3E0675C5F528062C8725888C0063CF15 Hearing Summary CLICS/CLICS2022A/commsumm.nsf PUBLICBILL SUMMARY For MARSHALL FIRE HOMEOWNER INSURANCE ISSUESINTERIM COMMITTEE WILDFIRE MATTERS REVIEW COMMITTEEDate Jul 27, 2022 Location Old Supreme Court Marshall Fire Homeowner Insurance Issues - Committee Discussion Only 12:10:14 PM The committee recessed for lunch. 01:03:04 PM The committee came back to order. 01:03:36 PM Commissioner Michael Conway, Colorado Division of Insurance, presented regarding under insurance issues in Colorado. The presentation may be accessed here: https://leg.colorado.gov/sites/default/files/images/marshall_fire_and_underinsurance_-_wildfire_matters_review_committee.pptx_.pdf. He discussed the results of a DOI analysis on underinsurance for properties that were lost in the Marshall fire. Commissioner Conway provided data on the number of properties, the types of homeowner policies, and home builder costs for rebuilding after the fire. He provided estimates for underinsured homes based on different building costs. 01:16:45 PM Commissioner Conway explained that some homeowners do not know that they are underinsured, and aren't given adequate information by insurance companies. He responded to questions regarding other state's policies on underinsurance, homeowner gaps in insurance, the impact of inflation on building costs.
