Robert Edgin, co-founder of EJC Insurance and Financial in Colorado Springs, was recently featured in a statewide news report covering an important and potentially game-changing piece of legislation: Colorado House Bill 1182.
Home insurance rates continue to climb, rising 58% from 2018 to 2023 in Colorado alone. Lawmakers have introduced HB 1182 in an effort to ease the financial burden for premiums. The bill proposes requiring insurance companies to provide transparency around how homeowners can reduce premiums through fire mitigation, wildfire and catastrophe risk models, and allow policyholders to appeal denied or dropped coverage.
In the article, Robert provided a thoughtful perspective, acknowledging the bill’s intentions while cautioning about its possible ripple effects. “My biggest concern is what the end result is for the consumers,” he said,explaining that while the bill may benefit some living in high-risk wildfire areas, it could unintentionally drive-up costs for other Colorado residents. “This may help some folks who are in any of the wildland-urban interchange areas,which is a significant number of people,” Edgin said. “But for the rest of the state of Colorado and the residents of Colorado Springs, they may find that their homeowners insurance prices actually go up in order to subsidize some of those changes that are taking place.” He also emphasized the challenges of requiring companies to share proprietary risk models, something that could limit competition and reduce business.
Robert’s insights represent how we put clients first at EJC Insurance and Financial. We will continue to speak up for your best interests and we remain committed to educating and advocating not only for our clients but for the community. To learn more about this legislation and how it could impact your insurance options, check out Robert’s full feature in the original article here: https://www.koaa.com/news/politics/new-bill-aims-to-lower-home-insurance-costs-but-industry-fears-it-could-push-insurers-out-of-colorado. Or give us a call to review your current coverage!
