Steps to follow to recover financially after a natural disaster: Maui fire losses could reach $10 billion.

Make an insurance claim as soon as possible if a natural disaster causes you to lose something.
Government support may also be given via the Federal Emergency Management Agency.
Reviewing your financial preparations for a crisis now can be beneficial if you haven’t already been directly impacted.

The deadliest U.S. fire in more than a century has left Hawaiians in shock. It is still unknown how much property and human life were lost on Maui.

More than 2,200 structures, 86% of which were residential, have reportedly been damaged or destroyed, according to preliminary estimates from the Federal Emergency Management Agency and the Pacific Disaster Center. Rebuilding might cost about $5.5 billion.

According to AccuWeather, the monetary cost of the Maui fires could reach $10 billion.

Many locals may be wondering what critical actions they must take to get back on track financially as they begin to pick up the pieces.

According to insured losses, the last major natural disaster to affect Hawaii was Hurricane Iniki in 1992, according to Michael Barry, chief communications officer for the Insurance Information Institute. The statement “This is epic.”

Many of the victims of these wildfires might not know where to start when it comes to rebuilding their financial lives after making sure that loved ones are safe.

Following a natural disaster, customers should follow these two recommendations from experts:

Call your insurance company and submit a claim: To begin the claims procedure, first get in touch with your homes or renters insurance provider. Call your auto insurance provider and, if you operate a small business, your commercial property insurance provider as well. Take pictures of the damage to include in your claim submissions.
Submit a FEMA claim :To apply for government aid as well, contact FEMA through its app or online at In order to hasten the process of acquiring and receiving coverage for interim housing, experts advise filing a claim as soon as possible. Additionally, be sure to save all accommodation and dining receipts.

The 3 steps to natural disaster preparation

Insurance experts advise taking the following actions if you’re worried that you live in a wildfire-prone area or if you simply want to be extra careful and financially prepare for a natural disaster:

  1. Examine your insurance coverage each year : According to Barry, typical homeowners insurance policies typically cover fire and smoke damage, but it’s usually a good idea to double-check what your policy specifically states. Make sure you have enough coverage by reviewing your policy once a year. Be mindful of your deductible as well and make sure you have enough money saved to cover it. The same should be done for your auto, boat, renters, and business property insurance plans.
  2. Create a home inventory: Having a complete list of all the objects in your home makes it simpler to keep track of any losses and receive reasonable compensation. Walk through your belongings and use your camera phone to record videos of each thing as you inventory it. To accurately list the contents of your house, some experts advise doing the thought experiment of believing you could flip it upside down and then making a list of everything that would fall out.
  3. Save important papers off-site: Finally, store your house inventory and other crucial papers, including your insurance policies, off-site or in a fireproof box.

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