Colorado homeowners could soon get some relief from one of the state's biggest financial headaches: soaring insurance bills.
On the final day of the legislative session, lawmakers passed Senate Bill 155, a measure aimed at helping homeowners install hail-resistant roofs in an effort to lower insurance costs over time.
The bill now goes before Governor Jared Polis, who is expected to sign it into law, according to Beinsure.
The move comes as home insurance premiums have climbed sharply across Colorado. A Colorado State University report found that average home insurance premiums rose to more than twice their 2018 levels by 2023, while some Colorado officials in mountain towns have reported increases of up to 1,000% in recent years.
Representative Julie McCluskie, a primary sponsor of the bill, had attempted to pass a similar bill in a prior session, focusing on the impacts of both hail and wildfire on insurance rates. But this year's legislation, SB 155, focuses on hail rather than the wildfire element.
Wildfire risk remains a major concern for homeowners, but according to Colorado insurance data, hail appears to be a bigger driver of higher costs.
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Instead of waiting for rates to rise further, lawmakers are betting that tougher roofs can help cut down on storm damage and the insurance claims that come with it.
SB 155 would add a 0.5% fee to homeowners' insurance policies in Colorado and send that money to a new grant program to help pay for hail-resistant roof installations, with lawmakers expecting to see up to $100 million within its first five years.
If the program works as planned, it could benefit both homeowners and the environment. Fewer roofs damaged in storms would mean fewer expensive repairs, less construction waste ending up in landfills, and lower demand for replacement materials. Stronger homes can also help communities become more resilient as extreme weather continues to drive up costs nationwide.
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