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3E0675C5F528062C8725888C0063CF15 Hearing Summary




PUBLIC
BILL SUMMARY For MARSHALL FIRE HOMEOWNER INSURANCE ISSUES

INTERIM COMMITTEE  WILDFIRE MATTERS REVIEW COMMITTEE
Date Jul 27, 2022      
Location Old Supreme Court



Marshall Fire Homeowner Insurance Issues - Committee Discussion Only
12:10:14 PM  
The committee recessed for lunch.
01:03:04 PM  
The committee came back to order.
01:03:36 PM  
Commissioner Michael
Conway, Colorado Division of Insurance, presented regarding under insurance
issues in Colorado. The presentation may be accessed here: https://leg.colorado.gov/sites/default/files/images/marshall_fire_and_underinsurance_-_wildfire_matters_review_committee.pptx_.pdf.
He discussed the results of a DOI analysis on underinsurance for properties
that were lost in the Marshall fire. Commissioner Conway provided data
on the number of properties, the types of homeowner policies, and home
builder costs for rebuilding after the fire.  He provided estimates
for underinsured homes based on different building costs.  
01:16:45 PM  
Commissioner Conway
explained that some homeowners do not know that they are underinsured,
and aren't given adequate information by insurance companies.  He
responded to questions regarding other state's policies on underinsurance,
homeowner gaps in insurance, the impact of inflation on building costs.
 






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