As residential insurance claims continue to pour in and information continues to be reported about the Colorado wildfires, insurers are now expecting to pay out nearly $450 million in insurance claims to victims of both the High Park Fire and the Waldo Canyon Fire.
According to the Rocky Mountain Insurance Information Association, the claims process has just begun. Insurance companies have counted over 600 homes in El Paso and Larimer counties that were destroyed and hundreds more that have been damaged from the fires.
Not only do insurance claims cover structural damages, but they also take into account the personal property lost in the fires. However, money for personal property will not be disbursed for months or longer. The priority for insurance companies is dealing with the homes that were destroyed or damaged in the fires. Those affected homeowners will receive their checks first to aid in the rebuilding process. Then insurers will look at the claims for personal property.
Insurance companies are aware that it takes homeowners a while to account for every single thing lost in the fire, and it is a long process. Because there are cases of insurance fraud, many insurance adjusters want receipts or proof of high-ticket items and detailed home inventory lists prior to paying claims for personal property.
Insurance companies are seeing Colorado fire claims for the following damages including:
Personal property claims
Smoke damage claims
Additional living expenses
Although affected homeowners are in need of money due to the fire damage, authorities are reminding homeowners to not rush into making a claim and taking their final settlement until they know everything that has been lost or damaged in the fire.
For more information about fire damage claims, call the Voss Law Firm to speak with an insurance claim attorney at 888-614-7730 today.