Whenever the improvements on property which has been homesteaded are insured in favor of a person entitled to the exemption and a loss is incurred entitling such person to the insurance or a part thereof, such insurance proceeds to the amount of the exemption shall be exempt in the same manner as provided for a sale of the homesteaded property.
Source: L. 53: p. 413, � 6. CRS 53: � 77-3-9. C.R.S. 1963: � 77-3-9.