The LNU, CZU, and SCU wildfire complexes and the River Fire in the Monterey area are ravaging California. In our area (LNU), many friends and neighbors have been evacuated; across the state, so many people have lost homes and businesses. Our hearts go out to everyone affected and we hope that these fires will be contained soon.
Three years ago when fires destroyed so much of Napa, Sonoma and Santa Rosa, we offered information about compiling lists of equipment and machinery for insurance claims. All of this information is just as useful today, especially the opening advice about getting help, presented below. To read the article in its entirety, please visit the original post here.
• • •
In the wake of damage caused by the current lightening fire clusters, fire loss claims are inevitable. It’s not always an easy process to assess what’s been lost, especially in the midst of sometimes overwhelming grief and confusion.
I saw the following FaceBook post recently; USA Today also recently published an article about using insurance adjusters for large complicated claims.
To all my friends experiencing the loss of homes in this terrible fire. I want to give you the best advice you will get at this time. Make sure you hire a PUBLIC adjuster to help you with your insurance company. I survived a fire 10 years ago. I lost everything but the clothes on my back and my truck. I would over and over again say: the Public adjusters were the difference between a horrific nightmare and a new beginning. Do not try and go it alone with your insurance companies.
Let me emphasize that last line: Do not try and go it alone with your insurance companies.
In 2017 I worked with a fellow who’d lost his machine shop in the Butte fire. He was still reeling from the loss and the difficult challenge of categorizing and listing tools and equipment he had acquired over 40 years. It was obvious to me that if his long-time friend had not stepped in at the beginning to help manage this years-long process, he would have been in an even more dire situation.
Whether or not you decide to hire an adjuster or not, be smart and find someone to help you. You will find that having someone to support you will be invaluable: a friend or family member who is not involved in their own loss, a paid assistant to help you keep your records organized and facilitate the filing process when you are tired, discouraged, overwhelmed or grieving, or a public adjuster if you decide that’s best for you. Perhaps all three.
• • •
To read the rest of this important information, please visit the original post here.
For information specific to inventory destroyed by fire, see this Case Study post and for more information about factors in appraising for fire loss, see this case study about a restaurant fire loss.
Jack Young, ASA—MTS/ARM, CPA
Equipment Appraisal & Review for Fire Loss & Theft
NorCal Valuation Inc.
