Homeowners’ insurance rates continue to rise, prompting a bipartisan group of lawmakers to introduce a bill Wednesday aimed at reducing damage from hail and wildfire. The measure would encourage homeowners and homeowner associations to take additional mitigation steps and, in turn, could allow insurers to offer lower insurance rates once those steps are completed.
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SB 49 is also backed by the Colorado Chamber of Commerce.
Chamber President and CEO Loren Furman said, “homeowners’ insurance rates are becoming an increasing burden on Colorado families, driving up the cost of housing and creating workforce challenges for employers. If left unaddressed, these escalating costs will continue to strain Colorado’s rising cost of living and limit future economic growth. This legislative session, the Chamber is prioritizing residential resiliency across the state to reduce homeowners’ insurance rates and enhance long-term damage mitigation measures.”
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