Friday, Oct 05,2012
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Victims of the year's largest Colorado wildfires, the High Park and Waldo Canyon fires that struck the plains in the spring, may face struggles when rebuilding their homes.
According to the Denver Post, wildfire victims in those areas are already struggling to rebuild, just as victims of 2010's Fourmile Canyon fire did in the aftermath of that destructive force.
The Post notes that, in the two years since the Fourmile Canyon fire, less than half of Colorado homeowners rebuilt their homes. Since the High Park fire, 20 building permits have been issued out of the 259 homes destroyed, and just 17 of 347 have been issued in the Waldo Canyon area.
According to The Post, homeowners have struggled to rebuild due to inadequate insurance coverage, low payouts and little construction funding available. When homeowners did receive their payouts following the fire, many determined that their insurance coverage was too low to cover the cost of completely rebuilding
Furthermore, according to the Rocky Mountain Insurance Information Association, the Colorado wildfires racked up insured losses of nearly $450 million as of mid-July. Therefore, insurance companies will likely apply for increase homeowners insurance rates in 2013, due to the raised risk for fires. Many homeowners are opting not to rebuild because the increased prices combined with inadequate initial coverage create a cost-inefficiency that they can't reconcile with their budgets.
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