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Colorado Pays High Catastrophic Insurance Claims

by KREX News Room
by Associated Press

Story Created: Nov 26, 2012 at 1:45 PM MDT

Story Updated: Nov 26, 2012 at 1:46 PM MDT

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

The Insurance Research Council says catastrophes triggered only 26 percent of the claims made on homeowner policies from 1997 to 2006.

According to the Denver Post, average annual premiums paid by Colorado homeowners are above the national average, rising to more than $890 in 2009, up from about $830 in 2007.

Industry officials estimate catastrophes caused $1.6 billion in damages in Colorado from 1990 to 1999.

In 2010 and 2011 alone they triggered $1.1 billion.

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