Lawmakers in Colorado are taking a new look at homeowners insurance which have been based on the complaints that have been collected from property owners over the last months since the wildfires in the state.
In fact, they are now closing in on an agreement on a number of different changes to the coverage.
The wildfires in Colorado brought a number of homeowners insurance issues into the spotlight and those in charge of regulations did not fail to pay attention when consumers identified those problems. House Bill 1225 has already passed the House and is meant to address some of the many issues that were discovered in the coverage in the state.
Now, the Senate is facing the homeowners insurance bill and it has provided its own approval.
Now that the Senate has approved the homeowners insurance bill, it is hoped that the coverage will be much easier to use within the state. Among the changes that were made to the regulations for these policies is to provide property owners with a larger amount of time in which they can file their contents inventory.
When a total loss claim has been made, homeowners insurance customers now have a longer time to produce a list of all of the contents of their homes when they have made a total loss claim in order to be reimbursed for those items.
The homeowners insurance bill also addressed the issue that some consumers faced in which they did not clearly understand what was and was not covered by their policy. Therefore, insurers must now provide their customers with policies that are written much more plainly so that policyholders will be able to easily understand what the policy will and will not do for them.
The version of the homeowners insurance bill that passed the House was in a slightly different shape. This means that there will still be some necessary negotiations among lawmakers before it lands on the desk of the governor for a signature there when it would become a law.
Courtesy: liveinsurancenews.com