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Colorado homeowners find it difficult to get insured due to rising wildfire risk

COLORADO (KRDO) -- State lawmakers in Colorado are pushing for a government-run insurance plan for homeowners. Homeowners said they're finding it difficult to get insured by private companies because of the rising wildfire risk in Colorado.

Rep. Judy Amabile said she's looking to introduce a bill next session that would create a "last resort" insurance plan provided by the state, Amabile told 9NEWS. More than 30 states have a similar plan.

Amabile said the plans for the program are bare bones but expensive.

Denver independent insurance agent, Morgan Lloyd said he's seeing a 20% to 50% increase in renewals. Lloyd said he's seen prices increase and companies denying coverage in certain areas.

"Particularly in mountain areas, west of Golden, particular. Little difficult to find carriers that will take those kinds of risks," Lloyd said.

Wildfire risk in Colorado is one of the driving factors for those high premiums. It's also attributed to inflation, labor shortages, and higher cost of rebuilds.

Amabile said she's also concerned about the impact of the housing market. If someone can't get homeowners insurance, then it's impossible to secure a mortgage.

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Jessica Gruenling

Jessica is a reporter for Good Morning Colorado. Learn more about her here.

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