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Purpose: At the global level, disaster risk finance (DRF) is playing an increasingly prominent role in the international agendas for climate change adaptation. However, before implementing such agendas, it is essential to understand the needs and limitations of DRF in the subnational context where they need to impact. This research aims to gain insights into the perspectives of community and governmental actors in Colombia regarding DRF. Its goal is to promote the specific design of collaborative educational and technical assistance processes that consider their interests in the subject and the cultural diversity of the territories. Design/methodology/approach: To achieve this, semi-structured interviews were conducted, and the findings were organized to highlight key aspects that help to understand DRF perspectives in the Colombian context. Findings: It was found that the most significant limitations of implementing DRF include a lack of knowledge on the topic, corruption that encourages a reactive approach and the absence of economic resources. Concerns have emerged regarding the possibility of climate risk insurance becoming a profit-driven enterprise and the potential development of dependency behaviors within community groups, leading to maladaptation and moral hazard. Similarly, the implementation of DRF through foreign funds has raised concerns about the loss of territorial sovereignty and autonomy. Originality/value: This is one of the first studies that carry out this kind of research and contributes to the formulation of inclusive public policies for DRF in different contexts worldwide. [ABSTRACT FROM AUTHOR]