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:

1. Call your insurance company or broker right away
2. Avoid fraudulent individuals, vendors and independent adjusters trying to profit from your pain
3. 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:

1. Get multiple estimates for rebuilding or replacing items
2. 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
3. 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:

1. Strategically review your risks, the value of risk mitigation, the replacement value you need and more
2. Compare the coverage you truly need with the potential new costs
3. Partner with an experienced broker with expertise in your specific market
4. 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.