The act establishes new coverage requirements for homeowners insurance policies issued or renewed in Colorado, which requirements apply in the event of a total loss of an owner-occupied residence as a result of a wildfire disaster that is declared by the governor.
The act also establishes new requirements for insurers who issue or renew homeowners insurance policies, which requirements concern an insurer's handling of policy claims after such a total loss occurs.
For the 2022-23 state fiscal year, the act appropriates $66,781 from the division of insurance cash fund to the department of regulatory agencies for use by the division of insurance as follows:
- $59,231 for personal services; and
- $7,550 for operating expenses.
(Note: This summary applies to this bill as enacted.)