Author Archives: AgentInsure

Is Damage from Wildfires Considered a Natural Disaster on my Homeowners Policy in Colorado?

When homeowner’s think about what is included in their policy and what is excluded, most states across the United States are in agreement about these issues, however there are some exceptions to the rule where one state may have an abundance of mudslides, or floods while others have more than their share of wildfires. It will take the help of your independent agent in Lakewood, Colorado to sort through your insurance issues.

Homeowners need to make sure that they have stated a high enough amount of money in their insurance policy to rebuild, should their home be destroyed. You, the owner and your family will need to have a place to stay while rebuilding is going on, so make sure you stated that your policy included additional living expenses for at least two years. Get knowledgeable help from us as your local Colorado independent agency in exploring your claim process in the event that you lose your home in a wildfire.

Most people do not think about a wildfire taking their home and personal possessions. Most do not even have an evacuation plan. You need to review your insurance policy at least every year. Find out what your policy covers and what is excluded while you reside in Colorado. As a rule the typical homeowner’s insurance policy covers damages from fire, wind, hails riots, explosions, water damage (not flooding), theft, cost of living elsewhere, liability on and off the property. Floods are never covered unless there is an individual flood policy.

The natural disaster exclusions from typical insurance policies are as follows: sinkholes, floods, and earthquakes, damage from large hail, hurricanes, lightening, wildfires, and Tornadoes. Homeowners who went through wildfires in Colorado are not being reimbursed by their insurance companies enough to rebuild. Insurance companies are depreciating claims and payments to those who lost their homes and possessions.

Legislators are trying to pass new criteria for those who become victim of wildfire losses. Some Lakewood residents would like to see the full face value of polices paid upfront and then there would be no depreciation and insurance holds. Most states including Colorado are requiring a full list of loss of possessions. Most agree in Colorado that there needs to be changes in how insurance claims are handled in Colorado.

What Should I Look for When Purchasing Umbrella Insurance in Lakewood, CO?

Your homeowner’s insurance and your auto insurance policies cover a variety of liability issues. However, these policies may not be able to protect you in the event of a lawsuit and a subsequent monetary judgment. If you own a small business or have significant wealth in various assets, you’ll want to protect yourself with a good umbrella policy. Having one can protect you and your assets from steep legal expenses.

Purchasing the best umbrella insurance policy can seem like a tough task, but if you know what you’re looking for in a policy, finding one that works best for your needs becomes much easier.

  • Requirements – Since it’s often utilized as a supplementary form of insurance, umbrella policies may have underlying requirements, which can include having a certain amount of coverage on your homeowner’s policy or your automobile insurance. In order to make these requirements, you may wind up paying more on these policies.
  • Coverage Amounts – Ideally, buyers should purchase at least $1 million of coverage. This will help cover most lawsuits, excess medical coverage to injured parties and extenuating damages from accidents.
  • Exclusionary language – Most policies are clear on what they don’t cover. For instance, many umbrella policies exclude high-risk activities, criminal behavior, recreational motor vehicles and damage to your own home and vehicles from their coverage. It is important to read the fine print before settling on an insurance policy.
  • Discounts – If you can find ways to reduce your overall cost, don’t hesitate to take advantage. Various ways of saving on insurance costs include consolidating existing policies with one carrier and comparing plans with different companies.

If you’re still having a hard time finding umbrella insurance in Lakewood, Colorado, you should turn to a local independent agent for expert advice.

The Costs to Rebuild my Home in its Current Location in the Event of a Total Loss in Colorado

A homeowner in Lockwood, Colorado is shopping for homeowner’s insurance, they will need to take a look into the possible future scenario and consider the worst happening in order to structure a homeowner’s policy that will cover every aspect of their home’s total loss.

Unfortunately your home has been destroyed and it was a total loss and the homeowner must rebuild. As a homeowner you will need to call your independent agent right away. If you have not received a call back within 3 days, call the insurance company directly regarding specific costs.

Generally when a home is destroyed, homeowners think that they are going to receive an amount equivalent to the replacement cost of their home for this total loss. This coverage will dictate the shortest time possible to repair or replace the home or decide on a permanent relocation of the home. There is generally a ceiling limit, which is 20 percent to about 50 percent of the house limits. For instance if your home is worth $300,000 the insurance will allow 20 percent of this amount to maybe 50 percent of living expenses. This could cover the homeowner for one to two years.

It is a wise idea for all homeowners in a risky location such as Colorado and a location such as Lakewood, Colorado, to buy an extended replacement policy to cover a total loss should it occur. This policy will replace over 100 percent of the policy limits up to about 125 percent. For example, a home is insured for $300,000 with a 125 percent replacement the additional amount due to the homeowner would be $375,000. The formula for calculations would be, "300,000 x 125%=375,000 which would be the maximum dollar amount allowed."

When the homeowner in Colorado and their independent agent with a Lakewood location are trying to structure a homeowner’s policy to fit the needs of the homeowner regarding a rebuild and the costs of a new or repaired home, the homeowner should ask their independent agent it they need to include an amendment to their policy for removal of debris, an upgrade to building codes and landscaping needs, plus an extension on their policy for replacement costs.

How Combining Home and Auto Insurance Policies Can Save You Money in Lakewood, CO

Living in Lakewood, Colorado does not mean you have to spend a lot of money on your car insurance. If you look at your current insurance policy you will find that there is a section that lists out all of the discounts being applied to the premium. There is the good driver discount, good student discount and even a garaging discount that saves you money. One discount that you should be looking for is the multi-policy discount.

The Multi-policy Discount

There are several key factors that this discount has that are designed to save you money on your car policy.

  1. By combining both the auto and the home policies you will save up to 10 percent to 20 percent off your car insurance policy. Some insurance providers also may take an amount off the home policy. You will have to check with your independent agent to find out where you are saving the most money.
  2. The home part of the discount can either be a condo policy, home policy or even a renter’s policy. A home is simply where you live. Your agent will be able to help you determine which home insurance product is right for you.
  3. If you have not bought a home product because you rent and you think your rate might be too expensive, you should get a quote. Sometimes the discount of the multi-policy discount is enough to pay for the cost of a renter’s insurance policy.
  4. An important key factor to this kind of discount is that both the home and the auto policy should be listed with the same company. An agent will need to have both the home and auto in order to give you this special discount.

Reasons why Your Auto Insurance Rates Change because you Move in Colorado

Navigating the world of insurance is confusing. There are so many different types of insurance to begin with, and then the different options… even those who have a basic knowledge of the industry find it hard to understand everything. Auto insurance is no exception. One of the questions that come up again and again is “Why do insurance rates change when you move?” Learn more about why this is and what you can do to counter it.

One of the main reasons your rates may change is because you are driving more. If you live in a rural area and have a much longer commute, you may find that your rates go up for this reason. Make sure your independent agent has the right information on file with how many miles you drive each year. If you have overestimated, reducing this is a quick way to save money on your car insurance.

Another reason why insurance may cost more or less is based on the lay of the land where you are located. Those who are located in the mountains will pay a higher premium than those in an area such as Lakewood, Colorado. There are more accidents in the mountains, especially in winter, so naturally the premiums run higher.

The most important thing to remember is that you are not simply stuck paying what you are told. Contact a local independent agent and talk to them about the options available to you. Quite often working with someone like this will save you money over being stuck paying what a faceless quote program on the internet tells you. Finding the right agent is important, do your research and find someone who you feel comfortable working with on your insurance needs.

Do Homeowners in Lakewood, Colorado need to have Hazard Insurance?

Hazard insurance is the same in Lakewood, Colorado as it is across the United States for all homeowners who have purchased a home. Hazard insurance is in place for only one reason which is to protect the investment that the mortgage company has made by issuing a loan to the homeowner to purchase the home in the first place. Keep in contact with your independent agent to keep your homeowner’s policy in good standing.

Hazard insurance is one of those things included in a homeowner’s policy that is not really thought about until one’s homeowners policy expires. The mortgage company tacks on their own hazard policy to the home and then includes it in payments. This increases the homeowner’s monthly mortgage payment. This has happened to many people, and they have no idea until they get notice of a big hike in their mortgage payment.

Hazard insurance is good for one year, so if the homeowner resumes their regular policy, that will include hazard insurance, they will be paying for it again through the mortgage company. Most mortgage companies will not refund the amount of money should the homeowner pick up their own insurance.

The reason for this is that if a homeowner does not keep their insurance payments up and the policy cancels, the insurance company’s independent agent is obligated to notify the owner’s mortgage company, and they have no other option. This practice is nationwide.

All hazard insurance will cover is the replacement cost of the home if it is destroyed through any number of ways. The mortgage company wants to make sure they are going to get their money back if the home is destroyed. Hazard insurance will cover nothing else. The homeowner will have no liability coverage on the home, and no other coverage such as personal coverage and coverage of personal possessions.

If a homeowner in Lockwood, Colorado has no homeowners insurance they will need to contact an independent agent in Lockwood as soon as possible before the mortgage company adds onto your mortgage this costly insurance to payments. Your independent agent in Lockwood will take care of all your homeowner’s needs.

How to Choose the Right Renters Insurance Policy in Lakewood, Colorado

Having the right renters insurance policy in Lakewood Colorado can make the difference between being protected and having to suffer through a financial loss because of a natural disaster. A renters policy is a type of home product that gives people who rent a home the peace of mind that their personal belongings are protected. In order to have the best kind of protection there are some ways that you can know you have the best coverage for your family.

The Right Things to Know When Buying a Renters Policy

  • To get the right policy you must first know how much money it will take to replace all your belongings if you lost everything. This will take some work and calculating but the independent agent will want to know.
  • Know what company offers the best rate for your needs. This will require you to shop around for different quotes from different insurance providers.
  • Take a look at the liability amount on the product. The liability protects you from being sued by a third party. There are several levels to choose from that range from 100,000 all the way to a million in coverage. Pick which one is right for you.
  • Keep an eye out for extra discounts. You will want to make sure that you are getting every discount that you can. Ask about the military discount for people who serve in the armed forces.
  • Check to see if the policy is being quoted with replacement cost. This means that if you have a loss the provider will pay full cost to replace the item and not depreciate the value based on its age.

Having the right insurance policy is important. It will make the difference to your family if you ever have to file a claim. Take the time and speak with an independent agent to learn more about renters insurance.

What to Consider when Purchasing Commercial Coverage in Lakewood, Colorado

To ensure that each Lakewood, Colorado, business has the insurance coverage it needs in case damage or destruction occurs, it may be necessary for the business owners to purchase a type of commercial property policy. A commercial property policy can cover the losses that may occur to company property when naturally destructive events occur as well as protect business owners in the cases of vandalism or theft.

When purchasing commercial coverage in Lakewood, Colorado, business owners should evaluate their needs in order to select the appropriate commercial property coverage type and amount. An all-risk policy will cover damage caused by a variety of events other than incidents that are noted as exceptions by the policy. This is the most commonly purchased type of commercial coverage. A peril-specific policy will cover losses from only specified events, such as fire or flood. An independent insurance agent can help Lakewood business owners determine if their properties are at risk for a particular peril and recommend peril insurance coverage if appropriate.

Business owners should be aware that different levels of risk are associated with different areas even within the city of Lakewood, Colorado. Insurance providers assess each area’s risk in order to determine which insurance coverage to offer at what cost. This means businesses in different neighborhoods may pay different rates for the same coverage. If a business is located in a high crime area or an area at risk of natural disasters, it will carry a higher risk and command higher insurance rates. Consulting with an independent insurance agent who can inform business owners about the risks their potential business location before they buy it can help owners make good decisions about purchasing property. Once they own a property, an insurance agent can still help them by recommending suitable coverage as well as suggesting ways for the owners to reduce their risks and save money.

How Can I find the Best Insurance Quotes Online with Multiple Carriers in Lakewood, Colorado?

Getting the best insurance quotes online from multiple carriers requires gathering and evaluating information. Websites that aggregate quotes to display information from multiple providers can be a good starting point for some shoppers. At these sites, users are asked to enter some personal information and information about the type of policy they are seeking. The site’s search engine then collects and displays quotes from multiple providers. Receiving a set of quotes from such a site allows shoppers to view a list of providers that offers their type of plan and gives them an idea of the costs associated with each. However, the usefulness of this information can be limited as not all insurance providers will show up in these search results, and it’s possible that not all relevant information related to the person to be insured will be factored into the quotes. For example, search results may not take the persons location into account. Although this type of online search can have its limitations, it provides a starting point for researching an insurance purchase.

After gathering quotes multiple providers in one easy step, the next step is to evaluate each offer and investigate the providers further. Visiting the websites of the providers, getting direct quotes from them, and inquiring about discounts can follow. Researching the policy and provider to discover their record of customer satisfaction can also be essential before committing to an insurance purchase.

Using the online tools available to them, many shoppers discover and purchase insurance policies that meet their needs. But conducting research can be time consuming, and some opportunities may not show up in search results. Consulting with an independant agent who can use his insurance quoting software to gather the information can streamline your search and garner the best results. In particular, consulting with a local insurance agent can help you get results tailored to you and your Lakewood, Colorado, location. Finally, the insurance agent will be able to identify reliable providers and suitable policies at a glance and make recommendations that lead to good buying decisions.

What Is the Best Home Insurance Coverage for New Homeowners in Lakewood, CO?

New Homeowners in the Lakewood, Colorado and surrounding areas will discover they may have to deal with many environmental issues such as earthquakes, wildfires, floods and hurricanes; the homeowner is going to pay more than the average homeowner. They will need an independent agent to help them sort thorough issues covering their unique needs.

Clients who reside in this area will have to do a lot of shopping and comparison of insurance rates in order to find the best rate for them. The internet offers a homeowners insurance network in Lakewood, where the process has been streamlined to help homeowners find the best rates for their unique needs in a homeowner’s policy. The homeowner will need to remember that the best rate is not necessarily the best policy that will fit them.

Homeowners will need to pick an insurance policy that will fit their specific needs. There are many things to decide upon when considering a policy. Be sure to get the best out of your policy for the least amount of money.

A typical homeowners insurance policy will cover damages done through episodic events such as, fire, explosions, smoke damage, lightning, vandals, theft of possessions including check and illegal use, use of stolen credit cards, objects falling on the home and causing damage, weather related issues such as ice, rain, snow, sleet, and wind, riot damage, volcanoes, plumbing mishaps due to frozen pipes, bursting of plumbing and hot water heater causing water damage, heating malfunction and power surges.

Also, possibly covered depending on the policy, is food spoilage, replacement of door locks, removing debris and temporary repairs. A homeowner may or may not have to add these into their policy, find out from your independent agent.

The best homeowner’s coverage for residents in and around Lakewood, Colorado include all of the above plus they will need to speak with their independent agent to make sure their home is covered in the event of a wildfire, earthquake, and hurricane.

Homeowners need to read all of their policy word for word and understand what they are buying, so that when they need specific coverage’s there will be no surprises when they find out they had no coverage on a specific claim.