If you’re like most homeowners in Colorado, your home is your most valuable asset, and it should be protected as such. When your home is damaged or destroyed, you need your claim settled by an insurance company that understands the importance of the place you call home.
Square State Insurance can help you find the Colorado homeowners insurance that will best meet your needs and provide the most valuable combination of tailored coverage, quality service and competitive pricing.
Note: if you are looking for homeowners insurance for a rental property, or home that is un-occupied, you cannot use traditional homeowners insurance. You need a “specialty dwelling” policy which we can also help you with.
Regardless of whether you live in Denver or any other part of Colorado, homeowners insurance is one of the most important insurance policies you could ever own.
It’s important to understand that no two homeowners insurance policies are created equally. Different insurance companies offer different levels of coverage, different endorsements and riders, and different conditions and limitations.
Denver Homeowners Insurance
If you’re not using an independent agent in Denver like us, it can be hard, if not impossible to tell the difference between two homeowners insurance policies.
Whether you own or rent, insuring the place you call home can help protect you financially if you suffer a loss due to fire, theft, vandalism, or other covered events. It will also cover you in the event someone is injured while on your property and wins a legal judgment against you.
Homeowners insurance policies differ by which losses are covered, which coverage you choose, and what type of residence you own. You choose which policy is best for you, whether it’s a comprehensive policy that cover losses such as fire, hail, smoke, falling objects, vandalism and theft of personal property, or whether it’s a policy that covers only specified losses.
Common Homeowners Insurance Coverage
These are some common coverage options you will typically see on a policy:
- Dwelling — This is the portion of your policy that covers the actual structure (main house). The cost to replace your home can fluctuate from time to time based on the cost of raw material and labor, and of course, supply and demand. We’ll run a replacement cost analysis on your home to see how much it would actually cost if the worst happened and you had to rebuild.
- Other Structures — This covers any structure on your property that is not permanently attached to your house, like fencing, driveways, sidewalks, and detached buildings like sheds and garages. Usually this coverage is 10% of whatever your Dwelling limit is, but can be increased if you need more coverage.
- Personal Property — This covers all of your personal belongings like clothing, furniture, electronics, and appliances. Basically anything that would fall out of your house if you turned it upside down and shook out the contents.
- Loss of Use — This covers your living expenses if you need to live somewhere else temporarily because your primary home is uninhabitable due to a loss.
- Medical Expense —This covers medical expenses for guests if they are injured on your property, and in certain cases it also covers people who are injured off of your property. It does not cover health care costs for you or other members of your household.
- Family/Personal Liability — Personal Liability Coverage applies if someone is injured or their property is damaged and you are to blame. The coverage generally applies anywhere in the world. When choosing your liability coverage limits, consider things like how much money you make and the assets you own. Your personal liability coverage should be high enough to protect your assets if you are sued. In some situations, an Umbrella policy may be necessary to provide extra coverage.
- Scheduled Personal Property — There are some situations where you might want special coverage for valuables, or collectibles like jewelry, guns, collectibles, rugs, etc..
Every home is unique, and therefore requires a carefully crafted policy. If you’d like us to review your current policy and provide you with no obligation quotes, call our office, or head over to our quotes page to get the process started.
Colorado Insurance Tips and Coverage Options
Square State Insurance Tips for Colorado Homeowners Insurance:
- Wind/Hail claims are very common in Colorado and can be very costly if not insured properly. The first mistake some people do to save money is accept “Actual Cash Value” instead of “Replacement Cost” on their roofs. The Actual Cash Value of a roof, even fairly new, is nowhere near what it costs to replace that same roof.
- Personal Property should also be covered with “Replacement Cost” and not “Actual Cash Value”.
- Frozen Pipes can be a big problem when the weather changes. Take smart steps to avoid this situation such as removing exterior hoses, opening up cabinets to increase air flow, and if necessary letting your water run a bit.
Colorado Homeowners Coverage Options:
- Dwelling Coverage (Coverage A): covers the structure of your home. Most carriers use Replacement Cost Estimators to determine how much coverage you need. Consult with your agent to make sure you have enough coverage.
- Personal Property Coverage (Coverage C): covers your personal property. Personal property is everything you own that is not part of the structure of the house. This includes furniture, electronics, jewelry, clothing, and much more. Make sure to cover your personal property with “Replacement Cost” and not “Actual Cash Value”.
- Loss of Use (Coverage D): reimburses your additional living expenses if you have to leave your home due to a covered loss.
- Personal Liability Coverage (Coverage E): covers you for injuries and liability to others, not members of your household.
- Homeowners policies can be written in Basic Form, Broad Form, or Special Form. Ask your agent which form is best for your needs and budget.