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Homeowners Insurance Quick Links

Did You Know?

Colorado is in the
top 10 states with catastrophe-related homeowners insurance claims.

Colorado FAIR Plan

What is the FAIR Plan?

The Fair Access to Insurance Requirements (FAIR) Plan is a program designed to provide property insurance coverage for homeowners and businesses when coverage is unavailable through traditional means. HB23-1288, establishing the FAIR Plan, was passed by the legislature and then signed into law by the Governor on May 12, 2023.

Why was the FAIR Plan created?

The FAIR Plan was created to address situations where insurance companies may refuse coverage due to high-risk factors, such as the property’s location or vulnerability to certain perils such as wildfires. It ensures homeowners and businesses in Colorado have access to insurance even in areas prone to natural disasters or other risks.

What coverages will the Colorado FAIR Plan offer?

Subject to CRS 10-4-1801 through 10-4-1812, the FAIR Plan will initially offer to provide basic property insurance coverage when such coverage is not available from admitted markets.

The Plan will offer a DP1 Basic Form as an ACV policy providing coverage for the perils of Fire or Lightning; Windstorm or Hail; Explosion; Riot or Civil Commotion; Vehicles; Smoke; Volcanic Eruption; Vandalism; Malicious Mischief.  General exclusions will include Ordinance or Law; Earth Movement; Water damage; Power Failure; Neglect; War; Nuclear Hazard; Intentional Loss; and Government Action.  There will be a maximum combined coverage amount of $750,000.

The Plan will also offer basic Commercial Property Coverage with a maximum coverage amount of $5,000,000 combined property and contents coverage per location.

Coverages will be further outlined by the Board in their Articles of Association as it is developed.

Click Here to go to the Colorado FAIR Plan website

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