Remains of home burned by wildfire. A search and rescue worker walks with a cadaver dog while looking for a missing person in Paradise, California, on Monday, Nov. 26, 2018. The nation's deadliest wildfire in a century known as the Camp Fire killed at least 85 people and burned over 14,000 homes. (Photo: David Paul Morris/Bloomberg)

(Bloomberg Opinion) — Own a home? No doubt you've insured it. Very sensible of you. But if that home were, say, burned to the ground, then your insurance company probably wouldn't cover the cost of rebuilding it.

Don't feel too bad, though. It's only partly your fault.

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Estimates: 60-80% of policyholders are under-insured

Two-thirds of California wildfire victims are under-insured, according to Amy Bach, executive director of consumer advocacy group United Policyholders, speaking at a recent meeting of governor Gavin Newsom's wildfire commission, held in Santa Rosa. Shocking as that figure seems, it comports with anecdotes I picked up reporting on the aftermath of the recent wildfires earlier this year. Meanwhile, Sarah Paulson of Kevin Paulson Insurance Agency Inc. in San Diego, estimates maybe 60% of policyholders are under-insured.

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