Many homeowners in Denver and the rest of Colorado have experienced home insurance premium increases. Our agency works very hard to bring our Colorado homeowners the best possible combination of premiums, coverage and service.
We wanted to provide some important information about why Colorado home insurance premiums are going up. Brutal storms over the past few years have hit insurance companies very hard. According to the Coloradoan, “Locals in northern Colorado who have grown accustomed to rates inching up annually due to simple inflation have suddenly been subject to rate hikes in the neighborhood of 30%.” Colorado is not the only state to experience rate increases. Minnesota and North Carolina also have seen home insurance premiums increase over 25%.
According to Brad Tuttle – Business and Personal Finance reporter for Time; “Meanwhile, far beyond Tornado Alley, homeowners living near the coast and in other flood-prone areas are concerned about changes to government-subsidized flood insurance policies that could bring annual rate increases of around 25%. Some of the changes went into effect last October, leaving some homeowners with flood insurance rate hikes of 50% in the aftermath of catastrophic events like Hurricane Katrina.”
Insurance premiums collected by each insurer get pooled into one pot of money used to pay losses. There may be certain years when losses exceed premiums paid. In some cases this occurs over a two or three year period. Colorado has had significant weather related events including flooding, wildfire, and winter storms, which all have contributed to the increased premiums. Rest assured we will still aggressively market your account to find the best possible combination of coverage, price and service.
What Can We Do To Help?
We are an independent agency. This allows us to search the market for the best possible combination of premiums, coverage and service. We compare insurance company’s rates and use the competitive market to your advantage. Here are some ways to save on your premiums:
- Purchase all your insure through our agency
- Ask us about additional discounts
- Consider increasing your deductible
- Keep your home well maintained
- Replace your roof, water heater and other equipment when needed
- Review your policy regularly- you may not need the same kind of coverage you did a few years ago
Remember to call our office today. We will work hard for you. Mountain Insurance Brokers specializes in Denver HOA Insurance. We have assembled a team experienced in the real estate business to better serve HOA’s, landlords, developers, and property management firms.
Contact Mountain Insurance today (303) 420-4774 and speak with a live agent. For faster service, please complete and submit form!