Storms Increase Insurance Cost In Cheyenne Area
CHEYENNE, Wyo. (AP) — Severe weather including hailstorms is driving up the cost of homeowners insurance in the Cheyenne area.
James Mitchell with the Wyoming Insurance Department says many Wyoming property owners are set to see higher premiums if they haven’t already.
He says the region is becoming more of a high-risk location due to the frequency and severity of strong storms.
The Associated Press reports two major hailstorms that hit Cheyenne last year are contributing to the higher rates. One storm that struck Cheyenne last July caused $120 million in insured losses.
Carole Walker with the Rocky Mountain Insurance Information Association says many insurers raise premiums after they examine their risks and the need to pay out claims.