Home Insurance Policies Will Be Increasingly Hard To Find In Some Areas Of Colorado
We have not seen the end of insurance premium increases.
Home and auto insurance rate increases in Colorado are likely a year or two behind our catastrophic losses. In other words, the insurance rate increases we are all seeing in 2013 are only reflecting the terrible losses Colorado has suffered through 2011. Since then the Fort Collins area lost 259 in the High Park Fire, Colorado Springs lost approximately 346 homes to the Waldo Canyon Fire and homes southeast of Denver were hammered by hail – all in one month of 2012. Those losses should be reflected in insurance rate increases in 2014 and the 511 homes lost in the Black Forest fire in June of this year will likely be reflected in higher insurance premiums in 2015… and so on.
It seems that, until Colorado breaks our pattern of fire, tornadoes and hail each year, we will continue to pay more for insurance. And for those of us that live in remote locations and/or who have multiple claims, just finding an insurance company to provide coverage will be an increasing challenge.
Independent Insurance Agents represent many different insurance companies. Call us at (303) 679-3379