The Nevada Division of Insurance published a press release providing guidance following the Hawk Fire impacting the state.
The Division asks insurers to accommodate affected insureds by providing flexibility on premium payments and providing support during the claims filing process. Insureds should review their homeowner's, rental, condominium, and business policies to understand what coverage may be available to them.
Many policies provide additional living expenses to displaced residents, which can pay for hotels, food, and other costs. Business policies may provide for loss of income. Insureds should review their policy and contact their insurer before filing a claim.
The press release can be found here.
August 26 Update
Insurers are also asked to provide flexibility for additional living expenses due to evacuations, since many areas may not yet be listed as mandatory evacuation areas, but residents have been warned to evacuate. Other residents may have evacuated due to uncertainty about the situation, among other reasons.
Insurers should be aware of an increased risk of flooding resulting from wildfires in areas that typically would not be a flood risk and are asked to consider that in coverage decisions.
Bulletin 26-003 can be found here.
Ray Sugrim
Ray Sugrim is an Insurance Editor with FC&S Expert Coverage Interpretation, a division of National Underwriter Company and Arc Network. Ray is responsible for helping develop and edit content for subscribers. Ray is a St John’s University graduate with a degree in Risk Management & Insurance and is a CPCU candidate.