Whether a company's property is flooded, battered by wind, or completely leveled by hurricanes Helene and Milton, the financial leaders of affected companies need to act quickly and carefully document losses to ensure their organizations receive the insurance payouts they are owed as soon as possible, experts told CFO Dive.

Storm-related losses—especially in hard-hit North Carolina—have devastated communities across multiple states. According to NBC News, the death toll linked to Helene has surged past 200, while Milton has killed at least 11 people, according to The Wall Street Journal. Meanwhile, global real estate data provider CoreLogic estimates total flood and wind-related losses from Helene range between $30.5 billion and $47.5 billion. Fitch Ratings expects Milton's insured losses to fall between $30 billion and $50 billion.

In fact, as Milton approached Florida, concerns over loss impacts prompted the state's Chief Financial Officer Jimmy Patronis to issue an emergency rule on Wednesday requiring insurance adjusters to "identify and provide a detailed explanation for any changes in damage assessments," according to a press release. This move comes roughly two years after a group of independent claims adjusters accused insurance companies of "fraudulently" altering damage assessments and underpaying policyholders, according to Insurance Journal.

Robert Hartwig, clinical associate professor and director of the Risk and Uncertainty Management Center at the University of South Carolina's Darla Moore School of Business, said in an interview Friday that the alleged fraudulent behavior is not a widespread issue, noting that regulators often take a tough stance on the insurance industry during crises. However, he said financial leaders and finance executives can take several steps to smoothly secure claims, including:

  1. Contact your insurance company, agent, or broker immediately.Once you and your employees are safe, notify your insurer right away that you intend to file a claim so they can dispatch an adjuster to the damaged site. Hartwig said that after larger disasters, major insurers typically deploy catastrophe response teams, setting up trailers in church or Walmart parking lots or temporary locations for assistance. "Sometimes you can just walk in and file a claim," he said, noting that you should contact the insurer even if you don't yet have all the details. "Waiting to contact your insurer would be a mistake because you'd distance yourself from the actual event, making claims adjustment more difficult," he said.
  2. Document all losses, regardless of cause.He reiterated that before starting a property audit, make sure the storm or disaster has passed. Then document all losses, not just obvious physical damage like flooding or wind; for example, note whether the business may have been looted after the storm, whether there is inventory loss, or whether it was forced to shut down because employees or customers couldn't reach the site. "They'll need relevant financial documents, such as payroll and rent," he added, noting that businesses may be eligible for business interruption claims.
  3. Thoroughly assess the building structure.After a disaster, when it's safe, walk through every corner of the business property: enter storage rooms, basements, turn all electronics and computers on and off, and check what's damaged, so you can consolidate all loss documentation into a single claim rather than discovering later that some equipment doesn't work, Hartwig said. "Beyond ensuring employee safety, from a business perspective, nothing is more important than ensuring the structural integrity of the building, inventory value, and business equipment," Hartwig said.
  4. Shoot video, ideally both before and after the disaster.Before a disaster strikes, financial leaders would be wise to ensure they have video of all company properties and detailed information on company equipment types, including vehicle VINs, Jim Buffington, head of advisory services at Intuit ProConnect, said in an interview Thursday. Additionally, when shooting video after a storm, do so before starting cleanup or mitigation efforts, Hartwig said.
  5. Aim to file a claim within 48 hours.The sooner you file and document your claim, the faster you can receive payment, potentially in as little as a few weeks, Hartwig said, noting that filing within 48 hours is a good target. "If you want funds to recover, you need to file your claim promptly," he said.