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A 0.5% fee would be imposed under House Bill 1302 on every home insurance policy in Colorado, unless a house meets certain wildfire mitigation standards

House Bill 1182 would also require insurers to give customers an opportunity to appeal assessments of a property鈥檚 wildfire risk, which can lead to increased costs and nonrenewals

An obscure federal agency recently released what it calls the 鈥渕ost comprehensive data on homeowners insurance in history.鈥� And the picture it paints for the Mountain West is a concerning one.

Wildfires, hailstorms, and other catastrophic events have caused billions of dollars in damage in Colorado. They鈥檙e also amping up worries that insurance companies might pull out of high-risk areas, leaving homeowners high and dry, without coverage. A state lawmaker discusses a few ideas to prevent that from happening, today on In The NoCo.

More than 30 states have Fair Access to Insurance Requirements (FAIR) plans, which are state-run programs backed by private insurers that offer coverage for high-risk properties.

Federal law says Native Americans aren鈥檛 liable for medical bills the Indian Health Service promises to pay. Some are billed anyway as a result of backlogs or mistakes from the agency, financial middlemen, or health systems.

Hail damage, wildfires, and weather are only partly to blame, says an industry trade group. There鈥檚 also 鈥渟ocial inflation.鈥�

These state-regulated plans are typically more expensive and offer less coverage compared to private insurance. Colorado鈥檚 is the first new Fair Access to Insurance Requirements (FAIR) plan created in the U.S. in decades.

Home insurance is becoming a more uncertain market, in large part due to climate-fueled disasters like wildfires. Some states in the West are taking steps to address the situation, like Oregon where a 2023 law requires insurers to account for home-hardening measures in their underwriting models. In California, they鈥檙e trying to take it a step further.

Colorado, Texas and Hawaii have experienced some of the nation鈥檚 most catastrophic and tragic wildfires in recent years. Officials from all three states were in Boise this week to discuss how wildfire destabilizes home insurance markets.