Author Archives: AgentInsure

Is it required to have insurance coverage for vacant land or farms?

Although you are not normally required to have insurance coverage on vacant land, there are some good reasons to still buy it. As the owner of property that has no structures on it, you may be held liable if someone goes on your land and gets injured.

It may sound ridiculous, but if someone ignores your no trespassing sign, climbs over your fence, and falls in a hole, they can potentially sue you for the broken leg they suffered. That is not to say they will win in court, but you will still have to defend yourself. Attorney fees can add up.

Suppose you own 200 wooded acres in Colorado and allow some of your friends to go hunting on your property. Your friends will probably thank you for extending such a generous invitation and maybe even buy you a case of beer as a token of their appreciation. Usually there will be no problem and your buddies will come home with some great stories about their experience.

That is what usually happens when you invite people to hunt, fish, hike, or camp on your undeveloped property. However, there are rare occasions where someone gets hurt by falling off an ATV or getting hit on the head by a falling limb. While you would think your friends would not sue you, sometimes they do.

No one wants to spend more than they absolutely have to spend to maintain an empty lot or acres of wide-open land in the country. You already have to pay taxes on vacant land, even though you may never set foot on the property for 10 years. If your property is within city limits, you will usually have to mow the grass and maintain the vacant lot to comply with local codes.

Whether you buy acres and acres of property as an investment, or you just buy a home site where you eventually intend to build a house, it is usually a good idea to have insurance on that undeveloped property.

What coverages are available with a business insurance policy?

Business insurance comes in many different types, and the exact mix that you need depends on where you do business, the value of the equipment you do business with, and many other factors. Before you pick up business liability insurance and call it good, look at other types of commercial insurance coverage in Colorado to see if you need additional protection.

Commercial liability coverage is a good place to start with your insurance needs. This type of insurance handles claims due to employees getting injured during business hours, property damage, or damage caused by products you sell. Professional liability coverage helps with companies who offer services to others, such as accountants. It protects you from getting sued if an error or another issue comes up throughout the course of the service.

Business interruption insurance provides you with payments during a period where you are unable to continue normal activities because commercial property is damaged. The insurance company not only covers the cash flow you would get during this time, you also get overhead expenses paid for.

If you use your vehicle for commercial purposes, a personal auto insurance policy isn’t going to cut it. Commercial auto insurance is necessary when you use your car for your company, or if you have your own fleet of vehicles. In addition, if employees have their cars on your property, you may want a policy that covers liability for damage to vehicles at the workplace.

Worker’s compensation comes into play when you have employees. This commercial insurance covers payments for employees who get injured on the work site, and prevents the employees from bringing suit against your company when injuries happen.

I live in my RV full-time. What type of insurance do I need to be fully covered?

The decision to live full-time in your RV in Colorado can mean that you need to purchase a different insurance policy than the options that are available for the short-term vacation or summer plans. You may need additional coverage that is more similar to a home insurance plan than an auto policy because your risks may increase.

Full-Time Liability

Liability can be split into separate categories when it comes to living in a recreational vehicle like a mobile home. Full-time liability protection is designed to address the possible accidents that may take place when you have visitors. For example, tripping and falling may be covered in the plan.

This type of liability is similar to the protection you would obtain in a policy for a house. It addresses accidents that are not necessarily taking place on the road.

Plans for Personal Belongings

Most insurers will offer policies that protect personal belongings, whether you live full-time in your recreational vehicle or not. If you start living full-time in the RV, then you may need to add to your current protection for personal belongings.

Expenses for Emergencies

There are times when your home may end up in the shop due to an accident, a problem with the engine or other issues. Emergency expense coverage is designed to address the possible living expenses and related costs that may arise during these situations. If you live in the vehicle full-time, then you may need additional protection for those emergencies.

The type of plan that you need to address your concerns when you live full-time in a recreational vehicle can depend on your concerns. Contact us to speak to an agent to learn more about the options that are available.

I only use my motorcycle for part of the year. Do I still have to pay for full coverage?

When you are riding a motorcycle in Colorado, the weather conditions may not always be appropriate for your bike. Using your motorcycle for part of the year may mean that it does not always make sense to maintain full coverage for your insurance policy.

Minimum Standards

Even though it may not make sense to maintain full coverage, the state does have a minimum standard that you are required to maintain. The state requires some coverage for liability and injuries, so you need to make sure that your insurance complies with state laws, even if you decide that you do not want to carry coverage for additional concerns.

The minimum standards are only the foundation, so you can build on that policy to address specific concerns and problems as well.

Maintaining Full Coverage

Comprehensive coverage is not necessary for every individual, but it can be useful if you have a high-cost motorcycle or if you want to address very specific concerns. Many insurers will provide protection against theft, damage from storms and unexpected damage from situations that are not related to your driving.

Polices that provide full coverage address more than just the driving, so it may be useful if you want to protect your bike from unexpected situations like theft. Otherwise, you can opt to maintain the minimum coverage and purchase additional protection for specific concerns if you do not want to cover every situation that is addressed in a comprehensive plan.

The coverage that you must maintain is not always a comprehensive plan. In some cases, you can reduce your coverage so that it addresses your specific concerns. Contact us to talk to an agent for more details about your coverage options.

What are the different limits offered on an umbrella insurance policy?

When you are considering an umbrella insurance policy for your car, it is important to understand the limits and options that may be available. Your auto insurance and the vehicle that you own may play a role in the coverage that you need.

Limits on Your Auto Policy

Umbrella coverage may be useful, but the amount that you need can depend on your current auto insurance. For example, if you have taken your policy to the maximum limit that your insurer will allow, then you may not need a large umbrella policy. On the other hand, if you have limited coverage and worry that you may be sued if an accident occurs, then you may want to consider an umbrella policy that covers the amount that you may expect to pay in a lawsuit.

Expected Payments

You can get an umbrella policy for a variety of different amounts. For example, if you have an expensive car, then you may need a large policy to address potential legal issues if an accident occurs. An expensive car increases the risk that other drivers will assume that you can pay a larger amount. In that case, you may need more than $500,000 to $1,000,000 in protection because of potential lawsuits.

The situations that you can expect may vary, so the amount that you need depends on your assets and liabilities. The greater number of assets that you own, the more protection you need on your insurance policy.

Auto insurance is not always enough to address liability, especially if you have significant assets or own an expensive vehicle. Umbrella policies are designed to address those situations and the limits may vary based on your situation. Contact us to talk to an agent for more details.

Is there any change in the insurance policy if the property becomes unoccupied?

If you have a property that becomes unoccupied, you should get in touch with the company handling your coverage. While all companies have different sets of rules, unoccupied properties normally require a different type of coverage.

Unoccupied Property Insurance

If you are only going to be away from your home for a few weeks, you should not experience any changes to your policy. Most companies use a 60 to 90 day rule for determining if a residence is unoccupied. However, if you move out and are selling your home, you need to change your plan right away.

Unfortunately, unoccupied properties are more subject to theft, vandalism or unauthorized use. In addition, a water pipe could become broken and the damage not noticed for several days. All of these factors add to an increase in the coverage costs.

If you are selling your residence, you still need the coverage until the home officially changes hands. If your home was damaged, you would lose the equity you have built. You are also responsible if someone is injured on the premises, this makes continuing your protection important.

While the rates for an unoccupied home are normally higher, you may be able to receive discounts on your plan. You can consider raising your deductible. However, you should ask if the cost would be lower if you had a reliable person care for your residence on a weekly basis. Properties with frequent activity are less likely to be damaged by vandalism or unauthorized entry.

As your independent insurance agency, we can help you take care of your coverage needs easily. If you need to make changes, get in touch with us and we will handle the details for you. You can also use our site to get quotes online to compare different policy costs.

I was in a car accident, what are my options for getting the damage appraised?

After an auto accident, you may discover that your insurance coverage in Colorado can make the claims process a little complicated. Before your insurer will pay for the damages, the cost of repairs must be evaluated. The appraisal process may vary between insurers, but it usually involves a claims adjuster.

Appraisal by an Adjuster

A claims adjuster is a professional from the insurance company that looks at the damage to your vehicle and then determines the amount that is appropriate for the repairs. Depending on the extent of the damages and the situation, the adjuster may or may not offer an appraisal.

Some adjusters are trained to handle appraisals, which can speed up the process of getting your car repaired. On the other hand, the company may not offer funds in a complicated situation until you have multiple opinions.

Auto Repair Shops

In the case of major damage to the body or even the engine, the appraiser may require several estimates from a variety of repair and auto body shops. The estimated cost of repairs can help an appraiser determine a fair amount to pay for the damages.

Estimates can vary widely based on the shop and the location, so the actual appraisal may be an average of the different estimates. In some cases, the appraiser may determine that the car is a total loss based on the estimated cost of repairs so you will be given funds to replace your vehicle with a similar car of the same year.

The appraisal process is a necessary step of getting the funds that you need to repair your vehicle. Your insurer will determine the appropriate method to appraise the damages. Contact us to learn more about your options and speak to an agent.

My home was damaged during a burglary. Will this damage be covered?

Most people know that their homeowners insurance will cover items that are stolen from their home, up to a point, but, what’s a little more uncertain is whether other problems related to the robbery are covered. Burglaries are often violent affairs, with doors or windows being broken in, valuables being smashed and furniture being tossed around in a search for more valuables. It’s natural to wonder if all of this damage will be covered by your homeowners insurance.

The good news is that your homeowners coverage will cover most losses related to a burglary in your home, including items damaged in it. As long as your policy is current, paid for and you have an accurate record of what was in your home, you can probably expect reimbursement, less the deductible, of course. The only thing that would be likely to negate your claim would be if the insurance company somehow found you to be negligent in some way that related to the damage. For example, if you had a makeshift burglar trap that involved a tripwire that dropped your $2,000 television set on the unsuspecting burglar, damages to that television may not be covered.

Every situation is different when it comes to homeowners coverage, so if you have questions, it would be wise to discuss them with an expert. As an independent agent we can answer all of your questions about how to best protect yourself from losses from a burglary or other threats to your home. We can also help you to find the best coverage for your needs and even get you multiple quotes so that you can be sure you’re getting the best price, so call us today!

Do I need to have rental car coverage while I’m on vacation?

Planning a vacation is always exciting, but it does require some consideration for the possible situations that you may face. If you are planning to use a rental vehicle during your trip, it may be important to review your insurance policy to identify the amount of coverage that you already have available before determining if you need additional protection.

Applying Your Policy to the Rental Car

A rental car company may allow you to apply your current auto insurance policy to the vehicle that you are renting, but the details of the situation may vary. Some insurers may only allow you to cover a portion of the rental vehicle under your policy.

Review your plan to identify if you are able to apply the policy to the vehicle or if you must purchase a new plan. Insurers have different options available based on your goals.

Buying Additional Coverage

If you discover that your insurer will not allow you to apply the plan to the vehicle that you are renting, then you may need to purchase a policy that is designed for rental vehicles.

Many companies that offer rental vehicles will have a policy that you can purchase on a per-day basis. Otherwise, you may have options available through your insurer or through policies that are designed to address the needs of men and women who are going on a vacation. The best plan will depend on where you are visiting and the type of vehicle you intend to drive.

Renting a car during your vacation will require some coverage to protect the vehicle and other drivers. Depending on your current policy, it may or may not be possible to apply the plan to the rental vehicle. Contact us to speak to an agent for more details.

Why are auto insurance rates higher for younger drivers?

Colorado drivers who are under 25 may find that they will have to pay a higher premium on their auto policies than older drivers. It may not seem very fair that you are penalized in the form of higher insurance rates because you are a young driver. If you are 22 and have never been in an accident or had a speeding ticket, why should you pay more than a driver who is 35 or 45?

This is not a case of discrimination. Age plays a factor in many of the things we buy. Parents pay full price while their young children are charged less to go into the movies. Kids eat for less in many restaurants. If you are a senior citizen, you get discounts just for reaching a certain age. Young drivers may be charged more for car insurance because they fall into a higher risk group because of their age.

Age is just one factor that helps determine the amount of your premium. It makes sense that someone who has five accidents on their record, no matter their age, may be classified as a high-risk driver. It does not seem so obvious that you should automatically pay more just because you happen to be young.

Age is a factor because it is an indicator of maturity. It has been shown in numerous studies that younger people, as a group, drive more aggressively and engage in riskier driving habits than older, more mature, drivers. Only time can give you the experience you need to be a better driver. Distracted driving and using poor judgment are probably the two issues that cause most accidents.

As a young driver, you probably do not have too much experience behind the wheel. If you drive safely, avoid accidents, and don’t get any tickets, you will build a good driving record. While you may have to pay a higher premium for a year or two, that will change when you move into the next age group.