Any homeowner needs to make sure that they have adequate coverage on their home insurance policy, but how does that change if your home is paid off? If you are a Lakewood Colorado home owner and you have finally made that last payment on your house or condo — or if you are getting very close to paying it off and being debt free — it is definitely time to reconsider your home insurance needs. Here are some tips about dealing with home insurance when you own your home outright.

How Owning a Paid Off Home Changes Insurance Needs

When you own your home outright, you are more invested in it than you have ever been before. For most people, their home is the biggest asset that they have, and when the house or condo is paid off that asset needs to be protected more than it ever has before.

When you still owed money on your home, the focus of your insurance policy may have been to make sure that your coverage was sufficient to pay off your mortgage, and to rebuild a new home, in case the home was destroyed. However, once you own your home outright you will no longer have the concern about paying off the mortgage. This means that you could potentially lower the amount of home insurance that you carry — but it is vital that you discuss amounts with your independent agent before making any changes.

Now that you do own your home, it is especially important to be prepared for disaster, just in case. Carrying an insurance policy large enough to rebuild your home — or to buy a comparable new home for cash — should now be your top priority when it comes to home insurance. If something happens and your home is destroyed, or even if you suffer from a serious loss of property, you want to be able to pay for the problem to be rectified, and to remain debt free.

When you are ready to buy insurance for your paid off home, be sure to get comparison quotes from an independent agent that gives you all the info you need in one single place online. This gives you the opportunity to get the best price, while still having the coverage level you need!

More and more people are choosing to work from a home based business in Lakewood, Colorado. The expense of commuting to and from work adds up quickly. If you have the type of job that can be worked from home, you will need to think about the type of business insurance policy you will need. A homeowners insurance plan is probably not enough.

Your first step will be talking to independent agent who can explain the basics of home business coverage. Depending on the type of business, you will probably need coverage for inventory and personal injury. If you work as a hair stylist from home, you need to make sure you are covered if someone is injured while on your property. If you sell items over the internet or through home parties, you will need coverage for your inventory and travel. As your independent agent, we can help when choosing what type of insurance you need and how much coverage is enough. She will also be able to compare quotes from several providers to find you the best deal in Lakewood, Colorado. No one wants to spend too much on insurance protection, so compare rates before purchasing a policy.

Working from home can make life much simpler. When considering this type of business, you need to make sure you cover all of your bases including your insurance needs. Often, a regular homeowners insurance plan will not cover claims incurred from a home business. You need to make sure you have the correct coverage for possible damages or losses from your home business. An insurance policy is an investment in the future of your business. Making sure you have the best coverage will help your business become the best in town.

It’s not just nostalgia that’s driving the increase in wood burning stove installations. Thanks to rising fuel costs, many homeowners in Lakewood and other areas throughout Colorado are turning to wood burning stoves as a cheaper source of heat during the winter months. According to data from the U.S. Census Bureau, the number of households using wood-fueled heating sources rose by 34 percent between 2000 and 2010, more than other types of heating fuel.

Nevertheless, many insurance agencies are reluctant to cover wood burning stoves within their policies. This is usually due to the elevated fire risk that comes with a stove installation. You’ll want to find out if you’re covered before installing your own unit, as well as whether you can have a damaged unit replaced at minimum cost.

Is Replacement in the Cards?

A good homeowner’s insurance policy lets you supplement your current form of heating with a traditional wood burning unit. Nevertheless, there are plenty of companies that prefer their customers refrain from using these devices, usually for safety and liability concerns.

Seeing if your Colorado homeowner’s insurance policy covers wood burning stoves is as simple as reading your policy’s fine print or better still, talking to your independent agent. In many cases, your homeowner’s insurance policy will not only cover fire damage stemming from wood burning stoves, but also replace the actual damaged units, as well. Always keep in mind that replacement policies can vary between insurers

Your insurance company may want proof of certification from a professional installer that your new stove was installed properly. In addition, you’ll also want to ask your independent agent how your premiums might be altered by installing a wood stove. Fires are commonly started by flying embers landing on carpets and upholstery, so it pays to have your stove surrounded by as much tile and ceramic as possible.

Maintaining your roof in Lakewood, Colorado can save you from expensive repairs in the future. Homeowners often overlook this part of their home until there is a problem. Once the roof is damaged, you will have to spend more time and money to fix it than if you keep up with regular maintenance. You also need to make sure your homeowners insurance will cover damage caused by storms or other hazards. As an independent agent, we can compare your policy and find new quotes and rates to make sure you have the best coverage.

One easy way to maintain your roof is to check your gutters often. This is a location where leaves and debris can build up and cause water to sit in the gutter and cause mold and rot. Whether you hire someone or clean the gutters yourself, this easy maintenance could save you a lot of money.

Another maintenance tip is to check your roof for loose shingles or tree limbs hanging over your roof. Trees can cause damage by puncturing your roofing material and causing a leak. Do not wait for a big storm to break off limbs and possibly cause extensive damage.

Homeowners insurance is important to take care of your home in the event of a storm or other hazard. Speak with an independent agent, we will help you understand what is covered and what is not covered on your plan. You will need to make sure your roof and other structures of your home have adequate protection in the event of a storm. Even if you keep up with the maintenance on your roof, a big wind or a heavy rainstorm can cause unexpected damage. With a great insurance plan, you can get your roof fixed quickly without a lot of stress and hassles.

Although Lakewood, Colorado is a safe city, you should always be prepared for a possible home burglary. There are simple tips to help prevent thieves from targeting your home and disrupting your life. You also need to make sure your homeowners insurance will cover any possible losses. As an independent agent, we will compare quotes and rates will help make great insurance affordable.

First, always lock your doors and windows when you are away from home. This may seem like a simple tip, but many people leave their house vulnerable by not checking to make sure doors are locked, especially the dead bolt. This is one of the easiest ways for preventing a burglary.

Second, install motion activated light in the front and back of your home. Often, if a burglar is looking at your home, when bright lights come on he will move to an easier location.

Third, check into a home security system. Many of these programs are affordable and will alert you and a security company if there is something going on at your home. This will also alert emergency personnel if there is a fire at the house. Installing a security system may also earn you a discount on your homeowners insurance policy.

Remember, safety is a number one priority. No matter how prepared you think you are, there is a possibility your home could be broken into. When you speak with an independent agent about your homeowners insurance, make sure you have the coverage you need. If you have not inventoried your household belongings, you should do this as soon as possible. You may even want to take pictures or video and store the information off site in the event you need to make a claim.

If you have homeowner’s insurance, one of the things you want to be covered for is vandalism and damage to your home or property. If your neighbor is removing his snow by plowing it over onto your property, that could cause some damage to your lawn, your driveway, and anything you have in those areas. Some states, like Colorado don’t allow people to plow their snow onto the property of other people. It’s illegal, and it should be reported if you see it happening. In the meantime, make sure you’re covered for any damage that a neighbor might cause by plowing snow over onto your property.

To make sure you have proper coverage in the meantime, talk to your independent agent in Lakewood about what you already have and what you need. That way, you’ll be sure to be covered for any damage that might occur from someone else’s improper snow removal. If you have any questions about what, exactly, will be covered, your independent agent should be the one you ask. Don’t just assume, because that can cause you problems in the future.

Insurance coverage is an important part of being a responsible homeowner, and even if your neighbors aren’t doing the right thing you want to make sure you stay protected and don’t do anything that could get you into trouble. If you see that someone is plowing snow onto your property from theirs you can call and report them. The next call you make should be to your insurance agent in Lakewood to make sure you’re covered for any damages. If you’re not covered, go ahead and get coverage at that time so you’ll be protected in the future. Then you can document any damage that’s already happened for a police report and document future damage for your insurance company.