Colorado’s price for its incredible beauty is paid with the extreme weather that can affect the state any time of the year. Ice, hail, and snow in the winter, floods, winds and tornadoes in the spring and summer can damage your roof or foundation in a flash.
If you own a home in Colorado, protecting your home with a home insurance policy is important. Home insurance policies can cover damage from unexpected problems and weather-related issues. The State of Colorado does not require that you have home insurance. However, if you have a mortgage, your lender may require that you have full comprehensive coverage. Having a policy keeps your mind at ease and your home protected.
Comparing Home Insurance Rates
Reviewing your home insurance policy before you renew or purchase a new policy can help ensure that you have enough coverage. Most standard home insurance policies in Colorado cover the following.
1. Replacement or repair of your home in case of damage (intentional damage is often excluded).
2. Damage to detached garages, sheds, or similar outbuildings.
3. Damage to personal contents of your home, including furniture, electronics, clothing, and other belongings.
4. The cost of other accommodations in case you are unable to live in your home due to extreme damage (this may only be available as added coverage at an additional cost).
5. Personal liability protection in case of a lawsuit against you for injuries other people incur on your property.
6. Coverage of medical payments for people injured on your property.
Things to Consider When Purchasing Colorado Home Insurance
Colorado's unique landscape and weather are both things insurance companies take into account when quoting your policy. Your home may be at risk for tornadoes, wildfires, and severe thunderstorms.
Wildfire season in Colorado starts in the summer. These fires are unpredictable. Your home, if near a forest tree line or Colorado's Red Zone, may cause your insurance premiums to increase. Some insurance companies perform wildfire inspection risk assessments on your home.
You can figure out your risk using the risk assessment tool from the Colorado State Forestry Service. The key to protecting your property from fire is to have a protection plan in place. Make sure you pay attention to the news and radio during wildfire season if you are in the red zone, as an evacuation order may occur at any time. Take only the valuables from your home that are the most important and a copy of your insurance policy.
The eastern plains of Colorado are susceptible to severe weather. If your home is in this part of the state, your insurance provider considers this when writing your policy. Severe thunderstorms with high winds, severe hail, and tornadoes threaten this area frequently.
Snow and ice are also of concern for your home in Colorado. Snow can weigh down roofs and make tree limbs heavy. Ice can cause pipes to burst. One way you can help your home is to winterize it. Before the cold weather occurs, trim trees in your yard and check your pipes, roof, and heating system.
Frequently Asked Questions About Colorado Home Insurance
Whether you're shopping around for a new policy or ready to renew, you may have some questions about your policy. Frequently asked questions many homeowners want answers to include the following.
1. What is a peril?
Peril is a loss incurred on your property. Theft, windstorms, fire, or other severe weather cause peril.
2. What is personal property insurance on a policy?
Personal property insurance covers your property inside your home, such as your television or computer. If you have expensive jewelry or electronics, you may wish to list the full value of these items.
3. If a home has no mortgage, is home insurance required?
In order to protect your property and your interior contents, a home insurance policy is something you should buy. Without insurance, you will not have financial help to replace or repair your home after damage.
4. Do you need to insure land as well?
There is no need to insure your land, unless you are a farmer.
How to Get Great Rates on Colorado Home Insurance
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Colorado Home Insurance Resources
Colorado Department of Insurance
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