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Home insurance premiums rising

Home insurance premiums rising

Home insurance premiums rising
News from KRDO:

COLORADO SPRINGS, Colo. -

Many homeowners in Colorado have found that recent hailstorms, and not last summer’s wildfires, are significantly increasing the cost of their home insurance premiums.

In a TARGET 13 investigation, insurance experts said premiums began rising in December and likely will continue to increase because a recent trend of hail storms, fires and other catastrophes is expected to continue.

“We’re seeing 20 to 40 percent increases across the board, industry-wide,” said Robert Medina, a Farmer’s Insurance agent.  “The cost of labor (and) materials is up also.”

“If a home has a roof that’s over 10 years old, we’re seeing increases anywhere from 50 to 100 percent,” said Robert Edgin, an agent for American National Insurance.  “Because the insurance companies know that those roofs are one storm away from being replaced.”

Three weeks before the Waldo Canyon fire destroyed 346 homes in Mountain Shadows and generated $ 352 million in damage claims, two hail storms on June 6 and 7 resulted in $ 321 million in claims statewide.  And 2009 was the most…………… continues on KRDO

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