Colorado is facing a growing threat from wildfires, and a recent report by CoreLogic reveals that the state is second only to California in this risk. The study shows that many homes (332,716) are at risk, and the estimated cost to rebuild is $140.9 billion. The risk factors include being close to easily flammable materials, the slope of the land, and its direction.
What’s surprising is that major cities like Denver, Littleton, Highlands Ranch, Colorado Springs, Fort Collins, Boulder, Parker and Pueblo are now recognized as being at risk, challenging the idea that only rural areas need attention. The report emphasizes how widespread the threat is. The report also points out that insurance companies are adapting to these changes. They’re using data about the risk to properties, the distance to easily flammable materials, and the geography of an area to better understand and calculate insurance coverage and costs. This means they can offer more personalized options based on the specific risks in different places. This also means areas that had historically lower insurance rates are now getting significant premium increases because the fire risk has been redetermined.
Overall, there’s a new focus on fire risk within the insurance industry, stressing the urgent need for everyone to be more aware of the risks and take proactive steps to reduce them. This responsibility applies to both urban and rural communities, emphasizing that everyone needs to work together to lessen the impact of wildfires on homes and lives.
