Insurance Premiums

Damage from hailstorms is one factor driving up the cost of homeowners’ insurance in recent years in Colorado. And a new report from the state’s Division of Insurance finds that the threat of hail increases costs all across Colorado – not just along the Front Range. Today on In The NoCo: Why hail is behind higher premiums – and what state lawmakers might do to help.

Wildfires are a top concern across the region. But certain parts also fall within "hail alley" — the part of the country that sees the most hailstorms. It's driving up insurance costs in unexpected places.

Hail is the biggest driver of insurance hikes. It means price increases are being felt across the state — not just in the mountains but also in the suburbs.

In recent months, the U.S. Senate Budget Committee and the Federal Insurance Office have each released detailed data on insurance premiums, non-renewals and other key metrics. The advocacy groups Public Citizen and The Revolving Door Project brought that data to life with interactive maps.

A 0.5% fee would be imposed under House Bill 1302 on every home insurance policy in Colorado, unless a house meets certain wildfire mitigation standards

The home reinsurance idea, which is unique to Colorado, aims to reduce private insurers’ financial risk and therefore drive down premiums.

House Bill 1182 would also require insurers to give customers an opportunity to appeal assessments of a property’s wildfire risk, which can lead to increased costs and nonrenewals

From 2022 to 2023, Colorado is seeing the second-highest increases in monthly private health insurance costs – nearly 20% – compared to the national average of less than 4%, according to an analysis by the finance website ValuePenguin. Wyoming and New Mexico also ranked in the top 5 with increases around 15%.

Coloradans buying their own health insurance might see higher premiums than last year -- but officials say those who shop around could save big in…