HB12-1057

HB12-1057 - Homeowner's Insurance Additional Protections

Postponed Indefinitely
Concerning Additional Protections For Purchasers Of Homeowner's Insurance Policies In Colorado.

The bill requires the insurance commissioner (commissioner) to adopt rules on the following related to the sale of homeowner's insurance in Colorado:

  • Criteria and requirements for estimates of replacement value of insured property; and
  • An educational requirement for insurance producers related to homeowner's insurance, including estimating replacement value.

The bill also puts into place the following with respect to homeowner's insurance policies in this state:

  • Minimum requirements for additional living expense coverage for a period of time of no less than 24 months after a loss requiring additional living arrangements;
  • Requirements that insurers make available to policyholders copies of homeowner's insurance policies, including declaration pages, within 48 hours after a loss or a request;
  • Standards for paying contents loss claims in the event of total loss;
  • Additional arbitration requirements for disputes between insured homeowners and insurers relating to policy coverage;
  • A requirement to provide summary disclosure forms to homeowner's insurance policyholders at least annually; and
  • Potential disciplinary action by the commissioner against insurance producers that fail to:
    • Accurately describe to an insured the relationship of the producer to an insurer as the representative of the insurer and not a representative of, or advocate for, the insured policyholder; or
    • Accurately represent the adequacy of policy limits in a homeowner's insurance policy to cover total loss of the property.
Latest update: February 8, 2012
02/08/2012 House Committee on Local Government Postpone Indefinitely
01/11/2012 Introduced In House - Assigned to Local Government + State, Veterans, & Military Affairs