Hard to get insurance in high wildfire risk zones?

[Jonathan Tribble]

Hello all,

I am looking at a trip-plex property in a forested area of northern Arizona that is 30 minutes outside of Payson. I am trying to get an insurance quote from my broker, but I am learning that the wild fire risk in the area is a 4 on a scale of 5 and they are having a hard time finding providers that will insure the property. It sounds like I may have to resort to a specialty provider to get insurance, but still run the risk of the provider canceling my policy if the risk scale continues to increase. Potentially leaving me without insurance if I can't find another provider to cover the property. All of this making costs very unpredictable.

Has anyone been in this situation before? How do you mitigate the risk of your insurance premium sky rocketing, or not being able to get insurance at all?

Or is owning in these types of areas just too risky to consider?

Thank you,

Jonathan