Replacement Cost vs. Market Value: How much home insurance do you need?
Home values have been steadily rising in Colorado in recent years. Because of that, we’ve gotten many questions about why the dwelling limit on a home policy is lower than the market value of the home. Many homeowners are concerned when the dwelling limit is lower than the amount they could sell their home for.
An insurance company is never going to sell your home, just rebuild it. You should insure your home for the amount it would cost to rebuild your home. Not what the real estate market estimates it is worth.
Market values and rebuild costs can differ greatly. In some areas, the cost to rebuild is lower than market values. In Colorado that is due to the inflated cost of land. For example, your home may appraise for $500,000, but that includes the cost of the land. It may only cost $400,000 to rebuild the home in the event of a total loss.
How do you know if you have enough home insurance?
Continue reading “How Much Home Insurance is Enough?”
What you need to know about vacation rental property insurance
A few years ago, vacations rentals were few and far between. These days they seem to be on every other street, especially in large cities and mountain towns. Companies like Air Bnb and VRBO have exploded in popularity, and for good reason.
There are many benefits to choosing a vacation rental over a hotel. More privacy, wider location availability, and access to a kitchen are just a few perks.
Continue reading “Vacation Rental Property Insurance: What You Need to Know”
What are the benefits of bundling?
Until recently, there were countless options available for homeowners insurance in Colorado. In the past few years many carriers applied stricter underwriting guidelines. We have even seen some completely pulling their business out of the state of Colorado. Many carriers won’t write a home policy unless the car and home insurance are bundled.
Catastrophic hailstorms cause significant damage and cost a lot of money. That makes home insurance a huge risk for insurance companies in Colorado.
Insurance carriers in Colorado have been in the negative (losing money) for years now. As a result, there are very limited options when it comes to a “standalone” home policy.
There are more options available when you bundle.
Continue reading “Save Money by Bundling Your Home and Car Insurance”
Do I really need to insure my motorcycle in the winter?
It may seem like a good idea to cancel your motorcycle policy in the off-season, but it could cost you more in the long run. The same goes for boat, ATV, motorhome and snowmobile policies.
Most people only think about the risk they face while riding or boating. But there are plenty of things that can happen while your toy in storage.
If you insure your recreational vehicles year-round, you’ll be protected if something happens. Even in the off-season.
Claims that could occur while a boat, ATV, snowmobile, or motorcycle is in storage:
Continue reading “Should You Keep Your Motorcycle or Boat Insured in the Off-Season?”
Who pays the bill if you hurt someone while skiing?
Many of us in Colorado get excited after Halloween. That means the holidays are just around the corner and it’s almost ski season!
Ski season is the best time of year for some of us. But, it’s also the time of year when the liability risk skyrockets.
The roads become more treacherous when we start to see rain and snow mixed with the cold weather. Skiing or snowboarding down the slopes also presents a very real risk.
Luckily, there are some simple steps you can take to make sure you’re prepared.
Continue reading “Ski Accidents: Will Insurance Pay?”
Common Home Insurance Questions
Does my home insurance cover flooding?
Simply put, probably not.
Most homeowners policies exclude coverage for flooding. That can include a flash flood, water accumulating in a window well and seeping into the home, or anything between.
A select few carriers now offer an optional endorsement to add flood coverage. But, with most carriers the only way to get coverage for flooding is to buy a separate flood policy.
What is a deductible?
Continue reading “Home Insurance FAQs”
Sometimes a car insurance policy looks like it’s in a foreign language. And that’s just looking at the declarations page. If you try to read the actual policy to get the answers to your questions, it’s like reading gibberish. Here are some common car insurance questions answered by a licensed insurance agent.
If you don’t see your question answered, give us a call. We will gladly answer any questions you have, we’re here to help!
What can I do to lower my car insurance rates?
There are several ways you can lower your rates, but I don’t recommend lowering your coverage to save a few bucks.
One option is to increase your Comprehensive and Collision deductibles. You can also ask your agent if you’re getting all the discounts available. Another way to lower your premium is to enroll in a telematics program through your carrier.
The best long term way to get lower rates is to drive safely. A clean driving record without any accidents will get you the best rate.
Am I covered if I rent a car?
Continue reading “Car Insurance FAQs”
Integrity First Insurance provides Colorado residents with access to several different types of insurance coverage. Evaluating your insurance options can be a difficult process. That’s why Integrity First Insurance is here to assist you. We are committed to helping our clients find the coverage that they need.
Common Winter Commercial Insurance Risks
Commercial insurance helps you protect the future of your business. As a business owner in Colorado, operating the business daily can be a difficult process. That’s why commercial insurance is an asset. The policy covers your business during potential liability disputes. Your equipment is also protected if something were to happen. Workers Compensation allows you to protect the interests of your employees as well as your business. As the weather changes and starts to get colder, the likelihood of a potential disaster increases. Here is a look at some of the common insurance risks businesses face during the winter.
During harsh winters in Colorado, your business is at risk of developing frozen pipes at different parts throughout the building. Make sure that your building is fully insulated. Consider using heating cables. During closing hours, shut off the valves.
Potential Customer Injuries
As more snow starts to fall or ice builds up, the potential for one of your customers to slip and fall increases. During serious cases, a potential accident may lead to severe sprains or broken bones. In order to prevent potential liability disputes, make sure that you shovel the snow around the building and put down salt regularly. If you have cracks on the concrete outside your building, try to get those repaired before winter starts.
Make sure that you have a backup generator on hand if a power outage happens. You can add business interruption coverage to your policy.
Consult With Integrity First Insurance
Visit our website to learn more information about commercial insurance.