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Colorado Home Insurance FAQs

What does it mean if my policy has a 1% wind and hail deductible?
The percent deductible is based on the insured value of the dwelling. For example: A home insured for $245,000 with a 1% wind and hail deductible would have a $2450.00 deductible. Remember- every year the insurance value goes up on the dwelling, so does that deductible. Most policies have a separate deductible for all other covered losses. Make sure you read the fine print to see what you have.

Are all homeowner insurance policies same?
No. Beware of standard homeowners policies which cover only named perils. Its a terrible time to find out you were sold a cut rate policy when your pipes froze and flood your home causing thousands of dollars of damage - and no coverage.

What's the difference between a homeowners and landlords policy?
A landlord policy is specifically designed for the type of exposure needed when you own a tenant occupied home. The coverage is emphasized on the dwelling and for unique losses such as lost rent with minimal if any contents coverage.
Homeowners of course is for owner occupied homes with a balance of coverage for the dwelling and contents.

Why do I need liability insurance on my policy?
It is always wise to protect yourself against lawsuits. One slip on your sidewalk could cost you your property if you are not properly insured. Lawyers can be very creative in a lawsuit. Have the right coverage and let your insurance company worry about it for you.

Will my insurance be dropped if I file a claim?
Ask you insurance agent or broker what their experience is with the company they offer. With the magnitude of natural disasters and fires that have besieged the insurance companies of late, even long term customers can be at risk. Ask if any kind of renewal guarantee is offered. Usually it take more than one claim in a 3 year period to be dropped.

What type of insurance do Landlords need?
In Colorado, landlords should get protection on your rental insurance policy that provides for lost rent in the event of an insurable loss also liability and dwelling coverage for damaged property and injury. For this, make sure you are paying a fair rate, in many cases, landlord insurance rates can be reduced.

Does my HOA cover me?
Condo, townhome and town house owners often don't realize the gap in coverage that might exist if they rely solely on the coverage supplied by the HOA. The HOA provided insurance coverage will not pay for personal property or liability, and might not cover past the studs in the wall leaving the owner with a shell of a home needing tens of thousands of dollars in repairs not covered.

Visit our quote page and fill our quick online form for a free no obligation homeowners insurance quote and learn more on our Colorado home insurance guide page.

 

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