Many people struggle with the question of whether or not to get Colorado property insurance. While the state does not require you to hold insurance by law, certain lenders may mandate that you have a homeowners insurance policy in place before you can obtain your mortgage. Recently, serious tornados across the state have contributed to a resurfacing of the property insurance debate. In addition to fires, Colorado residents can find themselves facing other major environmental risks such as wind, hail, snow damage, and theft. These recent challenges have shed light on the importance of ensuring your home with adequate Colorado property insurance.
Colorado Property Insurance Coverage
Unlike auto insurance, Colorado property insurance is not required by law. Nevertheless, many residents of the state still choose to obtain an insurance policy to protect against a variety of environmental and industrial damages. There are multiple types of Colorado property insurance, each of which is uniquely designed to protect you, your home, and your family in specific instances in which you may be otherwise held liable.
Personal Liability Coverage
While no one expects to be held liable for an accident that occurs at their home, personal liability coverage provides a legal fail safe should the unthinkable occur. Say, for example, that a guest takes an unexpected fall down your stairs and files a lawsuit. Without personal liability coverage, you may find yourself financially responsible for compensating your guest if the court finds you did not have adequate safety measures in place. In addition to damages from injuries, personal liability coverage can also pay for medical bills that result from a visitor’s accident at your home. If someone is injured at your home and found unable to work, personal liability insurance can save you from paying for their lost wages out of your own pocket. Ultimately, personal liability coverage is a valuable part of Colorado property insurance, as it helps secure your home, ensuring that you are not held financially responsible for any accident that goes on at your property.
Personal liability coverage is built to protect you, your family, and your home from a variety of potential liabilities. Personal liability protection also extends to relatives and other home residents. For example, if your child damages a neighbor’s property, your personal liability insurance should cover it. Here at Moody Insurance, we offer easy-to-understand personal insurance policies that make protecting your home and family easy and affordable. To learn more about how personal liability coverage works, as well as its use cases, check out our blog here.
Dwelling Coverage
Dwelling coverage is a part of Colorado property insurance that can help pay for rebuilding the physical structure of your home if it is damaged in an accident or weather event. A dwelling coverage policy usually covers your home, including your garage, countertops, flooring, and built-in appliances. If your home exterior or interior is damaged by a peril like a tornado, your policy may pay to repair the damages your home sustains. Homeowners insurance policies may vary by state, and may include fire damage insurance, theft and vandalism coverage, or coverage for damage caused by ice and snow. Colorado receives more annual snowfall than almost any other state, making it especially important for Colorado homeowners to hold dwelling insurance coverage. While dwelling insurance covers damage caused by tornados, Colorado residents should be aware that their policy may not protect against damage from floods, earthquakes, sewer backups, or lack of maintenance. If you have additional questions about the extent of dwelling coverage, our team here at Moody Insurance is here to answer all your questions.
Personal Property Coverage
Personal property insurance, also referred to as contents coverage, covers the loss of personal items if they are damaged or destroyed in an accident or natural disaster. In these instances, personal property may include belongings like furniture, clothing, kitchenware or electronics. If belongings are lost or damaged due to theft or crime, personal property coverage may also cover damages in certain situations. When considering whether or not to get personal property coverage, you should be aware that your coverage may change depending on your home ownership status. For Colorado homeowners, personal property insurance extends to personal belongings. Renters, however, are not usually covered under a personal property insurance policy. While landlord insurance typically protects renters against certain risks, it does usually extend to a renter’s belongings.
Here at Moody Insurance, we understand that protecting your home, family, and property from environmental damage is of the utmost importance. For over 50 years, we’ve worked with some of the best partners in the insurance industry to bring superior coverage, guidance, and consultation to all our Colorado clients. To learn more about our personal property insurance coverage and how we can help secure your home and belongings, contact our team today.
Loss of Use Coverage
Amongst many things, the recent tornado has revealed the importance of establishing a plan in the event that your home is completely damaged by a natural disaster. tornados can cause extensive property damage, sometimes forcing Colorado residents to move and find a new permanent property. If you can’t live in your home in the aftermath of a tornado, loss of use coverage is a key form of Colorado property insurance you should consider pursuing. Loss of use coverage helps cover additional living expenses up to the your policy limit. These expenses may include hotel fees, parking fees, pet boarding costs, and even personal storage fees. Loss of use coverage is perhaps most useful when paired with additional limits coverage, insurance that covers up to 125% of your property’s value, significantly higher than the 80% that a standard policy covers.
Common Property Insurance Claims in Colorado
Severe weather of all kinds can pose a threat to homeowners across the state of Colorado. The most common causes of home insurance claims are wind, non weather water damage, hail, weather-related water damage and theft, according to recent research. Altogether, these five causes account for more than ⅔ of homeowners insurance claims. In the dry season, fire and lightning damage is also a common factor in homeowners insurance claims, with the average claim of this type totalling more than $80,000. Whether your home sustained damage from a tornado or fell victim to a lightning storm, a dedicated Colorado insurance agency can help you file a property insurance claim and receive financial compensation for damages. Here at Moody Insurance, we strongly believe in supporting local Colorado communities through partnerships and events. To learn more about how we have helped Colorado residents like you navigate property insurance complications and claims, take a peek at our various company resources.
Contact Moody Insurance Today
Recent tornados and other natural disasters have demonstrated the importance of Colorado property insurance for all homeowners and residents. The best property insurance providers offer personal property, loss of use, dwelling, and personal liability coverages in their plans to help you prepare for every possible scenario. Our team here at Moody Insurance is dedicated to helping Colorado residents protect their most valuable assets from unexpected situations of all kinds, including tornados and other natural disasters. If you or your property has been impacted by a tornado or other damaging event, Moody Insurance can help. You can call us 303-824-6600 or complete our contact form to send us an email and one of our team members will be in touch soon.
