Homeowners Struggling to Get Insurance in Wildfire-Prone Colorado
An increasing risk of wildfires has made insurance carriers wary of certain areas in Colorado—according to a recent Denver Post article—raising their premiums and, in some cases, opting to not cover them, at all. In just the past few years, heavily forested areas of the state have been hit hard by wildfires. The Marshall Fire of December 2021, for instance, caused $2 billion in damages and has turned out to be the most expensive wildfire in the state's history.
Quite often, homeowners discover that they're underinsured when these things happen, meaning their insurance policies don't provide enough money to rebuild their homes once a fire occurs. In mountain communities like Aspen, Vail, Telluride, Steamboat Springs, and others, insurance companies are starting to pull out, altogether.
So, what are homeowners to do? Abby Kinney and co-host Chuck Marohn discuss the situation in today's episode of Upzoned.
ADDITIONAL SHOW NOTES
“Will insurance companies opt to leave Colorado?” by Noelle Phillips, The Denver Post (November 2022).
Cover image via Egor Vikhrev/Unsplash.
Abby Newsham is the cohost of the Upzoned podcast. Abby is an urban design and planning consultant at Multistudio in Kansas City, Missouri. In her own community, she works to advance bottom-up strategies that enhance both private development and the public realm, and facilitates the ad-hoc Kansas City chapter of the Incremental Development Alliance. When she’s not geeking out over cities, Abby is an avid urban mountain biker (because: potholes), audiobook and podcast junkie, amateur rock climber, and guitarist. You can connect with Abby on Twitter at @abbykatkc.