatic 30% contents coverage advance available without itemization
- Requirements for documenting and replacing contents to receive full replacement value
- The importance of video documentation and special coverage for valuable items
This episode also highlights practical settlement approaches that can benefit both insurers and policyholders, particularly through mediation.
Stay tuned for Episode 9 of The Law of Rebuilding LA, publishing Monday.
Missed an episode of The Law of Rebuilding LA? Catch up here.
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