o Homeowners’ insurance policies cover the cost of debris removal in a few different ways. You should review your policy to determine how your debris removal benefits are paid.
o You likely either have to use part of your Coverage A (dwelling) benefits to cover this expense, or there may be extra benefits for debris removal on top of your Coverage A. This extra coverage may be 5, 10, or 15% of your Coverage A benefits, tied to the loss's amount, or a fixed dollar amount labeled as “Additional Coverage.”
If you participate in a coordinated debris program and the cost of debris removal is less than your policy limits, you may be able to apply the benefits left over toward repairs/rebuilding.
o Recovery Guide to Wildfire Debris Removal provides an overview of the debris removal program process.
o Foundation removal In many cases, especially within government programs, the removal process includes demolishing and clearing the house’s foundation, a crucial step for future rebuilding efforts.
Property Tax
Property owners who lose their homes to calamities such as fire or flooding may be eligible for tax relief.
To qualify, individuals must file an Application for Reassessment: Property Damaged or Destroyed by Misfortune or Calamity with the Assessor’s Office within 12 months from the date the property was damaged or destroyed.
• LA County Assessor's Office Disaster Relief • FAQs for Wildfires, Implications to Property Assessments/ Tax Bills
Taxes
A federal disaster declaration is an official ruling that triggers special tax rules. IRS released this announcement today, providing tax relief to wildfire victims.
• CA Tax Relief Program
Next Steps: Where to Start After a Fire Venbrook Insurance Services | CA License 0D80832
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