Letter: Insurance reform must occur at every level

Robert Tann’s story on homeowner insurance premium increases is critical, not just in Colorado or the Western states, but throughout the United States. Add to the homeowners component the impact of increases in automobile and health insurance and premium increases (along with raised deductibles) is becoming a significant component of an individual’s budget.

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My view is that the president-elect should create a new cabinet position called Secretary of Insurance Reform to promote insurance renovation. I’m not suggesting insurance reform must be centralized at the federal level, but rather that reforms should occur regionally and by state with federal knowledge resources made available.

As Gov. Jared Polis puts it, “The ROI isn’t there.” A lot of focus has been on promoting investment that HOAs, businesses or individuals need to make on the promise of continued insurance. Little is mentioned about the need to take costs out of the insurance systems. While mitigation strategies are a key first step, the return needs to be there. It’s beyond frustrating when a driver, for example, has a 30-plus year history of no insurance claims or traffic violations and continues to see inflation-plus premium increases at renewal time. HOA boards in Colorado live in fear that their first homeowners’ claim might lead to policy cancellation, let alone worry about coverage. 

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I understand insurers need to make money, but system costs exist that they need to attack more aggressively as part of the solution.

Mike Bach
Avon