The Colorado Division of Insurance gets a positive shout-out for seeking the public’s perceptions and concerns regarding insurance. It has recently scheduled three public events to obtain input regarding insurance affordability. The notice for these events states in part:
We at the Colorado Division of Insurance understand that many of you, whether you live in a stand-alone house, condo, or townhome are grappling with the burden of high homeowners insurance costs, or finding it challenging to secure suitable coverage. In response to your concerns and the recently enacted House Bill (HB) 23-1174, Homeowners Insurance and Underinsurance, we’re launching a study to delve into the factors affecting these costs and to make potential policy recommendations.
We believe the heart of the solution lies with you who understand the unique challenges of our community. As such, we’re inviting you to participate in a series of stakeholder meetings virtually, via Zoom.
Wildfires, especially the Marshall Wildfire, have recently skewed the frequency of loss off the charts. These losses are not minor and often involve total losses. Inflation of construction costs is contributing to the increase of premiums as well. The increase in property insurance premiums is not just a Colorado issue.
This topic impacts everybody. It is refreshing to see insurance regulators not afraid to speak with the insuring public in a public forum.
Thought For Afternoon
Public opinion is the thermometer a monarch should constantly consult.