2022 Guide for Homeowners in Denver, Colorado
Proper homeowner’s insurance is a protection. Find out why you need homeowners insurance to protect your beautiful Denver, Colorado home and property.
Why So Many Are Calling Denver Their Home
Denver Colorado has witnessed a slow and steady population increase over the last few years adding new residents every year to the already 2.9 million that call the Denver area home. Whether it is the breathtaking views, education system or the walkable downtown area, people love Denver.
Homeowners Insurance, Why You Need It
However, with all the goodness comes one major downfall.
Denver has had some of the costliest hailstorms in Colorado history and most notably in May of this year. The May 8th storm tipped the scales at a whopping $1.4 Billion! Now, don’t let that scary stat detour you from setting up the homestead in the mile high city, the proper homeowner’s insurance can protect you from not only hail but things like burglary and fire.
For a monthly premium, homeowners insurance will pay to repair or replace your home in the event of a covered loss. What is considered a covered loss, is going to depend on the carrier and policy form. Most standard policies cover four major areas, the house itself, your “stuff,” liability coverage (injured guest), and additional living expenses.
While the policy you choose will determine the exact losses covered, all policies will cover your home in the event of a fire.
Unlike car insurance which the state of Colorado requires, you do not have to purchase homeowners insurance. However, if you have a mortgage on lenders require it as part of the loan terms. You should consider the benefits of carrying a homeowners policy even if you do not have a mortgage.
To learn more about Colorado Home Insurance, check out our buyer’s guide.
The Cost of Denver Home Insurance: Factors that determine your homeowner’s insurance rate
The real question should be what is the cost of not carrying homeowners insurance. At A Plus Insurance, we know that budgets are a priority for many Denver families. Rates vary from company to company, but there are determining factors all carriers use.
- Pets- some “aggressive” breeds will increase your rate
- Lousy credit score-insurance companies use this to see how you pay bills; a lower score could mean higher premiums.
- Location– are you in an area with lots of weather activity, this could increase your rate.
- Trampolines– insurance companies dislike them. They are prone to accidents, so if you have one, they charge for it.
- Swimming pools– same as trampolines, big risk = higher premiums.
- Fire concerns-insurance companies look at the distance from fire hydrants, fire stations and construction of your home.
- Poor maintenance– if you are not keeping up with your home, the chances for a claim are higher. Insurance companies like to see proper upkeep. For hilarious examples of what not to do and insurance companies would not cover as a claim, check out these epic repair fails.
- Weather preparations– structure built to withstand high winds? Shingles rated to reduce hail impact? These could lower rates.
- Claim frequency-insurance companies look at your claim history. Do you turn in every minor thing that happens? This will affect your premium. Be sure to discuss with an agent before filing any claims.
- Neighborhood crime– research neighborhoods before purchasing your home. Areas with a high crime rate will impact your insurance premiums. However, most companies will offer a discount for a monitored alarm.
Guide for Homeowners Insurance in Denver: Which Insurance Company to Choose?
We work with companies you may have heard of like Progressive, and Travelers to bring you the most competitive rates.
We work with companies like American Summit Insurance that you may not have heard of.
That is the beauty of choosing an independent insurance agent in Denver; we have options. We are experts at understanding what each company specialty is. Our expertise allows you to feel confident that the right company is protecting your home.
Taking the First Step
If you are moving to Denver, buying a new home or just shopping your current coverage, it can be confusing. There is a reason insurance agents are licensed to transact business. At A Plus Insurance we will be there to answer questions you may have and eliminate any concerns.
We partner with you to find the best coverage within your budget, and we will not sell you unnecessary extras. We believe in providing all Denverites with top-notch service. Our online technology makes it super easy to start a quote, ask a question or learn more about the insurance you may be looking for.
Let us be your insurance star, start your homeowners quote here.
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Last Updated on by Alexandra Vileikis