Colo. Division of Insurance Asks Insurers to Extend ALE Coverage Beyond 12 Months for Marshall Fire Survivors
Some
"Earlier this year, we asked the companies to do more, to step up and make things easier for the Marshall Fire survivors. And to their credit, most companies met our asks," said Colorado Insurance Commissioner
The open letter below is posted on the Division's website for the public and insurance companies review and will be followed by a survey to insurance companies that will ask them to agree to extend policies that are limited to 12-months of ALE coverage to 24 months of ALE coverage. Responses will be due to the DOI by
As a reminder,
To:
In the immediate months after the Marshall Fire, the
The Division is again asking you to step up to help the Marshall survivors.
The one-year anniversary of the Marshall Fire will be upon us soon. And that anniversary date will also bring the end of the additional living expenses (ALE) benefits that some people have on the face of their policies. As you all know,
For policyholders in the Marshall Fire area with a total loss of an owner-occupied home and only 12 months of ALE, the Division is asking all insurers to grant an extension of ALE benefits for rebuilding, up to 24 months.
In doing so, we think it is important to highlight two things. First, many of you sell policies with a minimum of 24 months of ALE coverage even before the requirements of HB 22-1111 went into effect. For that, we are very thankful. Second, our request for this extension is completely in the spirit of HB 22-1111 and the support that legislation received at the legislature.
As we have done in the past, we will be surveying you on this request. It has been extremely helpful for the Marshall Fire survivors and all of the people in
As we all know, most Marshall fire survivors are still trying to put their lives back together. Extending ALE up to 24 months will let them rest easier as their homes and lives are rebuilt. We hope you'll join us in continuing to help the community recover and rebuild.
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Original text here: https://doi.colorado.gov/news-releases-consumer-advisories/division-of-insurance-asks-insurers-to-extend-ale-coverage-beyond
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