Coloradans seeing big rate hikes for homeowners insurance

DENVER ( KDVR ) — The cost of owning a home in Colorado is about to get even more expensive. Homeowners insurance rates are skyrocketing, and experts told FOX31 there is no major relief in sight.

“We’re on a collision course with escalating market conditions, where everything that insurance pays for is going up in price,” said Carole Walker, with the Rocky Mountain Insurance Information Association.

“Insurance premiums are on the rise nationally, but unfortunately, in Colorado, we really are in that tipping point where we’re seeing some of the fastest rising rates,” Walker said.

FOX31 spoke to a homeowner in Centennial who dealt with sticker shock when his homeowners insurance renewal arrived in his mail.

“When we have no claims, no other issues, it was shocking,” Dennis Zehnle said.

FOX31 checked with the Colorado Division of Insurance about the climbing rates.

“The state of home insurance right now, it’s a challenging market here in Colorado. Fortunately, not as bad as some states, but it’s — it’s challenging both in terms of affordability and availability,” said Vincent Plymell, the division’s assistant commissioner for communications and outreach.

Plymell said they are exploring ways to tackle the rising cost, including what they call “hardening homes.”

“What results could people get from hardening their homes to disasters like wildfires, like hail? What impact would that have on their premiums?” Plymell said.

Both Walker and Plymell recommend homeowners shop around for rates without cutting corners on coverage.

The Colorado Division of Insurance will hold a virtual meeting on this very subject on June 12. The public is invited. For more information, visit this website .

For the latest news, weather, sports, and streaming video, head to FOX21 News Colorado.