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Colorado Homeowners Insurance

If you are interested in buying a house in Colorado, homeowners insurance is something you need to budget for. This may well be the largest purchase you are ever going to make, and you want to make sure that you have adequate coverage before you buy homeowners insurance in Colorado. Here are some things you need to keep in mind when you are looking for CO homeowners insurance.

Determine How Much Colorado Homeowners Insurance Coverage You Need

You are much more likely to be underinsured than to have too much homeowners insurance coverage. Your agent can help you to determine the best level of coverage for your specific situation. Keep in mind that you need sufficient insurance to pay the cost of replacing your home and your personal possessions if they are destroyed.

How To Lower Premiums On Your Colorado Homeowners Insurance Coverage

There are a few things you can do to get a lower premium when you buy homeowners insurance in Colorado:

  1. Get A Higher Deductible: When you increase the amount of your deductible, you are rewarded with lower premiums on your homeowners insurance.

  2. Update Your Plumbing And Electrical System: Living in an older home may give you a certain ambiance, but you will pay more in homeowners insurance for it. You can lower your insurance costs by modernizing the plumbing and wiring in your home. Having the heating system updated is another good strategy that will result in lower insurance costs.

  3. Install An Alarm System Or Update Locks: When you install dead bolt locks on your doors and/or an alarm system, you make your home more secure. Insurance companies evaluate the risk of your making a claim when they quote you a price for your Colorado homeowners insurance, and these steps reduce the likelihood that you will be the victim of theft.

Your Credit Rating And Colorado Homeowners Insurance Coverage

When you are shopping for homeowners insurance coverage in CO, you need to understand that your credit rating does have a bearing on the premiums you will pay. Check your own credit rating regularly and if any errors appear on it, take the necessary steps to correct them promptly.

Making a point of paying your bills on time is another good strategy for keeping a good credit rating. Your insurance agent is obligated to inform you if your credit history is having a negative effect on the rate you are being quoted.

Review Your Colorado Homeowners Insurance At Least Annually

Since your homeowners insurance needs will change over time, you should take the time to review your policy at least once a year (some experts recommend reviewing your HO policy every 6 months). Check it for the following items:

  1. Given that your home increases in value each year, does your coverage reflect this fact? If the policy does not automatically raise your coverage automatically, then ask your insurance agent to increase your coverage.
  2. Have you bought any big ticket items (big screen television, digital camera, jewelry, furs) in the past year? If so, you will need to find out whether you need to have them insured separately or whether they are included under your existing CO homeowners insurance.
  3. How much liability coverage does your homeowners insurance in Colorado have? With the cost of medical treatments increasing over time, you may need to look at carrying $1 million in liability coverage or more.

Check Your Home's History Before Buying Colorado Homeowners Insurance

Taking the time to order a report from the Comprehensive Loss Underwriting Exchange (CLUE) can save you money in the long run. It will give you an idea of the problems that previous property owners had by listing the insurance claims made for that property. The CLUE report is not meant to replace an inspection conducted by a qualified home inspector; if you are interested in buying a home, you should still have that done.

Buy Separate Earthquake And Flood Coverage With Your Colorado Homeowners Insurance Policy

Damage caused by earthquake and flooding is not covered under a basic Colorado homeowners insurance policy. You will need to buy a separate policy specifically to cover damage to your home caused by earthquakes. Flood insurance needs to be bought from the federal government's National Flood Insurance Program.

Compare Colorado Homeowners Insurance Quotes Now!

Now that you know what to look for when buying Colorado homeowners insurance, why not compare rates from a number of different companies?

Our insurance tool is available at no cost; all you need to do is to click it at the top of the page to get started.

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