Homeowners could seem some relief in the coming months when it comes to insurance, what lawmakers are working on now

COLORADO SPRINGS, Colo. (KKTV) – Homeowners in the State of Colorado may have some relief coming in the next few months as lawmakers are working on some new bills when it comes to insurance costs and natural disasters. In Colorado, there are two big natural disasters every year: hail and wildlife. Here in the Pikes Peak region, many residents are at risk of both.

Natural disasters across the country like Hurricane Helene or the massive wildfires in California have many thinking about insurance rates.

“If the reinsurance market gets a little bit tight, if it gets more expensive for the All States or the State Farms, that can find its way into our market,” said Michael Conway, Colorado’s Insurance Commissioner.

“Other insurers might look at the wildfires in California as unprecedented, so they are trying to look at how did this happen. Do we have the same scenario, can it happen here?” asked Shannon Martin, an insurance analyst with Bankrate.

According to the Rocky Mountain Insurance Association, premiums have already gone up 57% from 2018 to 2023.

“When you talk to homeowners, the message that you get is that the market is challenging for them. Their premiums have gone up. Maybe they’ve had to switch insurance companies,” said Conway.

Conway is working with Colorado lawmakers on two bills that aim to bring relief to homeowners. One has been introduced so far.

“The first bill is making sure, if folks are mitigating their property and if communities are building mitigation into their communities, we want to make sure that people are getting their bang for the buck. We {also} want to build the first in the nation, a wildfire catastrophe program, where we would really be taking on a portion of the wildfire risk in the state so that we would get insurance companies to decrease premiums that they are charging the folks,” said Conway.

The bill and potential legislation are currently being worked on in the state’s capitol, but in the meantime, as we inch closer to another hail season, officials advise it’s best to prepare now.

“The best piece of advice is to understand that you are going to have to assume more risk as a homeowner. That basically means you need to invest in your home, do everything you can to make it as resilient to the climate that you live in as possible,” said Martin.

In 2023, lawmakers passed the fair program to help homeowners with coverage when other companies are not available.

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