Colorado Homeowners Should Brace for More Insurance Increases

Owning a home is part of the American Dream... It can also be a nightmare. One of the requirements of owning a home is carrying homeowners insurance on your property. When we first bought our house a couple of years ago, we thought the annual rates for our homeowner's insurance were not so bad.

Fast forward to 2024 and our annual rate for homeowners insurance is now approximately triple what we used to pay only a few short years ago. Why is it so expensive? We've never filed a single claim or had an issue. So, what's the deal? It turns out our astronomically high prices for homeowners insurance aren't an anomaly to just us.

Colorado's High Homeowner's Insurance Rates

Homeowners all over Colorado are seeing red after looking at the new homeowner's insurance policy renewal. According to KDVR, insurance rates for Coloradans are not as bad as some other states. I guess you could say it could be worse for us Colorado residents, however, it certainly hurts financially.

Colorado is one of the states that is seeing the fastest insurance premium rises in the nation and it appears that there is no relief in sight in the near future. Some of the reasons we have seen price increases in Colorado include wildfires, hail damage, cost of materials, and other various factors.

Colorado Homeowners Insurance Meeting

The Colorado Division of Insurance will be holding a series of meetings to understand the challenges of Coloradans obtaining homeowners insurance and exploring ways to address the challenges. The first of the sessions in the series will occur on Wednesday, June 12, at 1 p.m. You can learn more about the meeting from the Colorado Division of Insurance by visiting doi.colorado.gov.