Homeowners insurance in high wildfire risk areas

[Chris Crook]

I was recently looking at a property in a Colorado mountain town west of Colorado Springs.  After calling several insurance brokers who represent nearly all of the major insurance companies, I found that none of them would write a policy.  In most cases I was told that they had high risk carriers who would write a policy, but they had limited protection and higher premiums.  

It seems like this will start putting downward pressure on appreciation. I'm curious how experienced investors are viewing this? Is it just another expense to factor into the numbers when analyzing deals? Is there an opportunity here that might not be obvious? Are more risk averse investors just avoiding these areas, even if they have good STR potential?