Devastating Fire

We’ve already had quite the experience with the Marshall Fire and again, our hearts go out to you and we’re here to help you in any way we possibly can.  There is a “Disaster Center” on 1755 South Boulder Road in Lafayette and your insurance company has a catastrophe mobile unit there where you can ask questions of claims adjustors on the ground, discuss coverages, and even receive immediate reimbursement for expenses you’ve incurred for being displaced (be sure to take receipts with you).  There are a number of resources available, so if you need something, please ask. I even did a video with additional information here: https://www.youtube.com/watch?v=3vVgIm91g2A&t=1s

We can always learn from events, and there are two insights for you to consider with the Marshall Fire:

One: the unexpected CAN and DOES happen.  We like to think we’re safe and nothing would happen, and most of the time that’s true, but it does happen and we need to be prepared.  Nobody could have guessed such a destructive fast-spreading fire could rip through a densely populated area, but it did.  

Two: COVID has changed a number of things in our world but especially the price of countless items around us, including the spiked cost of labor and materials for construction (or reconstruction).   Home insurance follows an “inflation index” and tries to keep pace with the current cost of rising costs, but sometimes there are events where that index simply can’t keep up.  This is one instance.  While we strive to put together the best insurance for you, these external factors are impossible to keep up with.  That’s why we regularly ask you about reviewing your insurance for home updates, to rerun cost estimators, etc.  Most people think insurance “reviews” are all about the insurance cost; an insurance review is actually focusing on the coverages, and this devastating fire teaches us we need to regularly review insurance coverages once every couple years.

Here are TWO things I want you to do ASAP:

• Review your home insurance today and let your insurance agent know if the dwelling coverage (or other coverages) looks low.  With the spiked costs most likely your coverage is too low.  They can re-run a cost estimator for your home and update coverages as needed.  There are a number of new coverages available now too that weren’t available even 3-4 years ago (e.g., service line, extended dwelling options of 50% or higher, adjustable “loss of use” or “loss of rent” coverages).    Check what you have and if you don't understand your coverages, contact your agent or contact us.
• Take your smart phone and make a video of each room in your home.  Enter each room, pan slowly left to right, get the upper and then the lower parts of the room.  If you have cabinets or drawers, go back and open those and record the contents of those cabinets/drawers. Narrate as you go.  This video might be a great way to share stories about your possessions. Once you’re finished save each room’s file to your financial plaza if you are our client, to the cloud or transfer them to a DVD and store the DVD in a safety deposit box at your bank.  In case of a total loss, these videos would help you more quickly and accurately recall most of the items in your home.  Be sure to put documents either in a firebox or make a copy of important documents and store those in a safety deposit box with your video clips.  Important documents might include: life insurance papers, birth certificates, social security cards, insurance documents, vehicle titles, bank account info. 

Our hearts do go out to all of you who have suffered so much loss with this fire.  We’ve talked with so many of you and we’re so sorry for the loss but we’re so thankful you’re alive and well.