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Homeowners Insurance in Colorado

Colorado homeowners insurance is designed to help protect the state’s homeowners if they suffer any property damage due to a natural disaster. Homeowners insurance typically helps a property owner from shouldering the entire cost of repairs when his or her home is damaged or destroyed due to certain circumstances outside of the homeowner’s control. Like other types of insurance, a customer is expected to pay a recurring fee called a premium. This premium can be a monthly, quarterly or yearly rate depending on the insurance provider. Different home and property insurance policies can cover different types of damage. Certain circumstances may require a householder to have a homeowners insurance policy. Cheap homeowners insurance can be found through many insurance providers. You can learn more about these requirements, as well as what is covered under homeowners insurance in the information below.

What type of insurance is required for homeowners in Colorado?

Homeowners coverage in Colorado is not legally required of people who own homes. However, home and property insurance should be something that every homeowner should strongly consider purchasing. You should never consider yourself entirely safe from the effects of a natural disaster. Additionally, you never know when a natural disaster might strike your home. Property insurance ensures that you are financially protected in case your home is damaged or destroyed because of such a disaster. Additionally, homeowners insurance may be a requirement if you need to borrow money to purchase a home. Many banks and other lenders will not extend a mortgage loan to you if you do not purchase an insurance policy for your home. Additionally, these lenders and banks may have certain coverage requirements.

What is covered under homeowners insurance?

Most homeowners insurance policies usually only cover damage or destruction to a home as a result of a natural disaster. Different homeowners insurance companies may cover a diverse selection of damages caused by different types of natural disasters. However, most home insurance providers in Colorado typically cover the following:

  • Damage caused by wind or wind-driven rain
  • Damage caused by falling objects
  • The collapse of a home due to the weight of hail or debris
  • Damage caused by wildfire

Most homeowners insurance coverage does not include damage or destruction caused by flooding, loss of electricity or malfunctioning drain or sewer systems. Additionally, homeowners insurance policies typically are not responsible for removing trees or other debris in your property that has not directly damaged your living structure. While most Colorado homeowners insurance providers do not cover flood insurance, you can opt to purchase an additional flood insurance plan through an independent provider. There is no need to compare these flood insurance quotes, however, as the government establishes a fixed rate for this type of coverage.

Shopping for Homeowners Insurance in Colorado

The cost of Colorado home and property insurance can vary greatly form one insurance provider to the next. Homeowners insurance premium rates generally fall within the range of $800 at their lowest to as much as $4,000. Many premiums cost between $1,500 and $2,500. These figures are subject to change at any given moment, however, so you should conduct your own search to find what the current premium trends are where you live. You can get CO affordable homeowners insurance quotes in a variety of ways. The traditional way of getting home insurance quotes is to personally visit an insurance provider’s office and speak with a salesperson. This method may provide you with personal attention, but customers can sometimes be subjected to aggressive sales tactics.

Getting a homeowners insurance quote over the phone can be a feasible option if you cannot visit an office in person. However, property insurance quotes offered over the phone can sometimes be difficult to understand without seeing the written details in front of you. Obtaining an online quote for homeowners insurance coverage is typically the most efficient way to get an insurance quote, as it allows you to access the information at will and typically presents all the information clearly without you having to undergo a sales pitch. You can also compare homeowners quotes to find the best plan that meets your needs at a price that meets your budget.