MONTEREY, CA -- 05/01/08 -- Western region home insurer, CIG, today became the first carrier to publicly endorse the California Department of Insurance legal opinion supporting homeowners' rights to purchase an already built home at a new location using replacement cost insurance coverage.
"The decision of where to rebuild or replace a home that is lost in a fire is entirely up to the homeowner. CIG does not impose any penalty or try to influence the homeowner's choice to rebuild or purchase elsewhere," said Tom Scherff, Vice President of Claims for the Capital Insurance Group (CIG).
"CIG has paid full replacement cost benefits to Californians who chose to rebuild or replace their homes elsewhere, as far away as Florida," Scherff said. "Allowing homeowners to rebuild or buy where they wish has been CIG's practice for years -- prior to the consumer protection laws and regulations enacted after the October 2003 Southern California Wildfires."
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