This bill strengthens consumer rights by ensuring that homeowners in Colorado can more easily access certified copies of their insurance policies and penalizes insurers who fail to comply.
Key Provisions
1. Certified Policy Copy Access Requirement
Homeowner's insurance companies must provide a certified copy of a policyholder's insurance policy:
Within 30 calendar days after receiving a written request sent to the insurer’s registered agent.
2. Penalty for Noncompliance
If the insurer does not deliver the certified policy within 30 days:
The company owes the policyholder $50 per day starting on day 31.
Damages continue to accrue daily until the certified copy is provided.
3. Attorney Fees
If a policyholder must take legal action to obtain the certified policy:
The insurer must pay the reasonable attorney fees and costs incurred by the policyholder.
4. Additional Clarifications
Policyholders may still request and receive electronic or paper copies of their insurance policy, including declarations and endorsements, within 3 business days, as under current law.
The method of delivery is chosen by the policyholder.
Effective Date
Becomes law 90 days after adjournment of the 2025 legislative session unless challenged by referendum.
If referred to voters and approved in November 2026, it takes effect upon the Governor’s certification of the vote.
Applicability
Applies to all policyholder requests made on or after the bill’s effective date.
Impact
Gives homeowners greater control and legal leverage to access their insurance documentation in a timely manner.
Holds insurers accountable for delays and discourages obstruction of access to policy information.
Summary
The bill modifies current law regarding the process by which a
policyholder may request a certified copy of their insurance policy (policy) from a homeowner's insurance carrier (carrier) and the carrier's duty to comply. The bill clarifies that such a request must be in written form and received by the carrier's registered agent (agent) and that the carrier's window of time to make the policy available begins when the agent receives the request.
The bill also creates civil liability for a carrier that fails to comply
with a policyholder's request for a certified copy of their policy by imposing damages in the amount of $50 per day for each day the carrier is late.
