Insurance coverage

Wildfire evacuees should review their insurance coverage – InsuranceNewsNet

NEW YORK, April 26, 2022 /PRNewswire/ — Evacuees from wildfires in Arizona, Colorado, Nebraska and New Mexico who are displaced or returning home should review their homeowners’ and renters’ insurance policies and file a claim if they have suffered material damage caused by a fire, according to theInsurance Information Institute (Triple-I).

“Insurers are the nation’s first financial responders and will be there to help their policyholders recover.”

“Insurers are the nation’s first financial responders and will be there to help their policyholders recover,” said Sean Kevelighan, CEO of Triple-I. “Yet insurers themselves face challenges as these wildfire-prone states become increasingly densely populated. Nonetheless, it remains essential that people residing in these states have the right types and amounts of insurance and that these communities are rebuilt in a more resilient way.”

The tunnel fire, which burned for over a week in northern Arizona, has now charred over 20,000 acres. A forest fire last Friday caused evacuations in Colorado Springs and another caused one dead and several injuredin Nebraska. the Calf canyon fireburning east of Sante Fe, poses the most significant threat to life and property in New Mexico.

Fire and smoke damage is covered by standard homeowners and renters insurance policies. A standard home insurance policy covers property damage caused by a wildfire to the structure of a house and its appurtenances (for example, a garage) as well as personal belongings housed on the premises. A rental insurance policy covers the personal effects of the tenant. Water damage caused by firefighters putting out a fire is covered by homeowners’ and renters’ insurance policies.

Standard homeowners and renters insurance policies also offeradditional living expenses(ALE), sometimes called loss of use, to policyholders who have either moved due to a mandatory evacuation order or had their residence rendered uninhabitable due to damage from a wildfire.

Additionally, the Triple-I offers online claims filing advice forthe ownersandTenant insuranceinsured.

RELATED LINKS:

The Triple-I has an extensive library of instructional videos on its Youtube channel.

Quote Show original content to download multimedia:https://www.prnewswire.com/news-releases/triple-i-wildfire-evacuees-should-review-their-insurance-coverage-301533424.html

SOURCE Insurance Information Institute