AURORA, Colo. - December 20, 2019 - (Newswire.com)
For several years, Aurora Colorado Roofing has been working rigorously for its clients, knowing that their homes need repair and they have had to wait, in some cases, over a year to see any work approved by the insurance carriers. Insurance companies continue to change their internal practices when paying claims to further delay payment of work that has been completed.
According to the Insurance Institute of Information (www.iii.org), Colorado ranks as the 10th most expensive in the United States, with an average Annual Premium of $1,446. The most recent data available, November 2019 by the National Association of Insurance Commissioners, shows that the average premium rose by 1.6 percent in 2017. Based on current figures, it will continue to rise.
Most insurance carriers raised premiums the maximum allowed by the state insurance commissioner. However, carriers are seeing profit and gain by denying valid claims to see a larger profit margin from the insurance premiums increase. Furthermore, insurance carriers are purchasing reinsurance, leading to a large portion of insurance companies being insured by the same syndicates.
Aurora Colorado Roofing knows that there are side effects to the lack of care from insurance companies, including rising construction prices, labor costs, and overhead costs, such as energy, and the increase in business insurance. This will result in the possibility of prices doubling in the new year. This carelessness by insurance companies cannot go unnoticed and should be investigated. Aurora Colorado Roofing is concerned for our state and the burden insurance companies have placed on future overhead costs of local construction companies. That cost is always passed on to the consumer.
By intentionally denying or delaying payment for overhead associated with insurance claims, this denies profit for multiple construction trades. Insurance companies have placed an unforeseen overhead burden on further construction business in the coming decade.
While there are dozens of insurance companies throughout the U.S., the majority of the insurance market is controlled by only a few companies. A study shows that in 2017, the top five accounted for 46% of direct premiums written (State Farm, Allstate, Liberty Mutual, USAA, Farmers). https://www.iii.org/fact-statistic/facts-statistics-homeowners-and-renters-insurance many have reinsurance with Lloyds of London or other syndicates, creating a market dominated by Lloyds and other reinsurance companies.
Aurora Colorado Roofing urges consumers to reach out to the local Insurance Commissioner to file a complaint if they have been denied any damages or have been underpaid by a denial for overhead and profit or the adjuster refused to pay for the actual labor rates on a project, referred to as trade labor.
Contact:
Kerry Hettick, (800) 901-6290
Kerry@denvercoloradoroof.com
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Original Source: Aurora Colorado Roofing Analyzes the Horror Insurance Companies Placed on Consumers and Business for 2020
