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Wildfires a Growing Risk for Arizona Property Owners

Posted on: April 17, 2015 by Aegis General

While great strides have been made in constructing fire resistant buildings, fire remains one of the largest contributors to insured and uninsured property losses across the country. Based on the most recent data from the National Fire Protection Association (NFPA), a fire department responded to a fire every 25 seconds on average in the United States. A structure fire occurs roughly every 65 seconds, a residential fire occurs every 85 seconds and an outside property fire occurs roughly every 56 seconds through out the nation. NFPA claims that there are about a half million fires in structures each year. Accidental structure fires are commonly sparked by heating or faulty electrical wiring or cooking mishaps, and are a separate risk from wildfires.

Wildfires pose an even greater threat to Arizona homeowners. Last year, 1543 wildfires raged over 205,199 acres in Arizona, devastating homes and displacing residents. According to a 2015 study by CoreLogic, almost 900,000 residential properties across 13 states in the western U.S. currently at high or very high risk of wildfire damage, Arizona being no exception. The combined total property value of those homes damaged is estimated at more than $237 billion. Arizona alone has some 159,100 households that are at high or extreme risk of facing a wildfire and many more with moderate level of exposure. Some experts predict that a harsh wildfire season could result in upwards of $14 billion in property losses within the state.

In all, thirty-eight states have wildfire risks, according to the Institute for Business & Home Safety (IBHS), and the risk of wildfires keeps growing. Authorities advise that the risk of wildfires is likely to continue to grow as temperatures rise, climates continue to dry, and more people move into areas that were once largely uninhabited, such as large areas of yet undeveloped land throughout Arizona. When housing developments are built in close-knit clusters near rural or wilderness areas there is an even greater propensity for property damage.

At Aegis General Insurance Agency we strive to help owners of nonconventional and specialty homes find the insurance solutions they need to protect themselves, their families and their assets. We offer a variety of specialty dwelling insurance solutions, including dwelling fire coverage, unoccupied home, manufactured housing coverage and more. Our Specialty Property Insurance products focus on safeguarding the property and assets of clients typically not served through the standard markets, whether they have past claims history, older properties or other unique exposures. Our programs are available to clients throughout the United States, including Arizona. To learn more about our personal lines and becoming a producer with us, contact us today at (855) 399-0966.

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Posted in: blog Specialty homeowner's insurance Specialty Property