A homeowners insurance crisis fueled by escalating natural disasters has arrived in the Centennial State.
Home insurance now costs $818 more per year on average compared to 2020, and Colorado now has the fourth-highest insurance premiums nationwide, according to a July research paper by Benjamin Keys and Philip Mulder. In places like Philips County, home insurance is now 55 percent more costly than just four years ago, the data show.
Even filing a single claim can now be a permanent scarlet letter, agents and insurance officials say.
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Trish Krajniak and Trevor Donahue outside the home they recently bought Nederland. After closing on the home, they suddenly had their home insurance cancelled on them, and at first had until January to conduct extensive mitigation on their property. They were just granted a reprieve by Allstate, but they worry about their insurance being cancelled in the future. Trish is holding Declan, 3, and Trevor holds Arlo, 1. Hart Van Denburg/CPR News
