Bill Detail: HB23-1174

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Title Homeowner's Insurance Underinsurance
Status Governor Signed (05/12/2023)
Bill Subjects
  • Health Care & Health Insurance
  • Housing
  • Insurance
House Sponsors K. Brown (D)
J. Amabile (D)
Senate Sponsors D. Roberts (D)
M. Baisley (R)
House Committee Business Affairs and Labor
Senate Committee Business, Labor and Technology
Date Introduced 02/06/2023

The bill requires the commissioner of insurance (commissioner)
to prepare an annual report on the cost of rebuilding homes in Colorado
in the event of a total loss. An insurer that issues or renews more than
25% of its homeowner's insurance policies in a particular region of the
state at a cost that is at least 10% less than the estimate set forth in the
commissioner's annual report is required to report certain information to
the commissioner.
Current law prohibits an insurer from canceling or refusing to
renew a policy of homeowner's insurance unless the insurer mails notice
to the insured at least 30 days in advance of the effective date of the
cancellation of or refusal to renew the policy. The bill increases the notice
requirement to 60 days in advance of the action.
The bill creates guaranteed replacement cost coverage in
homeowner's insurance, which pays the full cost to repair or replace a
damaged or destroyed structure, even if the amount exceeds the policy
limits. The bill specifies the factors an insurer must consider when
determining the replacement costs of a dwelling and requires insurers to
disclose certain information regarding the replacement costs before
issuing or renewing a homeowner's insurance policy.
The bill requires an insurer to offer an applicant guaranteed
replacement cost coverage before offering extended replacement cost
coverage, law and ordinance coverage, or inflation protection coverage,
which is defined as coverage that provides automatic adjustments of the
coverage amount on the dwelling or structure being insured to protect
against the impact of inflation.

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