Insurnace Update

From time to time it's good to catch up on the insurance world and news that may be impacting all of our rates for home, auto & umbrella policies.  To do that, I'm going to leave it to local insurance broker Steve Hakes, owner of Rocky Mountain Insurance Center, to bring us up to speed.  Here is what Steve had to say when I asked what's new?

A few years ago insurance rates increased dramatically, mostly as a result of the effects of the Marshall Fire and inflation; even condo (HO6 or “studs-in”) insurance increased because of the number of hail storms and “loss assessment” payouts.  Many companies also left the Colorado market.  After a couple “quieter” years now, insurance companies are feeling more secure with reserves (in case another major widespread storm hits or another devastating community loss), and rates are now trending downward!  Most auto insurance companies have already seen rate decreases and many of the companies I work with on homeowner policies have seen rate decreases on those policies, as well.  Additionally, there seems to be a newfound willingness to look at homes in communities that previously were “unwritable” (e.g., a home that sits next to open space, mountain homes, or older roofs).  Finally, some companies that left the Colorado market are now returning and our expectation is, barring another large loss event, even lower rates are coming. 

This sounds like good news!  As a rule, I always recommend clients review their insurance policies every two to three years both to ensure they have the proper types and amounts of coverage as well as a good price.  If you haven't reviewed your insurance package with your insurance agent/broker in the last few years now would be a good time to do so.  As always, I'm here to help and to provide an unbiased voice in the conversation.