The “Easy Money” phase is over
If your property suffered severe damage or was completely destroyed in the recent Palisades and Eaton fires, you may have already received an initial insurance payment. While this first payout might feel like a victory, it’s often just the beginning.
Now comes the hard part.
Initial insurance payments are designed to provide quick relief, helping homeowners secure essentials or temporary housing. However, these early payouts rarely reflect the true cost of repairing or rebuilding your home. For those dealing with total burndowns, the real challenge is ensuring you receive the full compensation you’re owed.
Fire update
Together, the Palisades and Eaton fires caused widespread devastation across the greater Los Angeles area. At least 29 people lost their lives, and over 12,300 buildings were destroyed. The fires burned nearly 40,000 acres.
California Insurance Commissioner Ricardo Lara announced that insurers have made over $6.9 billion in claim payments so far. However, the financial toll continues to grow. JPMorgan estimates that insured losses could exceed $20 billion, with total economic damages potentially reaching $50 billion. This would surpass the previous record set by the 2018 Camp Fire.
Why the next phase is critical
Insurance companies require thorough documentation to justify additional payments. Without proper evidence and clear support for your claim, you risk falling short of what it takes to rebuild your property to its previous condition.
Here’s what you can expect and how a public insurance adjuster can help:
Document everything
Your insurance company may request:
- Detailed inventories of lost possessions
- Photos of structural damage
- Receipts for temporary repairs or expenses
This is where a public claims adjuster can be invaluable. They specialize in helping you gather the necessary documentation, ensuring you present the strongest possible case to your insurer.
Assess the true cost of repairs
Even experienced homeowners may underestimate rebuilding costs. A licensed insurance adjuster has the expertise to evaluate contractor estimates, material costs, and code upgrades, all of which may influence your final settlement.
Negotiate with your insurance company
Insurance companies have their own adjusters working to minimize payouts. Hiring a public adjuster levels the playing field. Your adjuster will advocate on your behalf, negotiating for the best possible outcome.
Meet deadlines and avoid mistakes
Insurance claims have strict deadlines. Missing them can jeopardize your payout. An experienced property claim adjuster ensures your claim stays on track, helping you avoid costly errors.
Why hire a public insurance adjuster?
Navigating fire insurance claims on your own can be overwhelming. A public insurance adjuster near you has the local expertise to understand California’s building codes, fire risks, and insurance practices. Their role is to protect your interests, not the insurer’s bottom line.
Don’t settle too soon
The initial payout may seem generous, but wildfire recovery is a marathon, not a sprint. By partnering with a public claims adjuster near you, you’ll be better equipped to secure the funds necessary to rebuild your home and life.
If you’ve been impacted by the Palisades or Eaton wildfires and have not hired a public adjuster, now is the time to act.
