08/19/2020
With the unfortunate abundance wildfires and smoke all across the state of Colorado you may be fielding some questions from clients regarding wildfires. Here are some quick tips on how the wildfires could affect closings, homeowners insurance tips, what to do if a fire is approaching, and reducing wildfire risk to properties that you can share with your clients, family, and friends. If you have any other questions or concerns that come up, my team and I are here to help!
Insurance tips
Insurance companies restrict binding authority once the wildfire threat get's high for an area which means that policies can not be changed, and new polices can not be submitted. Several zip codes around the current wildfires are already in binding restriction for some carriers. This could affect purchases, because if the homeowners insurance can not be bound your buyers may not be able to proceed with their closing. Make sure to check on any transactions you have pending in areas that may be near the current wildfires.
If you are not 100% sure you would be covered properly if a fire were to damage your home, call and review your coverage with your agent right away. Because, after the damage has occurred it's too late to make changes.
Document your personal property. It's very important to document the personal property inside your home, take pictures or videos, make a personal property list, and save receipts. These items will be incredibly helpful if you have a total loss and have to try and remember all of the property that was inside your home and then prove it to a claims adjuster.
If you’re warned of an approaching wildfire or see one coming
Round up your family to be sure everyone is accounted for.
Remove flammable materials like trash, furniture and vehicles from around your home.
Shut off the gas.
Be ready to soak roofs, shrubs and trees with water if they’re within 15 feet of buildings.
Close all windows and doors, and remove window coverings such as curtains or blinds.
Fill pools, hot tubs, garbage cans or other large containers with water.
Disconnect automatic garage door openers so if the power goes out, you can still open the door.
Keep an eye on news reports so you know the overall situation.
Keep lights on for visibility in smoky conditions. Distribute flashlights.
If you must leave, follow routes dictated by local officials. Wildfires can quickly change directions and your planned escape route may be blocked.
More information is available at https://www.ready.gov/wildfires
Prevention
The best way to reduce the risk of wildfire for an individuals property is by creating a defensible space. This is also a very important topic to address when a client is purchasing a home in a high risk area because their ability to insure the new property may be contingent upon creating a defensible space. If the sellers have not already done the work, it may become an issue, and could affect your closing. For more information on defensible space requirements check out this guide from the Colorado State Forest Service.
Please let me know if you have any questions, or clients we can help with!
