Homeowners across the state are seeing homeowner premiums continue to skyrocket in Colorado, and some condominium complexes are even being declared non-warrantable for the first time.
A March 2023 study conducted for the state’s Division of Insurance found that between January 2019 and October 2022, the average homeowner premium was up nearly 52 percent.
“Unfortunately, Colorado is in this perfect storm of escalating catastrophes,” said Carole Walker, executive director of the Rocky Mountain Insurance Information Association.
Walker cited the state’s massive hail storms, devastating wildfires, increasing construction material costs and record inflation as primary reasons why premiums are on the rise.
“We are very much at a tipping point where insurance companies are having to weigh their risk and how much risk they are able to take on to be able to protect their current policyholders,” Walker said. “Everyone is likely seeing some sort of premium increase, and depending on their risk, it may be more challenging to find what for them is affordable insurance.”
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