Legislative declaration

(1) The general assembly finds that: (a) The impacts of climate change have resulted in an increasing frequency of natural disasters in Colorado; (b) Colorado experienced three of the largest wildfires in its history in the last five years, and the 2021 Marshall fire resulted in the loss of over one thousand homes and commercial properties; (c) The growing threats posed by wildfires and other natural disasters in Colorado have put new pressure on the residential and commercial insurance markets; and (d) If homeowners and commercial property owners are unable to secure insurance coverage for the homes and properties in their communities, the lack of coverage will frustrate and erode those communities' housing and commercial property markets. (2) The general assembly declares that it is imperative to establish and make available to Colorado homeowners and commercial property owners an insurance plan that: (a) Ensures stability in the property insurance market for property located in Colorado and provides opportunity for the private insurance market to adapt to changing conditions; (b) Ensures the availability of property insurance for residents of Colorado; and (c) Complements the private market by requiring consumers to purchase coverage through the private market when possible.