Back yard water fights, the smell of moms famous lasagna, forts made out of couch cushions in the living room…these are some of the little things that make a House a Home.
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Your house is more than just an investment, it’s a place where memories are made and dreams are built. Whether you’re a first time home owner, or celebrating many happy years in your dream home, Colorado Insurance is here to help you protect the home you love and the life you’ve built.
From the lofts of Downtown Denver, to the suburban tri levels of Highlands Ranch, Colorado Insurance has a custom policy to fit all your Home Insurance needs. Because everyone’s needs are not the same, it is best to consult your agent to help assess your needs and find the insurance policy that is right for you.
Coverage for Property and Possessions
Generally, dwelling coverage is based on replacement cost, which means that in the event of a total loss, the policy will provide reimbursement, up to the policy limit, to replace the structure. Ideally, a homeowner should buy enough insurance to completely rebuild the home, known as replacement value. This figure may not be the home’s actual market value or what the owner originally paid for the home. This is especially true in a depressed or an inflated market or if the home is simply not replaceable to its condition prior to the loss. Replacement cost policies, which may pay over the policy limit to rebuild the home, may be available from your insurer. Coverage for personal property is different. Most policies provide actual cash value coverage for contents which includes depreciation, or full value contents without depreciation. Actual cash value means that if a power surge blows out a 10-year-old television set, the homeowner should know what to expect. Unlike full value contents coverage, which would essentially provide a new television set, actual cash value coverage allows the insurance company to calculate the useful life of the item and then depreciate the item to present value. A depreciated 10-year-old television set would be insured for only a fraction of its original cost. A homeowner may want to consider replacement cost coverage to be sure that the contents are adequately insured.
Home Owners Liability Coverage
Liability insurance is very important to a homeowner’s coverage because it helps protect the owner and the family from financial disaster if someone files a claim against the homeowner’s policy, sues the homeowner or if the courts hold the homeowner legally responsible for someone else’s injury or property damage. The standard liability limit for most policies is $100,000, but many people believe that additional protection is needed, especially if the homeowner has sizable assets.
Theft Off Premises
Most policies automatically insure against the loss of personal property even if that property is not on the insured premises when it is lost. If one goes to the airport with several suitcases and they are stolen, this is probably covered.
Additional Living Expenses
Another automatic benefit of which many homeowners are unaware is coverage for living expenses if the covered premises are damaged to the point of being uninhabitable. Not only should the policy pay for the cost to repair the damage to the dwelling, but it should also reimburse the homeowner for the additional expenses of living elsewhere while the repairs are being made.