Originally Posted by
Pat Germain
Colorado is experiencing Huge increases in home and auto insurance. My Farmers policy went up over 100% last year. I switched to Nationwide which kept it at the same rate, but expect it will go up soon.
Colorado has experienced numerous fires and hailstorms over the past several years. Many insurers completely pulled out of Colorado. We have an area near Colorado Springs called Black Forest. As you would expect, it's a heavily forested area. Getting homeowner's insurance in this area is now either impossible or extremely expensive. Insurers don't want the fire risk. I'm concerned we may soon be like Florida and California where it's often impossible to get homeowner's insurance at any price.
There's no problem getting home insurance in California unless you live in a fire risk area. There's been some talk about forcing insurance companies to write policies in those areas (at reduced rates), but that would mean they would have to charge more to homeowners who do not live in those areas. My attitude is that people who chose to live there need to pay for the risk.
I live in a subdivision and it would take a fire storm situation that burned an awful lot of houses before it got to us - so our fire insurance is reasonable.
Mike
Go into the world and do well. But more importantly, go into the world and do good.