Colorado has numerous statutory protections for insured homeowners. One of the statutory protections the State of Colorado provides to insured homeowners is the Coloraodo Homeowner's Reform Act of 2013 (C.R.S. § 10-4-110.8) ("CHIRA")
Question: What protections and rights are included in CHIRA?
- In the event of a total loss your insurer must offer you a minimum of 30% of your contents limits without making you submit a detailed itemized inventory list.
- All endorsements, disclosure forms, and policies must not exceed the 10th grade reading level.
- The insurer must consider an estimate from a licensed contractor or architect submitted by you, (the policyholder) as the basis for establishing the replacement cost of a dwelling.
- The insurer must give you an electronic or paper copy of the entire policy including the declarations page and any endorsements within 3 business days after a loss, and upon your request, a “certified copy” within 30 days.
- The insurer must make available to you the methodology used for depreciating the value of your personal property.
- You will have at least a full year after a total loss to submit an inventory of lost or damaged property.
- You will have a minimum of 365 days after you use up your Additional Living Expense benefits to replace property and recoup depreciation by collecting full replacement value.