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City Council <br />Meeting Minutes <br />March 1, 2022 <br />Page 4 of 13 <br />Conway stated the complaints they are seeing now are mostly in three areas: inventory <br />requirements; contents coverage and getting paid out in a timely manner; and <br />underinsurance and rebuild estimates. The Division has asked insurance companies to <br />streamline the inventory and contents process and pay out up to 60% of the policy <br />requirements without an inventory. For under insurance there is still a lot of work to do. <br />Conway encouraged people to contact the Division if they are having problems with <br />their insurance company. <br />Chris Fuller stated his insurance carrier State Farm is not paying out quickly, why not <br />ask for companies to pay out at more than 60%. Many are already paying out higher <br />than that. He asked if any new legislation will have any actual changes in the industry. <br />Conway stated the Division asked for 60% on payouts on contents coverage because <br />that is roughly what companies have paid out over the past five years and it was a good <br />number to get companies to say yes. <br />Katherine Kuster, 671 West Pine, stated they bought their home in November and when <br />getting insurance the agent balked at the rebuild cost they were asking for. Now the <br />insurance company is offering a rebuild cost that is 1/3 of what the City is saying it will <br />cost. She asked how she fights these estimates that are so off base. <br />Conway stated the Division does know the rebuild estimates from some companies are <br />very low. He asked people to reach out to the Division to get their help on this. <br />Mark Wiranowski stated people are starting to get payouts for contents but <br />underinsurance is still a problem. He asked what information the Division needs to take <br />action. <br />Conway stated he does not know exactly what information they might get that would <br />trigger an action from his Division but they are looking at everything. <br />Christian Dino, 967 Eldorado Lane, asked if L&O can be applied to any part of the <br />rebuild that was not already brought up to code. Conway stated yes. <br />Frank & Debbie Price, 837 Trail Ridge Drive, stated their insurance company has been <br />fairly helpful, but it does appear there is a systemic problem across companies. He <br />asked if he has recourse with his company for underinsurance particularly for errors and <br />omissions. The companies are the experts and they should know what they are doing <br />not the homeowners. <br />Conway agreed there is a systemic problem that needs to be addressed. <br />