What Wildfire Victims Wish They Had Known

According to the Colorado's Division of Insurance, roughly two-thirds of homes lost in the Marshall Fire last year were underinsured, meaning their homeowners insurance policies won't cover the full cost to rebuild.

Is Your Homeowner's Insurance Up to Date?
Be proactive when buying or renewing your home insurance. Here are some questions to ask your insurance agent to make sure your home insurance is up to date from the non-profit and consumer advocate United Policyholders.

Question 1: Will this policy be adequate if I have a total loss? Will it cover the cost of rebuilding my home to its pre-loss condition, including demolition, debris removal and replacement of the foundation and roof to current building code standards?

Question 2: Do you have the correct details of the share footage and level of finish of my home needed to provide an accurate replacement cost estimate? Per the Colorado Division of Insurance, the average cost to rebuild after the Marshall Fire was $350 per square foot.

Question 3: Is my coverage for Replacement or Actual Cash Value? Actual cash value factors in depreciation when settling claims. Replacement cost value reimburses you based on how much it costs to replace, repair or rebuild your home at today's prices. On both Actual and Replacement Value, your policy's coverage limits and deductibles apply.

Question 4: Is there a limit on coverage for my additional living expenses while my home is being repaired or rebuilt after a loss? Is there a total dollar cap, time limit, or both on this coverage?