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Colorado Insurance Blog

10 Things You Should Know About Insurance In Colorado

1. Extreme weather impacts insurance rates in Colorado.

Hail and heavy rains can cause damage to cars, homes, boats, motorcycles, etc. Many claims are filed when there’s a big storm, which leads to the average insurance rates to increase.

2. Car insurance is more expensive in Colorado than in many other states.

The average car insurance rates have increased by more than 50% in the past 10 years. There are plenty of reasons that car insurance is increasing across the country, and more specifically in Colorado.

Read more about the increasing rates in Colorado in our blog 5 Reasons Insurance Rates Keep Increasing in Colorado

3. Population increases lead to rate increases.

The rapidly increasing population and crowded roads in Colorado has led to more accidents and higher car insurance rates.

4. The minimum liability limits to legally drive in Colorado are $25K/$50K/$15K.

Although you can legally drive with the minimum limits, they aren’t enough to protect your family and your future. Higher limits can save you a lot of money in the long run.

3 Ways You Can Protect Yourself From Personal Injury Attorneys

5. Homeowners in Colorado are more likely to file a roof claim than those in most other states.

Between 2017-2019, Colorado had the second most hail claims in the US. The only state with more in that span was Texas. With such severe hail storms in Colorado, most residents will file a roof claim in their lifetime.

6. As of 2019, 16.3% of drivers in Colorado are driving without insurance.

According to the Insurance Information Institute, the national average in 2019 was 12.6%. Colorado is well over the national average, which is why our Uninsured Motorist coverage rates are on the rise.

Want to know more about the importance of Uninsured Motorist coverage? Check out our blog Do I Need Uninsured Motorist Coverage If I Have Health Insurance?

7. Wildfires have a big impact on insurance in Colorado.

Homes in wildfire-prone areas are difficult to insure and come with a big price tag.

Here’s more information about the impact of wildfires on insurance in Colorado: What You Should Know About Wildfires and Insurance

8. Even though Colorado is a landlocked state, there is still risk of flooding.

Flooding doesn’t only happen near large bodies of water. Rapid rainfall or runoff from areas previously damaged by wildfire can cause severe flooding. You can add a flood endorsement on some home policies in Colorado, or buy a separate policy to cover your risk.

Read about flood insurance here: Flood Insurance 101 

9. Vacation rentals, like AirBnb and VRBO are becoming more popular in Colorado.

Colorado is an ideal vacation destination for many in both the summer and the winter. That means the demand for vacation rentals is skyrocketing. Renting out a second home or even a room in your current home is a great way to bring in some extra income. Luckily, there are plenty of options available for insuring homes used as a vacation rental, but it’s important to get the right coverage.

Vacation Rental Property Insurance: What You Need to Know

10. Rental car rates often skyrocket during hail season.

After a big hail storm, many people need a rental car while their car is getting fixed. With a limited inventory, most rental car companies sell out and the rates become inflated. Check your car insurance policy to make sure you have enough rental car coverage to account for higher costs associated with hail season.

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