New report reveals why home insurance rates are skyrocketing — here's what you need to know
With the recent increase in wildfires and other extreme weather events, many homeowners are finding that their insurance companies are raising rates.
Colorado has the fourth-most-expensive insurance rates in the United States, and with more increases on the way, homeowners are left scrambling.
Due to increasing extreme weather events, particularly wildfires and hail in Colorado, home insurance premiums have steadily increased in recent years. In the Centennial State, insurance rates have risen 76.6% in just the last six years.
According to The Denver Post, an Insurify report estimated Colorado homeowners will see an 11% increase in premiums in 2025, which could increase the average premium cost to over $6,000.
Considering that approximately 300,000 homes in the state are at risk from wildfires, it's not surprising that insurance companies find that insuring these homes is riskier. However, the increased rates are making it more challenging for homeowners in Colorado to afford home insurance.
Already, about 10% of Colorado homes are uninsured despite the likelihood of damage from wildfires and hail.
Higher home insurance premiums will leave more homeowners having to choose whether paying the premium is more affordable than trying to repair damage caused by extreme weather events themselves, which could lead to an increase in uninsured homeowners. Higher premiums could also lead to fewer homeowners, as some may find that weather risks make renting preferable to purchasing a house.
Furthermore, in some regions, insurance companies are pulling out entirely, leaving people without coverage and at risk of financial burden.
As more insurance companies become averse to insuring homes in risky areas, more people may begin migrating to states with fewer extreme weather events or cheaper premiums, which could increase home and insurance rates in those states.
If we continue to rely on dirty energy, supercharged extreme weather events — such as wildfires — would likely increase even more as heat-trapping gases continue to accumulate in our atmosphere, worsening the home insurance situation and causing further damage to our communities. This is just one reason why many governments and companies are adopting clean-energy solutions.
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Colorado is trying to lower the cost of insurance via a 1% policy fee.
This fee would fund programs in the state to address risks and damages caused by extreme weather, hopefully keeping insurers from abandoning the state. Though this fee would cause a slight increase in rates, it would be far less than what premiums are now.
The Colorado legislature is also working to pass two bills related to home insurance.
House Bill 1182 would rein in the use of risk assessment models by insurance companies, while House Bill 1302 would fund reinsurance and grant programs related to keeping homes safe from wildfires and hail.
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