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Senate Finance Postpones House Bill 1302, Which Would Have Funded Reinsurance to Curb Rising Homeowners Insurance Costs
Summary
The Senate Finance Committee postponed House Bill 1302 indefinitely after debate over fees and whether the bill’s $27 million in reinsurance funding would meaningfully slow soaring homeowners insurance premiums.
The Senate Finance Committee, at its final meeting of the session, voted to postpone indefinitely House Bill 1302, a proposal that would have directed roughly $27 million toward reinsurance programs intended to blunt steep increases in property and casualty insurance premiums.
Advocates said the bill was a first step to limit premium spikes in high-risk Colorado areas; opponents and some committee members said the fee increases required to fund it would unduly burden working families. The committee used a reverse roll call to postpone the bill after a failed motion to send it to the appropriations committee with a favorable recommendation.
The bill’s lead sponsor, Senator Snyder, told the committee the state faces rapidly escalating disaster costs and insurance-market strain. “Annual disaster related costs now range from 1.7 to $4,000,000,000,” Snyder said, adding that reinsurance — insurance for…
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