2026-09-10 · Colorado · Regulation

The State of Colorado has now measured what its associations have been living through: HOA property insurance written premium more than doubled between 2020 and 2024, the cost of insuring each dollar of property value rose 44%, and half the market now sits with five carriers. The findings come from the HB24-1108 final report, prepared for the Colorado Division of Insurance by the actuarial firm Lewis & Ellis and released in January 2026.¹

This is the citable, non-anecdotal document a board can hand an owner who thinks the premium increase is the board's fault.

The numbers, 2020 to 2024

Written premium: +115%, from roughly $97 million to roughly $208 million.
In-force policy count: from 10,464 to 13,557 — about 30%. Premium per policy therefore rose sharply; this is not simply more policies.
Total insured value: +135%.
Average premium per $1,000 of insured value: +44%.

That last figure answers the board's hardest question. An association that added nothing and changed nothing is paying 44% more for each dollar of coverage, on top of a coverage amount that itself rose with construction-cost inflation.

Concentration, and why it is a risk in itself

The top five insurers went from 26% to 48% of written premium, and now hold about 60% of all in-force HOA policies. The report does not leave the implication implicit: “this concentration heightens systemic risk if any large insurer alters their underwriting aggressively or exits the market.”

The market is also polarised rather than merely expensive. Of insurers reporting, 40 reported written-premium increases of more than 100% while 26 reported decreases greater than 20%. Only seven reported a change of less than 10% either way — which the report calls “a stark deviation from normal trends where moderate premium shifts dominate.” And 39 of 105 insurers, about 37%, reported reduced risk tolerance, with the leading stated reason new or changed risk scoring.

1. HB24-1108 Final Report: Analysis of HOA & Lodging Facilities in Colorado, Lewis & Ellis, LLC for the Colorado Division of Insurance (all figures and quotations) ↩
2. HB24-1108, "Insurance Commissioner Study Insurance Market" — bill page, Colorado General Assembly ↩
3. Toolkit for Homeowners and HOAs on Insurance, Colorado Division of Insurance ↩
4. Regulations Adopted But Not Yet Effective (Regulations 5-1-28 and 5-1-29), Colorado Division of Insurance ↩