Holy smokes, two major wildfires in Colorado; 5 steps to protect your real estate
Anyone living in Colorado can attest it has been hot, dry, and windy this summer with record drought conditions throughout the state. Two major fires (one human and one lighting caused) have popped up charring thousands of acres around Grand Junction (70k acres) and in the Glenwood Canyon (7k) acres threatening homes, businesses, and infrastructure. How did one borrower lose all the equity in his property from a fire? What really happens in a fire if you have a loss? What steps must you take now to ensure the fire doesn’t lead to financial ruin.
As little moisture falls and temps climb wildfire season has begun to flare up throughout the country with active fires throughout the west. Unfortunately you can’t wait until you have an issue before deciding to take action, it will be too late. You must take steps well before an event to protect your property and finances.
The two fires burning now aren’t going away anytime soon. I was watching the press conference on the Grizzly Fire (Glenwood Springs canyon) as we have numerous loans in the area and the new incident commander said the fires might not be out until the snow starts!
Living and working in the Colorado mountains, I’ve unfortunately had the experience of seeing a wildfire off the deck of my house and being evacuated with moments to spare (see prior blog post). Furthermore a few years back we had two loans in Colorado that were impacted by a major wildfire (black forest fires) and were totally lost as a result. Fortunately all that was lost was property and the owners got out safely. The experience turned into a financial disaster for one borrower; learn why and how to avoid the same mistakes.