For any home buyer, be it first time or experienced, homeowners insurance is considered an essential part of the equation. Indeed if a home is purchased with a mortgage, homeowners insurance is a required part of the transaction that must be maintained through the life of the loan. Other homeowners acquire property via different means, be it inheritance or buying the home outright. For individuals in this circumstance, homeowners insurance is not expressly required, and they can opt out of the coverage if they so choose. The thing is anyone who decides to “opt out” of homeowners insurance, be it the coverage entirely or certain key elements of the coverage, is taking a risk by waiving this important insurance option. Let’s investigate why often it’s more expensive to skip homeowners insurance.
If you live in Colorado, the news around homeowners insurance premiums isn’t good. Most homeowners customers are seeing their rates rise again in 2018, and there are several reasons why. Colorado has been hit with some pretty severe natural disasters in the past few years including floods, forest fires, tornadoes and hail storms. It’s no secret that Colorado weather can be pretty wild, but there are other reasons why rates are rising as well. Let’s take a closer look at homeowners insurance rates rising in Colorado and what you can do about it.
It seems like a rare and often accidental occurrence – your dog bites someone else. However, dog bites rack up plenty of insurance claims each year, and much more than you’d expect. Dog bite claims are so common that they’ve risen again last year and cost almost $700 million per year now. Even if your family pet is well behaved and has no history of biting others before, sometimes the unthinkable happens and suddenly you’re liable for a dog bite. Worse yet, you may not think about a dog bite claim as part of your overall insurance plan, but pet owners should absolutely consider it as part of their overall coverage. Let’s take a closer look at how dog bite claims can impact your insurance and how you can prepare for it.
We all think of a homeowners policy as a basic precaution for anyone who owns a home. If you don’t own any items of extreme value as we talked about in Homeowners Insurance Rider – Do I Need One, then a standard policy should have you pretty much covered up to certain limits. If you need more coverage than that, you can always add umbrella insurance just in case. However we’d like to look at another circumstance where you may need extra coverage for your home. In an expensive home market like we have in Colorado right now, many homeowners are turning to remodeling their home, and the benefits are obvious. Remodeling creates more space for a growing family or entertaining guests, and in most circumstances it can improve the overall value of your home. Before you get started on your big remodel, you may want to ask the question: Do I need home remodeling insurance?
Recently we talked about How To Insure Jewelry by adding a homeowners insurance rider, but did you know there are a lot of valuable items you can insure with a homeowners insurance rider? It doesn’t have to be just homeowners policies either, you can add a rider to a renters or condo insurance policy as well. Just like jewelry, insurance riders help cover valuable items that may fall outside a typical homeowners policy. Do you have a fine work of art or a treasured instrument stored in your home? An insurance rider may be just the safeguard you need. Let’s examine why you might need a homeowners insurance rider and some of the most popular items covered by them.
A lot of considerations go into your overall homeowners insurance policy. Namely there is the cost of rebuilding your home, the estimations needed to replace your valuables and the coverage needed to protect you in a liability suit (up to a certain point). That second measure is one we sometimes take for granted. Not every item is included in those estimates, and homeowners need to keep a working inventory of their most important valuables. Jewelry ranks up there as one of those most expensive valuables that are insured, but did you know that homeowners policies cover only a portion of jewelry? The same goes for renters or condo insurance, they only cover a portion of jewelry if any at all. But there’s something important you can do to ensure you’re covered. Let’s take a closer look at the important task of insuring jewelry as part of your overall homeowners policy.
Every year homeowners explore new ways to keep their premiums low and get the best coverage options out of their policies. While some may look at bundling new or existing services, or simply raising their deductible, there are more substantial measures you can take to keep those rates low for years to come. We call it preventative homeowner measures, and they can do wonders for homeowners that want to get the most out of their insurance coverage at the lowest cost possible. All wise homeowners investigate some form of preventive homeowner measures, and each year they choose certain projects to focus on based on their budget. You too can make similar decisions that will positively impact your property. Here are some of the top preventative homeowner measures we recommend and why.
The difference between Market Value (sales price) and Replacement Cost (insurable value).
The Real Estate Market in Colorado is booming, and as a result the value of many Colorado homes is going up. New home buyers are seeing the price of the homes they buy go up as well. Homeowners insurance is an important part of the equation of buying a new home, and in a market like we’re seeing in Colorado, it can bring up some confusing situations. Today we’d like to address a common question we receive from those who just purchased a home: “Why Am I Insuring My Home For Half Of What I Just Paid?”
Homeowners insurance can be one of the most confusing policies available, but you’re not alone in navigating this important coverage option. Every new homeowner has plenty of questions about their coverage and policy details. Even customers who have had homeowners insurance for years on end still come to us with questions, which is great because there are always ways to improve your existing coverage. Whether you’re a new homeowner or a long standing customer, it’s important to get all your questions answered. We’ve selected some of the more confusing elements of homeowners insurance and posted questions and answers below. Learn more about the top homeowners insurance FAQS below.
Colorado, like many states, is full of beautiful old homes. While many homeowners in Colorado are buying new and modern homes, there are several reasons why a buyer might prefer an old home. Unique classic architecture, solid building materials like brick and quality wood, and a desirable location can all be reasons to invest in an older home. Of course maintaining and insuring an older home can offer unique challenges, but not ones that are insurmountable for homeowners. Let’s examine the unique demands of insuring an older home.