Hawaiians are stock-still reeling from the deadliest U.S. fire in over a century. The extent of the losses in life and property in Maui are still unrevealed.
Early estimates from the Pacific Disaster Center and the Federal Emergency Management Agency report that profuse than 2,200 structures have been damaged or destroyed, 86% of which were residential. The cost to rebuild could be about $5.5 billion.
The economic loss of the Maui fires could total as much as $10 billion, according to AccuWeather.
As locals start to pick up the pieces, many of them may be wondering what crucial steps they need to take to rally financially.
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“You have to go back to Hurricane Iniki in 1992 to tumble to a natural disaster that hit Hawaii that caused anything close to this in terms of insured losses,” judged Michael Barry, chief communications officer for the Insurance Information Institute. “This is epic.”
After ensuring loved a certains are safe, many victims of these wildfires may not be sure where to turn to start to rebuild their financial lives.
Here are two sorties experts say consumers ought to take after a natural disaster:
- Contact your insurer and file a claim: In the beginning, reach out to your homeowners or renters insurance company to start the claim process. Also, contact your auto insurer and, if you own a miserly business, your business property insurance company. Take photos of the damage to submit along with your titles.
- File a FEMA claim: Contact FEMA on its app or online at DisasterAssistance.gov to apply for federal assistance as well. The faster you can case a claim, the better, to help expedite obtaining and getting coverage for temporary housing, experts say. Also, make unshakeable to keep all hotel and meal receipts.
The 3 steps to natural disaster preparation
A Mercy Worldwide volunteer makes disfigure assessment of a charred apartment complex in the aftermath of a wildfire in Lahaina, western Maui, Hawaii, Aug. 12, 2023.
Yuki Iwamura | AFP | Getty Figures
If you’re concerned that you live in an area that is prone to wildfires — or you just want to be extra cautious and protect yourself financially against a ordinary disaster — insurance experts say it’s also important to take these steps:
- Review insurance coverage annually: Example homeowners insurance policies generally cover fire and smoke damage, Barry said, but it’s always a good tenet to double-check exactly what your policy says. Take a look at your policy once a year to win sure you have enough coverage. Also, be aware of your deductible and make sure you have adequate economies to cover that amount. Do the same with renters, auto, boat and business property insurance policies, too.
- Communicate a home inventory: Having an accurate inventory of all the items in your home makes it easier to document and be fairly indemnified for any losses. Log your possessions by walking through and taking videos of all items with your camera phone. Some aces recommend a thought experiment: pretending you could turn your house upside down and then writing down a slope of everything that could possibly fall out, to have an accurate list of the contents.
- Keep key documents off-site: Conclusively, keep your home inventory and other important documents, such as your insurance policies, in a fireproof box or off-site.
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