As the U.S. grapples with escalating gun violence, research is challenging the narrative that more guns in public spaces equate to greater safety. 

Stephen Billings, associate professor of finance in the Leeds School of Business, was recently honored with the inaugural Greenwald Family Award for Firearm Violence and Injury Prevention Research Excellence for his work on how concealed carry permits might be linked to higher rates of firearm-related crimes.

ľţžąąôąôžą˛Ô˛ľ˛ő’&˛Ô˛ú˛őąč;, published in June 2023 in the Journal of Public Economics, analyzed the impact of concealed carry on neighborhood crime and individual victimization in Mecklenburg County, North Carolina. The study found that the presence of more legally carried firearms correlates with a 5.3% rise in local crime. 

"When people get a concealed carry permit, they don't suddenly become less likely to be victims of violent crime. In fact, they are just as likely to be victimized, but when it happens, the situation is often more serious,” he said.

This revelation is a pivotal part of Billings’ study, which dives deep into the complexities of gun ownership, including its effect on local crime. He noted that while concealed carry permit holders are typically law-abiding citizens, a surprising trend emerges: They are significantly more likely to have their firearms stolen. 

"If you buy a gun and carry it legally, you're not necessarily a higher target for crime, but once it’s stolen, it can end up in the hands of someone who is not authorized to possess it. And that gun could then be used to commit crimes," he said. Stolen firearms often fuel neighborhood crime, he added, leading to an increase in gun violence.

"I wanted to look at what happens when people legally acquire guns," Billings said. "Do they become safer, or does it inadvertently contribute to more crime when their firearms are stolen or misused?" 

His data, which included detailed records on gun ownership, theft and victimization, revealed people with concealed carry permits often had firearms stolen from their vehicles. "If you look at the data, it’s clear that more guns in a neighborhood mean more opportunities for theft, and more stolen guns mean more chances for them to be used in violent crimes," he said.

Billings, whose work often examines the connections among housing, schools, neighborhoods and crime, was partly inspired to study gun violence due to personal experience. After residing near the location of the March 22, 2021, mass shooting at King Soopers in 91¸ŁŔűÉç, Billings felt compelled to explore the implications of rising gun ownership. 

"I felt helpless after the shooting, and I wanted to contribute something meaningful to the conversation. I realized I had access to important data, and that it could shed light on how legal gun ownership affects safety," he said.

His study adds complexity to the ongoing debate surrounding gun rights and regulation. "My paper isn’t arguing for or against gun ownership. It’s about understanding the real-world consequences of legal gun ownership, and how those guns end up in the hands of people who shouldn't have them," Billings said.

He emphasized the importance of secure firearm storage laws to prevent thefts. "We need policies that ensure responsible storage of firearms. Whether you're on the left or the right, no one wants to see their gun used in a crime or have it stolen,” he said.

Looking forward, Billings aims to continue researching the broader social and psychological implications of gun ownership.

The Greenwald Award honors a research paper published within the past two years that enhances knowledge of firearm violence and prevention while offering clear policy recommendations. Billings was chosen by an independent panel of judges in December 2024 and received a $5,000 prize.

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In the competitive world of entrepreneurship, mentorship is an invaluable resource. Social networks are vital for building relationships, identifying opportunities and securing essential support. But when it comes to making those fruitful connections, female entrepreneurs often face an uphill battle, new research finds.

Gender segregation within mentorship networks plays a major role in limiting access to critical resources for female entrepreneurs, according to a working paper by Ethan Poskanzer, an assistant professor at the Leeds School of Business and Minjae Kim, an assistant professor of management at Rice University Business School, who tracked interactions between startup founders (mentees) and seasoned mentors over the course of an entrepreneurship accelerator program in the Northeast U.S. in 2023.

The study revealed that while both male and female entrepreneurs equally reach out to mentors of both genders, male mentors are disproportionately likely to accept outreaches from male mentees. This bias among mentors, although not necessarily conscious, is a pervasive obstacle for women launching startups, Poskanzer said.

“Men have an easier time getting access to valuable mentorship and resources through social networks,” Poskanzer said, adding that although the study focused on gender, this is a challenge for all underrepresented entrepreneurs.

This may be because people form closer relationships with those similar to themselves, Poskanzer said, which leads to men offering more help and referrals to other men.

“Investment is essential for entrepreneurs,” Poskanzer said. “In a lot of cases, investors tend to source their investments from people they know. So getting plugged into that world and getting those kinds of warm introductions can make the difference between being funded and not being funded. Just having a conversation with a mentor for a few hours can affect a business's trajectory.”

The limits of “lean in”

The study challenges the widely promoted "lean-in" message, which suggests women can overcome network segregation by pushing themselves harder to make connections. 

The researchers argue this advice overlooks a critical factor: The problem lies not in women’s efforts to reach out, but in male mentors’ receptiveness to their outreaches. “Mentors selectively decide where to distribute their resources, so it’s about the resource holders’ choice of who they’re going to work with,” Poskanzer said. 

A high-stakes problem

In another working paper, Poskanzer and co-author Tristan Botelho, associate professor or organizational behavior at Yale University, found these biases become more pronounced in high-stakes situations, such as when investors or senior mentors are making funding decisions. In these cases, women entrepreneurs tend to be rated lower than their male counterparts.

In one study, both men and women pitched their startup ideas to a panel of judges. In less consequential evaluations, women were rated slightly better than men. However, when the stakes were higher—such as decisions about funding—women were rated significantly lower.

“We found that when investors feel something is low stakes, they don't act on their biases,” Poskanzer said. “But when they’re distributing more money, they become more risk-averse, more cautious, and more likely to lean on these cultural biases about women and entrepreneurship.”

Addressing the mentorship gender gap

Poskanzer emphasized that programs must go beyond simply pairing male and female entrepreneurs. “Throwing people into a mixer and telling them to network isn't enough to overcome this disadvantage since it occurs organically,” he said.

Increasing female representation in mentorship roles could be one critical step toward mitigating these biases, especially in industries where women have historically been underrepresented. However, Poskanzer acknowledges this is a complex issue requiring systemic change.

Raising awareness is another starting point, he added, since many mentors are unaware of the subtle gender dynamics influencing their decisions.

“Entrepreneurship is a difficult road to travel alone, and social connections are essential for success,” Poskanzer said. “By providing support for all talented entrepreneurs, we can develop more innovations and drive both progress and productivity.”

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Thanks to an anonymous gift, 91¸ŁŔűÉç’s Leeds School of Business is investing $3.85 million to launch the Initiative for Global Business Impact, accelerating the school’s world-class research infrastructure and academic reputation.

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The annual Leeds Sustainability Case Competition brought together 39 teams from top business schools to develop solutions for sustainability challenges in the age of artificial intelligence.

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The Research & Innovation Office announced a targeted realignment in November to enhance strategic integration across key areas and best position itself to serve the university's growing research and innovation needs.

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For decades, homeownership has symbolized financial stability and security—goals that many Americans aspire to achieve. But in recent years, institutional investors have become a major force in the housing market, altering the landscape of homeownership in ways that make it less accessible for many.

A new study looks at the effects of institutional investors purchasing single-family homes, particularly in suburban areas, and converting them into rental properties. Originally concentrated in areas of heavy foreclosure in the wake of the Great Recession, the practice has expanded beyond foreclosures and is now driven by real estate investment trusts, or REITs, which buy income-producing properties to generate returns for investors.

“We have some pretty good evidence that there are some negative impacts of changing these neighborhoods to renters, and that the prices and neighborhoods overall start to decline as this happens,” said Stephen Billings, associate professor of finance in the Leeds School of Business and lead author of the .

According to the study, the conversion of owner-occupied homes to rental properties drives negative social and economic impacts in those neighborhoods, including declines in property values by up to 2%, lower property maintenance, reduced voter engagement and increased crime.

Billings and co-author Adam Soliman of Clemson University focused on Mecklenburg County, North Carolina, a region where investor activity has been especially high. Between 2011 and 2021, institutional investors purchased nearly 7% of all single-family homes sold in the county, with the concentration rising in neighborhoods with above-average Black populations.

By analyzing property records, crime data, political participation rates and other neighborhood-level indicators, the researchers assessed the effects of these investor purchases on property values, crime rates and civic engagement.

“When institutional investors start purchasing at this scale, the effects really start to compound, leading to broader declines in these neighborhoods. As these areas grow and become more concentrated with investor-owned properties, the overall decline becomes even more noticeable,” Billings said. “It’s not surprising that the character of the community changes. When people are constantly moving in and out, it’s hard to expect anyone to truly invest in the long-term well-being of the neighborhood.”

Financial and social costs

Billings points out that an increase in rental properties in neighborhoods with primarily single-family, owner-occupied homes can improve access for those who otherwise wouldn’t be able to afford to buy property there, including access to better schools and neighborhood amenities. But the study’s findings highlight several negative consequences of institutional investment in single-family homes. Homes located near properties purchased by institutional investors saw property values decline by 1-2%, depending on their exact proximity to the purchased property. While these decreases might appear modest, they point to a broader pattern of economic challenges in neighborhoods where investor purchases are concentrated.

The properties purchased by institutional investors often suffer from lack of maintenance. They tend to receive fewer repairs and improvements, and small upkeep tasks like maintaining yards can be overlooked, Billings explained, adding that this lack of attention leads to a decline in neighborhood aesthetics, which in turn impacts property values.

"They’re also less likely to invest in the homes, like renovating or making improvements, since their goal is renting, not ownership,” he said. “We also see less building permit activity in these neighborhoods, suggesting that people are investing less in their properties overall. This lack of investment in the community could be contributing to a decline in property values over time.”

The social costs of these conversions are also significant. The study points to the erosion of homeownership as a key driver of decreased community involvement. Homeowners are more likely to engage with their communities, whether through maintaining their properties, participating in local politics or attending neighborhood events.

Renters, particularly in areas dominated by absentee investors, tend to have lower rates of civic engagement, including voter registration and turnout. The researchers found a 0.7% decrease in the number of registered voters in neighborhoods with high concentrations of properties obtained by institutional investors and turned into rentals.

 â€œThis decline in political participation is an important implication of the loss of homeownership as renters appear to be less active in their community, which could have longer-term effects on policies and investments in their neighborhoods” Billings said.

The study also found a 2% increase in property crimes, a 3% rise in violent crimes and a 9% rise in drug-related offenses in neighborhoods with more rentals created by institutional investors. 

Widening the racial wealth gap

The study also highlights the role institutional investors play in widening the racial wealth gap in the U.S. Historically, homeownership has been a key way for families—especially Black families—to build wealth. But as institutional investors snap up affordable, entry-level homes, they push working-class families, particularly those from minority communities, further out of the housing market.

“Increasingly, institutional investors are purchasing suburban starter homes, many of which have been a crucial path to homeownership for Black families,” Billings said. “As these homes are taken off the market by investors, it becomes harder for these families to access the stability and wealth-building opportunities that come with owning a home.”

How can communities mitigate the impact of institutional investors? Billings said limiting negative spillover effects may require stronger homeowners associations. For example, HOAs could enforce stricter building codes to ensure proper maintenance of investor-owned properties and even implement limits on the number of homes any single investor can purchase in a given area.

“This research highlights that homeownership continues to have social benefits to the larger neighborhood and community for those on the margin of buying a home,” Billings said.

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  Beyond the Story

Our research impact by the numbers:

• 45 U.S. patents issued for CU inventions through Venture Partners in 2023–24
• 35 startups launched based on university innovations in 2023–24
• $1.2 billion raised by companies built on 91¸ŁŔűÉç innovations in 2022–24

When it comes to putting science into action, last year was one for the 

record books. From July 2023 to June 2024, 91¸ŁŔűÉç helped to launch 35 new companies based on research at the university—a big tick up from the previous record of 20 companies in fiscal year 2021.

The new businesses are embracing technologies from the worlds of healthcare, agriculture, clean energy and more—including sensors that could one day help farmers improve their crop yields and breathalyzers that can detect signs of infection in the air you breathe out.

Here’s a look at how scientists, with the help of the university’s commercialization arm Venture Partners at 91¸ŁŔűÉç, seek to use discoveries from the lab to make a difference in peoples’ lives.

Mana Battery: Cheaper, longer lasting batteries for clean energy

This company is set to spark a renewable energy revolution. Founded by Chunmei Ban, associate professor in the Paul M. Rady Department of Mechanical Engineering, along with CU alumni Nick Singstock and Tyler Evans, Mana Battery is developing a cheaper, safer and longer lasting alternative to the traditional lithium-ion battery.

Lithium-ion batteries are the most common type of rechargeable battery on the planet, powering everything from TV remotes to cell phones and even electric vehicles. But the materials used in these batteries, such as lithium and cobalt, are rare and expensive. In contrast, Mana’s batteries run on sodium, an abundant mineral, offering a more affordable and sustainable alternative.

Currently, sodium-ion batteries come with a host of technological challenges. For example, they typically store less energy than lithium-ion batteries of the same size. 

Ban and her team are working on improving sodium-ion battery designs to increase the amount of energy they can store. Their goal is to develop sodium-ion batteries with the same energy density as lithium-ion batteries at just 35% to 75% of the cost. 

The renewable energy industry could reap the benefits. Sodium-ion batteries could store excess clean energy generated by solar panels or wind turbines, providing power even during cloudy or windless days.  

“The use of batteries has significantly supported, and will continue to promote, the widespread use of electric vehicles and low-cost energy storage solutions for the power grid,” Ban said. 

Flari Tech: Laser-based nose to sniff out disease

Imagine a day when, instead of giving blood, saliva or other bodily fluids, you simply exhaled to get a read on what was happening with your health.

That’s the idea behind a new laser-based technology designed to harness human breath for faster, cheaper and less invasive medical diagnostics.

“There is a real, foreseeable future in which you could go to the doctor and have your breath measured along with your height and weight. … Or you could blow into a mouthpiece integrated into your phone and get information about your health in real time,” said Jun Ye, a JILA fellow and adjoint professor of physics who helped develop the technology along with physics doctoral candidate Qizhong Liang.

Humans exhale more than 1,000 distinct molecules with each breath, producing a unique chemical fingerprint or “breath print” filled with clues about what’s happening deep inside them. Scientists have long sought to harness that information, turning to dogs and other animals to sniff out cancer, diabetes and more.

Liang and Ye’s “frequency comb breathalyzer” could someday do the sniffing instead.

It uses frequency comb lasers, which feature narrow optical lines spread across a vast spectral window, to distinguish between different kinds of breath molecules, which are known to vary in concentration when people are sick. Paired with sophisticated algorithms for machine learning and data analysis, their laser-based nose has been shown to be able to detect whether someone has COVID-19 in a matter of seconds.

Research is underway, in close collaboration with medical doctors from the CU Anschutz Medical Campus, to see if breath can also be used to detect chronic obstructive pulmonary disease (COPD), pediatric respiratory issues and even lung cancer. The team also plans to miniaturize their technology.

In 2023, Flari Tech Inc.—named after the word ‘flari’ (“to smell”) in the Esperanto language—was formed to help move the technology from the lab to the bedside. Much more research is necessary, but ultimately the researchers believe their work could lead to earlier diagnoses for patients—and save lives.

Space Dust Research & Technologies: Tools for cleaning up dust on the moon

When future astronauts travel to the moon, they’ll face a little-known problem: The moon’s dust, or regolith, is made up of particles as sharp as glass that stick to everything.

“As we learned from the Apollo missions, lunar dust readily sticks to all surfaces of exploration systems, causing damage to spacesuits, degrading thermal radiators and solar panels and posing risks to crew health when inhaled,” said Xu Wang, a research associate at the Laboratory for Atmospheric and Space Physics (LASP) at 91¸ŁŔűÉç.

Wang and Mihály Horányi, professor of physics and a researcher at LASP, launched a company to help. will pioneer technology known as Electron-beam Lunar Dust Mitigation (ELDM). ELDM devices generate a beam of electrons that add electric charges to those sticky particles of dust—causing them to, literally, jump off of surfaces.

This technology is versatile enough that it could work in handheld devices or in larger “car washes” that could clean entire spacesuits or rovers.

Space Dust Research & Technologies will also develop a separate type of technology that can sort through dust on the moon and arrange grains by size—an important step in mining regolith to turn it into building materials and more. The company’s work emerged out of years of research in LASP’s NASA-funded Institute for Modeling Plasma, Atmospheres and Cosmic Dust (IMPACT) lab.

Biosensor Solutions: Biodegradable sensors for tracking soil microbes

Scientists have long known that healthy soils and crops depend on vibrant communities of bacteria and other microbes living in the dirt. There’s just one problem: These microbial communities can be difficult to keep track of.

Until now. Engineer Gregory Whiting and his team at 91¸ŁŔűÉç recently invented a way to measure soil microbial communities using low-cost, printed sensors. The trick: tasty electronics. The sensors include biodegradable resistors that soil microbes eat and degrade over time.

“It’s like a bait for microbes,” said Whiting, associate professor in the Paul M. Rady Department of Mechanical Engineering. “As they eat the device, the signal changes.”

That, in turn, could allow farmers to get a sense of how many microbes are in their soil.

The 91¸ŁŔűÉç-based company , led by co-founders David Beitz and Carl Kalin, licensed this technology in 2024. The group is currently piloting the sensors with an initial group of local companies, precision agriculture providers and growers. According to company officials, “Data and insights from these new sensors will help growers increase yields and save resources on water, fertilizer, pesticides and herbicides.”

Mesa Quantum: Navigation devices based on the behavior of atoms

One new startup could make it easier to navigate the globe, even when GPS satellites go out, such as during bad storms.

For decades, scientists at the National Institute of Standards and Technology (NIST) have pioneered the technology of atomic clocks. These devices keep track of time and can help to track your location by measuring the behavior of electrons whizzing around atoms.

Svenja Knappe, associate research professor in the Paul M. Rady Department of Mechanical Engineering at 91¸ŁŔűÉç, recently helped to improve on those inventions. She discovered a way to make atomic clocks more reliable while also shrinking them down to the size of a computer chip.

Sristy Agrawal and Wale Lawal, who founded Mesa Quantum in 2024, have high hopes for these chips. They say the company's atomic clocks could one day become part of a suite of technologies that enable GPS-free navigation—allowing anyone, from farmers to airplane pilots, to pinpoint their locations on Earth more reliably and precisely than ever before.

“The agricultural sector in Colorado relies heavily on GPS for the operation of tractors, irrigation systems and other modern equipment,” said Agrawal, who earned her doctorate in physics from 91¸ŁŔűÉç in 2024. “As the industry moves toward greater automation, these systems will become even more dependent on precise and reliable positioning data.”

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From wagering on political outcomes to navigating complex financial markets, everyday investors are increasingly taking greater risks, blurring the lines between speculation and traditional investing, according to a 91¸ŁŔűÉç researcher.

Both online trading platforms and prediction markets—which allow people to bet on the outcome of future events—have exploded in popularity in recent years.

Austin Moss, an accounting professor in the Leeds School of Business, says the onset of the COVID-19 pandemic sparked increased interest in the financial markets, with many new investors drawn by the volatility of stocks and the potential for quick returns.

“People were bored, but also there was a lot of volatility in the market—cruise ship and airline stocks, for example, went down by huge percentages and a lot of people thought, ‘how could a company that was worth $50 billion yesterday be worth $5 billion today?’ That really got people interested in how the stock market works,” he said. “Since then, we’ve had four years of great investment returns, so no matter what you invested in, you probably did very well.”

Surge in alternative investments

The online trading platform market, valued at nearly $9.6 billion in 2023, is expected to grow 7.3% annually through 2030, fueled by mobile trading apps that are attracting a younger, tech-savvy audience looking for greater control over their investment decisions.

Meanwhile, prediction platforms like Polymarket have brought “futures” betting into the mainstream, allowing anyone to speculate on future events. In 2024, Polymarket’s cumulative trading volume surpassed $8 billion, driven by high-profile events such as the presidential election.

"You can bet on pretty much anything these days—from the number of times Elon Musk will tweet to whether this celebrity will be raided by federal authorities," Moss said. "While not everyone is going to bet thousands of dollars on things like this, many people will make a bunch of $20 bets a day. Even if they win half, that still adds up to a loss of $100 a day—and that significantly adds up over time.”

Platforms like Robinhood, known for its commission-free trades and user-friendly mobile app, have adapted to this trend by introducing event-based contracts, such as those related to the presidential election. Moss notes that while these products may appear similar to traditional investments, they more closely resemble betting.

“On the surface, these betting products seem like investments because you’re putting down money in hopes of getting more back. But they’re actually closer to blackjack or roulette than to buying stocks,” Moss said. “The key difference is that stocks, on average, grow over time. Even if you picked them at random, you’d expect your money to increase in value. In contrast, if you randomly chose these contract-type products, you wouldn’t see that same growth. That’s really the crux: Investing generally carries an expectation of growth, while betting activities don’t have that feature.”

Options trading, once considered a strategy for experienced traders, has also gained traction among retail investors, Moss said. Options can offer substantial returns but also carry the risk of significant losses. As of the end of November, 10.2 billion equity options contracts traded in 2024, roughly doubling from the early pandemic period.

The dopamine effect

The growing interest in such alternative investments—those outside the traditional stocks, bonds and cash portfolio—reflects a broader trend toward embracing high-risk, high-reward approaches, Moss said.

“It speaks to this idea of unpredictable rewards and huge dopamine spikes,” he said. “Investing in the S&P 500 is pretty boring—you’re going to get a 10% to 20% return on your investment over a full year. But with these alternative, riskier investment strategies, you can theoretically triple or quadruple your money in a very short time frame.”

The rise of commission-free trading apps and the ease of access to both stock trading and event betting have made these activities more widely available, Moss added. Sports betting has also become more widespread: The industry posted a record $10.9 billion in revenue for 2023, a 45% increase over the year before, according to the American Gaming Association.

“Sports betting used to be illegal everywhere and states over the past 10 years have slowly legalized it,” Moss said. “Studies have shown that after sports betting became legal, people began trading more often. So you could argue that sports betting introduced them to this gambling aspect of investing. There’s only football games on certain days of the week, but the stock market is open every weekday.”

While Moss acknowledged the risk of developing harmful habits, he notes that for some retail investors, traditional stock markets can offer a safer alternative to event betting.

“While investors may experience losses in the stock market, there’s data, analysis, and a greater potential for informed decisions,” he said.

“All of these activities tap into the same psychological reward system. You see a headline, you place a bet or make a trade, and if things swing your way, you get an immediate sense of victory,” Moss added. “The problem is that the excitement can overshadow rational decision-making, causing people to chase losses or take on more risk than they intended.”

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As wildfires grow more destructive, including the multiple fires tearing through Los Angeles County that have destroyed over 2,000 structures and claimed at least five lives, a new study underscores a critical issue that will make recovery harder for many homeowners: underinsurance.

While most people believe they have  to completely replace their house in the event of such a disaster, three-quarters of those who lost their homes in another recent urban wildfire were not fully covered for total losses, according to the , posted to the Social Science Research Network in December 2024.

Researchers analyzed data from the Marshall Fire in Colorado, which consumed more than 1,000 homes in suburban 91¸ŁŔűÉç County on Dec. 30, 2021. After examining insurance contracts from 24 insurers in the state, specifically focusing on nearly 5,000 policyholders who filed claims after the Marshall Fire, they found that 74% were underinsured. Of those, 36% were classified as severely underinsured, meaning their coverage limits were less than 75% of their home’s actual replacement cost.

“If you're 25% short of being able to rebuild, that's severe,” said Tony Cookson, finance professor in the Leeds School of Business and a co-author of the study. “To put that in context, if it costs $1 million to rebuild, that's $250,000 people have to come up with. Most households don't have ready access to those types of resources.”

Cookson, along with co-authors Emily Gallagher, assistant professor of finance at Leeds, and Philip Mulder, assistant professor in the risk and insurance department at the Wisconsin School of Business at the University of Wisconsin-Madison, found that underinsurance is not caused by homeowners neglecting to update their policies, nor is it solely due to rising rebuilding costs. While higher-income households are less likely to be underinsured, most of them have insufficient coverage as well.

Instead, research suggests insurance companies play a key role in underinsurance. The amount of coverage homeowners receive varies widely depending on the insurer, even for similar properties.

“Which insurance company you go with is pivotal for how much coverage you end up with,” Cookson said. “The wide variation in insurance coverage suggests that there were opportunities for consumers to shop around for better coverage.”

Despite this, many people are not fully aware of how much coverage they need and tend to focus primarily on premiums when making their decisions, he added.

“When consumers focus on premiums rather than coverage limits, insurers have a very natural incentive to cut prices by offering less insurance,” Cookson said.

While the study couldn’t name specific insurers, it found that insurers with more policyholders and a longer history of insuring homes tended to provide better, more comprehensive coverage.

Insurance is a complicated financial product, and many consumers struggle to compare policies accurately, Cookson said. “Insurers could provide quotes with transparent, apples-to-apples comparisons. We could have comparison tools that help mitigate this,” he added.

“It's pretty reasonable that people wouldn't know how much it costs to rebuild a house,” Cookson said. “Most of us aren't construction contractors. So if different insurers offer you different amounts for your total loss limit, it's still really hard to compare these policies.”

Rebuilding delays

The study found that homeowners with inadequate insurance coverage were 25% less likely to apply for rebuilding permits within a year and more likely to sell their properties instead of rebuilding. This delay in recovery has wider consequences, as rebuilding efforts play a crucial role in restoring homes, creating jobs and stimulating local economies.

Cookson explained that after the Marshall Fire, many people who were underinsured tried to hold onto their properties to gather the financial resources needed for rebuilding. “Eighty-three percent of people wanted to rebuild,” Cookson said, “But by now, only about 60% to 70% have actually rebuilt. The gap in rebuilding is significantly explained by how underinsured these people were.”

Looking ahead, the researchers suggest that enhancing consumer awareness and providing clearer information on coverage options could help mitigate this problem. Homeowners, the researchers argue, should be encouraged to compare policies based not just on premiums but on the actual cost per dollar of coverage. This could lead to more informed choices and better disaster recovery outcomes.

“These fires create total losses for individuals and communities. Current disaster assistance tools are limited, with caps often lower than the underinsurance levels,” Cookson said. “With these disasters becoming more frequent, it’s vital for homeowners to be aware of coverage gaps before disaster strikes.” 

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91¸ŁŔűÉç innovations resulted in 35 startup companies in fiscal year 2023–24, shattering the previous record of 20. The milestone reflects years of strategy and investment in entrepreneurship.

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