Statute of limitations- Colorado shaun howe asked 2 months ago
Statute of limitations- Colorado

Hello- we lost our home in the Marshall Fire. The one year anniversary is approaching and a recent email sent by the city implied that there may be a one-year limit to suing your agent for underinsurance. We are severely underinsured with a new policy purchased 22 days before the fire and we have documentation that our agent used incorrect data about our home to generate our policy. We had a failed mediation with State Farm and we are continuing to try and negotiate. I do not want to miss a deadline for this type of lawsuit as I know that it will affect our leverage. I saw the information here about providing a letter to your insurance company about deadlines for lawsuits and I’m wondering if something similar could be done regarding action against your agent?

Thanks

Shaun

1 Answers
Amy Bach Amy Bach Staff answered 1 month ago

Dear Shaun, While we cannot give you legal advice, and we strongly encourage you to contact an experienced policyholder attorney to be on the safe side, our understanding of Colorado law is that you have up to two years from the date you discovered you were underinsured to file a lawsuit against an agent or broker. In this UP webinar, we discussed this topic, and a Colorado policyholder attorney confirmed the two year statute of limitations. https://uphelp.org/events/deadlines-and-decisions-at-the-1-year-anniversary-4/ Good luck! Team UP