Fast tips on how to get the lowest homeowner insurance quote in Colorado. Although not among the U.S. states with the highest average insurance rates, homeowner insurance in Colorado for a condo, or mobile home, or manufactured home is certainly not cheap, with annual premiums pegged at a low of $691 to a high of $813. One of the higher rates in the nation by zip code.
Colorado homeowner insurance coverage from one company or more online from Net Quote. When insurance companies compete for your business, you get the best deal at the best price.
Protect everything you and your family own; get a free home owner insurance quote in minutes. If you are shopping for home owners insurance in Colorado, you and your family deserve to have the very best Colorado home owner insurance. Don’t be caught without it!
While Colorado state law does not require minimum coverage for homeowners, mortgage lenders, however, will not approve loans without insurance coverage.
Since they are legally still the owners of the property until the loan is paid off, requiring the homeowner to secure a policy would protect their joint interest in the property.
In order to be able to purchase the best homeowner insurance rates in Colorado, it is important to acquire a policy that offers more than the minimum coverage offered by a basic policy.
There are two general categories of residential coverage in Colorado. The first is Actual Cash Value Coverage, which is equivalent to the fair market value of the home up to a limit contracted by the policy, minus deductibles (the amount of money that the policy owner will be covering out of his/her own pocket).
Appraisal of fair market value is done by comparing the property to other homes of a similar type and then deducting the value of the land on which the home is built. The amount of Actual Cash Value Coverage is specific regardless of appreciation of the property’s value.
The second is Replacement Cost Coverage, which is more expensive than Actual Cash Coverage because the payments are more in line with the payouts expected by the homeowner, thus enabling the rebuilding or repairs of the home and/or replacement of its contents. This coverage is also minus policy deductibles.
Other coverage that homeowners could avail of at added cost include…
· Personal Property – Protects the contents of the home. Higher level coverage is available at extra cost.
· Additional Living Expense – Allows the homeowner and his/her family to maintain a normal standard of living if their home is destroyed or damaged and needs to be rebuilt or repaired.
· Flood Insurance – Best to avail of this coverage if the home is located in a flood-prone area.
· Renters Insurance – Covers loss of the rental unit and personal property due to fire. Personal Liability and Medical Payments coverage may be included.
· Condominium Insurance – Protects improves and upgrades made to the condo unit as well as personal property.
· Mobile Homes – Provides coverage for homeowners whose permanent residences are mobile homes, such as campers and trailers.
A number of residences in Colorado are located along mountainsides. Because of this precarious location, there is an ever-present danger of landslides or avalanches occurring, especially during the popular ski season.
Such is the magnitude of landslides and avalanches that property could be wiped out in mere seconds. It is advisable to check with the insurance provider in the area if there is coverage for damage caused by landslides or avalanches.
While state laws on homeowner insurance in Colorado are lax, residents should still avail of an insurance policy to protect their property. Insurance concerns are best directed to the Colorado Department of Regulatory Agencies.
Homeowner insurance in Colorado provides coverage in the event of damage to your property from theft, fire, floods, and natural disasters as well as protects you from liability for injuries or damage caused to people on your property.
The right homeowner insurance plan can help you make the best choices about this important protection for you and your family.