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Homeowners Insurance Colorado
- Overview of Homeowners Insurance Colorado
- Breakdown of Coverages
- Factors That Increase Cost of Homeowners Insurance Colorado
- Ways to Save Money on Homeowners Insurance Colorado
- Colorado Home Insurance
- Different Types of Home Insurance Policies
- Find The Best Home Insurance Colorado
- Mitigating Risk and Protecting The Property
- Getting Help From An Independent Agent
- Homeowners Insurance Colorado FAQ
Overview of 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.
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Breakdown of Coverages
These are not the only coverages included on a homeowners 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 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.
One of the key parts of a CO homeowners insurance policy is the coverage of the home structure. This is the part of the insurance that compensates the homeowner in the event of any type of significant damage to the structure.
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.
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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.).
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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 community||Upgraded Plumbing|
|Smoke detector (monitored)||Home Monitoring/Security System|
|Non-smoking discount||New Home Discount|
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.
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Different Types of Home Insurance Policies
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.
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.
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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 The Property
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.
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Getting Help From An Independent Agent
In addition to creating a safer environment, it’s also important that homeowners consider talking to an independent agent about getting Homeowners insurance in Colorado. Not only will they help answer specific questions that a homeowner may have about securing their property and mitigating risk, but they’ll also be able to help homeowners compare quotes so that they don’t pay more than they have to and ensure that they don’t miss out on special coverages they may need.
It’s true that good Colorado Springs coverage is getting harder to find because of the increased risk that insurers are taking on. However, with a little perseverance and help from a knowledgeable and experienced independent agent, it is often quite possible for homeowners to get the protection they deserve at a price that works for their budget.
Homeowners Insurance Colorado FAQ
Last Updated on by Lauren Mckenzie