Skyrocketing Colorado Home Insurance Rates Triggered by Hail and Wildfires

Home insurance - Firefighter wildfire

Insurers in the state are blaming increasingly extreme weather and wildfires for the higher premiums. Home insurance rates are headed skyward again in Colorado as state officials estimate that one in two people in the state live in zones that are considered high-risk wildfire zones. Homeowners in the state have already watched their premiums rise by over 50 percent in three years. To keep up with the wildfire risk, on top of the risk of other damaging weather events such as hail, on top of the rising cost of home…

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Wildfire insurance claims in Colorado approach $500 million

High Park and Waldo Canyon fire victims have already started making their filings. Wildfire insurance data from the Rocky Mountain Insurance Information Association has indicated that the claims from victims of the High Park and Waldo Canyon wildfires will generate payouts of almost $450 million from insurers. This estimate is preliminary, as the claims process is just getting started. Insurers have begun looking into the tallies of the losses from personal property and home damage from the fires that caused destruction to over 600 houses in El Paso and Larimer…

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