Auto insurance rates are headed skywards nationwide

Auto Insurance Rates Rise

After an extremely deadly year in 2015, premiums are experiencing their largest rise since 2003. Across the United States, auto insurance rates have been rapidly climbing, with a six percent spike having occurred in April that represents the largest increase in the average premiums since 2003. The reason for the climbing car insurance premiums is that the last few years have been especially deadly on roads. According to Rocky Mountain Insurance Information Association Executive Director Carole Walker, “Unfortunately, out on our roadways, we’re seeing a collision course of all of…

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Severe weather brought in $109 million in insurance claims

hail storm severe weather damage

The storms that struck Colorado from May 20 to 22 had left considerable damage in their wake. Homeowners, vehicle owners, and business owners in Colorado all found themselves having to deal with the aftermath of severe weather, and for many, this meant that they were making insurance claims on their policies to help to cover the cost of the damage that was left behind. While some people had to contend with very heavy rain, others were battered with hail. Those who were the most unfortunate found themselves having to manage…

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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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High Park Fire in Colorado claimed as state’s worst in recent history

High Park Fire in Colorado satelite image

Fire continues to cause havoc in the state Colorado state officials have announced that the High Park Fire has become the most destructive fire in the state’s history. Last week, the Rocky Mountain Insurance Information Association declared this year’s fire season to be the worst it had experienced in recent history. The High Park Fire, in particular, has been a troublesome disaster that has caused significant damage to much of the state. The state’s insurance companies have mobilized to process claims and assist in recovery in the wake of the…

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Insurers seek to “share the risk” with communities with a higher chance of wildfires

Insurance news – Can industry and consumers find a common ground Insurance companies have announced their hopes to “share the risk” of wildfires with the communities and homeowners located within wild land-urban interface areas. A Rocky Mountain Insurance Information Association presentation outlined the details of the fact that insurance companies are not as willing to provide or renew insurance to customers who are at a high risk of wildfires. As stated by a New Mexico-based State Farm Fire and Casualty Insurance Company official, Matt Brenner, “Why should homeowners be interested…

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