Colorado Home and Auto Rates Are Increasing
Colorado insurance rates are increasing across the industry and our agency is no exception. There are several factors at play, with some of the primary causes being a growing population and more vehicles, building in hail-prone areas, increased frequency and severity of hail, tornadoes, and wind storms.
Our new rates took effect October 5, 2018 for new policies and November 24, 2018 for renewals. Policyholders may see an increase of up to 15% across the board.
Why Are Rates Increasing?
Colorado has experienced a significant increase in billion-dollar weather disasters. Between 1998 and 2008, there were 11 such events. From 2009 to 2018, that number more than doubled to 23 events — an increase of over 100%.
Additionally, Colorado roofing wages have risen 30% over the past five years, contributing to higher claims costs. Housing units in Colorado increased 29% between 2000 and 2016, meaning more homes are now located in areas prone to severe weather damage.
What Can You Do About Rising Rates?
We recommend scheduling an annual renewal appointment so we can review your coverage and customize it to your individual needs and budget. There are several strategies that may help offset the increases:
- Consider higher deductibles to lower your premium
- Take advantage of multi-policy discounts by bundling home and auto
- Ask about new smart-home device discounts
- Explore loss forgiveness endorsements
Every situation is different, and we want to make sure you have the right coverage at the best possible price. Contact All Access Insurance today to discuss your options and find ways to save on your Colorado home and auto insurance.