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Colorado Homeowners Insurance FAQ

There are several frequently asked questions (FAQ) surrounding Colorado homeowner’s insurance that are easy enough to answer.  These Colorado homeowner’s insurance FAQs are meant to help you understand the ins and outs of the insurance world, but if after reading these CO homeowner’s insurance FAQ’s and you still find yourself confused, don’t hesitate to contact your customer service representative or insurance agent that is associated with your policy.

Colorado Homeowner’s Insurance FAQ #1: What Is The “HO” ?

A common question asked when reading over policy documents or trying to purchase homeowner’s insurance in the state of Colorado is what exactly the HO of your HO-1, HO-2, etc. policy means.  It’s easy enough.  HO stands for homeowner.  All are defined by the perils or risks they cover.  HO-1 is the most standard and only covers the most basic perils (fire, lightening, etc.), HO-2 is a broader policy that covers up to 16 different perils.  The HO-3 policy covers any peril except what is specifically stated in the policy documents.

Colorado Homeowner’s Insurance FAQ #2: What Happens If I File A Claim?

Many people often wonder what processes an insurance company goes through during a claim.  This is easy enough to answer.  The first step in the claims process involves you, the insured, calling the company to report a claim.  They’ll send it off to the appropriate people who will call you and sort out the details and review loss facts and how the claim will proceed.

After that, an inspection might be needed.  If one is NOT needed, your adjuster will calculate everything and send you a check.  If an inspection IS needed, a field adjuster will contact you as soon as possible for an appointment.  After the inspection, a contractor is called and an estimate given and your adjuster will make sure the appropriate amount of money is given to you for the repair work.  Really, it’s that easy!

Colorado Homeowner’s Insurance FAQ #3: Does Filing A Claim Raise My Premium?

There is a myth surrounding the homeowner’s insurance industry in Colorado.  Many believe that filing a claim raises your premium.  It doesn’t usually.  Once your insurer reviews your history of claims and finds none, there shouldn’t be any increase to your rates.  However, if it is found out that you own a trampoline or a swimming pool that wasn’t originally in your policy, your rates will increase.

Colorado Homeowner’s Insurance FAQ #4: What If My Dog Bites Someone?

For those that have a dog that has bitten someone, this question is for you.  Many want to know if a dog bite will keep them from getting homeowner’s insurance at all.  It doesn’t automatically disqualify you from getting insurance, but it might make it extremely difficult and expensive.  In many cases, your company may exclude coverage for anything your dog does.

Colorado Homeowner’s Insurance FAQ #5: Can I Insure A Home Under Construction?

It’s obvious that those in Colorado will want to insure their homes that are in the construction phase.  The question is though, is it possible?  The answer is yes.  It’s easier than you think it is.  All you have to do is purchase a standard Colorado homeowner’s insurance policy and just tell your agent that your house is being constructed as you speak.  It really is that easy!

Colorado Homeowner’s Insurance FAQ #6: What If I Can’t Get Insurance?

Sometimes it can be hard for a person to get homeowner’s insurance in Colorado.  If you have tried everywhere and still can’t find insurance there IS something you can do.  Many states, including Colorado, have “last resort” insurers that operate under the FAIR Plan. The FAIR plan was created just for people like you who may not be able to find insurance in the private market.  You agent can help you determine if you’re eligible and point you in the right direction.  Don’t worry; it’s not a lost cause!

Colorado Homeowner’s Insurance FAQ #7: Can I Insure Someone Else’s Property?

For those philanthropists out there who are wondering if they can insure their parent’s homes for them, the answer is no.  Unless you own the property you may not insure it.  If you’re really gung-ho about paying your parent’s insurance premiums you can always request to be added to their policy and have the bill sent to you, or you can skip the formality have just have the bills sent directly to you without being on their policy.

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Now that you’ve read through the Colorado Homeowner’s Insurance FAQ’s, all you need to do is just enter your zip code into our free tool and find and compare Colorado home insurance quotes now!

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