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Insurance claims due to catastrophes on the rise

Published On: Nov 26 2012 12:23:22 AM CST
Updated On: Nov 26 2012 12:24:17 AM CST
DENVER, Colo. -

Colorado now ranks among the top 10 states for the highest share of homeowners insurance claims paid out due to catastrophes.

An Insurance Research Council analysis says from 1997 to 2006, catastrophes triggered 26 percent of the claims made on homeowners policies in the state. But from 2007 to 2011, 41 percent of the claims paid out against homeowners policies were due to large-scale events, the ninth highest share of any state.

This year, which saw the worst summer on record for property destroying wildfires in Colorado, was not included in the analysis. But Carole Walker with the Rocky Mountain Insurance Information Association tells The Denver Post hailstorms are a much bigger problem than wildfires.

David Corum, vice president of the IRC, notes homes nowadays are more expensive to repair and are being built in more remote areas.

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