Homeowners insurance in Colorado is more expensive for some

cost of Homeowners Insurance

Individuals who have bad credit are paying more to cover their properties, regardless of other factors. For individuals who don’t have a good credit record, if they live in Colorado, it is more than likely that they are paying more in their homeowners insurance premiums than someone with a better credit history but who has a similar property. The results of a recent study have shown that there is a massive difference in insurance premiums based on credit scores. The study was conducted by InsuranceQuotes.com an showed that residents in…

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Homeowners insurance in Colorado to experience massive reforms

Colorado homeowners insurance industry wildfires

The tremendously destructive wildfires in the state have caused underwriters to come together to overhaul the system. Over the last three years, Colorado has experienced devastating wildfires that have ignited an overhaul of the state’s homeowners insurance system, in the hopes that consumers might begin seeing some positive changes over the next few several weeks. The situation in the states has undergone a considerable change that has brought coverage to the spotlight. According to Carole Walker, the Rocky Mountain Insurance Information Association executive director, “The cycle of natural disaster has…

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Importance of flood insurance highlighted in Colorado

Flood Insurance

Colorado disaster draws attention to flood insurance The importance of flood insurance coverage has again been exemplified in Colorado. The state has fallen victim to heavy rainfall, which has sparked floods in many densely populated communities. Record-breaking rainfall and the steep mountains found throughout the state created a major flooding disaster for residents of Larimer and Boulder counties. Thousands of homeowners were evacuated from some communities, returning to find that their properties were uninhabitable. Moreover, many of these homeowners found that their homes were not protected because of their lack…

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Homeowners insurance reforms expected in Colorado

Homeowners Insurance

The wildfires from last year have spurred lawmakers to consider changes to the current coverage. Lawmakers in Colorado are taking a new look at homeowners insurance which have been based on the complaints that have been collected from property owners over the last months since the wildfires in the state. In fact, they are now closing in on an agreement on a number of different changes to the coverage. The wildfires in Colorado brought a number of homeowners insurance issues into the spotlight and those in charge of regulations did…

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Homeowners insurance regulations bill altered by a Senate committee

Homeowners Insurance

The changes were made following Waldo Canyon fire victim testimony by the members. A Colorado Senate committee heard the testimony of victims of the Waldo Canyon wildfires two weeks ago and has now made a few small changes to some of the homeowners insurance industry regulations proposal. The committee took the time to take the concerns of the witnesses under consideration before continuing. According to Senator Jeanne Nicholson (D-Black Hawk), “We wanted to take some time to consider some of the concerns that were raised by some of the witnesses…

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Public insurance adjusters in Colorado face new regulations

Public Insurance Adjusters Colorado

State lawmakers devise new regulations for public insurance adjusters Public insurance adjusters in Colorado are likely to face tougher regulations in the coming year. State lawmakers are currently debating a new bill that will institute strict regulations concerning the operations of public insurance adjusters throughout the state. The bill would provide the state’s Division of Insurance. with the authority to suspend or otherwise revoke the license of a public insurance adjuster, power that the state agency currently lacks, while also tasking the agency with the enforcement of several new regulations.…

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Homeowners insurance in Colorado among 10 most expensive states

homeowners insurance colorado state flag

Catastrophe claims have caused the claims in the state to be among the most costly. According to recently released homeowners insurance news data, Colorado is now among the top ten states with the highest claims payouts resulting from catastrophes and natural disasters. This news was based on information from an analysis performed by the Insurance Research Council (IRC). The council’s analysis revealed that from the years 1997 through 2006, 26 percent of the homeowners insurance claims that were made in the state were the result of damage from catastrophes. However,…

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Homeowners insurance on its way up for Colorado residents

Colorado homeowners insurance industry wildfires

After many had been told that the fires wouldn’t have much impact on rates, increases are still here. Many long time residents of Colorado are now facing the largest homeowners insurance premiums increase they’ve ever seen, as the impact of years of catastrophes, barely including the wildfires, on their rates is now being revealed. Unfortunately, this is only the start of what is likely to be a larger wave of increases. Though the very first of the homeowners insurance customers to see the increases have already done so on their…

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