WEEK OF SEPTEMBER 19, 2024
VOLUME 61 | ISSUE 7
Lawsuits blamed for costly home insurance
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BY TAMARA CHUANG THE COLORADO SUN
This may come as no surprise to homeowners, but the cost of Colorado’s homeowners insurance is the eighth highest in the nation, according to Bankrate, a financial services company that tracks all sorts of monthly bills. At an average of $266 per month or nearly $3,200 a year, premiums are higher here than in states such as California ($121) and New York (144), as well as neighbors Arizona ($172), Utah ($104), New Mexico ($169) and Wyoming ($131). Blame extreme weather, hail damage and wildfires for our lofty rank, said Shannon Martin, Bankrate’s insurance analyst and a licensed insurance agent. But diving a little deeper, Martin also cited how policies are structured by states, the rising cost of homes, and something called “social inflation,” a term used by the insurance industry to describe the impact beyond regular economic inflation. “That’s the increase in lawsuits and the amount of payouts from the lawsuits,” Martin said. “Public opinion has changed on who’s really liable for these actions and how much money you should get in a lawsuit. … It’s impacting how policies are rated and how much they cost.” SEE LAWSUITS, P18
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