A new study shows that Colorado ranks sixth among states with the highest annual average homeowners insurance premium, placing it among the top 10 states across the country.
Colorado’s ranking fits squarely in Montezuma County, where the affordability of housing remains an ongoing issue.
Pete Singleton, owner of 4 Corners Properties in Dolores, was not surprised to learn of the findings. Singleton said that over the past three to five years, he’s seen insurance premiums increasing for homeowners in the region.
“People are experiencing a rise in cost over almost every facet of owning a home,” Singleton said.
“Everything’s gone up.”
Based on data from 2017-2021, the research was carried out by Las Vegas-based personal injury law firm, H&P Law and comes from the Insurance Information Institute’s annual homeowner insurance premium data.
According to the new study, Colorado’s homeowner insurance premium resides at $1,640, sitting 35% higher than the national average at $1,213.
“This elevated premium is often influenced by risk factors including severe weather events, natural disasters, property values, and state insurance regulations,” a spokesperson from H&P Law said.
“When insurance costs rise, homeowners face increased financial burdens on top of their mortgage payments.”
