(March 18) – The House gave a broadly bipartisan endorsement today to a bill to help make sure insurance companies actually cover what their homeowners’ policies claim they cover.
HB13-1225, a k a the Homeowners Insurance Reform Act and sponsored by Rep. Claire Levy (D-Boulder), will provide better protection to homeowners whose homes are damaged or destroyed. It will provide more time for homeowners to rebuild their homes in the event of a total loss and contains provisions to prevent homeowners from finding themselves without sufficient funds to rebuild due to changes in building codes or inflation.
Responding to stories of homeowners devastated by the Four Mile Canyon, High Park and Waldo Canyon fires, the bill allows homeowners to receive 30 percent of their policy coverage for loss of contents without the burden of compiling an inventory.
Rep. Levy worked closely with homeowners and insurance companies to provide better insurance coverage without imposing expensive mandates on insurance companies.
“We’re protecting Colorado homeowners and making sure they know their rights and duties with respect to their insurance policies,” she said after the House voted 58-6 to send the bill to the Senate. “The last thing a homeowner needs after suffering a devastating loss is to learn they now have to do battle with their insurance company before they can rebuild their lives.”