Tag: colorado wildfires

New Colorado Law Requires Speedier Post-Wildfire Homeowners Insurance Payouts

insurers exodus from wildfire regions

Coloradans who lose their homes in a wildfire could see their insurance claims paid out more speedily under a bill that Gov. Jared Polis signed into law Thursday. House Bill 22-1111 applies to owner-occupied properties lost in declared fire disasters, like the Marshall Fire that destroyed more than 1,000 structures in Boulder County in December… Continue reading New Colorado Law Requires Speedier Post-Wildfire Homeowners Insurance Payouts

AM Best: Demand Surge and Inflation to Increase Colorado Wildfire Losses

High winds 80 to 100 miles per hour fueled apocalyptic wild fires which tore across open grasslands and through homes in Superior, Colorado off highway 36. Power was cut to 34,000 homes and over 30,000 residents were forced to evacuate. Over 500 homes were destroyed by the Marshall fire outside Boulder, Colorado which was sparked by downed power lines in high winds on December 30, 2021.

AM Best has warned that a surge in demand and inflation will amplify losses from the late-season Marshall Fire in Boulder County, Colorado, which destroyed over 1,000 structures on December 30th, 2021. The wildfire arrived at the end of last year and burned through approximately 6,000 acres in two days, becoming the most expensive fire… Continue reading AM Best: Demand Surge and Inflation to Increase Colorado Wildfire Losses

Colorado Residents, Business Owners Face Challenging Insurance Situation in the Wake of Marshall Fire

Residents and business owners who lost everything in the Marshall Fire face a daunting insurance situation in which skyrocketing property values and supply-chain shortages make it unlikely that many home or business insurance policies will cover the full cost of rebuilding. “Statewide, we’ve had all these increases in property values, and very often the policies… Continue reading Colorado Residents, Business Owners Face Challenging Insurance Situation in the Wake of Marshall Fire