If you live in an area that is at risk for wildfires, you want to make sure you protect your belongings in case one of these hits your area.
Since it’s not always possible to avoid the consequences of a wildfire, there are things you can do to protect yourself financially against these occurrences. Note that you want to make sure you have wildfire coverage far in advance of a wildfire occurring since insurance companies will put moratoriums on coverage within areas where a wildfire is in progress.
Protect Your Personal Assets
Structure of your home – A standard homeowners policy covers destruction and damage caused by wildfires. If you happen to get caught in a wildfire, your insurance company compensate you if you need to rebuild or repair your home. Note that this does include external structures such as garages and toolshed. Condo policy holders need to check their by-laws to determine how they are impacted.
Belongings – Homeowners and renters policies insure your belongings against loss and damage. For homeowners, trees or shrubs are covered as well
Somewhere to live – If it’s determined that you can no longer live in your home due to a wildfire, your homeowners or renters insurance will reimburse for any additional living expenses such as hotel rooms or meals.
Your car – There is an optional comprehensive portion of auto policies that insure your car against fire damage and vandalism
Protect Your Business
The typical business owner’s policy covers property fire damage to the building, office space, equipment and inventory. Business income insurance covers profits a business would have earned, as well as the additional operating expenses incurred as a result of the fire.
Make Sure You’re Fully Covered
It’s good practice to keep an up to date home inventory offsite so that you don’t lose them to a fire. And, ensure you have enough homeowners insurance and other coverages to ensure you and your family are financially protected in the event of a wildfire
If You Need to Make a Claim
- Contact your insurance professional as soon as you can
- Don’t throw anything away
- Understand what’s expected of you
- Know the claim time limits
Since regulations differ by state, please call your agent to ensure you have the coverage you need in case of a wildfire. We are happy to help and want to make sure you minimize any losses from these events.