homeowners insurance colorado

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Homeowners Insurance Colorado

Important Information You Need To Know If You Own A House In Colorado

Auto Insurance, Now in 34 states!

Homeowners Insurance Colorado

Important Information You Need To Know If You Own A House In Colorado

Overview of Homeowners Insurance Colorado

homeowners insurance colorado
homeowners insurance colorado

Many Colorado home buyers are especially concerned about having adequate homeowners insurance in Colorado before the harsh winter weather sets in.

After all, the state is home to a whole host of beautiful mountains that frequently feature fairly treacherous weather conditions. Ice, snow, and weather damage to homes and businesses may be common during the worst of the winter weather, so being prepared is truly essential for any home buyer and homeowner. Below, the most important parts of any homeowner insurance policy in the state of CO are discussed.

Cheap Homeowners Insurance Colorado: Breakdown of Coverages

These are not the only coverages included on a homeowners insurance Colorado policy. Just the ones we found particular useful to note for Colorado Homeowners. If you would like to know more about the other parts of a Colorado Homeowners Insurance policy, view this page.

homeowners insurance colorado
homeowners insurance colorado

Liability Coverage

Homeowners insurance most always include liability coverage. Liability coverage is actually required by the majority of mortgage lenders, and it is simply a smart bet for any homeowner who wants to make sure that they are protected from legal actions.

When any individual sets foot on the homeowner’s property, they could potentially be at risk for injury. If a person sustains an injury they are highly likely to hold the owner of the house responsible for all their financial damages.

These damages typically include missed time at work, doctor bills, hospital bills, and sometimes even emotional damages. The liability part of a homeowners policy will cover this so it won’t have to be paid entirely by the owner of the house.

Dwelling Covera

The exact coverage will vary by policy, but Colorado policies typically have extensive coverage for weather damage. For example, winter storms can cause high levels of damage to the roof of the home. The weight of ice and snow can even cause the roof to collapse or to start leaking. Homeowners coverage should pay for the necessary repairs that will get the home in fully functional order again.

The home structure coverage also includes other damages, the kind that is not caused by weather or other natural disasters. For example, if vandals throw rocks through the windows or spray paint graffiti on the side of the house, this kind of damage would generally be covered. In the unlikely event that an airplane flying overhead were to drop debris that lands on the house, this would usually be covered as well.

Personal Property Coverage

The house structure may be a homeowner’s main investment, but don’t forget about everything that is kept inside the house. All of a family’s possessions can amount to significant value, and that value gets protection from the homeowner’s policy.

This part of the policy will usually cover virtually everything that is kept inside the home. Furniture, electronics, clothing, and even many collectibles are included in the coverage.

Be aware that most homeowners insurance policies in Colorado do have a limited amount of coverage for high-end things like fur coats, highly valuable antiques, and cash. If extra coverage is needed, you can add a policy rider that will allow for the full coverage desired.

Why has Homeowners Insurance Gone Up in Colorado?

In Colorado, homeowners insurance premiums have risen due to several key factors that impact risk and costs for insurers and policyholders alike. One significant contributor is the state’s vulnerability to natural disasters, particularly wildfires and hailstorms. With the increasing frequency and severity of these events, insurance companies face greater financial risks, necessitating adjustments in premiums to maintain profitability and ensure coverage availability. Moreover, Colorado’s rapid population growth and urban development in high-risk areas have heightened insurance costs, as densely populated areas are more susceptible to property damage and higher claim frequencies. Additionally, escalating construction costs and the need for enhanced building materials and infrastructure to withstand natural disasters further drive up insurance premiums in the state. By understanding the underlying reasons for these increases, homeowners in Colorado can better navigate their insurance options and ensure adequate protection for their properties and belongings.

Cheap Homeowners Insurance Colorado

Factors That Increase Cost of Homeowners Insurance Colorado

Insurance rates are going up.  Many factors are contributing to the increase in rates.  One being, Forest fires, (Waldo Canyon, Black Forest, High Park, East Peak fire, and much more) forest fires cause homeowner premiums to increase, not just because of the damage and losses they have caused, but because insurance company underwriters and actuators get “scared” of ensuring Colorado homes. 

Some company underwriters that insure in Colorado have never stepped foot in the state.  Some don’t adequately understand our geography.  Is every home in Rocky Mountain region in a dense forest?  No of course not. 

Colorado quite possibly has one of the most geographically varied and most difficult states to underwrite for homeowners insurance.  To use another state as an example the gulf coast city of Houston, huge risk of damage from hurricanes. Dallas not so much.  Aspen and Pueblo, are about as far apart in terms of homeowners insurance underwriting as Houston and Dallas.  Thus, you need an agent who can choose a home insurance company that can properly rate and understand your risks.

In addition to the recent forest fires, other factors affecting Home insurance rates in Colorado are Colorado’s severe hail, snowfall, and recent floods (largely caused by the forest fire removing vegetation.). 

Cheap Homeowners Insurance Colorado

Ways to Save Money on Homeowners Insurance Colorado

I know all Bad news, for Colorado Homeowners. Well, the good news is we can help.  Our agents can find you the right company that understands our beautiful state’s unique circumstances.  We can help protect what is likely your single largest financial investment, your home.  Now there are circumstances where we can’t help you with one of our companies.  If that is the case we are not afraid to point you in the right direction to help you find the best homeowners agent in Colorado for your needs.

Discounts Available for Homeowners Insurance Colorado

Gated communityUpgraded Plumbing
Smoke detector (monitored)Home Monitoring/Security System
EFTMarried Discount
Non-smoking discountNew Home Discount
Upgraded roofBundling
Cheap Homeowners Insurance Colorado

Homeowners Insurance Colorado: Bundling Options

Auto RV
Boat Life/Health
Travel Commercial/Business
Motorcycle Umbrella
Best Home Insurance Colorado

Colorado Home Insurance

Purchasing your home and ensuring that it is protected is one of the most important decisions in your lifetime.  It is typically one of the most expensive purchases you will ever make.  Being a homeowner in Colorado can open up many doors including discounts for insurance as well.  These discounts include homeowners discount and a possible multiple policy discount, which is often referred to as a “Bundling” discount.

When shopping for Colorado home insurance you will need to answer some basic information concerning the home.  Some of the information includes, but is not limited to, the location address, finished square footage on the home, type of roof the house has, and the outside material that covers the house.  

Best Home Insurance Colorado

There are two types of home insurance policies.

Homeowners Policies & Dwelling Policies

Homeowners Policies insurance covers the structure, contents, and gives the own liability coverage.

Dwelling Policies on the other hand only insure the structure and very few contents. These types of policies are typically meant for properties that are leased or rented.

It is important to understand that some policies do have limitations within the homeowner’s insurance Colorado Springs policies where personal vehicles such as ATV’s, motorcycles, boats, etc. are not considered to be protected in the personal contents section.  These items would need to be covered under a separate policy for that particular personal use vehicle.

Many people wonder what homeowners covers.  Some of the most common perils include fire, wind, hail, freezing, and water damage.  Please note, water damage is not the same as flood coverage.  Flood coverage (water coming into the house from outside) needs to be covered under a separate policy.  Water damage does cover damage from say a broken pipe within the home. 

When shopping for home insurance policies, it is important to ask questions to make sure you are getting the coverage that you need. Colorado Springs can be complex and confusing, especially if you are a new home buyer. 

How to Find The Best Home Insurance Colorado

When considering the largest and most significant investments that a person will ever make in their lifetime, a home should definitely top the list. Homes are not only an expensive purchase, but they are what keep individuals and family safe, allowing them to create a comforting environment away from the dangers of the world. For that reason, it’s vital that those who have just bought a house also purchase an insurance policy that goes above and beyond what may be required by their mortgage lender. 

Get your home insurance quote Here.

Unfortunately, finding affordable Home coverage in Colorado is getting more difficult. According to Insurance Journal, years of wildfires and hailstorms coupled with the requirements of the Homeowners Reform Act are finally starting to take their toll as insured losses total more than a billion dollars. Because of these threats, many people are getting frustrated with the process of finding coverage that is both comprehensive and affordable.

For those who feel like they have no idea where to begin, read on for a few pointers that will help homeowners get started with finding a policy that suits them.

Homeowners Insurance Colorado

Mitigating Risk and Protecting Your Home with Your Colorado Insurance

Carole Walker of the Rocky Mountain Insurance Information Association (RMIIA) has given the following advice to home insurance seekers in Colorado: “Think about the unthinkable. Then you will be better prepared to financially survive it.”

When it comes to finding suitable Homeowners coverage in Colorado Springs, a provider wants to know that the homeowner has done whatever is necessary to lessen their risk of having to file a claim because of wildfire or hail damage.

Here’s just a few of the recommendations that the RMIAA makes that will mitigate wildfire damage risk and help insurers feel better about taking on a policyholder:

  • Create Defensible Space: Companies who provide Homeowners insurance want to see that homeowners have taken steps to remove flammable vegetation from around their homes and replace it with less flammable plants. The RMIIA’s recommendation is thirty to two hundred feet of defensible space depending on slope and vegetation.
  • Trees and Branches: Reduce the number of trees present in heavily wooded areas. Prune branches until they are 10 feet above ground and within the area of defensible space. Don’t allow branches to hang above the roof and remove dead leaves and needles from the yard, roof, and gutters.
  • Flammable Items: Remove woodpiles and propane gas tanks from the defensible space. Don’t have these things hanging around any flammable vegetation.
  • Roofs and Windows: Install a roof with a Class A fire classification. Metal roofs are a good idea since they are both fire and impact-resistant. Install double or triple-pane windows and reduce the size and/or number of windows that face flammable vegetation.

What does homeowners insurance in Colorado cover?

Homeowners insurance in Colorado typically covers the structure of your home, personal belongings, liability protection, and additional living expenses. It’s important to review your policy to understand specific coverage details.

How can I get the best rates for homeowners insurance in Colorado?

A Plus Insurance can help you find the best rates for homeowners insurance in Colorado. Call us at 1.888.445.2793 for personalized assistance and quotes from multiple carriers.

What factors affect homeowners insurance rates in Colorado?

Several factors can influence homeowners insurance rates in Colorado, including the location of your home, its age, the coverage amount, and your claims history. A Plus Insurance can provide guidance on managing these factors to get the best rates.

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  • Homeowners Insurance in Colorado offers coverage for homeowners in the state.
  • Learn about the different types of homeowners insurance and their benefits.
  • For more information or to get a quote, call us at 1.888.445.2793.

Last Updated on by Alexis Karapiperis

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