Maui Wildfire 2023: Here is how to recover financial losses

As the wildfire in Hawaii’s Maui wreaks havoc, people are struggling with huge financial losses. As a result, many people are wondering what essential steps they need to take to recover their losses.

Outlook International Desk

Updated on: 16 August 2023 2:13 pm

Maui Wildfire wreak havoc

People living in Hawaii are still reeling from one of the deadliest wildfires in over a century. The wildfire has wreaked havoc, and the extent of loss suffered by people in terms of life and property is still unknown. According to a report published by the Pacific Disaster Center and the Federal Emergency Management Agency, more than 2,200 structures have been destroyed due to the fire. The report stated that it will cost around $5.5 billion to rebuild the island.

As many people have lost their homes, businesses, and lifetime savings due to the fire, many are wondering what essential steps they need to take to recover their financial losses. Among many things, insurance can play a vital role for people whose businesses have been adversely affected. However, it is crucial for policyholders to understand their insurance rights and obligations in order to maximise their insurance recoveries.

People hit by the Maui wildfire should first contact their renter's insurance company in order to begin the claim process. Later, people should submit pictures of the damaged property along with the claims to evaluate the extent of the loss. Also, one can contact the Federal Emergency Management Agency (FEMA) to get federal assistance as well.

Apart from the insurance, people also have the option of exploring the Hawaii Fire Relief Housing Program. This program requires property owners to complete a form indicating their willingness to provide shelter for individuals affected by the wildfire.

Additional help could come from the Small Business Administration (SBA) which offers loans to businesses and homeowners affected by natural disasters. Individuals can use these loans to repair or replace disaster-damaged property, inventory, and supplies.

Meanwhile, the death toll due to the Maui wildfire has reached 106. It is expected that the figure may witness an increase as more than 1,000 people remain missing, and only 32% of the scorched area of Lahaina has been searched. On Tuesday, a mobile morgue unit with additional coroners reached Hawaii to help sort the remains of the people who have lost their lives in the wildfire.