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It’s inevitable. We live in a state that has been plagued with destructive wildfires and hailstorms since 2008. That means home insurance rates are going up throughout Colorado.
Losses from this summer’s Black Forest fire alone are reported at nearly $300 million and mark the third time in four years that fire losses have been in the hundreds of millions of dollars.
In addition to that fire and sporadic hailstorms this summer, the state has seen quite a bit of damage since 2008, including:
- An EF3 tornado and hailstorm in Windsor in May 2008, which caused about $200 million in insured losses.
- Three major hailstorms in 2009 that caused $1.4 billion in insured losses- the costliest year in Colorado ever for insurers.
- The Fourmile Canyon fire northwest of Boulder in 2010, which was credited with $217 million in insured losses.
- A July hailstorm across the Front Range in 2011, which was blamed for $164 million in insured losses.
- The Waldo Canyon and High Park fires in 2012 that combined for $567 million in losses, and a hailstorm in June that was blamed for $321 million in insured losses.
With all that destruction, everyone will see an increase in their home insurance rates. Even if you haven’t had a claim on your home in years, you’ll have to help your neighbors pay for their new roofs, new homes, etc. There’s no exception. Insurance is a pooling of risk.
Increases range from 15 percent to 40 percent throughout the state. And, these increases are coming from all insurance carriers. Again, there’s no exception.
Your best bet is to consult with an independent insurance agent – like the Insurance Advisors – who can shop around and get you the best available rate.
In addition, we advise you to be alert when reviewing your home insurance bill. Some insurance carriers are implementing a mandatory 1 or 2 percent deductible for wind and hail issues. You don’t want that to be a surprise when you file for a claim.
While you may not like the increases, they are a necessary evil. If claims continue to outpace premiums for a sustained period, insurers will deplete their reserves and not be able to pay claims at all.
For the foreseeable future, the only thing that can stop this trend is a break from Colorado’s natural disasters. Let’s keep our fingers crossed. We sure would appreciate a break from all this destruction.
In the meantime, talk to your agent. Insurance Advisors can be reached at 720-210-9898.
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