A recent article by the Insurance Journal broke down the numbers in California's FAIR Plan, which is the state's Fair Access to Insurance Requirements.
Insurers who operate in that state contribute to the FAIR Plan, which aims to spread the risk of catastrophic events like those we've witnessed over the past several days.
Some experts estimate that the total insurance loss from the recent wildfires in California will be close to $40 billion.
The Insurance Journal is reporting that the FAIR Plan "does have enough cash to pay for its share of wildfire claims." (READ MORE)
At least 25 people have died, and more than 12,000 structures have been damaged or destroyed in a 60-square-mile radius. Evacuation orders remain in place for tens of thousands in Los Angeles County.
Wildfires are especially devastating, given the widespread magnitude of destruction. Our disaster response team at Sill Adjusting Group is already working to support property owners who will be dealing with an insurance claim.
A public adjuster does not work for the insurance company; the property owner hires them to represent their best interests throughout a claim.
Since wildfire damage can leave behind nothing but ashes, it can make the insurance claim even more complex. Hiring a public adjuster means you'll have an expert who is licensed by the state's insurance commission to handle every aspect of your claim.
When you hire Sill, this is what we do:
- Carefully review your insurance policy, identify all coverage limits
- Inspect and document all damage to the building and other belongings
- Negotiate the value of your loss with your insurance company
- Settle your claim much faster and for a more significant amount
- For businesses, we may be able to recoup lost revenue
The Sill Adjusting Group has experience handling large residential claims as well as commercial property claims exceeding $100 million. We have been in business for more than 90 years, and we represent hundreds of property owners annually.
Our thoughts are with those in California who are dealing with these horrific events. Our team is here to offer our help and speed up your recovery process. We are available 24/7 by calling 844.650.7455.