Homeowners have until Dec. 30 -- the anniversary of Colorado's most destructive wildfire -- to let the state know whether they will comply.
, making it the costliest fire in Colorado history and the 10th most expensive in the nation.
It’s nearly impossible for anyone who loses a home to get back into a new home within 12 months, said Amy Bach, executive director of United Policyholders, a nonprofit organization that advocates for insurance customers. There are multiple reasons for this, including a shortage of homebuilders and construction workers.
He has received estimates that it will cost $2.7 million, while his insurance company offered $1.6 million — even though his policy guaranteed total replacement coverage. Until they reach an agreement, no construction will start. Insurance policies are contracts between the company and their customers, said Carole Walker, executive director of the Rocky Mountain Insurance Information Association, which represents the industry.
“The insurance companies would be paying out claims for premiums they never took in,” Walker said. “But if companies just pay that, where does it put them as far as solvency on their own balance sheet?”
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