HB 23-1174 CO

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Became Law

The act requires the commissioner of insurance (commissioner) to prepare an annual report on the cost of reconstructing homes in Colorado. Current law prohibits an insurer from canceling or refusing to renew a policy of homeowner's insurance unless the insurer mails notice to the insured at least 30 days in advance of the effective date of the cancellation of or refusal to renew the policy. The act increases the notice requirement to 60 days in advance of the action. The act specifies the factors an insurer must consider when determining the reconstruction costs of a dwelling and requires insurers to disclose certain information regarding the replacement costs before issuing or renewing a homeowner's insurance policy. Current law requires an insurer to offer an applicant extended replacement cost and law and ordinance coverage before issuing or renewing certain replacement cost homeowner's insurance policies. The act requires the coverage to be: Equal to 20% of the limit of insurance for the dwelling for law and ordinance coverage (changed from 10%); and At least 50% of the limit of the insurance for the dwelling for extended replacement cost coverage (changed from 20%). To implement the act: $109, 955 is appropriated to the department of regulatory agencies for use by the division of insurance; and $38,066 is appropriated to the department of law. APPROVED by Governor May 12, 2023 PORTIONS EFFECTIVE August 7, 2023 PORTIONS EFFECTIVE January 1, 2025 NOTE: This act was passed without a safety clause and takes effect 90 days after sine die; except that, section 10-4-110.8 (8), Colorado Revised Statutes, as amended in section 3 of the act, takes effect January 1, 2025. (Note: This summary applies to this bill as enacted.)

• Judy Amabile Democratic · primary
• Kyle Brown Democratic · primary
• Mark Baisley Republican · primary
• Dylan Roberts Democratic · primary

1. May 12, 2023 Governor Signed · executive
2. May 11, 2023 Signed by the President of the Senate · upper
3. May 11, 2023 Signed by the Speaker of the House · lower
4. May 11, 2023 Sent to the Governor · executive
5. May 8, 2023 House Considered Senate Amendments - Result was to Concur - Repass · lower
6. May 7, 2023 Senate Third Reading Passed - No Amendments · upper
7. May 6, 2023 Senate Second Reading Special Order - Passed with Amendments - Committee · upper
8. May 6, 2023 Senate Committee on Appropriations Refer Amended to Senate Committee of the Whole · upper
9. May 2, 2023 Senate Committee on Business, Labor, & Technology Refer Unamended to Appropriations · upper
10. Apr 24, 2023 Introduced In Senate - Assigned to Business, Labor, & Technology · upper
11. Apr 21, 2023 House Third Reading Passed - No Amendments · lower
12. Apr 19, 2023 House Third Reading Laid Over Daily - No Amendments · lower
13. Apr 18, 2023 House Second Reading Special Order - Passed with Amendments - Committee, Floor · lower
14. Apr 18, 2023 House Committee on Appropriations Refer Amended to House Committee of the Whole · lower
15. Mar 8, 2023 House Committee on Business Affairs & Labor Refer Amended to Appropriations · lower
16. Feb 6, 2023 Introduced In House - Assigned to Business Affairs & Labor · lower