Experts advise homeowners and renters to follow these 7 steps after a wildfire.

• Insured losses from the wildfires that ravaged parts of Southern California are estimated to exceed $20 billion, according to JPMorgan's calculations.
• Whether you're a homeowner or a renter, experts advise taking these initial steps if your primary residence was impacted by wildfires.

The record-breaking fires in Southern California, which have been burning for over a week, are still being fought by firefighters.

In the Greater Los Angeles area, fires have burned through 40,000 acres, destroyed over 12,300 structures, and forced 88,000 residents to evacuate, with another 89,000 in evacuation warning zones.

JPMorgan and Wells Fargo both estimate that the insured losses from the early January wildfires may cost over $20 billion, with an approximate $60 billion economic loss.

To determine the next steps, one of the initial actions is to initiate the insurance process, as advised by Karl Susman, an insurance broker and president of Susman Insurance Services in Los Angeles.

""File your claim as soon as possible, even if you don't have all the details," he advised."

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Due to the high volume of claims, insurers may take longer to process them, so it's best to act quickly and initiate the claims process as soon as possible.

If your home has been affected by wildfire, whether you own or rent, experts recommend taking these seven steps immediately.

1. File the claim first, assess damage later

You can file an insurance claim as soon as the fire is under control.

You can still start the claims process even if you've evacuated and don't know the condition of your home, according to Susman.

Experts suggest that the insurer's processing time can be affected by the type and extent of the damage, the complexity of the claim, and the volume of insured losses.

According to Shannon Martin, a licensed insurance agent and analyst at Bankrate.com, renters have access to many of the same resources as homeowners.

"Renters can generally follow the same process as homeowners when it comes to getting assistance after a disaster, which involves getting to safety, filing an insurance claim, and requesting additional living expenses in advance."

2. Ask about 'loss of use' coverage

Inquire about "loss of use" coverage under your home insurance policy, advised Jeremy Porter, head of climate implications research at First Street Foundation, a New York City-based organization that specializes in climate risk financial modeling.

The coverage would provide temporary housing or lodging for individuals who cannot return to their home.

Generally, tenants' insurance coverage is referred to as Coverage D in renters' policies, according to Porter.

3. Keep your receipts and document everything

To ensure you are protected in case of loss of use, keep all receipts for clothing, food, and temporary housing or hotel stays, and document all conversations with insurers, advises Douglas Heller, director of insurance at the Consumer Federation of America.

Documenting your actions during this difficult period will make it simpler to prove your entitlement to compensation, he stated.

4. Turn off your utilities

If your home was severely damaged by fire or you experienced a complete loss, contact your utility companies, such as electricity, water, and trash collection, to temporarily shut off service. You may not have to pay for these services during this time, Susman stated.

5. Contact your auto insurer

If your vehicle was lost in a fire, it may be covered under your auto insurance policy, according to Susman.

Susman stated that even if the car was in the driveway, it would not be covered under the home insurance policy.

He advised looking for comprehensive coverage under auto insurance.

If you have comprehensive coverage on your car, you're typically covered for wildfire loss, and you just have to pay your deductible, according to Bankrate's Martin.

6. Don't forget property taxes

To file a claim for damages or a total loss of your home, visit your county assessor's website and enter your address.

Susman, an insurance expert, stated that if the home has sustained more than $10,000 in damages or is a total loss, you can apply to reduce or eliminate property tax while the dwelling is under construction or uninhabitable.

He stated that it is often overlooked or unknown by people.

7. Tap local aid opportunities

If you were not previously covered or your coverage was canceled before the wildfires, be prepared to look for aid that may become available for those affected by the disaster, Susman advised.

Susman stated that for individuals with no insurance, there would likely be some form of assistance provided.

President Joe Biden declared a one-time payment of $770 through the Federal Emergency Management Agency for wildfire victims during a White House briefing. Nearly 6,000 survivors have registered for the aid and $5.1 million has been distributed, as per The White House.

Those affected can apply for aid through DisasterAssistance.gov or FEMA's hotline at 1-800-621-3362.

The Insurance Commission of California can be reached at 1-800-927-4357 to assist individuals in navigating the process and also aid uninsured victims.

FEMA is also providing assistance to those affected by the wildfires.

If you lacked insurance coverage previously, the Individuals and Households Program may offer temporary housing funds.

Affected individuals can apply online at DisasterAssistance.gov or by calling 1-800-621-3362.

The Insurance Commission of California is hosting its first workshop with government representatives and insurers on Jan. 18-19 at Santa Monica College, followed by follow-up events on Jan. 25-26 at Pasadena College.

In the Pacific Palisades and surrounding areas, some charities and nonprofits are actively seeking donations and participating in recovery efforts.