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Marshall Fire: Thoughts on inadequate insurance

Burned neighborhood from Marshall wildfire, Louisville, Colorado 2021.

The Marshall Fire that swept through Boulder County in December 2021 was a devastating event that destroyed over 1,000 homes and resulted in the loss of multiple lives. One of the shocking revelations in the aftermath of the fire was the fact that many of the affected homeowners were underinsured. In this blog post, we will explore why homes were underinsured in the Marshall Fire.

  1. Outdated Insurance Policies One of the main reasons that homes were underinsured in the Marshall Fire was due to outdated insurance policies. Many homeowners had not reviewed their policies in years and were unaware that their coverage was insufficient to cover the costs of rebuilding their homes in the event of a catastrophic event.
  2. Inadequate Home Valuations Another reason why homes were underinsured is due to inadequate home valuations. Some homeowners may have received low home valuations, which led to lower insurance coverage. Others may have insured their homes for the market value rather than the cost of rebuilding, which is often significantly higher.
  3. Insufficient Replacement Cost Coverage Some homeowners may have also had insufficient replacement cost coverage. This type of coverage provides for the full replacement cost of a home, but many policies only provide coverage for the actual cash value of the home, which may not be enough to cover the cost of rebuilding.
  4. Not Accounting for Building Code Upgrades Building codes change over time, and some homeowners may not have factored in the cost of upgrades to their policies. If a home is destroyed in a fire, it will need to be rebuilt to meet current building codes, which can add significant costs to the rebuilding process.
  5. Limited Coverage for Personal Property Finally, many homeowners may have had limited coverage for personal property, which means that they would not have received enough compensation to replace their lost belongings in the event of a catastrophic event like the Marshall Fire.

In conclusion, there are several reasons why homes were underinsured in the Marshall Fire. Outdated policies, inadequate home valuations, insufficient replacement cost coverage, not accounting for building code upgrades, and limited coverage for personal property are all factors that contributed to the underinsurance of homes in the fire’s path. It is important for homeowners to regularly review their policies and ensure that they have adequate coverage to protect their homes and personal property in the event of a disaster.

ECFI goes above and beyond to ensure that its clients are adequately insured by regularly reviewing their policies and verifying that they are up to date and insured for the proper replacement cost. Through specialized training, ECFI also focuses on asking the right questions to uncover any insurance needs that clients may not be aware of, providing them with comprehensive coverage. ECFI’s caring and compassionate approach treats clients like family, and policies are only written if they will properly insure the client’s most valuable asset. This commitment to excellence and customer service sets ECFI apart as a reputable and reliable insurance agent.

Burned neighborhood from Marshall wildfire, Louisville, Colorado 2021.
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