One Year Survey Results – 2021 Marshall Fire, Boulder, Colorado
Read our Marshall Wildfire One Year Survey Report and Summary Data
Significant Findings: The survey results show an overwhelming amount of underinsurance with 80% of survey respondents reporting that they do not have enough insurance to cover the cost of replacing or rebuilding their home. The data collected shows that the average amount survivors are underinsured by is $110/psf. Despite this, 83% of total loss survivors plan to rebuild, requiring funds from other sources besides their dwelling coverage. Legislation has been passed to address the underinsurance issue. While it is not retroactive, we will be monitoring its impact against the data collected in this survey. Another significant finding is there are significant disparities in the percentage of contents benefits survivors received without having to complete a home inventory.
6 Month Survey Results – 2021 Marshall Fire, Boulder, Colorado
Read our Marshall Wildfire 6 Month Survey Report and Summary Data
Significant findings: A substantial number of households are underinsured and do not have adequate dwelling insurance limits to cover the actual cost of replacing their destroyed assets. This is true despite the fact that the majority of surveyed households reported having “extended replacement cost coverage” which theoretically should have protected them from being underinsured. This finding is supported by the Marshall Fire Claims Data Analysis conducted by the Colorado Division of Insurance.
The survey results also show that 46% survey respondents have a dollar limit on Additional (Temporary) Living Expense benefits, despite the fact that Colorado law does not permit such limits, according to the Colorado Division of Insurance.
Another significant finding is that in the majority of cases, insurers are strictly enforcing their requirement that total loss victims provide detailed, itemized personal property inventories in order to collect policy benefits. In some cases, due to pressure from the Colorado Division of Insurance and United Policyholders, some insurers are relaxing that requirement for some claimants.
NOTE: Pursuant to a new CO law that applies to losses arising after January, 2022, insurers must offer policyholders the option of accepting 65% of their policy limits for personal property/contents in return for not having to prepare and submit an itemized inventory. Only 14% of survey respondents were offered that option.