Due to recent wildfire activity, the State of Colorado Division of Insurance has imposed an annual “$2.00 Hazard Mitigation Fee,” on all select insurance policies that became effective after March 1st, 2022. The State of Colorado will use the fee revenue to finance the natural disaster mitigation grant program and provide local governments technical assistance on natural disaster mitigation.
At GradGuard, we realize that there are many ways you can enroll in one of our policies. Below, we explain how we’ll assess the tax for each member:
- If you have not yet paid for your policy and are set to be charged on a later date, whether you pay monthly or annually, we will add the once annual $2.00 fee to your first payment as a separate charge.
- If you are an existing GradGuard member and you currently pay for your policy each month, we will charge the annual $2.00 fee on August 1st, 2022.
- If you recently paid for a GradGuard policy and coverage starts on a later date, whether you pay monthly or annually, we will charge the once annual $2.00 fee on August 1st, 2022.