On this week's episode of THE FINANCIAL COMMUTE, host Chris Galeski and Chief Operating Officer & Chief Marketing Officer Stacey McKinnon share advice for those affected by the Los Angeles fires and tips for preparing for future emergencies.
Here are some key takeaways from their conversation:
- The Morton team is available for anyone in the community that needs advice or support during this time.
- If you've lost your home, it is crucial to contact mortgage and insurance companies as soon as possible, cancel services you no longer need, update your mailing address to a P.O. box or wherever you are staying, and register with organizations like FEMA and the Red Cross for assistance.
- Create a detailed record of damaged items and their replacement costs (it might be helpful to go room by room).
- File for loss of use coverage, a part of your homeowners or renters insurance policy that helps pay for living expenses while you are displaced.
- Be aware of scams and ensure you are speaking with legitimate organizations and real representatives from those organizations.
- If your home was damaged or lost, you may potentially qualify for some tax write-offs. You can also reassess your property for property tax purposes and potentially get reimbursements or qualify for delayed payments.For LA County residents and business owners, the tax filing deadline has been extended to October 15th.
- Stacey recommends doing a video tour of your house every 6 months to ensure you have documentation of the items in your house.
- When packing an evacuation bag, it is crucial to include a 3 day supply of food, a few gallons of water, a map of routes you can use to evacuate, medication, a change of clothes, eyeglasses, keys, credit cards, cash, a first-aid kit, a flashlight, extra batteries, important documents like passports, birth certificates, and your neighbor's phone numbers.
- The California FAIR Plan, often a fallback for wildfire insurance, has limitations, such as high deductibles, coverage caps (up to $3 million usually), and the need for supplementary liability insurance that covers things like theft, water damage, etc. since the FAIR plan only covers fire damage.
- Make sure your insurance plan covers replacement costs and that your insurance company knows the accurate value of your home.
Please find a list of verified resources here, and do not hesitate to reach out to us for guidance or support whether you are a client or not.
