There is an important bill that is coming up that is being proposed by Senator Rankin and Representative Amabile which would make significant upgrades to homeowners insurance as it relates to ’total loss’ scenarios in cases like wildfire. In California, if you have a total loss, your insurance proceeds can be used to rebuild your home on the existing property, or a different property. Or you can use the proceeds that would be coming to you for rebuilding your home to buy an existing home. Currently, in Colorado rebuilding your home where your home burned down which could be a horrible option if everything around you is incinerated.
We think that it would be good for our representatives to hear from as many people as possible to see if this could get passed.
More than a year later, many who survived the East Troublesome fire still have not been paid by their insurance companies, and that delay is slowing their rebuilding plans. Many fire victims who have been reimbursed by their insurers said they have received payments that did not come close to covering what was lost.
And some policyholders were so fatigued from “jumping through so many hoops” that they simply stopped participating and lost thousands of dollars they expected to receive...
To help stop the cycle, state Rep. Judy Amabile, a Boulder Democrat, and Sen. Bob Rankin, a Carbondale Republican, plan to introduce a bill that would shorten and simplify the insurance claims process for policyholders who lose their homes in a declared fire disaster.
www.rotarywildfireready.com/
In our mountain communities, wildfires are a major hazard. Residents are urged to take steps now to assess their wildfire risk, safeguard their homes and prepare for wildfire. You not only increase the safety of your property, but more importantly, you increase the safety of your family. We can help! See our website for helpful resources and information.
