Rise in Home Insurance Rates: A Challenge for Colorado Homeowners

Homeowners in Colorado are facing a considerable challenge – a rise in home insurance rates. This is likely to occur even more in the coming months as the state’s insurers will start bringing premiums right in line with the claims.

Some are actually experiencing it now, as resident Linda Peterson was shocked to learn when she saw what her homeowner’s insurance policy renewal notice had in store for her. Her annual premium was at $1,981.99, which is a significant jump from what it used to be – $1,370.74 per year.

That increase was so much more than what she expected, even given the kind of calamities that she actually witnessed in Colorado Springs. She stated that, “we have lived here 20 years, and it is the biggest increase we have received.”

The culprit for this rise does not seem to be the destructive wildfires that raged during the summer, but rather the storms and other catastrophes that date back to 2008 and 2010. Those recent wildfires are not likely to affect any increases until a few years from now.

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