How We Can Help Clients During an Emergency
The California wildfires are an unprecedented tragedy impacting tens of thousands of lives. And regardless of how you may have been affected—losing a home or a loved one, providing shelter or help for those who need it, or simply feeling heartbreak from afar—these disasters teach us the importance of being prepared and having a support network you can rely on. At Corient, our goal is to become the hub of your financial support network—before, during and after a loss occurs. The below outlines the challenges people often face – and the actions needed - following a crisis:
Manage claims
If you have been affected, there is no time to wait. As you navigate the insurance process, we may be able to help you:
- Call your insurance company or broker right away
- Avoid fraudulent individuals, vendors and independent adjusters trying to profit from your pain
- File claims ASAP. Your insurance company is likely to request:
- Documentation like photos, videos, and lists of damaged or lost items
- Proof of Loss Form that includes descriptions of the items that were damaged or destroyed, their estimated value and when they were purchased
- Receipts for hotels and all other out of pocket costs incurred if displaced from home
Manage the rebuilding or replacement of property
This can be complicated, and it may be wise to get help. Consider that you may need to:
- Get multiple estimates for rebuilding or replacing items
- Get an approved budget from insurance (which you may need to supplement), contract with reputable vendors, make required payments and keep accurate bookkeeping to help ensure you get reimbursed appropriately
- Work closely with architects, contractors, the department of buildings, and other parties
Get tax extension relief if you need it
States in these situations often extend the filing dates for impacted individuals and families—sometimes by up to a year or more. Discuss with your tax preparation team or CPA.
Be prepared for tomorrow
Due to the unprecedented impact of the wildfires, we expect there will be material changes to the insurance market in California. As insurers look to mitigate their risk, they may begin reducing coverage and increasing rates—far greater than previous measures. Whether you live in California or anywhere else across the country, you may need to:
- Strategically review your risks, the value of risk mitigation, the replacement value you need and more
- Compare the coverage you truly need with the potential new costs
- Partner with an experienced broker with expertise in your specific market
- Use first or secondary markets to help you find the best insurance coverage to meet your needs
To learn how Corient can help prepare for and/or assist during challenging times, speak to your Corient Wealth Advisor for more information.
CONTENT DISCLOSURE
This information is for educational purposes and is not intended to provide, and should not be relied upon for, accounting, legal, tax, insurance, or investment advice. This does not constitute an offer to provide any services, nor a solicitation to purchase securities. The contents are not intended to be advice tailored to any particular person or situation. We believe the information provided is accurate and reliable, but do not warrant it as to completeness or accuracy. This information may include opinions or forecasts, including investment strategies and economic and market conditions; however, there is no guarantee that such opinions or forecasts will prove to be correct, and they also may change without notice. We encourage you to speak with a qualified professional regarding your scenario and the then-current applicable laws and rules.
Different types of investments involve degrees of risk, including the loss of principal. The future performance of any investment or wealth management strategy, including those recommended by us, may not be profitable or suitable or prove successful. Past performance is not indicative of future results. One cannot invest directly in an index or benchmark, and those do not reflect the deduction of various fees that would diminish results. Any index or benchmark performance figures are for comparison purposes only, and client account holdings will not directly correspond to any such data.
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