CLICS/CLICS2024A/commsumm.nsf
PUBLIC
BILL SUMMARY For PRESENTATION FROM ROCKY MOUNTAIN INSURANCE ASSOCIATION AND INSURANCE INSTITUTE FOR BUSINESS AND HOME SAFETY
INTERIM COMMITTEE WILDFIRE MATTERS REVIEW COMMITTEE
Date Jul 18, 2024
Location Old State Library
Presentation from Rocky Mountain Insurance Association and Insurance Institute for Business and Home Safety - Committee Discussion Only
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09:40:32 AM |
Carole Walker, representing the Rocky Mountain Insurance Association, presented to the committee (Attachment C). She reviewed information about the association and data related to weather and climate disasters. She stated that Colorado is number two for hail damage and third for wildfire damage in the United States. Ms. Walker reviewed information about homeowners insurance becoming unaffordable in some states, which includes Colorado. She stated that Colorado's homeowners insurance premiums are 87 percent higher than nationwide. She reviewed information about the impact of rebuilding costs on homeowners insurance premiums, including materials and labor.
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09:47:27 AM |
Ms. Walker reviewed information about insurance consumer impacts, including non-renewals and underinsurance concerns. She reviewed information about House Bill 23-1288, which created the FAIR Plan, which is an insurer of last resort. Ms. Walker stated the goal of the plan is to reduce risk and stabilize the private insurance market.
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09:52:20 AM |
Dr. Anne Cope, representing
the Insurance Institute for Business and Home Safety (IBHS), presented
to the committee (Attachment D). She discussed how science is informing
matters related to wildfires mitigation, including that a distance as small
as five feet can have a great impact on breaking the fire chain. Dr. Cope
discussed the importance roofing materials, fencing materials, and windows
have in preventing fires from spreading. She discussed wildfire prepared
homes including roofs, building features, defensible spaces, and additional
mitigation measures. Dr. Cope discussed connective fuels and vegetation
in communities that cause vulnerabilities for wildfires.
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10:02:55 AM |
Dr. Cope discussed
information about the Lahaina fire in Hawaii and the lessons that can be
learned from that fire. She discussed the computer simulations, field observations,
and experimental testing done by IBHS. Dr. Cope discussed the impact of
hail on Colorado and the IBHS Hail Research Program. She reviewed information
about high-impact shingles.
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10:12:32 AM |
Ms. Walker and Dr. Cope responded to questions from the committee about the presentation, how the committee can address homeowners insurance, and how to communicate community goals.
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