BOULDER COUNTY, Colo. The views of Chautauqua Park are gorgeous, but for homeowners like Ramona Boresma, they come at a cost.There have been scares where there have been fires up in, you know, near Flagstaff or up in Chautauqua that are relatively close, said Boresma.It's why she opted to max out her insurance coverage while staying at a decent price point. She said others in her community are paying much higher premiums.Insurance rates [have] doubled, tripled over the last few years. It's incredibly expensive, Boresma said.There's also the risk of losing coverage or being denied coverage altogether. Enter "last-resort" insurance programs. On Thursday, Colorado launched its newest last-resort insurance program called the FAIR Plan. We are seeing that it is a more difficult marketplace to get insurance. We are seeing that carriers aren't willing to take on as much risk, certainly highly concentrated risk, particularly in wildfire areas, said Kelly Campbell, Colorado FAIR Plan executive director.According to Campbell, if a homeowner has been denied coverage by at least three insurance providers due to natural disaster risk, such as wildfires or hail, they are eligible for the FAIR Plan. However, the last resort does come at a higher price. The Colorado FAIR Plan is really designed to address availability, not necessarily affordability, said Campbell.The FAIR Plan provides up to $750,000 toward the cost of replacing the home. Applicants will have the option to add coverage for wind and hail damage as well as theft and vandalism, according to our partners at The Denver Post. The Denver Post reports that the FAIR Plan will not provide coverage for water or flood damage, liability, content replacement or additional living expenses should a homeowner be displaced by a fire.It is not going to be as robust a policy as your standard homeowners insurance policy, said Campbell. The program is intended to be the last line of defense if something happens to your home. That's why fire-prone areas like Boulder County urge residents to be proactive about protecting their homes.Most homes can be mitigated, and then once it's mitigated, that's going to really increase your chances to be able to obtain insurance, said Jim Webster, Boulder County Wildfire Mitigation program manager.Neighbors in communities like Chautauqua understand that where they live comes at a cost.I think you don't have any choice, is the problem. If you find a company that's willing to insure you, you kind of have to pay whatever they are asking, said Boresma.But its a choice they're willing to take to stay in the place they call home.In order to obtain a Colorado FAIR Plan, you have to go through your own insurance agent. You can find more information here. ...read more read less