Tag: Marshall Fire

Property insurance expansion approved by Colorado legislature

G. Turner
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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State lawmakers seek to improve Colorado wildfire insurance process

Logan B.
Colorado wildfire insurance - Forest Fire

Victims of the blazes often find themselves underinsured, even after recently updating policies. The majority of the victims of the Marshall fire are seeking to rebuild and return to their lives and communities but are struggling with their Colorado wildfire insurance. Reports are finding that the majority of victims were underinsured even after a recent policy update. Lawmakers are hoping to make changes that will improve the Colorado wildfire insurance claims process to make it easier for victims of natural disasters to rebuild if that is their choice. State Senator…

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Allstate insurance company lost $218 million from Marshall Fire in Colorado

G. Turner
Insurance company - money on fire - financial loss

The insurer’s fourth quarter catastrophe losses were about $528 million in total last year. The Allstate insurance company has reported its catastrophe losses for last year’s fourth quarter. Its total was a pre-tax $528 million, with a substantial impact from the loss events that occurred in December, particularly the Marshall Fire in Colorado. December 2021 was a particularly impactful month on the insurer’s total catastrophe losses. Allstate’s pre-tax catastrophe loss estimates were $411 million for December 2021 alone. After tax, that translates to $325 million. The $411 million is a…

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