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February 21, 2024

Bill to Address Rising Property Insurance Rates in Rural, Mountain Communities Passes Committee

DENVER, CO – The House Business Affairs and Labor Committee today passed legislation to help uncover root causes of rising property insurance for HOAs, timeshares and condo owners in rural and mountain towns. HB24-1108, sponsored by Speaker Julie McCluskie and Representative Judy Amabile passed unanimously. 

“After a wildfire devastates a community, HOAs and lodging facilities often have a difficult time securing affordable policies – or any policy at all,” said Speaker Julie McCluskie, D-Dillon. “We need to look into ways to create more affordable, reliable property insurance for our neighbors living in rural and mountain communities. This legislation creates a market study so we can learn more about what leads to rising HOAs and lodging facilities insurance rates, which are often passed on to consumers and property owners, and the availability of insurance options to lay the groundwork for future legislation.”

“Due to the rising threat of extreme weather and wildfires, HOAs and lodging facilities have a difficult time securing affordable property insurance, which means fees increase for residents,” said Rep. Judy Amabile, D-Boulder. “This bill would help uncover some of the causes that lead to rising insurance rates and lack of coverage in our HOAs and lodging properties in the urban-wildland interface and beyond. Tourism is a massive economic driver in the high country, and ensuring our HOAs and lodging facilities can acquire property insurance uplifts our economy and supports our local communities.”

HB24-1108 would create a market study of property and casualty insurance for

homeowners’ associations and owners of lodging facilities. This bill aims to explore current market conditions and will be used as a baseline for future legislation or state-operated programs. 

This bill requires the Division of Insurance in the Department of Regulatory Agencies to conduct a study of property and casualty insurance policies for HOAs and lodging facilities. The report must include key metrics including:  

  • current market conditions,

  • availability of insurance coverage,

  • affordability of insurance coverage,

  • areas of the state with insurance availability concerns, and 

  • recommendations for long-term sustainability and availability of property and casualty insurance policies.

The report must be submitted to the General Assembly by  January 1, 2026. 

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