Industry News
Colorado’s Homeowners insurance market continues to be under pressure with rising costs, tighter underwriting and limited options in some areas.
If you’re a homeowner in Colorado, here’s what you need to know and what you can do to protect your coverage and your wallet.
Home insurance premiums are going up across the state.
Key drivers include wildfires, hailstorms and floods causing more frequent and severe claims
Rising repair and rebuild costs due to labor and material shortages
Insurance companies are placing policies under greater scrutiny, especially for homes with older roofs, past insurance claims, locations near wildfire zones or flood plains, deferred maintenance or outdated systems.
What you can do to help control your home rates:
Insurance companies favor homes that are well-maintained
Invest in Risk Mitigation
Review your Coverage to ensure your coverage reflects current rebuild costs
Adjust deductibles to fit your budget and increase savings
Explore all available discounts to maximize savings, building your loyalty and longevity
https://www.axios.com/local/denver/2025/01/15/colorado-home-insurance-wildfires
Why Auto Insurance Rates are increasing?
Several trends are putting upward pressure on auto insurance in Colorado
Increased repair costs due to advanced vehicle technology and labor shortages
Higher accident frequency and severity, especially in urban areas like Denver and Colorado Springs
More expensive vehicle replacements due to supply change delays and rising vehicle prices
Distracted driving and severe weather related claims leading to higher costs
Legal and medical costs per claim have also increased
Even drivers with clean records are feeling the impact, as insurer’s raise rates across the board to keep up with rising costs.
What you can do to help control your auto rates:
Bundle your policies
Maintain a Clean Driving record: avoid tickets and claims one of the best ways to keep your rates low
Use a telematics program there are apps or devices that monitor your driving habits for a short time and can provide significant discounts
Always review and consider higher deductibles for savings on premiums,
Work with an independent agent that can help review and compare your renewals
Bonus Tip: Keep your Credit in Good Shape, Better Credit will always result in Lower Premiums
Work with an independent agent that can help review and compare your renewals
