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Colorado Insurance Blog

What is Condo Insurance And What Does It Cover?

One of the questions we receive at Integrity First Insurance is whether one needs condo insurance if they own a condo in Colorado. Purchasing a condo is the first step towards homeownership. The next step is to purchase condo insurance to protect your investment. Even if your condo comes with condo association (COA) insurance, covering common exterior damages like roofs and walls, you need an individual condo insurance policy (HO-6).

What to find out more about condo insurance? Please read on.

What does condo insurance cover?

When you purchase condo insurance from Integrity First Insurance, it will cover the below areas:

Interior coverage

Whether it’s your flooring, kitchen cabinets, fixtures, or drywall, your condo insurance should provide coverage in many case of damage from many possible causes. Ultimately, everything that is attached to your premises makes up interior coverage. It’s often referred to as “walls-in” coverage, because it covers everything from the walls inward.

Liability coverage

Whether somebody gets injured in your condo or damages someone’s property in the neighboring condos, liability insurance covers damages and medical expenses arising from these unfortunate events. Without liability coverage, you are left exposed to potential lawsuits and would be responsible for paying legal fees and judgements against you out-of-pocket. 

Personal property

Condo insurance protects your personal belongings from theft, fire, and other risks. If you opt for replacement cost protection, your insurance will have to indemnify you for goods replaced after theft or damage. Personal belongings covered by your policy include clothing, furniture, electronics, and jewelry. 

Loss assessment

It’s inexpensive yet commonly overlooked. When your COA has high deductibles on their master policy or when short of cash in their reserve account, COA places a loss assessment on each condo owner. 

Considering this optional, cost-friendly insurance could save you thousands of dollars in liability costs, medical costs, and property damage not covered by your COA master policy.

Colorado condo insurance

Do you own a condo and are unsure of the coverage you need? Please talk to Integrity First Insurance for more information. We have been serving condominium owners in Colorado and surrounding areas for many years. When you visit us, we will discuss your condo insurance needs and recommend a policy that you are comfortable with.

What Is An Auto Insurance Deductible?

An auto insurance deductible is one of the most important factors to consider when choosing coverage for your vehicle. Because your deductible will impact your monthly premium as well as the amount you’ll pay for damages after making a claim, it’s critical you choose wisely.

So, what is a deductible and how does it work? Here are some points to consider when evaluating car insurance options to decide what will work for your needs.

What Is an Auto Insurance Deductible?

An auto insurance deductible is the fixed dollar amount you’re responsible for paying as the policy holder toward the financial loss from a covered car accident. If your damages exceed your deductible, the insurance company will cover the remaining balance up to your coverage amount. You choose your deductible amount and your coverage limits, and are required to pay up to the deductible amount before your insurance company steps in to cover the rest. For example, let’s say you choose an insurance policy with a $1,000 deductible. If you’re involved in an accident and the estimated damages are $2,000, you would be responsible to pay $1,000 of a covered loss before insurance kicks in.

There are two main types of car insurance coverages that typically include deductibles:

  • Collision: This coverage helps pay for damage to your vehicle if it hits another car or object, is hit by another car, or rolls over.
  • Comprehensive: This coverage helps pay for damages to your vehicle that are not caused by a collision. Examples include theft, vandalism, glass-only damage, hitting a deer or other animal, and storm damage.

After you’ve paid your applicable deductible, your insurance will cover the cost of the damages to your vehicle, up to the limits of your policy.

How Does a Car Insurance Deductible Work?

Unlike with health insurance, your deductible is paid for each accident that you have. For example, if you get into three separate accidents during a given policy period, and you have a $500 deductible, you will pay a $500 deductible for each accident. It’s also important to note that your insurance company may only cover the cost of damages that exceed the deductible amount.

For example, if you have a $500 deductible and the damages to your car total $450, you would pay the full $450. But if the damages to your car total $1,000, you would pay your $500 deductible, and the insurance company would cover the remaining $500.

When Do You Have to Pay A Deductible?

You only pay a deductible when there are covered damages to your vehicle, not when there are damages to another person’s car. That said, it can be difficult to understand every situation in which you’ll be required to pay a deductible. Here are a few scenarios to help you understand, but be sure to check with your insurance agent to verify what your specific coverages include.

  • Another driver hits your car. If another driver is determined to be at fault for the accident, typically, their insurance company will be responsible for paying for your repairs if you file a claim with the other company. If you choose to file your claim with your insurance company, you will owe your deductible, but your insurer will likely seek reimbursement of your deductible from the other driver’s insurance company. However, if a driver hits your vehicle and both you and the other driver are determined to be at fault, then you may be responsible for paying at least a portion of your deductible if you file a claim with your own insurance company.
  • You hit another driver’s car. If you strike someone else’s vehicle and in doing so, damage your car, your insurance company typically will pay for the damages to your car, and you will be responsible for paying the deductible.
  • Your car was damaged by something other than a collision. With comprehensive coverage, if your car is damaged in a storm, fire, flood or if you strike an animal, typically your insurance company will cover the damages and — depending on your policy — you are likely to have to pay your deductible.
  • Your windshield was damaged. Generally, comprehensive coverage covers glass damage. In this case, your insurance company would pay for the cost to repair or replace your windshield. Depending on your policy, you may have to pay a deductible. Again, check with your insurance agent to confirm what your coverage will do.
  • Your vehicle was damaged in a hit-and-run. If you have collision or uninsured/underinsured motorist coverage and someone hits your car and flees the scene, you likely will be responsible for paying your deductible. This type of claim would be worth a phone call to your insurance agent for guidance on your coverage and what you may owe.
  • Your vehicle is totaled. If your insurance company determines your car is a total loss (e.g., generally, the cost of the damages exceeds the value of the vehicle), then it will typically pay for the fair market value of your car before the accident, minus your deductible.

How Does A Deductible Impact Your Car Insurance Premium?

Your deductible has an impact on your car insurance premium, so you’ll need to decide this based on your budget and perhaps several other considerations. In general, the higher the deductible you choose, the lower the premium you’ll pay. Conversely, the lower the deductible you choose, the higher the premium you’ll pay.

For example, if your current policy has a $500 deductible and you decide to increase your deductible when your policy is up for renewal, your monthly premium will likely decrease (assuming all other factors remain the same).

Here are a couple other things to consider when choosing your car insurance deductible:

  • How much of a deductible could you afford to pay? If you’re in an accident, you may need to pay your full deductible, so it’s important that it’s an amount you can afford. Consider starting an emergency fund to save up some money in case you have an accident that requires you to pay your deductible. Also, some insurance companies have minimum deductible requirements, so keep this in mind when you discuss your policy details with your insurance agent so you will know what to expect if you have a mishap with your vehicle.
  • How much is your car worth? The value of your vehicle may make a difference in what deductible makes sense for you. For the most part, the more expensive your vehicle, the more it costs to insure. That can translate into greater savings if you choose a high deductible.

Several factors affect the cost of your car insurance policy, but your deductible will have an impact on your premiums as well as on how much you’ll pay out-of-pocket for damages to your car from an accident. Before you select a policy, consider your options for your deductible. Hopefully you may never face a situation where you’ll have to pay a deductible, but it’s important that you be careful to choose a policy with a deductible that you can afford to pay.

Who Is Covered By My Auto Policy

Everyone who owns a car relies on it for so much of the normal day-to-day activities they participate in. Most people would be lost without their vehicle, from work and school to shopping and socializing.

Generally speaking, anyone that lives in your household and has a driver’s license is required to be rated on your auto policy. Your car insurance can also extend to licensed drivers who you give permission to drive your vehicle.

Auto insurance makes sure your vehicle is protected, but it also protects you and your assets with liability coverage. Almost every state requires drivers to carry basic liability insurance, and Colorado is one of them. Liability coverage helps to pay medical bills for injured people due to an accident caused by the driver of your vehicle. This is something to consider before you allow someone to drive your car. Depending on the amount of coverage you have for liability, legal action against you could be very expensive.

Coverage for your vehicle itself is optional unless you have a lease or an auto loan. Then you’ll need to carry coverage for your vehicle in the form of collision and comprehensive. Collision coverage protects your vehicle itself in the event of an accident where the driver of your vehicle is at-fault. You’ll have to pay your deductible, which is also something to consider before allowing someone else to drive your vehicle. Comprehensive coverage protects your vehicle from things other than an accident. That can include fire, hail damage, theft, and more.

Integrity First Insurance has been doing business in Colorado since 2008. We are an independent agency with a focus on integrity and education. We want our clients to trust their insurance and we offer the residents of Colorado service beyond their expectation. Our agents will be there for them in the good times and the bad. Check out our website for more information about the products we offer.

Do You Need Home Insurance in Colorado if You Don’t Have a Mortgage?

Most mortgage lenders in Colorado these days require homeowners to carry home insurance as part of their contracts. But what if you’ve paid off your home in full and don’t have a mortgage? Do you still need home insurance?

Here’s the short answer: legally, you do not need home insurance in Colorado, but there are many reasons why you’ll probably still want a policy. At Integrity First Insurance, we’re here to answer all your questions!

What Does Home Insurance Do?

While mortgage lenders may refer to home insurance as protecting their financial investment, it’s really about protecting yours as well. After all, you’ve already put a lot of time (and funds) into your home, and this goes tenfold if you’ve paid it off in full and don’t have an active mortgage. A good home insurance policy prevents you from having to pay for many potential damages to your property out of your own pocket, therefore making sure your investment is not wasted.

Does it Matter if I Live in an Urban or Rural Area?

Colorado is a very geographically diverse state, and our beautiful land is home to both rural and urban communities. Homes in both areas face different kinds of risks, and they are both still in need of home insurance as a result. Fortunately, insurance providers recognize this and offer different ranges of coverage options as a result.

How Do I Get a Policy?

When you’re ready to learn more about your home insurance coverage options, give us a call at Integrity First Insurance. We’re homeowners in Colorado ourselves, and we understand there’s no “one size fits all” policy. We’ll get to know you and your property, as well as any specific needs you have for coverage. Then, we’ll be able to present you with the policy options that fit best. Don’t wait to protect everything you’ve already invested into your home — reach out to us today!

Common Winter Commercial Insurance Risks That Colorado Business Owners Should Be Aware Of

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.

Frozen Pipes

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.

Power Outages

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.

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