Fire continues to cause havoc in the state
Colorado state officials have announced that the High Park Fire has become the most destructive fire in the state’s history. Last week, the Rocky Mountain Insurance Information Association declared this year’s fire season to be the worst it had experienced in recent history. The High Park Fire, in particular, has been a troublesome disaster that has caused significant damage to much of the state. The state’s insurance companies have mobilized to process claims and assist in recovery in the wake of the natural disaster, but the fire has yet to come under full control.
Approximately 189 homes and properties claimed by the fire
While none of the state’s insurance companies have yet released estimates concerning the financial impact of the natural disaster on the industry, state officials suggest that the High Park Fire has caused more than $12.6 million in damage so far. The fire has burned over 58,000 acres of land and, early this week, destroyed eight homes, bringing the total number of homes destroyed to 189. The fire is currently only 45% contained, according to Carole Walker, executive director of the Rocky Mountain Insurance Information Association.
Dry conditions expected to hamper containment efforts
Insurers are expecting to field a number of smoke-related claims as the fire continues to burn. High winds and low humidity have made it difficult for the fire to be contained and its movement has been erratic. The insurance industry is poised to handle the financial implications associated with the fire, but it may have an impact on the price of insurance coverage for properties in the future.
High Park Fire expected to be more costly than its predecessor
The High Park Fire has already overcome the previous record-breaking disaster in the state of Colorado: The Fourmile Canyon wildfire. The Fourmile fire destroyed 169 homes and other properties, causing some $217 million in insured losses. The Rocky Mountain Insurance Information Association believes that the High Park Fire will far surpass its predecessor in terms of insured losses.