Bipartisan vote kills governor’s plan to lower homeowners insurance costs in Colorado

A legislative effort to attack rising property insurance costs in Colorado failed in the last days of the session The bill which was supported by Gov Jared Polis and Colorado Insurance Commissioner Michael Conway would have tacked a fee onto property insurance policies statewide increasing the average premium by per year The administration inferred the fees ultimately would have lowered skyrocketing homeowners insurance costs House Bill died Tuesday in a Senate committee hearing at which Democrats joined Republicans to defeat the measure The fees would have supported two state-funded programs one to address hail damage the other wildfire peril that Polis and Conway inferred would prevent more insurance companies from fleeing the state More competition would help lower premiums Conway noted earlier during the legislative session And they hoped that helping people fortify their roofs against hailstorms would have stabilized premiums across the state as insurance companies risks dropped It s disappointing to see Democrats join with Republicans to not take action to help Coloradans facing out-of-control home insurance costs and increase competition for Coloradans Eric Muryama the governor s spokesman wrote in a message Homeowners insurance is part of housing costs and it s quite completely too expensive in Colorado We ve seen insurance costs increase by nearly over the last four years and insurers write fewer policies because of the increasing impacts of state change In broad daylight the legislature failed to help save people money when they need it majority of The bill received strong opposition from the insurance industry when it was introduced but that resistance softened after intensive negotiations Still it wasn t enough to convince legislators to charge people more money in an attempt to lower insurance costs Another insurance proposal House Bill was approved and is awaiting the governor s signature That law would regulate how property insurance companies use computer models to predict hazard and then use that information to set rates Consumer advocates say those models inflate costs and do not take into consideration any mitigation work done by property owners or communities Related Articles A multitude of Coloradans would lose Medicaid under Trump s proposed expansion cuts Editorial With drop in Medicaid-covered patients Colorado safety-net clinics seek help from lawmakers Denver s housing problem demands action the God s Backyard bill offers hope Opinion Families have to find their own livers because of organ donor shortfall Colorado hospitals profit from a prescription drug discount project We should know how much Opinion If the bill becomes law insurance companies would be required to inform customers of their wildfire danger result and explain efforts they could take to improve that amount and potentially lower their costs Rates have jumped in the past five years because of increasingly severe weather and wildfires which are growing more destructive because of the impact of atmosphere change in the state The issue became a priority after and when wildfires in Boulder Grand and Larimer counties incinerated billions of dollars worth of property While wildfires grab attention hail is even more destructive in Colorado causing homeowner insurance rates to increase when hailstorms destroy roofs Stay up-to-date with Colorado Politics by signing up for our weekly newsletter The Spot