Home Insurance

It’s safe to say that most consumers don’t know a lot about Colorado home insurance! But when you stop to consider that your home is probably your greatest financial investment (and also your greatest financial asset), it is very apparent that you need to choose your Colorado home insurance wisely.

A home insurance policy basically covers your home and personal property in the event a disaster strikes. This can be in the form of storm damage, fire, theft, and even liability protection for accidents that can occur to someone while on your property (no one like to think of someone falling on their sidewalk or deck, but unfortunately, it does happen).

It can be rather intimidating to search through all the various Colorado home insurance companies and understand all the different types of policies available. You want to be sure you are getting all the coverage you need and expect and this means being armed with information!

For example, many people think their policies cover their loss when storms or other natural disasters strike. But the truth is many insurance companies consider coverage for earthquakes, floods, hurricanes, etc. “extra”. This means that unless you specifically have written in coverage for these occurrences, you most likely are not covered. Your policy has to include them separately and usually at an additional cost.

Additionally, you need to carefully consider the replacement cost of your personal property. Some insurance companies require you to list high value items separately, such as jewelry, artwork, antiques, etc. and have these pieces specifically named in the policy.

Remember, too, that there are some things you can do personally to prevent loss and minimize damages. These include installing and maintaining smoke alarms, installing a security system, keeping your home and yard free of debris, and placing fire extinguishers throughout your home. Just these small steps can make a big difference in lowering your Colorado home insurance premiums!

When you have decided what type of policy is right for you, contact insuranceUSA.com for reliable, affordable quotes!

Choosing Your Colorado Home Insurance Policy
There are several things to keep in mind when you are choosing your Colorado home insurance policy. First of all, you need to decide if you want a monocline Colorado home insurance policy or a package Colorado home insurance policy. The monoline policy gives you just one type of Colorado home insurance coverage. For instance, monoline Colorado home insurance often only covers liability. A package Colorado home insurance policy offers several different kinds of coverage, such as property insurance as well as liability. In general, it is more economical to buy a package Colorado home insurance policy.

There are 7 different types of Colorado home insurance policies. It is important to known which one best fits you needs and requirements for a solid Colorado home insurance policy. The seven types are Colorado home insurance policies are:

1) Homeowner’s 1 (HO-1) policy: This type of Colorado home insurance policy is actually offered by very few companies because it covers such limited options. Covered by an HO1Colorado home insurance policy are fire, lightning, smoke damage, windstorm and hail, burglary and theft, explosions, glass breakage, vehicle or aircraft damage, riot and civil commotion, vandalism and malicious mischief, bodily injury, damage to the property of others, civil judgments, medical payments, personal property away and at home, and expenses if forced to live away from home for a temporary period of time.

2) Homeowner’s 2 (HO-2) policy: This covers all the items in an HO1 policy, plus falling objects, damage from the weight of ice or snow, water from plumbing problems, freezing of the pipes and plumbing, electrical damage to appliances, and rupture of water heaters and heating systems.

3) Homeowner’s 3 (HO-3) policy: This is also called a Special Form Policy and it is becoming the most used Colorado home insurance policy. This covers your home for all physical loss, except for those losses that are specifically not covered. These can include earthquake, flood and war.

4) Tenant/Cooperative Owner’s (HO-4) policy: This Colorado home insurance policy insures against damage to the contents of an apartment and against personal liability from damage suffered in the insured person’s unit.

5) Homeowner’s 5 (HO-5) policy: This Colorado home insurance policy covers everything in the HO-3 policy, plus the physical loss of personal possessions, except for those specifically mentioned.

6) Condominium Unit Owner (HO-6) policy: This Colorado home insurance policy is designed for condominium units, and includes all coverage as HO-4.

7) Homeowner’s 8 (HO-8) policy: This Colorado home insurance policy covers all the same items as HO-1, but gives cash coverage instead of replacement cost coverage. This is generally used when the replacement value of property exceeds the market value.

InsuranceUSA.com can provide you with all of the information you need to make the right choice for the Colorado home insurance policy that is right for you!

How Much Colorado Home Insurance Do you Need?
Buying Colorado home insurance is a simple matter but you may be wondering how much insurance you need.

As a rule-of-thumb, you should only buy as much insurance to cover any loss you may experience but not so much that you can’t afford the premiums. Most likely, any potential insurer will require you to get your home’s value appraised by a licensed, professional home inspector.

In addition, you will want to inventory all your possessions especially major appliances and furniture. Also, be sure to take photographs and retain receipts for future reference. Once-a-year, update your inventory to account for any new purchases or changes.

Finally, if you ever have any questions about your policy, contact your insurer for answers. As always, you can utilize InsuranceUSA.com to perform research and request a free quote!

Non-Renewals and Policy Cancellations
Once you enter your Colorado home insurance policy “term period”, it cannot be simply cancelled or not renewed. In most cases, an insurance company must provide coverage for the entire term period regardless of the risk.

However, if the policy-holder fails to pay his premiums or files a false claim, the insurer can legally cancel a policy during the term period. Also, a felony conviction will usually warrant cancellation, or if unsafe conditions exist at the property or it is altered or made uninsurable.
In most cases, once the policy term period ends, the policy-holder will continue to enjoy uninterrupted coverage. If an insurance company does decide to cancel or not renew a policy, they can do so for any legal reason so long as they provide adequate notice.

Finding Colorado Home Insurance That Meets Your Needs
Finding appropriate Colorado home insurance shouldn’t be a difficult process. It is, however, important that you make sure that any company that you consider working with is legal. To do this you can ask for a copy of their license number that is issue by the state of Colorado.

The first step in making sure that you get what you need when it comes to Colorado home insurance is to complete the questionnaire that your insurer gives you. The more information that you supply the insurer with the better an offer they will be able to make to you.

Ask around about service levels when shopping for Colorado home insurance. Service is equally as important as price when you are purchasing home insurance.

On-Line Colorado Home Insurance
Like with all important decisions that you make with regards to your home, you should shop around for the best value Colorado home insurance. Shopping on-line can make this a quick and painless process. Using a comparison site like InsuranceUSA.com also simplifies the process. While faster than filling in paper forms, it is important to remember that the information that you provide potential suppliers with is the key to your obtaining the home insurance that you need.

Don’t confuse price with quality. Often the cheapest isn’t the best. Try to find out as much as possible about any company that you are considering buying Colorado home insurance from. This will mean that you get exactly what you need.