The Marshall Fire was one of the most devastating fires in Colorado history. On Dec. 30, 2021, fires raged across more than 6,000 acres, through Boulder County, destroying more than 1,000 homes and structures in a day.
Unfortunately, one of the common discoveries after the Marshall Fire was that homeowners and renters often didn’t know they didn’t have adequate insurance coverage to rebuild their homes and replace their belongings. But this harsh reality didn’t come as a surprise to insurance experts.
About two out of every three homes in America are underinsured, according to www.nationwide.com. The average underinsurance amount is about 22%, though some homes are underinsured by 60% or more. This means millions of American homeowners are at risk of major financial loss should a disaster ever affect their home.
The Rocky Mountain Insurance Association claims that nearly half of Colorado renters are uninsured. They say renters are always a vulnerable group because they think that they are covered by their landlord, or they simply didn’t think about carrying renters’ insurance.
Being underinsured means that you don’t have enough home insurance coverage to protect you if your home is damaged or destroyed by a fire or another disaster. Not having enough insurance can result in you paying a large part of the repair construction costs, according to Insurance.com.
How do you make sure your home isn’t underinsured? One common mistake that homeowners make is not reviewing their home insurance policy each year. Here’s a checklist from Insurance.com with tips for ensuring you have sufficient coverage:
This checklist may ensure that a home is adequately insured, but when disaster strikes, the fallout can be scary, overwhelming, and stressful for any homeowner. Through United Policyholders, a nonprofit group whose mission is to be a trustworthy and useful information resource for consumers, here are top 10 insurance claim tips:
We hope these tips are helpful as you think about securing your home or renters insurance and keeping them updated every year. Please share this information with your family and relatives as well as your colleagues and friends.
You and your family may have to evacuate in an emergency. Depending on the urgency of the situation, you may have several hours to gather your belongings or just a few minutes to grab your essentials. To ensure that you and your family are adequately prepared to leave your home safely and quickly, there are a few steps you can take in advance.