 | | As we've all witnessed over the last few weeks, natural disasters are a very real threat to most Californians. Unfortunately those threats are multi-faceted and come with various consequences. One issue that has popped up recently, stems from the insurance claim process. One of the most concerning stories I heard this week came from a group of agents in Southern California. Let me take a moment to emphasize that this was a second hand conversation, so I have no idea how valid this truly is, but I do think it's worth sharing given the chance that it could help someone. There is talk that some homeowners who lost their homes in the Palisades Fire, held the title of their property in a trust, but their home insurance was under their individual names, and made no mention of a trust. This oversight could allow the insurance companies to deny their claim, and leave them with nothing. After doing a little research, I found a few different sources that all agreed this potentially catastrophic possibility can be avoided by ensuring your policy has the correct verbiage. This is the time when I stop to reiterate that I am by no means a trust expert or legal expert in any way shape or form, and you should absolutely discuss this topic with the lawyer/professional who helped to set up your trust to determine which is the best solution for your needs. With that being said, you could, for example, make sure your policy has your (owners) names, and have your trust listed as an "additional insured" entity. Another precaution you can take, is to take a video or photo of each room in your house. Then you'll have an easy reference in the event that you make an insurance claim and need to list the personal property that was lost or damaged.
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