Many people have asked me over the years about the importance of having insurance following the Camp Fire. I tell them that it is crucial to have adequate fire insurance for any property, including homes, offices, or businesses. Additionally, it is important to have specific insurance for collectibles, such as art, baseball cards, stamps, or model train sets.  

For example, home insurance may cover furniture and general home contents but might not provide sufficient coverage for art and collectibles at their current market value. After the Camp Fire, an instance highlighted this issue when attempting to replace a valuable photograph by Peter Lik; the insurance only covered the original purchase price, not the current assessed value. Similar situations can occur with other valuable collections.

It is recommended to review your insurance policies carefully to ensure comprehensive coverage. One should document all home contents, buildings on the property, and items stored in areas like garages. Sending a video inventory to your insurance agent can help assess whether the existing policy provides adequate coverage. The agent can give feedback based on the video and possibly visit the property for a more thorough evaluation.

Having the right type and amount of insurance is essential, especially in regions prone to fires like California, where obtaining and affording fire insurance has become increasingly challenging. For those with mortgages, lenders typically require insurance that covers the cost of the mortgage. Therefore, it is beneficial to have as much insurance coverage as possible within one's budget.