§ 10-4-1802 — Legislative declaration

(1) The general assembly finds that:

(a) The impacts of climate change have resulted in an increasing frequency
of natural disasters in Colorado;

(b) Colorado experienced three of the largest wildfires in its history in the
last five years, and the 2021 Marshall fire resulted in the loss of over one thousand
homes and commercial properties;

(c) The growing threats posed by wildfires and other natural disasters in
Colorado have put new pressure on the residential and commercial insurance
markets; and

(d) If homeowners and commercial property owners are unable to secure
insurance coverage for the homes and properties in their communities, the lack of
coverage will frustrate and erode those communities' housing and commercial
property markets.

(2) The general assembly declares that it is imperative to establish and make
available to Colorado homeowners and commercial property owners an insurance
plan that:

(a) Ensures stability in the property insurance market for property located in
Colorado and provides opportunity for the private insurance market to adapt to
changing conditions;

(b) Ensures the availability of property insurance for residents of Colorado;
and

(c) Complements the private market by requiring consumers to purchase
coverage through the private market when possible.

Legislative History

Source: L. 2023: Entire part added, (HB 23-1288), ch. 170, p. 830, � 1, effective August 7.