Colorado

Jun 18, 2013 9:15 PM by Andy Koen

Wildfire and hail claims push premiums higher

Homeowners in Colorado have made some of the most expensive claims on their insurance of any state in the country in recent years. Carole Walker with the trade group the Rocky Mountain Insurance Information Association says the state ranks among the top 10 in terms of claims for catastrophic loss. That designation is pushing premiums higher for everyone.

Walker says claims for hail damage actually eclipse those for wildfire loss. However, the state has set new records in terms of financial loss to wildfires in three out of the last four years.

"It's not the result of just one catastrophic fire, one catastrophic hail season," Walker said. "It's year after year that unfortunately Colorado had been in that cycle, so we are seeing rising homeowner insurance premiums."

The average premium price for homeowners insurance in Colorado is around $1,000 per year.

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