Property Insurance Roundtable
About This Show
Property Insurance Roundtable from Adjusters International features property and casualty insurance experts discussing current issues affecting first party claims. Each podcast focuses on a topic taken from an issue of Adjusting Today, a publication from Adjusters International that is written from a policyholder’s perspective and includes real-life examples intended to improve disaster preparedness.
Most Recent Episode
Wildfires: Filing Property Insurance Claims for One of Nature’s Most Fearsome Foes
According to the National Park Service, as many as 90% of wildland fires in the U.S. are caused by humans, resulting from campfires left unattended, the burning of debris, negligently discarded cigarettes, and intentional acts of arson. The remaining 10% are started by natural phenomena, such as lightning or lava, but no matter what the cause, wildfires can be devastating. The Insurance Information Institute reports that the 2015 fire season set a new record for the number of acres burned in the U.S. Between January 1st and December 30th there were 68,151 wildfires, which burned 10,125,149 acres according to the National Interagency Fire Center. Over the 20-year period 1995-2014, fires, including wildfires, accounted for 1.5% of insured catastrophe losses totaling ~6 Billion dollars, according to the Property Claims Services Unit of ISO. During today’s discussion, we will explore the important areas of risk management and property insurance that must be addressed, to be prepared for the destruction that can be caused by future wildfires. Key Takeaways: [3:04] What is a wildfire, how do wildfires start, and which areas of the U.S. are impacted the most? [4:13] What is a wildfire hazard zone, and how can policyholders find out if they live in one, and how best to assess their risk? [4:50] Are wildfire insurance claims different from other fire insurance claims? Are the rules and restrictions the same? [5:34] How can a property be compromised if subjected to a wildfire? [6:52] What are things home and business owners can do, to prepare for a disaster such as a wildfire, for easier claims processing? [7:40] Does a standard insurance policy include coverages to assist those affected by an emergency situation? [8:42] What options exist under Additional Living Expenses (ALE) coverage? [10:26] For renters of apartments, condos, etc., what are their responsibilities, and what are the responsibilities of the building manager, in a wildfire situation? Also, what type of insurance coverage do they need in order to be fully reimbursed? [11:41] What extra coverages should homeowners have added to their policy, in order to mitigate any and all risk?