Colorado homeowners scramble to find affordable wildfire insurance

Wildfire insurance - Homeowners Coverage

State lawmakers are pursuing a government-run plan for property owners to use as a last resort. Residents of Colorado are well aware of the importance of wildfire insurance, following several years of major blazes. That said, they are struggling to find the coverage they need, particularly at an affordable price. State Representative Judy Amabile (D) has seen her own neighbors and constituents struggling. “I am starting to hear some of my neighbors are not getting renewed and I would have never dreamed I was at risk of a wildfire,” said…

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Property insurance expansion approved by Colorado legislature

Property insurance - Colorado - Home

The decision was made to provide immediate and practical assistance due to wildfire losses. Victims of Colorado’s wildfires could soon benefit from more assistance from their property insurance companies as the state’s legislature recently approved changes. The goal is to provide policyholders and victims of the wildfires with immediate and substantial help. Should House Bill 1111 be signed into law, it will mean that the number of lost property insurance companies will be required to provide upfront coverage and to lengthen the timeframe victims have in which to apply for…

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Homeowners insurance in Colorado is more expensive for some

cost of Homeowners Insurance

Individuals who have bad credit are paying more to cover their properties, regardless of other factors. For individuals who don’t have a good credit record, if they live in Colorado, it is more than likely that they are paying more in their homeowners insurance premiums than someone with a better credit history but who has a similar property. The results of a recent study have shown that there is a massive difference in insurance premiums based on credit scores. The study was conducted by InsuranceQuotes.com an showed that residents in…

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Homeowners insurance in Colorado to experience massive reforms

Colorado homeowners insurance industry wildfires

The tremendously destructive wildfires in the state have caused underwriters to come together to overhaul the system. Over the last three years, Colorado has experienced devastating wildfires that have ignited an overhaul of the state’s homeowners insurance system, in the hopes that consumers might begin seeing some positive changes over the next few several weeks. The situation in the states has undergone a considerable change that has brought coverage to the spotlight. According to Carole Walker, the Rocky Mountain Insurance Information Association executive director, “The cycle of natural disaster has…

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Importance of flood insurance highlighted in Colorado

Flood Insurance

Colorado disaster draws attention to flood insurance The importance of flood insurance coverage has again been exemplified in Colorado. The state has fallen victim to heavy rainfall, which has sparked floods in many densely populated communities. Record-breaking rainfall and the steep mountains found throughout the state created a major flooding disaster for residents of Larimer and Boulder counties. Thousands of homeowners were evacuated from some communities, returning to find that their properties were uninhabitable. Moreover, many of these homeowners found that their homes were not protected because of their lack…

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Homeowners insurance reforms expected in Colorado

Homeowners Insurance

The wildfires from last year have spurred lawmakers to consider changes to the current coverage. Lawmakers in Colorado are taking a new look at homeowners insurance which have been based on the complaints that have been collected from property owners over the last months since the wildfires in the state. In fact, they are now closing in on an agreement on a number of different changes to the coverage. The wildfires in Colorado brought a number of homeowners insurance issues into the spotlight and those in charge of regulations did…

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Homeowners insurance regulations bill altered by a Senate committee

Homeowners Insurance

The changes were made following Waldo Canyon fire victim testimony by the members. A Colorado Senate committee heard the testimony of victims of the Waldo Canyon wildfires two weeks ago and has now made a few small changes to some of the homeowners insurance industry regulations proposal. The committee took the time to take the concerns of the witnesses under consideration before continuing. According to Senator Jeanne Nicholson (D-Black Hawk), “We wanted to take some time to consider some of the concerns that were raised by some of the witnesses…

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