Colorado home insurance customers reel from new coverage struggles

Home Insurance - Person Stressed - Colorado Flag

Rates have been skyrocketing and property owners have been losing their coverage Residents of Colorado have been battling their way through the state’s home insurance market as rates head consistently skyward and coverage becomes increasingly difficult to get. The trend has been having an impact on the real estate market State residents seeking to buy a property or even simply wanting to keep the one they already have, have been facing new struggles, as they have been peppered with high prices, high interest rates, and massive property taxes. Beyond that,…

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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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Colorado homeowners scramble to find affordable wildfire insurance

Wildfire insurance - Homeowners Coverage

State lawmakers are pursuing a government-run plan for property owners to use as a last resort. Residents of Colorado are well aware of the importance of wildfire insurance, following several years of major blazes. That said, they are struggling to find the coverage they need, particularly at an affordable price. State Representative Judy Amabile (D) has seen her own neighbors and constituents struggling. “I am starting to hear some of my neighbors are not getting renewed and I would have never dreamed I was at risk of a wildfire,” said…

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Property insurance expansion approved by Colorado legislature

Property insurance - Colorado - Home

The decision was made to provide immediate and practical assistance due to wildfire losses. Victims of Colorado’s wildfires could soon benefit from more assistance from their property insurance companies as the state’s legislature recently approved changes. The goal is to provide policyholders and victims of the wildfires with immediate and substantial help. Should House Bill 1111 be signed into law, it will mean that the number of lost property insurance companies will be required to provide upfront coverage and to lengthen the timeframe victims have in which to apply for…

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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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