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Homeowners insurance is there to provide financial protection in the event your home or personal property is damaged or there is an accident that results in an injury at your home.

The 2 MOST IMPORTANT things to consider is how much coverage you need for your home and what coverages should be included on your policy.

Understanding Your Policy

COVERAGES

COVERAGE NAME

EXAMPLE

COVERAGE A

Dwelling

The primary building on a property

COVERAGE B

Other Structures

Detached garage, sheds, fences

COVERAGE C

Personal Property

Furniture, jewelry, clothes

COVERAGE D

Loss of Use

Staying in a rental property while your home is undergoing repairs from a covered peril

COVERAGE E

Personal Liability

Coverage in the event of someone bringing a lawsuit against you at your residence

COVERAGE F

Medical Payments

Compensation in the event of injury or illness at your residence



Dwelling Coverage

The total amount of coverage you will get if your home is destroyed by a covered peril. It is important that your information is as accurate as possible on your insurance policy. This will reduce issues during a claim.


 What Coverage Do You Need?

One way to ensure maximum coverage is to inform your insurance company if your kitchen contains higher-end appliances or finishes (granite, custom cabinets, hardwood flooring, etc). Taking photos of your home can ensure you get adequately compensated in the event of a claim.

 

 


Coverages (Endorsements) to Consider:


  1. Replacement cost coverage
  2. Extended dwelling coverage
  3. Water backup coverage
  4. Loss assessment coverage, when you have an HOA


Major hail storms have become a common occurrence in Colorado.  Because of this, the age of your roof has a direct impact on your insurance costs.  Make sure the age of your roof is accurate with your insurance provider.  Also, deductibles for wind/hail damage have increased.  If you are concerned that the increase is higher than you can afford, look around to see if there is a better option.


Replacement Cost

vs.

Actual Cash Value

This can have a major impact on how much insurance coverage you have.  Read our blog post to see how it could impact you in a homeowners insurance claim.



Coverage Limits

There are coverage limits for specific personal property items on your homeowners policy.  Jewelry, rugs, art, or even computers could have a limited amount of coverage.  Additional coverage can be added to protect your valuables.


Ready to Get Your Policy?

Contact Us Today!