Colorado Would Offer Last-Resort Property Insurance Under New Bill
Monday, April 10th, 2023 Legislation & Regulation PropertyColorado homeowners and businesses unable to get property insurance from private companies could obtain expensive, bare-bones coverage from a quasi-governmental insurer of last resort under a bill introduced Thursday in the state legislature.
The measure, sponsored by three Democrats, is aimed at preparing the state for a future filled with more wildfires and other natural disasters fueled by climate change.
Dozens of states already have state-run or state-regulated property insurers of last resort. But until now, state officials said, there hasn’t been a need in Colorado.
The 2021 Marshall fire in Boulder County and the 2020 East Troublesome fire in Grand County, however, shifted the conversation as residential and commercial property owners started being rejected by private insurance companies.
Hundreds of homes were destroyed in each blaze, causing billions in damage.
