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Colorado Insurance Blog

Author: Alexa Steffes

Protect Your Home from Water and Ice Damage

Posted on by Alexa Steffes

Water and ice damage affects homeowners everywhere, but you can protect your home with the following tips.

Icicles hanging from gutter along roofline

Water damage can cause serious problems, ranging from mold and mildew to structural weakness. Between 2015 and 2019, 1 in 50 insured homes filed a water damage claim with their insurance. While it’s important to have homeowners insurance to protect your property from water damage, you can avoid these problems by taking care of your property.

Clean and Protect Your Gutters

Your home’s gutters protect your house from water damage by directing water away from your roof and foundation. Clogged gutters overflow during rainstorms and allow water to pool around the eaves and foundation, which can cause problems like soil heaving, foundation cracking, ice dams, and roof leaks.

Clean your gutters at least once annually to prevent your gutters from clogging. You may need to clean your gutters multiple times per year if your property has a lot of trees.

If your gutters need more than twice the annual cleaning, gutter guards can protect your gutters and prevent them from clogging. Trim nearby trees to remove overhanging branches that will drop leaves, sticks, and needles into the gutters.

Insulate

In 2021, many residents of Texas experienced a winter storm that froze pipes and caused ice dams. This storm was a perfect example of what happens when power outages and extremely cold temperatures co-occur. A survey of affected Texans showed that approximately 15% of impacted homeowners had frozen pipes, and countless others saw ice dams form on their roofs.

What’s an ice dam? An ice dam happens when “hot spots” on the roof cause snow to melt. The melting snow rolls down the roof to the colder eaves, where it refreezes. Eventually, the ice backs up under the shingles and into the attic itself.

How can you protect yourself? Insulation can protect your home’s pipes from cold temperatures in winter. Attic insulation also promotes even heating of the roof, which can prevent an ice dam (and thus a roof leak) from forming.

Insulate the pipes in your home with pipe insulation. Pipe insulation wraps around the pipes and protects them from below-freezing temperatures. You can find pipe insulation at hardware stores and home improvement centers. Simply cut down the insulation to the length of the pipe, remove the adhesive backing, then attach the insulation.

Insulate your attic if it’s needed. You’ll know your attic needs more insulation if you can see the floor joists. As a general rule, insulation should cover the joists so they can no longer be seen. For best results, hire a professional to install attic insulation.

Regulate Your Home’s Temperature

Never turn off your thermostat in winter, even if you’re leaving town. If you’re planning to be out of the house for a few days, turn down your home’s furnace to 55 degrees. This allows you to save money on heating costs while preventing your pipes from freezing.

Some additional tips:

  • Program your home’s thermostat to maintain a temperature at or above 55 degrees
  • Service your home’s heating system in the fall or early winter to avoid a furnace breakdown
  • Leave a trickle of water running when temperatures outside are expected to drop below freezing

Seal Cracks

Tiny cracks in your home’s siding or foundation can become a hiding place for water, which can freeze during times of severe weather, causing cracks to widen and make way for water leaks. Seal all cracks in your home’s exterior before winter comes.

Update Your Homeowner’s Policy

Water and ice damage can lead to hundreds or thousands of dollars in repairs. Is your house protected? Contact your insurance agent to evaluate your coverage.

Content and photo provided by Safeco Insurance

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Driving this Thanksgiving: Safety Tips That Save Lives

Posted on by Alexa Steffes

Safe driving saves lives. If you’re traveling this holiday season, follow these tips to protect yourself and others on the road with you.

Traveling during the holidays brings us closer to family and loved ones, but sometimes, traveling also puts us in harm’s way. According to the National Safety Council, 406 people died in traffic accidents during the Thanksgiving weekend in 2019. This number is not atypical for the holiday season: NSC consistently estimates that between 400 and 500 people will die over the 4-day period we celebrate Thanksgiving.

Take steps to protect yourself and your loved ones. The following tips can help you avoid accidents that can lead to injuries and even fatalities.

Wear a Seat Belt

Seat belts save lives. According to the United States Department of Transportation, seat belts saved nearly 15,000 people who survived car accidents in 2017. Whether you’re going to see a relative in your town or traveling hundreds of miles from home, wear a seat belt. Be sure the other people in your vehicle buckle up as well.

Pay Attention to the Weather

Thanksgiving weather can vary, from snowy to icy to beautiful and sunny. Pay attention to the weather at your point of departure, your destination, and the route in between. Watch for low temperatures, chances of precipitation, and more.

Know Your Route

How will you be arriving at your destination? If you’re using a GPS device or GPS on your smartphone, plug in the route before you start driving.

Avoid Drowsy Driving

Drowsy driving caused over 600 traffic deaths in 2020. Driving drowsy can reduce your reaction time and cause you to fall asleep behind the wheel. To avoid drowsy driving:

  • Drive with a partner and take turns driving
  • Get out to walk around periodically
  • Avoid driving at times when you would usually be sleeping
  • Drink coffee or another caffeinated beverage
  • If you’re feeling tired, roll down your window to increase your alertness
  • Listen to music or talk to people in the car with you to increase your alertness
  • Divide long journeys into segments and know when to stop for the night

Put Children in Appropriate Seat Restraints

Children are required to ride in seat restraints. The youngest children must ride in rear-facing car seats until they graduate to front-facing car seats and, finally, booster seats. Pay attention to the weight requirements for each type of car seat, and know the seat restraint laws in your state.

Watch Your Speed

Of course, you should follow the posted speed limits along your route, but sometimes driving the speed limit is too fast for your journey. The speed limit may be dangerously fast if the road is icy, wet, snowy, or in poor condition. Use common sense when selecting your speed. Don’t prioritize a quick journey over the safety of you and your passengers.

Don’t Drive Distracted

Over 3,000 people die in distracted driving-related accidents every year. Pull over if you must take a call, send, or read a text message while driving. If someone is in the car, let them take the call, change the radio station, read the text message aloud, and adjust your GPS device. Never read or send a text message while driving.

Drive Sober

In 2019, nearly 1/3 of traffic fatalities involved alcohol. Alcohol-related traffic deaths are entirely preventable.
It’s common for people to have a drink or two when at a relative’s house for a holiday celebration. Before arriving at your destination, designate a sober driver – or plan to stay the night.

Update Your Auto Insurance Policy

Take steps to protect yourself this holiday season. Call your insurance agent to check (and update) your auto insurance policy.

Content provided by Safeco Insurance

What is Cyber Protection and Do You Need It?

Posted on by Alexa Steffes

Many businesses carry insurance to protect them from cyber risks, but most people don’t know that you can also get Personal Cyber Protection. Several insurance companies now offer a Cyber Endorsement on their homeowners policies. If your home policy doesn’t offer that coverage, there are separate policies you can purchase to cover your cyber risks.

How Common are Cyber Attacks?

In 2021 alone, there were 847,376 complaints of cyber attacks reported to the International Crime Complaint Center. With those complaints, the potential losses exceeded $6.9 Billion.

According to Forbes, there are more than 4,000 ransomware attacks every day in the United States. That’s a 300% increase in ransomware attacks since 2015.

Sobering Cyber Stats from Cybersecurity & Infrastructure Security Agency

Who Needs Cyber Protection?

With the number of smart devices in most homes, nearly everyone has some amount of cyber risk and could benefit from coverage for cyber losses. If you fall into any of the categories below, cyber insurance might be useful for you and your family.

Anyone with:

  • Home security cameras
  • Smart appliances
  • Amazon Alexa or other smart devices
  • Smart phones
  • Gaming systems

People who use:

  • Online banking
  • Venmo or PayPayl
  • Social Media (or children with social media)
  • Online shopping
  • Apps that link with bank account or credit card information

The more smart devices you have, the greater the chance you have of getting targeted by a cyber criminal. You could lose privacy, money, a sense of security, your reputation and more. Cyber coverage can’t prevent a cyber crime from happening, but it can help make you whole again if you’ve been targeted.

What Does Cyber Insurance Cover?

Each insurance company may offer different variations of coverage for cyber risks, though most will offer some combination of the following.

Identity Recovery

If your identity is stolen, Identity Recovery coverage help to cover the costs associated, including legal fees, notary fees, credit bureau reports, and possibly a case manager to help guide you through the recovery process.

Cyber Extortion

Cyber Extortion is the demand for money or something else based on a credible threat to damage, disable or deny access to a device, system or data. One example is a hacker locking someone out of their computer and only returning access if they pay a ransom.

With coverage for Cyber Extortion, you’ll be provided professional assistance from an expert in the matter who will help you respond to a threat. In certain cases, your policy may also pay the ransom for the extortion threat.

Cyber Attack

A Cyber Attack is a malware attack against or unauthorized use of a computer or other connected home device.

Cyber Attack coverage can help pay for the cost of a professional firm to replace lost or corrupted data and restore the device to its original state.

Data Breach

If there is a breach where personally identifying or sensitive information is lost, stolen or released, Data Breach coverage can help resolve the situation. Coverage includes a forensic IT review to determine the extent of the breach, legal counsel to develop a response, and can help pay the cost to notify affected individuals.

Fraud

Fraud includes unauthorized use of a card, card number, account number or forgery of a check. Fraud coverage helps reimburse the insured for the resulting financial loss.

Cyberbullying

Cyberbullying is the use of electronic communication to bully a person by sending, posting or sharing negative, harmful, false or mean content.

There are a select few companies that include coverage for Cyberbullying in their Cyber protection. If Cyberbullying coverage is provided, it can cover mental health counseling, temporary relocation expenses, private tutoring and enrollment expenses if a student needs to relocate to an alternative school.

If you’d like to discuss your cyber insurance options, give us a call. We’re happy to walk you through the coverage and help you find the right fit for your family.

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Sources:

2021 Internet Crime Report. Internet Crime Complaint Center. (n.d.). Retrieved September 7, 2022, from https://www.ic3.gov/Media/PDF/AnnualReport/2021_IC3Report.pdf


Metz, J. (2022, June 7). Do you need personal cyber insurance for cyberattacks? Forbes. Retrieved September 7, 2022, from https://www.forbes.com/advisor/homeowners-insurance/personal-cyber-insurance/

What Happens If You Get a Speeding or Parking Ticket in Another State

Posted on by Alexa Steffes

For many drivers who travel for work or go on vacation frequently, out-of-state travel can involve dealing with different laws and speed limits, inconvenient or unusual parking scenarios and the threat of receiving a speeding or parking ticket.

If You Get a Speeding or Parking Ticket in Another State, What Happens?

For many drivers who travel for work or go on vacation frequently, out-of-state travel can involve dealing with different laws and speed limits, inconvenient or unusual parking scenarios and the threat of receiving a speeding or parking ticket.

Should you have to deal with a speeding or parking ticket in a different state, you may have a number of questions, including what to do about it, where to go in order to deal with it and whether or not you have to pay for it. Read below to find answers to the most common questions related to this scenario.

Parking Tickets

It’s not uncommon to receive a parking ticket in a strange town, especially if you are out after dark and the signage is difficult to read. It’s normal to be frustrated after receiving a parking ticket, especially considering that parking ticket offenses can cost anywhere from $60 to $240, depending on where you receive the ticket and why. What are your options? You have several to choose from:

Parking Ticket Option 1: Pay for the Ticket

It makes good financial sense to promptly pay the fine associated with the parking ticket, mainly because the fine generally increases the longer you wait to pay it. Although it might be frustrating, paying the fine as soon as possible might cost you less in the long run.

Parking Ticket Option 2: Ignore the Ticket

In certain municipalities, a gradual increase in the amount of fine you pay is only the first step in the process. If parking tickets remain unpaid, county authorities may also place a vehicle-immobilizing device, or “boot,” on your car. If you rarely visit the state where you received the ticket, getting a boot might not seem too scary, because you can pay the ticket and have the boot removed. The next step, when the municipality sends your parking ticket to a collection agency, might be a bit more concerning. Depending on the state where you live or where you received the ticket, you could end up with a negative impact on your credit, in addition to being unable to renew your license or registration. The threat of these negative repercussions may influence your decision, and you may determine that ignoring a parking ticket is not worth the additional hassle!

Parking Ticket Option 3: Fight the Ticket

If you feel as though you were wrongly ticketed, you can fight the ticket in court, even if you don’t have an attorney. You have several additional options:

  • Send a written affidavit to contest the ticket.
  • Directly contact the local prosecutor.
  • Pay for an attorney to defend you.

You may want to carefully considering the additional cost of time and travel expenses involved, as this option might not be worth it financially.

Speeding Tickets

Driving faster than the posted speed limit is one of the most common traffic violations in America, and even the best drivers may overlook the speed limit and end up with a ticket at some point. If you’ve already received a speeding ticket in another state, there are a few facts you should know.

Computers are always monitoring speeding drivers. The computers we’re referring to are used to help enforce the “Driver’s License Compact” (DLC) and the “Non-Resident Violator Compact” (NRVC). These compacts and the data they gather are part of an agreement between states to share information on drivers who have moving violations. This agreement is called the Driver License Agreement, and only two states (Wisconsin and Michigan) do not participate.

You may wonder how this agreement affects you. As an example, if you receive a speeding ticket in another state and choose not to pay it, the information is forwarded to your home state. When your home state receives the information, they may pursue payment on the fine.

Speeding Ticket Option 1: Pay for the Ticket

Although no one enjoys getting a speeding ticket, the fastest way to deal with it is to just pay the fine. Regardless of whether you receive one in your home state or another state, it’s a lot less hassle to pay for the ticket.

Speeding Ticket Option 2: Ignore the Ticket

Failing to pay for a speeding ticket that you received in another state can affect your license or insurance in a number of negative ways, including the following:

  • Your license may be temporarily suspended.
  • Your car insurance premium may increase.
  • Your car insurance company may drop your coverage.
  • You may receive significant fines.
  • You could even face imprisonment.

With serious consequences like these, not paying a speeding ticket is not a safe bet for any driver!

Speeding Ticket Option 3: Fight the Ticket

As we discussed above, fighting a parking ticket is usually not worth the additional effort. Because a speeding ticket is more severe and is usually expensive, fighting it is more common, regardless of the state. People commonly fight tickets for the following reasons:

  • They want to avoid adding more points to their license, which could put them at risk of having their license suspended and impact their ability to travel to and from work.
  • Their job requires that they have a license with no moving violations.
  • They want to avoid potential increases in insurance premiums.

You can hire a traffic attorney to help defend you, which is especially helpful if you hire someone in the jurisdiction where you received the ticket. These attorneys are familiar with local laws, which can help with your defense. There is always a chance that hiring an attorney may not pay off, as you still run the risk of losing in court. Potentially, you may end up having to pay your fine and associated attorney fees, which could cost you more in the long run.

Receiving a ticket while driving in another state can impact your driving history, your credit score and your insurance rates. Every driver makes mistakes, and if you have questions about how your out-of-state ticket may impact your car insurance rates or coverage, give us a call. We’re available to answer your questions and help you get the coverage you need to fit your budget and lifestyle.

Blog courtesy of National General Insurance

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Car Thefts Are On The Rise In Colorado

Posted on by Alexa Steffes

According to data provided by the Colorado Metropolitan Auto Theft Task Force (CMATT), car thefts in Colorado have increased by 173% in the past 3 years. That makes Colorado the No. 1 state in the nation for car thefts per capita, as reported by the National Insurance Crime Bureau.

What is causing the number of car thefts to soar in Colorado?

One contributing factor is the growing homeless population in Denver. Many car thieves that are repeat offenders are part of the homeless population and use the stolen cars as shelters. Though most stolen cars are eventually recovered, the thief is often long gone and never found.

The relatively lax laws against car theft also play a significant part in the increasing rate of car theft. Even when thieves are caught, they tend to get out within days and see little to no punishment. The lack of real repercussions for car thieves makes it a low risk/high reward crime, leading to many repeat offenders.

Which vehicles are most at-risk of being stolen?

The Colorado Auto Theft Prevention Authority (CATPA) released a list of the 10 most-stolen vehicles in the Denver metro area from January-March 2022:

https://kdvr.com/news/local/top-10-most-stolen-vehicles-denver-metro/

What can you do to prevent your car from being stolen?

  • No “Puffing.” Don’t leave your car running when you’re not in it.
  • Lock your car and roll up your windows. Leaving it unlocked, the windows down (even just a crack), or leaving a spare key in or on the car makes a thief’s job much easier.
  • Park in a garage if you can. Significantly fewer cars are stolen from garages than from driveway, streets, or parking lots.
  • Park in well-lit areas. Both in public and at home. If you park in your driveway or on the street at your house, consider adding a bright light to reduce shadows where a thief could hide.
  • Don’t leave valuables in your car. Many cars are targeted because the thief sees money, a computer, a camera, a purse, or some other valuables inside.
  • Install an outdoor camera that covers the area where you park your car. Just the presence of a camera can deter a would-be thief, and if your car is stolen it can help identify the culprit.

Read more tips for car theft prevention from Lockdown: https://lockdownyourcar.org/prevention/

Catalytic Converter Thefts are Soaring

What is a catalytic converter?

A catalytic converter is part of a vehicle’s exhaust system that helps turn toxic pollutants into cleaner emissions.

Why are they being targeted?

They are made of precious metals, commonly platinum, palladium and rhodium, all of which can be sold for high prices. A single catalytic converter can be sold for as high as $1,500.

Since they are easy to steal, many can be stolen in a short period of time. Since they are easy to steal and worth a pretty penny, they are a prime target for thieves to make money quickly.

Where are vehicles most at-risk?

Cars that are parked in public spaces are the most likely to have their catalytic converter stolen. Places where cars are likely to be parked for a longer period of time, like a Park-N-Ride or airport parking lot, are the most commonly targeted.

Which vehicles are targeted the most?

According to Denver7, Hondas and Toyotas are the most targeted vehicles in the Denver area.

What can you do to prevent your catalytic converter from being stolen?

The police don’t recommend confronting someone if you see them trying to steal your catalytic converter. There’s a pattern of thieves pulling weapons when confronted. It’s safer to call the police and report the theft in-progress while keeping a safe distance.

Some steps you can take to prevent theft:

  • Park in a garage or well lit area
  • Have the bolts holding the catalytic converter welded in place
  • Put a cage around it
  • Get your VIN engraved on the catalytic converter, which may deter theft or increase the chances of finding your missing part
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Sources:

Contreras, Ó., & Miller, B. (2022, April 4). Catalytic converter thefts: What cars are being targeted, where it’s happening, & how to protect yourself. Denver 7 Colorado News (KMGH). Retrieved August 30, 2022, from https://www.thedenverchannel.com/news/360/catalytic-converter-thefts-what-cars-are-being-targeted-where-its-happening-how-to-protect-yourself


Auto theft prevention tips- CATPA – all about puffer cars. CATPA. (2022, July 6). Retrieved August 30, 2022, from https://lockdownyourcar.org/prevention/


Fields, M. (2022, July 18). Fields: Aurora offering a model solution to Colorado car theft tsunami. Sentinel Colorado. Retrieved August 30, 2022, from https://sentinelcolorado.com/opinion/fields-aurora-offering-a-model-solution-to-colorado-car-theft-tsunami/


Friday. (2022, July 1). Year-to-date Colorado car thefts outpacing 2021. Colorado State Patrol. Retrieved August 30, 2022, from https://csp.colorado.gov/press-release/year-to-date-colorado-car-thefts-outpacing-2021


Kovaleski, J. (2022, June 21). Here are the areas where your car is most likely to get stolen in the Denver Metro Area. Denver 7 Colorado News (KMGH). Retrieved August 30, 2022, from https://www.thedenverchannel.com/news/investigations/here-are-the-areas-where-your-car-is-most-likely-to-get-stolen-in-the-denver-metro-area


Nieto, G. (2022, April 14). Top 10 most-stolen vehicles in the Denver Metro. FOX31 Denver. Retrieved August 30, 2022, from https://kdvr.com/news/local/top-10-most-stolen-vehicles-denver-metro/


Pender, C. (2022, August 9). Why do people steal catalytic converters? KRON4. Retrieved August 30, 2022, from https://www.kron4.com/news/why-do-people-steal-catalytic-converters/#:~:text=The%20three%20precious%20metals%20that,%2C%20according%20to%20cars.com.

How Often Should You Replace Your Roof and Why is it Important?

Posted on by Alexa Steffes

Don’t overlook your roof! This important structure affects more than curb appeal. It’s responsible for protecting many structures and systems.

View of home from the street

The parts of a home that get the most attention tend to be visual, and more or less at eye level: paint color, landscaping, porches, and decks. The roof is the one part of the home that doesn’t tend to get a lot of notice unless the gutters overflow or an enthusiastically tossed toy goes a little too high.

This important structure affects a lot more than your house’s curb appeal – it’s responsible for protecting interior structures from water, ensuring your HVAC system operates efficiently, safeguarding your loved ones in dangerous weather, and, in some cases, making your attic safe storage space.

Roof Age and Replacement Tips

How long does a roof last? Sales pitches for roofing companies can come fast and furious, inviting doubt to creep in over the integrity of the shingles overhead.

Here’s a short intro guide on the various types of roof materials, and when you may want to consider repair, replacement, or maintenance:

Asphalt Shingles

Typically black with a gravel-like surface texture, asphalt shingles are the most common type of domestic home roof material in America. With proper care and upkeep, this type of roof will offer between 15 to 30 years of viable service before you’ll need to replace them entirely. Because of the nature of its overlapping construction, it’s also relatively easy to swap out or replace broken or damaged shingles.

Composition Shingles

Made from a wider variety of materials in a multilayer design that can include fiberglass, composition shingles have a slightly shorter lifespan, between 12 and 20 years before replacement is necessary. Like asphalt shingles, they may become damaged or lost periodically due to weather and exposure but can be replaced as needed.

Wooden Shingles

This type of roofing – as the name suggests – is made out of wood, often cedar for passive pest control, but also woods like cypress, pine, or redwood. This natural material is hardy and offers between 20 and 25 years of use before you will need to replace your wooden roof. While rot and pest-resistant woods and coatings are used, this type of roof material can be vulnerable to problems like moisture, mosses, mildew, and insects.

Metal Roofs

Metal roofs are durable and industrial, offering between 50 and 75 years of dedicated protection, on average. Because of their overlapping design and potential corrosion, these types of roof coverings are susceptible to leaks, so care must be taken to maintain and assess them regularly, usually bi-annually unless specific issues crop up. If they become dented or warped (think storm-fallen limbs), they can be expensive to repair or replace.

Rubber Roofs

A rarity in domestic neighborhoods and typically the domain of industrial buildings, rubber roofs last between 30 and 50 years before a full replacement is called for. Over time, particularly in hot, sunny, or damp climates, this roofing material may shrink and pull back at its seams, causing issues with peeling and leaks from moisture buildup and pooling.

Do I Need to Replace My Roof?

If you know when your roof was installed and the material falls within the normal lifespan, likely not unless you’re experiencing specific issues. That being said, if you are nearing the end of that lifespan or an in-place warranty is due to expire, it’s a smart move to schedule a full roof assessment.

In addition to regular visual inspections as you walk around your house or in your attic, it’s best to have a roofing company inspect, repair, and maintain your roof at least every other year. If your home is in an area with extreme weather or a great deal of direct sunlight and high temperatures, an annual checkup is an even better idea.

Blog content courtesy of Safeco Insurance

Do You Need to Insure an E-bike?

Posted on by Alexa Steffes

What is an E-bike?

According to Colorado Parks & Wildlife, an E-bike has 2 or 3 wheels, fully operable pedals, and an electric motor that doesn’t exceed 750 watts of power.

There are 3 classes of E-bikes:

Important Colorado E-bike laws:

  • Electronic bicycles are not required to be registered
  • There are no license requirements for E-bikes
  • Generally speaking, Class 1 and 2 E-bikes are allowed to operate on the same paths as conventional bikes, thought local jurisdictions can prohibit operation on specific paths
  • Class 3 E-bikes are only allowed on streets and bike lanes, unless specifically permitted by local jurisdictions
  • There are different rules pertaining to State Park or Wildlife Areas
  • E-bikes must ride in the right-hand lane when traveling a less than the normal speed of traffic on a roadway
  • Riders must signal intent to turn or stop and yield the right of way to pedestrians
  • One hand must be kept on the handlebars at all times
  • Class 3 E-bikes have the following age and helmet restrictions:
    • Operators must be 16 or older (passengers can be under 16)
    • Operators and passengers under 18 must wear a helmet

Does an E-bike have to be insured?

The short answer is no. There aren’t any legal requirements to insure an E-bike. That being said, if you have a loan on an E-bike, your lender will likely require you to carry insurance on it.

Even though you’re not required to have insurance on an E-bike, it’s important to at least have liability coverage. You can go faster on an E-bike than you might otherwise travel on a conventional bike, which makes the risk of crashing a little higher. If you hit a person, fence, house, mailbox, or something else, you could be responsible for the damages. Liability insurance will help you pay for those damages if a situation like that arises.

If you’ve paid a pretty penny for your E-bike, it probably makes sense to get adequate insurance for it. That way if it gets stolen, damaged in a fire, you’re in an accident, or something else happens, you’re not left empty handed.

How to insure an E-bike:

Many homeowners policies will afford some amount of coverage for an E-bike. Some policies may only extend liability, whereas others have a special limit of physical damage coverage included and some may not extend any coverage at all. Each insurance carrier has their own guidelines, so be sure to check what coverage you have on your policy.

Keep in mind that most home policies have a deductible of $1,000 or higher, so if you’re counting on your home policy to cover any damages to your bike you’ll need to cover your deductible before your policy pays out. Depending on the value of your E-bike and your home insurance deductible, it might not make sense to insure it on your home policy.

Many E-bikes cost several thousand dollars, so a total loss might exceed your deductible. But if a $1,200 E-bike was stolen, that’s not a claim I’d recommend filing on a home policy. You’d only get $200 from that claim example, which isn’t worth having a claim against your home insurance since it would likely cause your premium to increase for up to 5 years.

If you don’t have a home policy or if your policy doesn’t provide the coverage you’re looking for, you can generally insure and E-bike on a motorcycle policy. One benefit of that is that you can choose a lower deductible, like $500 or even lower.

Another plus is that you can file a claim without it impacting your home insurance. A claim for a stolen E-bike wouldn’t cause your motorcycle premium to increase like it would if you filed a claim on your home policy.

Insuring an E-bike on a motorcycle policy would also give you the option of Medical Payments and Uninsured Motorist coverage, both of which can be extremely valuable. Medical Payments coverage can help pay for your injuries, regardless of whether you’re at fault for a loss. The limit is usually $5,000 per person, but limits can vary.

Uninsured Motorist coverage will help cover your costs if you’re not at-fault for in an accident and the other person doesn’t have enough coverage. You can get Uninsured Motorist coverage up to the bodily injury liability limits on your motorcycle policy.

Read more about Uninsured Motorist coverage: What is Uninsured Motorist Coverage?

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Sources:

Colorado Parks & Wildlife. Colorado Parks and Wildlife. (n.d.). Retrieved June 27, 2022, from https://cpw.state.co.us/thingstodo/Pages/E-Bike-Rules.aspx


Electric Bicycles. Electric Bicycles | Colorado General Assembly. (n.d.). Retrieved June 27, 2022, from https://leg.colorado.gov/content/electric-bicycles

10 Life Changes You Should Tell Your Insurance Agent About

Posted on by Alexa Steffes

Most people buy insurance for their home and auto and don’t think about it much unless the rates go up or they need to add a new car. The policy you bought 3 years ago might not be the right coverage for you now if you’ve had any life changes.

Here are some examples of changes you should tell your insurance agent about to make sure your coverage reflects your current situation.

1. You’re having a baby or adopting a child

Congrats on the new addition!

Health insurance is probably the only kind of insurance you think about after having a new baby, but it’s important to tailor your insurance portfolio to your current stage of life. That might mean updating your life insurance or increasing your MedPay limits on your auto policy.

2. One of your children is going to college or moving out

Insurance covers members of the household. Anytime the household members change, it’s important to talk to your agent about your policy. If your child moved out, you might need to take them off your auto policy and have them get their own. When a kid is away at college, they can often still be covered by your policy.

Talking to a licensed agent can help you decide the right way to cover your entire family.

3. You got married or moved in with a significant other

When moving in with a significant other, it’s important to adjust your insurance accordingly. You’ll need to list your partner as a driver on your auto insurance, and it often makes sense to combine your insurance for additional savings.

Your marital status can also impact insurance rates, so you might get a slight discount after you get married.

4. You’re moving

It can help alleviate stress if you call ahead of time to get your ducks in a row. You can get a quote for a your new address and have everything set for when your moving day is here. Even if you only have auto insurance, you should still call to update your address.

5. You’re buying a new car, boat, motorcycle, or other recreational vehicle

Whenever you buy a new vehicle, you’ll need to update your auto policy. If you’re buying your first motorcycle, boat or other recreational vehicle, you might need to get a new policy to cover it. It helps to call before you’re ready to purchase your new car or toy so you can have an idea of what the insurance will cost before you sign anything.

6. You’re buying a second home or investment property

Most insurance carriers require each home to be on its own policy. Talk to your agent if you’re considering purchasing a new property so you can get a policy set up.

7. You’re updating or adding onto your home

Whenever you make improvements to your home, your homeowners insurance should be updated. You may need to adjust your dwelling coverage limit to ensure you have enough coverage to rebuild if there was a loss.

8. You’re working from home or starting a business out of your home

Many home policies have limited or no coverage for home businesses. That means any liability risk you have and your business property (like computer or merchandise) may not be covered if there’s a loss. Talk to your agent to go over what your risk is and if there’s any coverage you can add to your policy.

9. You completed more education or changed careers

Higher education usually means bigger discounts on auto insurance, and your career can impact your rates as well.

10. The lender for your car or home changed

Make sure your policies are updated when your loan changes so the correct lender gets important correspondence. Your mortgage company might be responsible for paying your home insurance, so it’s especially important for your policy to have the right mortgage company listed.

Insurance Claim Terms Broken Down

Posted on by Alexa Steffes

The claims process can be difficult to navigate, especially when the insurance company is throwing around terms you’ve never heard.

Here’s a breakdown of some of the common terms relating to insurance claims:

Adjuster

An adjuster is the trained claim representative assigned to help you if you file a claim. They’ll examine the damage to your covered property and review your policy to determine what coverage you have. The adjuster is also responsible for issuing payment for your claim.

Actual Cash Value (ACV)

Actual Cash Value (ACV) coverage takes depreciation into account at the time of the loss. If you have ACV coverage, your policy won’t pay to replace what is damaged. Instead they will pay the depreciated value, which subtracts for age and condition. ACV is calculated by subtracting depreciation from the replacement cost.

Depreciation

Many items lose value over time due to age, wear and tear and the manufacturing of newer and better products. That reduction in value is known as the depreciation. Cars are notorious for depreciating as soon as they are driven off the lot, but many household items also depreciate.

Replacement Cost

The cost to actually replace a lost or damaged item, regardless of age and condition at the time of loss. For example, if you bought a TV 10 years ago for $300 but it costs $700 to buy a comparable TV today, Replacement Cost coverage would pay the full $700 to replace the TV if you had a covered loss.

Deductible

Your deductible is the amount you have to pay before your insurance company will payout for a claim.  The insurance company will generally subtract the deductible from the total payout.

If you have a $1,000 deductible and had a claim for $4,000, the insurance company would issue payment for $3,000 and you’d be responsible for the other $1,000.

Policy Limits

The dollar limits for each coverage on your specific policy. The policy limits are the maximum amount your policy will pay out under each coverage for a loss. Many policies also have “sublimits” for certain classes of property, like jewelry, coins, or other valuables.

Subrogation

If someone else is responsible for causing damage to your property, your policy may pay for the damage and then seek reimbursement from the responsible party. If the insurance company has received reimbursement, you may get some or all of your deductible back.

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How to Avoid Contractor Fraud

Posted on by Alexa Steffes

When there’s a catastrophe, like a fire or hail storm, the likelihood of contractor fraud increases immensely. Here are some tips for picking a reputable contractor and avoiding fraud.

1. Only work with contractors that are licensed

Colorado doesn’t require contractors to be licensed on the state level, so don’t assume that every contractor you encounter has a license. Many counties and cities have specific requirements, but not all local governments require contractors to be licensed.

Licensed contractors are required to have a certain amount of experience and pass an exam. That helps ensure they are qualified in their field.

You can verify the license of a professional you’re considering here: Verify a Colorado Professional or Business License

2. Find a contractor that is insured

If your contractor isn’t insured, you could be responsible for any injuries that occur while they’re working on your property. Request a Certificate of Insurance from any contractors you’re considering to verify their coverage.

3. Work with local contractors when you can

Local contractors have a better idea of the rules and regulations in your area. Not only does that help ensure work is done to code, but it also speeds up the process. If you hire a contractor from another state, there’s a chance you could be waiting longer for them to get permits pulled and inspections done.

A contractor that is local is also less likely to take payment and leave town without completing the work. If you have any issues with the work done, you can often get a local contractor to come back and fix it whereas someone from out of town might leave you high and dry.

4. Check references and reviews

If multiple people have complaints about their experience with a specific contractor, there’s a good chance you’ll also have issues with them. But if you find glowing reviews online and get good references for them, you’ll likely have a better experience.

5. Don’t get pressured into making a hasty decision

You don’t have to sign a contract immediately. Take your time, gets bids from multiple contractors, and make sure you understand the contract before you sign it. If you’re being pressured to sign something on the spot, that might not be a contractor you want to work with.

6. Get everything in writing

According to Travelers, the contract should include:

  • A detailed description of the work to be completed and the price of each item.
  • A payment schedule – for example: one-half down and one-third when work is partially completed, and the balance due upon completion of repairs.
  • The estimated start date and completion date on larger projects.
  • Any applicable guarantees, which should be written into the contract and clearly state what is guaranteed, who is responsible for the guarantee, and how long the guarantee is valid.
  • Signatures from both parties. You should never sign a contract containing blank sections.

7. Don’t pay in full for incomplete work up-front

Paying up-front increases the risk of a fraudulent contractor taking your money without completing the work. It also opens the door to poor workmanship and cutting corners because they don’t have to meet certain expectations in order to get paid.

When paying a contractor, pay by check rather than cash. Make the check out to the company rather than an individual.

8. Keep all records together in a safe place

Any paperwork you receive regarding the job should be kept together. Then if you need to reference anything you can find it. It also helps your case if there are any disputes.

This can include anything from the contract, any changes to the contract, estimates, invoices, certificates of insurance, correspondence, etc.

9. If you’re filing a home claim, file it and talk to your adjuster before starting on any work

If you’re repairing your home because of a loss that might be covered by insurance, make sure you file a claim before starting any work.

The insurance company needs to verify coverage before they can approve a claim. If you begin the repairs before an adjuster reviews the damage, your claim could be declined.

10. Report any suspected fraud

You can call local law enforcement, the National Insurance Crime Bureau 1-800-TEL-NICB, or FEMA disaster fraud hotline 1-866-720-5721 to report any suspected fraud.

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Sources:

Hiring a contractor checklist and tips. Travelers Insurance. (n.d.). Retrieved April 28, 2022, from https://www.travelers.com/resources/home/renovation/checklist-for-hiring-the-right-contractor

Colorado general contractor license and Insurance Requirements. Next Insurance. (2021, December 15). Retrieved April 28, 2022, from https://www.nextinsurance.com/blog/colorado-general-contractor-license-and-insurance-requirements/

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