Home Insurance.

Our homes are one of our main assets, and it is important to know that they are properly insured.  Hail causes about 1 billion dollars in damage to property each year, according to the National Oceanic Atmospheric Administration (NOAA).  Furthermore, according to the National Insurance Crime Bureau, Colorado has one of the highest numbers of hail claims in the United States.  Those statistics show how important it is to make sure that your home is ready when the storms and other unpredictable events hit your home.  Although the number of claims in Colorado drives up the rates, we will work with you to look into the options to get the best coverage at a reasonable price.

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Dwelling Coverage

Also sometimes known as “Coverage A.”  Dwelling coverage is the amount that the insurance company estimates to rebuild the structure of your home.  Dwelling coverage is for anything that is attached to the structure of your home.  For example, an attached garage is usually insured, but a guest house next door will probably not be covered under dwelling coverage.  However, it can be insured under separate structures.  This part of your Homeowners policy may help to rebuild your house when a loss occurs.  It is important to have it covered at replacement cost, rather than at cash value.

Personal Property

The items that would fall out if you turned your house upside down are the items that are covered under your personal property coverage, and not under your dwelling coverage.  Your couch, your clothes, and your refrigerator are just a few of the things that would fall out if you turned your house upside down.  These items might be covered under your Homeowners policy, but the limit might not cover the actual cost for you to rebuy or replace the item.  When it comes to insuring your personal property, it is important to make sure its not covered at just cash value, but that your insurance will cover the full replacement cost.  There is extra coverage for items that are prone to theft, such as jewelry, and this is sometimes called insurance “floaters.” This extra coverage is there to cover your individual valuables with limits that exceed what your Homeowners policy can cover.

Liability Insurance

Liability insurance protects against accidents (bodily or property) that occur because of a negligent act outside of driving your car.  With the potentially icy walkways that winter in Colorado brings, it is important to have protection if someone were to slip and get hurt on your property.  This could also cover a negligent act that happens off of your property, such as accidentally breaking someone’s window with a golf ball.

Deductibles

The deductible is the amount of a claim that the home owner is responsible to pay when a covered loss happens. There are two types of deductibles; all peril and a wind and hail deductible.  These are typically two separate deductibles in Colorado.  Insurance companies will typically reward customers for holding a higher deductible.  For that reason, we typically recommend carrying the highest deductible within your budget.  This will often save customers more money in the long run by having a higher deductible.