Colorado’s wildfire risk is so high some homeowners can’t get insured. The state may create last-resort coverage – By Jesse Paul and Olivia Prentzel (Colorado Sun) / Dec 30, 2022
Some Colorado homeowners are telling state regulators and lawmakers that they can’t secure coverage for their homes because of rising wildfire risk
State lawmakers are preparing to introduce a bill in the legislature that would create a quasi-governmental program offering basic home insurance to the growing number of Colorado homeowners who say they can’t get coverage from private companies because the risk of wildfire is growing.
The Colorado Division of Insurance has fielded dozens of calls and emails, many of them since August, from Coloradans who say they have been turned down by private home insurers. The situation presents the specter of financial calamity for people whose homes are their primary asset and for communities that lean on real estate as an economic engine.
Without home insurance, it’s impossible to secure a mortgage, which dramatically limits who can buy or sell a home. There’s also immense financial risk in owning a property without insurance coverage.
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