🏡 Why Colorado Home Insurance Rates Are Rising—and What You Can Do About It

As a Colorado Springs REALTOR®, one of the most common questions I get from homeowners and future buyers alike is:
“Why is homeowners insurance getting so expensive?”

The 2024 fact sheet from the Rocky Mountain Insurance Information Association (RMIIA) breaks it all down—and if you’re living in or relocating to Colorado, here’s what you need to know.

🔥 The Perfect Storm Behind Premium Increases

Colorado is now one of the most expensive states in the country for homeowners insurance. Why? It comes down to a combination of:

• Catastrophic weather – from hail to wildfires, we’ve seen a rise in costly claims

• Inflation and rebuilding costs – construction materials and labor are more expensive than ever

• Reinsurance hikes – insurance companies themselves are paying more to cover large disasters

In fact, reinsurance rates in Colorado have surged as much as 40%, which trickles down directly to your premiums.

📊 The Stats You Should Know

• Home insurance premiums in Colorado rose nearly 58% from 2018 to 2023

• Areas with higher wildfire risk saw even larger increases

• The average homeowner is now paying well over $2,000 per year

And for those of you considering a move or investment here? These numbers make it all the more important to work with a local expert who understands not only real estate—but also how these rising costs can impact your monthly budget.

💡 What You Can Do

The RMIIA recommends:

• Reviewing your coverage annually to ensure it reflects rebuild cost, not just market value

• Making your home more resilient – fire-resistant roofs, cleared brush, impact-resistant materials

• Raising your deductible or bundling your policies to save on premiums

As someone who helps both buyers and sellers in this market every day, I also recommend speaking with a trusted insurance professional—like Heidi Bowers with Collective Insurance Group at [email protected] or 719-297-9092—for a full policy review.

If you have questions about how these changes affect your home purchase, sale, or long-term investment, let’s talk. I’m here to guide you with trusted resources, clear information, and the caring, competent support you deserve.

📩 Visit www.NicoleStromRealtor.com to learn more.

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