Colorado Homeowners Insurance Made Easy

Need of Colorado car insurance and Colorado homeowners insurance? Follow these tips for the best deal on your coverage!

Obtain price quotes from a variety of Colorado car insurance companies

It pays to shop around when looking for car and homeowner insurance quotes. Colorado insurance companies may quote widely different prices from their competitors so it pays to get quotes from 4 or 5 difference insurance agencies. Need help finding Colorado insurance agencies? Ask a friend for a recommendation or see if your local mechanic has any favorites.

Research each company before you request a quote

The Internet has made it very easy to check out companies that offer car insurance in Colorado and/or Colorado home insurance before you even request a quote. It’s often true that top-ranked companies in your search results will also have good reputations, since a company’s higher search rankings often go hand in hand with happy customers. However, it’s still a good idea to check several of them out before you request a quote. Check with the Colorado or Denver Better Business Bureaus or chambers of commerce to see if there have been any complaints filed against the firms.

Bundle Colorado auto insurance and Colorado home insurance to save money

When you request quotes from the companies you choose, ask for separate auto and home insurance quotes, and then ask for bundled rates as well. In general, companies will give you lower rates when you bundle your insurance, meaning that you get policies in both home and auto insurance from the same company. Choose the lowest priced policy that still gives you the coverage you want.

Types of Colorado Liability Insurance

Those who need Colorado car insurance and Colorado homeowners insurance need to consider several different scenarios before they choose their policies. For the best and most comprehensive protection, it’s wise to consider liability insurance with both Colorado auto insurance and Colorado home insurance.

For your automobile

If you’re in an automobile accident, liability Colorado auto insurance will cover you in the event you are at fault in a car accident. In Colorado, you must have minimums of $25,000 in coverage for the injury of one person and $50,000 coverage for the injury of more than one person. You also have to carry $15,000 in coverage for property damage. These are minimums, and many experts recommend that you carry more. In Colorado, you can’t even register a vehicle, much less drive one, until you can prove that you have it insured to the minimum standards.

For your house

Although you are not legally required to have homeowners insurance in Colorado, it’s important to have because you’ll want to protect yourself in the event you have property damage from some kind of disaster and need to repair or rebuild your house or replace your possessions.

In addition, even though Colorado homeowners don’t think of it, liability coverage is also important if you’re a homeowner. That’s because if someone should slip and fall or otherwise have an accident while in your home or on your property, you can be sued for damages. It’s suggested that you carry at least $100,000 in liability coverage for your homeowners policy, although most experts recommend that you up that amount to $300,000, to be safe.

The Consequences of Not Having Colorado Car Insurance

Getting caught driving without Colorado car insurance can have very serious consequences. Colorado, and every other state, requires all vehicles and their drivers to be insured if they are responsible for causing injury or property damage to another party. Driving is a privilege and not a right and if you want to drive you need to show that you are willing to accept financial responsibility for your actions while operating a motor vehicle. Following are some of the consequences you might face if you are caught driving without insurance in Colorado.

Impound – Your car could be impounded if you are involved in an accident and have no insurance. If you are stopped for a moving violation or other infraction and have been driving without insurance for an extended period of time, your car may also be impounded.

Driver’s License Suspended – Your driver’s license may be suspended for a period of time if you do not have Colorado auto insurance. To get your license reinstated you may be required to file an SR-22 which is a rider to a standard insurance policy where the insurance company guarantees you will keep your insurance coverage in effect for a certain period of time. A second offense will result in a minimum 4 month suspension of your driving privileges and a third suspension will mean a minimum of 8 months without a valid Colorado driver’s license.

Fines – Depending upon the situation, you may be forced to pay a fine or penalty before being allowed to drive again. Generally, the more egregious you have been in neglecting to carry auto insurance, the higher the fines and penalties will be to get back in good standing and be able to legally drive in Colorado.

How to Compare Colorado Auto Insurance

An educated consumer will be much more likely to get a better deal for their money. That applies to everything from shopping for groceries, buying an airplane ticket or purchasing auto insurance. In Colorado, there are numerous companies ready, willing and able to sell you Colorado auto insurance. Just how do you know which company you should choose?

There are several important factors you should consider when comparing different Colorado auto insurance companies including the premium you will be required to pay, the history and reputation of the company and how well they handle claims.

At the top of most people’s list when comparing Colorado auto insurance policies is the amount that it will cost to insure their vehicle. All companies measure and assess risk in determining the premiums that they charge. Categories of risk might include age, sex, type of vehicle, how many miles the vehicle is driven annually, the neighborhood where the car is garaged and a number of other factors. A Denver car insurance company may assign a different amount of importance to a particular category of risk than a Boulder auto insurance company and that can affect the premium they charge to a particular individual. In addition, some insurance companies are run more efficiently and can charge lower rates while others spend heavily on advertising and have more overhead costs that they pass on to their customers. Still others simply charge more because they feel it will lead to greater profits.

Shop around and get quotes for the same coverage from a number of different Colorado insurance agencies. Do not base your decision solely on the lowest price you can find.

Make sure the Colorado car insurance company you are considering has been in business for a long time and has a good reputation of being fair and honest. No one wants to find out their policy is not worth the paper it is printed on because their insurer is less than reputable.

The best way to compare Colorado auto insurance companies is to find out about their claims payment policy. You can ask an agent specifically to explain how they handle claims or, better yet, talk to some clients and ask them about their claims experience.

How to Obtain a Colorado Insurance License

If you wish to sell insurance in the state of Colorado, you will first need to get a license permitting you to sell various types of insurance. There are several different types of licenses that an insurance agent might need or want to be able to sell a wide range of products such as life, medical, homeowner and auto insurance. Some agents specialize in just one area and only require a single license, while those that cover a broad area often will have two or more licenses.

The first step to getting a Colorado insurance license is to take a pre-license insurance education course. You will learn all of the terminology and other related information and, upon completion of the course, receive a certificate acknowledging that you successfully completed the training.

Next, you will be required to demonstrate your knowledge and proficiency of the subject matter by taking and passing a test in the particular line or lines of insurance you wish to sell. If all goes well, you will be issued a license that certifies you as an agent or producer authorized by the state of Colorado to sell one or several different lines of insurance.

There are separate requirements if you are going to sell to both individuals and businesses. For personal lines of insurance, such as selling individual homeowner policies or auto coverage to private citizens, you need one type of license. If you get a license with Property and Casualty authority, you are permitted to sell to both individuals and businesses.

So, if selling insurance in Colorado is going to be your choice of professions, be prepared for some intense study so that you will gain the knowledge and be able to pass the state exam and get your license. Once you have the license, you will need to refine your people skills so you can get them to buy insurance from you.

Getting the Right Colorado Insurance Coverage for Your Home

If you live in Colorado and you own a home, you need homeowners insurance in Colorado. Here are some things to consider to make sure you choose the right insurance coverage for your needs:

Choose the least expensive policy to meet your needs

For many people, a relatively inexpensive and basic Colorado home insurance policy will provide plenty of coverage for structural damage to the home and loss of possessions if disaster strikes, but it will provide little to none for things like expensive jewelry. Don’t pay for extra coverage unless you actually have those possessions.

Take a thorough inventory of your home

Before you choose your policy, take a thorough inventory of your home and document everything. This will give you a good idea of what you’ll need to replace in the event you do have structural damage to your home and/or loss of possessions from disaster.

Opt for replacement value coverage

If you do have a disaster, you’ll need to pay for the reconstruction/repair of your home and replacement of your possessions based upon what they’ll cost you new – more than what your possessions or home are actually currently worth. Therefore, do not base Colorado home insurance coverage on today’s value of your possessions or home, or you’ll likely find yourself without enough money to replace them.

Regularly review and revise your policy as needed

Anytime you make major purchases or significantly remodel (and therefore increase the value of) your home, revise your Colorado homeowners insurance policy. You need enough coverage to rebuild that new addition or replace that just-purchased plasma TV in the event of disaster, things an outdated policy may not cover.

Shedding Light on Colorado Car Insurance Requirements

In Colorado, drivers and owners of motorized vehicles are required to carry a minimum amount of bodily injury and property damage liability insurance. The minimum required amount of Colorado auto insurance is 25/50/15. Simply stated, if you are involved in an accident and found to be at fault, your insurance will pay up to $25,000 for any bodily injury to a single individual or up to $50,000 for all individuals injured by your actions. The policy will also pay out up to $15,000 in property damage you may have caused as a result of the accident.

While these are the minimum requirements, in today’s world an accident can result in far more financial costs than the minimum insurance requirements will cover. If you are found responsible for an accident, you can and very possibly will be held responsible for any amount of damage above the minimum coverage limits. A prudent person should have adequate liability coverage to protect their personal assets.

Mandatory car insurance in Colorado does not require you to carry Comprehensive or Collision coverage to protect your own vehicle. However, if you finance a car, the lender may require you to have this type of coverage. Comprehensive insurance covers you against such things as theft, vandalism or other damage other than collision. Collision insurance covers your car regardless of which party was at fault. If the other party was at fault, your insurance company may try to recover the repair costs from the other driver’s insurance company.

In addition to Comprehensive and Collision coverage, Colorado drivers can elect to purchase Uninsured/Underinsured coverage that protects them, their named resident relatives and any passengers in their vehicle in the event of an accident with a person who has no insurance or an inadequate amount of insurance.

Finally, another optional type of coverage is Medical Payments that pays for reasonable and necessary medical expenses for you and you covered passengers without regard to liability in an accident that causes bodily injury.

How to Understand Colorado Insurance

If you are in the market for home or auto insurance in Colorado, you may be baffled by some of the words, phrases, and information you receive. We’ll address some of these issues in a question-and-answer format.

What does “coverage” mean?

Coverage means the amount of money that will be paid in the event you file a claim. For example, if you have an automobile accident, and your coverage is listed as 25/50/15, this means you have $25,000 in bodily injury per person coverage; $50,000 in bodily injury per accident coverage, and $15,000 in property damage coverage. These figures are the state minimum amounts that you must have in Colorado, but you can opt for more coverage.

OK, I can have more. Do I have to have more?

No, as mentioned earlier, the figures quoted above are what are called “state minimum amounts”. In other words, this is all the coverage you have to have in order to meet Colorado State Insurance Laws.

Do I have to have car insurance in Colorado at all?

Yes, it is State Law in Colorado that you have to have car insurance.

What about homeowners insurance?

No, you are not required by the State of Colorado to have homeowners insurance; however, some mortgage companies may make it a requirement for as long as you are paying the mortgage.