Colorado wildfires have played a part in the state's dismal insurance situation — but they're not the largest contributing factor.
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Carole Walker, executive director of Rocky Mountain Insurance Association, says a"perfect storm" of national and local factors has resulted in"the hardest insurance market in a generation." She doesn't expect it to get better any time soon, either, suggesting that Colorado homeowners start budgeting for higher insurance premiums long-term.
Ruiz and other insurance experts say the largest contributing factors to rising premiums are inflation and the increasing costs of repairing and rebuilding homes, labor, litigation and reinsurance, or insurance for insurance companies."Unfortunately, if you're seeing your premiums going up, that's probably an adjustment we're going to have to adjust to," Walker adds."The trends we're seeing right now indicate that higher premiums are a new normal. ...
However, demand for his services is higher than ever, with homeowners facing 80 to 100 percent premium increases coming to him to try to find something more affordable. To help keep costs down, Ruiz suggests taking a higher deductible or checking with insurers about what discounts they offer for bundling policies — or taking preventative measures such as updating electrical, installing security systems or getting water leak detection devices., like clearing vegetation or installing a hail-resistant roof. She says she's been working with state legislators and the Division of Insurance on community-wide mitigation efforts, as well.
Wildfire Hail Rocky Mountain Insurance Association Insurance Information Institute
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