Upzoned Homeowners Struggling to Get Insurance in Wildfire-Prone Colorado
An increasing risk of wildfires has made insurance carriers wary of certain areas in Colorado—according to a recent Denver Post article—raising their premiums and, in some cases, opting to not cover them, at all. In just the past few years, heavily forested areas of the state have been hit hard by wildfires. The Marshall Fire of December 2021, for instance, caused $2 billion in damages and has turned out to be the most expensive wildfire in the state's history.
Quite often, homeowners discover that they're underinsured when these things happen, meaning their insurance policies don't provide enough money to rebuild their homes once a fire occurs. In mountain communities like Aspen, Vail, Telluride, Steamboat Springs, and others, insurance companies are starting to pull out, altogether.
So, what are homeowners to do? Abby Kinney and co-host Chuck Marohn discuss the situation in today's episode of Upzoned.
ADDITIONAL SHOW NOTES-
“Will insurance companies opt to leave Colorado?” by Noelle Phillips, The Denver Post (November 2022).