Property Insurance Expansion Approved By Colorado Legislature (Live Insurance News)

Property Insurance Expansion Approved By Colorado Legislature

  Wednesday, April 27th, 2022 Source: Live Insurance News

Victims of Colorado’s wildfires could soon benefit from more assistance from their property insurance companies as the state’s legislature recently approved changes.

The goal is to provide policyholders and victims of the wildfires with immediate and substantial help.

Should House Bill 1111 be signed into law, it will mean that the number of lost property insurance companies will be required to provide upfront coverage and to lengthen the timeframe victims have in which to apply for future declared wildfire disasters.

That will assist victims of future blazes but won’t benefit victims of fires that have recently occurred.

Colorado lawmakers have taken on a bundle of wildfire legislation across the months following the most destructive wildfires the state has ever experienced. December brought the Marshall Fire, which was catastrophic to over 1,000 homes in Boulder County.

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