As if it wasn’t bad enough for Grand Junction resident Vicki Felmlee when her home insurance premium doubled last year, now her insurer has told her it is dropping her as a customer altogether.
Her insurer, American National Property and Casualty Co., told her in a letter that it is no longer offering homeowners insurance in Colorado “due to numerous business and market factors.”
The letter has forced Felmlee to seek new coverage at what she hopes won’t be too high a rate, given her experience already with rising premiums. And while she owns her home, she’s wondering what rising home insurance rates in Colorado and companies leaving the market could mean for the many people looking to borrow money to buy a home. She worries it could mean a much higher monthly mortgage cost once the increasingly expensive home insurance borrowers must have is factored in…