Nichole Shanfeld, a Carolwood Estates agent, highlights the challenges faced by homeowners in Malibu and Pacific Palisades after recent wildfires, pointing out that insurance often falls short for rebuilding efforts. Many coastal homes were previously exempt from modern codes, leading to unexpected rebuilding costs. Factors like land designation by the California Coastal Commission complicate the matter further, as financial assessments and personal choices will influence rebuilding strategies. With AccuWeather estimating a rebuilding cost of $250-275 billion for affected areas, agents and clients must navigate a testing residential market environment to facilitate repairs.
A lot of these homes on the water were not up to code and were just grandfathered in, Shanfeld said of coastal properties impacted by the fires.
While insurance claims money is flowing to those impacted by the Eaton and Palisades fires, the answer of whether homeowners are getting enough to rebuild is nuanced.
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