Fire insurance costs remain steady regardless of payouts

July 9, 2013July 8, 2013 H. Cutner

Though there have been a large number of payments required due to wildfires, costs are level. Wildfires have been an immensely destructive force throughout the American West in 2013, and while fire insurance payments have been considerable, it still looks as though the costs in this sector will remain steady. The latest predictions are that this will be yet another year of payments in the hundreds of millions of dollars. The losses are predicted to be in the hundreds of millions from the wildfires this year, leading to yet another…

Homeowners insurance reforms expected in Colorado

April 25, 2013April 23, 2013 G. Turner

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…

Homeowners insurance policies will typically cover destruction from wildfires

July 12, 2012July 12, 2012 Dan

The fires in Colorado have caused many – affected and not – to look at their own coverage. As hundreds of Colorado homes are destroyed by wildfires, many find themselves looking to their own homeowners insurance to find out what coverage they have in the case of a similar circumstance in their own areas. Fortunately – for both those affected and not – the typical policy does cover this type of damage. According to a spokesperson for the Insurance Information Institute, Michael Barry, wildfire is among the forms of destruction…