To: The Colorado State House, The Colorado State Senate, and Governor Jared Polis
INSURANCE FAIRNESS
State laws allow insurance companies to advertise that they're selling insurance coverage that will replace people's homes and possessions if they're damaged or destroyed. But after a loss, insurers apply depreciation formulas and require proof that items have been replaced before they'll pay full value. Because of these formulas and requirements, most people never collect the full replacement cost value of damaged and destroyed property from their insurance company after a loss. In states that have a "valued policyl aw" on the books, disaster victims can recover replacement cost value more quickly and expeditiously. Implement a valued policy law in Colorado!
Why is this important?
In states that don't have a "valued policy law", disaster victims spend months-often years- wrangling with their insurance companies over the amount they're owed to rebuild or replace their destroyed home. In states that have a valued policy law, the insurance company has to pay a set amount... no wrangling.