7951 E. Maplewood Avenue, Suite 110
Greenwood Village, Colorado 80111
Serving Colorado, New Mexico, Utah & Wyoming
Contact: Carole Walker, Executive Director
303-790-0216 or toll free 800-355-9524
The Fifth Anniversary of Colorado's Most Expensive Snowstorm Reminds Homeowners that Spring Cleaning should Include an Insurance Checkup
March 17, 2008 – Five years ago Colorado residents celebrated the first day of spring by digging out of the mess left by the state's most destructive snowstorm. The Rocky Mountain Insurance Information Association estimates that the historic March blizzard resulted in more than 28,000 claims from damage to homes and vehicles, with an overall price tag of $93.3 million in insured losses (over $100 million in today's dollars). So, when it comes to lessons learned from the blizzard, along with don't use a snow blower on the roof, keeping your insurance coverage up-to-date needs to be at the very top of the list!
"We are entering severe weather season in the Rocky Mountain Region and that means Mother Nature can spring dangerous weather on us practically on a daily basis," says Carole Walker, Executive Director of the Rocky Mountain Insurance Information Association. "Whether it's damage from snow, hail, wind, flooding or wildfires, homeowners need to keep insurance coverage current so that they can repair and rebuild their homes when the unthinkable does happen."
Colorado doesn't generally experience large losses from winter storms:
$93.3 million in insured damage resulting from heavy snow and ice on March 18-19, 2003.
$10.5 million in insured damage resulting from heavy snow and ice on Oct. 24-26, 1997.
$6.4 million in insured damage occurred from Sept. 20, 1995.
$4.9 million in insured damage occurred on Dec. 22-26, 1982.
Colorado's most costly catastrophe in state history was a $625 million hailstorm that battered the Denver-metro area on July 11, 1990.
As Colorado moves into severe weather season consider last year's surprise blizzard an insurance wakeup call! RMIIA recommends that you take these preventative steps:
DO AN ANNUAL INSURANCE CHECK UP
Insurance is something most people don't even want to think about until they need it the most. But, understanding what is and isn't covered in your homeowners insurance policy can mean the difference of being able to rebuild your home and replace your personal belongings. Homeowners need to do annual insurance policy "check ups" to make sure they keep up with local building costs and have adjusted their coverage to include home remodeling and additions.
If you don't have replacement coverage, consider spending a few extra dollars for coverage that pays for the cost of replacing the damaged property without deduction for depreciation.
KNOW WHAT IS & ISN'T COVERED
The typical homeowners insurance policy covers damage resulting from fire, windstorm, hail, water damage (excluding flooding), riots and explosion as well as other causes of loss, such as theft and the extra cost of living elsewhere while the structure is being repaired or rebuilt.
Your policy also covers your legal liability (up to policy limits) if you, members of your family or even your pets hurt other people or their property, not just in your house, but away from it, as well. If you have a lot of assets to protect, you may want to consider an umbrella policy that offers increased protection against lawsuits.
The standard policy does not cover flooding, so you may want to look into flood insurance coverage if you're concerned that you're at risk for rising floodwaters.
Also visit: Winter Storms
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Rocky Mountain Insurance Information Association is a non-profit consumer information organization. Affiliated with the Insurance Information Institute, RMIIA has been serving consumers and the media since 1952.