The Colorado Division of Insurance published a news release announcing the creation of the Strengthen Colorado Homes program after the signing of SB26-155, following in the footsteps of other states.
The bill, along with the 2023 creation of the Colorado FAIR Plan, is part of the Department's ongoing efforts to address rising homeowners insurance costs and lack of availability.
The program will provide grants to fortify homes against hailstorms, which is the number one cost driver of homeowners insurance in the state. The Department has found that hail damage is responsible for an average increase of 26 to 54 percent in homeowners premiums.
The Department will put out a call to apply to the board in the coming weeks. The board will govern the program and includes the Insurance Commissioner and experts in home hardening.
The news release can be found here.