Casualty Losses & Your Environment

The Internet provides a number of valuable resources in predicting and preparing for unusual weather and other natural environmental conditions that can impact you both physically and financially.

Weather - In general, weather plays an important role in our everyday life. Among the more popular is the commercial link Weather.com. From this site, you can enter a city or zip code and obtain a current report and five day forecast. If you are planning a trip, you should check out the conditions at your destination to give you an idea of the right clothing and accessories to pack.

Severe Weather - In areas that are accustomed to severe weather warnings, the National Weather Service provides state reports and warnings by clicking your state in a map of the United States.

Hurricanes - The National Hurricane Center provides valuable resources for tracking and anticipating landfall for hurricanes threatening the United States. This is important for individuals residing in hurricane prone areas or those planning business or vacation travel to those areas.

Earthquakes - Because earthquakes are generally unpredictable, earthquake preparedness is stressed in areas prone to earthquake activity. An Emergency Supplies Checklist and Family Earthquake Preparation Guide can help you prepare for the eventuality. Additional pre and post quake information is available from the California State Department of Emergency Services. Additional earthquake resources include:

• United States Geological Survey
• Caltech

Casualty Losses - Floods, hurricanes, tornadoes, and earthquakes, along with thefts, fires and other accidents can cause financial losses that may be deductible on your tax return as a casualty loss. For more information on casualty losses, read the following Overview of the Casualty Loss Deduction.

Casualty Loss Inventory Forms - A variety of casualty loss forms are provided to assist you in taking inventory of your losses:

• Universal Casualty Loss Inventory Form
• Personal Use Property Loss Inventory Form
• Business Property Loss Inventory Form

If the losses are substantial due to fire, hurricane, earthquake, flood, etc., we suggest you take inventory of the lost items as soon as possible after the casualty event. If dealing with the loss of a home, we suggest you list your losses by room. Note: It is good practice to periodically take photographs of the interior and exterior of your home and other property to help you determine the loss, should one occur.