Colorado has adopted Regulation 5-1-26, which establishes factors and cost considerations that insurers must follow when estimating the reconstruction cost of a dwelling for new business or renewal policies.
The regulation also states that insurers must disclose certain information to new applicants and existing policyholders upon renewal. Such notice may be delivered electronically if the policyholder agrees to electronic delivery, or it can be included as a separate and distinct notice in the new policy or renewal package. This regulation becomes effective on August 30, 2024.
Please see Colorado Regulation 5-1-26 for more information.