Homeowners Struggle with Insurance Challenges
Homeowners across the country are taking steps to protect their properties, but some are still facing a challenge: maintaining insurance coverage.
Jen and Steve Hoogendoorn, Colorado residents, are among those struggling with this issue. They received a letter from Farmers Insurance stating that their home no longer met the eligibility requirements for their policy, according to CBS News Colorado.
To mitigate the risk of wildfires, the Hoogendoorns have taken significant measures around their home. They’ve installed a steel roof, beams, and columns; constructed a concrete deck; and significantly reduced the number of trees in the immediate area. “The area around the home is mitigated [against fire] out to 100 feet. And then we’ve slowly worked through the forest,” Jen told CBS News Colorado. “We’re probably out at least 300 feet in varying amounts.” The Hoogendoorns work with their neighbors to create clear evacuation routes as well.
Despite these efforts, their insurance policy could be in jeopardy. “I mean it is a business and I understand it but, give me an option,” Steve said. “Don’t just call me and say we’re done with you.”
Carole Walker, the executive director of the Rocky Mountain Insurance Information Association, explained the broader implications of such actions. “Not only are we a high catastrophe state but those catastrophes are escalating, with both wildfire and hail.”
Legislative Action
The Colorado House recently passed a bill intended to address these concerns, aiming to lower property insurance rates and increase transparency from insurance companies regarding their wildfire mitigation risk models. The new law will also allow policyholders to appeal their wildfire risk scores if they believe they are inaccurate.
Democratic state representative Brianna Titone, a co-sponsor of the bill, emphasized the importance of the legislation. “Wildfires pose a huge threat to the health and safety of Colorado communities. The legislation I’m sponsoring … ensures that property owners understand what actions they can take to protect their property in ways that also reduce their insurance costs, saving Coloradans money on property insurance and creating more fire-resilient communities.”
