Colorado Homeowners Insurance FAQs

Purchasing homeowners insurance in Wheat Ridge, CO, can bring up a lot of questions. Homeowners often wonder about how much insurance coverage they need and what type of insurance policy is best for them. Continue reading to learn more about some frequently asked questions about homeowners insurance in Colorado, then call the experts at CO Insurance Specialist. 

What Does Colorado Homeowners Insurance Cover? 

Homeowners insurance protects you against the many risks that may cause damage to your home. Most standard homeowners insurance policies cover the structure of your home, other structures (sheds, pools, fences, etc.), and personal property. Homeowner’s insurance policies also offer liability protection and medical protection when someone becomes injured on your property. 

Is Homeowners Insurance Required? 

The state does not require you to purchase homeowners insurance; however, your lender may require you to buy an insurance policy. Though not required by law, having homeowners insurance protects you against paying for repairs and medical bills out of pocket. 

How Much Home Insurance Do I Need? 

When purchasing a homeowners insurance policy, the amount of coverage you need depends on many factors. You want to ensure you are protected against any scenario, including extreme weather and accidents on your property. Additionally, you want to factor in how much it would cost out of pocket if you were to pay for repairs and damages to your home. Finally, consider the value of your personal property and ensure you have enough coverage to replace or repair your home’s contents. Homeowners with pets often purchase additional liability coverage in the event their pet bites someone.

Homeowners in Wheat Ridge, CO, need to consider their options when purchasing homeowners insurance. For answers to your questions, call the experts at CO Insurance Specialist today. 

Tips for first time auto insurance buyers

Whether you are buying your first car or looking to move off your parents’ auto insurance policy, you might feel overwhelmed by the information around you. Myths and misunderstandings are pretty common in the car insurance industry, and if you’re not careful, you may end up making the wrong insurance decisions. To get you started in the right direction, here are tips to guide your purchase.

Do your homework 

Part of your insurance buying process is simplified by the amount of research you do on your own. Apart from familiarizing yourself with the car insurance jargon, you also learn essential components of your policy, such as the state’s minimum car insurance requirements. Most states, including Wheat Ridge, CO  require that drivers carry minimum liability insurance to protect themselves and other road users. 

Assess your car insurance needs

Every driver has different needs, hence different insurance rates. If you intend to use your vehicle for an everyday commute, you may want to look at other auto insurance coverages and determine which ones to buy. Insurance companies like CO Insurance Specialist have various optional coverages for policyholders who need extra coverage. Check if you need to enroll on a driving course to improve your skills and keep a clean record and where you will be storing the vehicle.

Shop around

Shopping around means comparing quotes from different insurance companies before settling to buy. Don’t be deceived that insurers offer the same or roughly the same coverages and premium rates. Every insurance company in Wheat Ridge CO has its own way of calculating insurance rates. They also have different terms and discounts for their customers.  Just make sure that your ideal insurance company has all your interests at heart, especially when it comes to premiums payment terms.

Auto insurance is less complicated once you are familiar with the process. If you feel you need help going through the insurance buying process, contact any CO Insurance Specialist for assistance.

How Does Classic Car Insurance Work?

If you have an antique or classic car that is at least 25 years old in Wheat Ridge, CO, it’s time you start considering classic car insurance. While similar to traditional car insurance, classic car insurance provides unique, specialized coverage specifically tailored to the needs of your classic car.

What makes Classic Car Insurance different than regular insurance?

One of the vital services that classic car insurance offers that regular insurance doesn’t is an agreed value coverage. Insurers think of your classic car as more of an art piece than a vehicle. An agreed value coverage means that you and your insurer both decide on your classic car’s value based on an appraisal instead of similar models and repair costs.

Another difference is that classic cars don’t depreciate like traditional vehicles.  Therefore, the maximum payout of an agreed value won’t decrease over time.

More Benefits with Classic Car Insurance

Companies that offer classic car insurance have agents that know all the ins and outs of your classic car, providing you with better knowledge of your personal needs as a classic car owner.

Increased Replacement Cost

Many classic cars increase in value over time. So, if your classic car’s value does increase, classic car coverage will pay the difference.

Roadside Assistance

Classic car insurance guarantees transportation on a flatbed truck to reduce the risk of further wear and tear.

No Attendance Required

If something were to happen to your car at a car show without you, it would still be covered.

Spare Parts

Classic car insurance covers damaged or stolen parts.

Cash settlement

If your classic car is stolen or totaled, classic car insurance allows you to accept a cash reimbursement without requiring you to repair your car.

Reach out to a CO Insurance Specialist about your classic car today!

Why Every Homeowner Needs Home Insurance

If you are a homeowner, you need to have home insurance in place as soon as you buy your home. It’s vital coverage that is likely required by your lender if you have one. If not, it’s still a bad idea to go without this valuable coverage for even a day. If you need home insurance, give us a call right away to talk to a CO Insurance Specialist in Wheat Ridge, CO.

Your Home Is Covered

The house itself is something you have invested in, and it can cost a lot to repair or even rebuild it if the worst were to happen. With your home insurance policy, you are covered for a number of calamities and disasters that can happen. If your home were to be damaged or destroyed, this policy is there to pay for it to be rebuilt or fixed. Without this coverage, your house could be a total loss and you would likely be unable to rebuild it. 

Your Belongings Are Covered

Everything that is inside your house is also important to protect. The home insurance policy that you have also covers your possessions. This coverage comes in extremely handy if there is a disaster or accident that causes a lot of damage to your things. Without this policy, you would be on your own to replace everything that was ruined. 

Your Liability Is Covered

As with your auto insurance, your home insurance comes with liability coverage. That means that if you are held liable for an accident that someone has an accident in your home, the policy would pay for the medical bills instead of you. With medical bills so expensive, it’s always wise to have this coverage. 

Get Your Home Policy

If you are in need of home insurance, call us now to talk with a CO Insurance Specialist in Wheat Ridge, CO.

Benefits of Getting Auto Insurance

Car owners in Wheat Ridge, CO, are legally required to carry auto insurance. This is because it has various benefits for both the driver and any third party that may be involved in the accident. With auto insurance, you do not have to worry about financial loss after an accident, as you are protected. As discussed below, CO Insurance Specialist takes you through some key benefits of auto insurance.

Financial Security

If you have been involved in an accident and caused injuries or property damage to a third party, you automatically become responsible for medical bills and repair costs. If you lack auto insurance, then you have to pay out-of-pocket, which sets you back financially. In addition, if the harmed party decides to sue, you may also have to compensate them. However, with auto insurance, you do not have to worry about your finances as your insurance company covers any arising costs depending on your policy.

In Compliance With the Law

Drivers in Colorado are not allowed on the road if they lack insurance. Therefore, if you fail to get coverage, you risk being fined or your driving license being revoked. Auto insurance helps you avoid such inconveniences in the first place as you are in compliance with legal requirements.

Makes Lending Easier

Most car lenders prefer their borrowers to have auto insurance because it guarantees that their investment is protected if an accident occurs. Other financing agents have reservations about signing off on a car loan if you lack insurance. On the other hand, people carrying insurance have an easy time with a high chance of getting a car from a lender.

Peace of Mind

An accident can happen at any time. However, knowing that if anything happens, you do not have to worry about significant repair costs or medical bills, you will have peace of mind.  

To enjoy the benefits of auto insurance, contact CO Insurance Specialist. We serve Wheat Ridge, CO car owners, ensuring they pick the right policy to protect their cars.

Is Condo Insurance Required in Colorado?

No. Condominium insurance is not a compulsory requirement by Colorado’s law. But it may be important on many occasions. For instance, the homeowner’s association (HOA) in your local jurisdiction may require it, or your lender may need it if you’re still servicing your home equity loan or mortgage.

The condo or HO6 insurance gets made to fulfill the distinct needs of a condominium. It offers a cost policy that often works in tandem with the homeowner’s association policy to provide full coverage. The dues you pay to the HOA cater to the condo’s maintenance cost and its common areas under the master insurance policy of the condo.

But the condo insurance is still valuable because it can help you when you lose your personal property or find yourself on the wrong side of some personal liability suit. As such, this low-cost coverage is still vital to a condo owner. 

What Does a Condo Insurance Policy Cover?

A condominium insurance cover can provide some protection to walls-in coverage of the condo. Here are three other areas that the coverage protects.

Personal Liability Insurance

The condo insurance covers the condo owner, pets, and children if they cause physical harm or property damage to a third party. In addition, the cover can take care of damages in court cases and legal fees.

Condo contents cover

The condo insurance cover can take care of your belongings’ replacement and repair costs that get damaged or lost in incidents that get covered explicitly in your policy.

Loss of Use Insurance

Suppose you can’t continue living in your condominium because of a natural disaster such as a windstorm or tornado. In that case, the condo insurance can cover your temporary housing and any other expenses that may arise while you’re out of your condo.

Get a Condo Insurance Policy Today from a CO Insurance Specialist

If you’re in Wheat Ridge, CO, you should visit the CO Insurance Specialist to get your condo insurance cover. At CO Insurance Specialist, we provide condo insurance policies to all Wheat Ridge, CO, residents. Check out our website to learn more.

Types of Coverage for Classic Car Insurance in Colorado

When you are driving a classic car in Colorado, you need specialized auto insurance. Classic car insurance is a little different from standard car insurance and offers coverage as unique as your vehicle. 

At CO Insurance Specialist, we want Wheat Ridge, CO residents to enjoy their classic cars, without worrying about whether they are protected. We can help you get the specific types of coverage that your classic car needs.

Types of Classic Cars Covered

Classic car insurance is unlike any other auto insurance because your car is unlike any other car. We can only offer classic car insurance on specific vehicles. That includes an antique car that is at least 25 years old, exotic and luxury vehicles, classic trucks, hot rods, and modified vehicles.

This list is not complete, there are many other kinds of antique or vintage vehicles that we can help you cover.

How to Qualify for Classic Car Insurance

There are a number of types of classic car insurance that you need to qualify for. A key stipulation in any classic car insurance policy is the limited use stipulation. You can not use your classic car for everyday use. You may also have a mileage limitation, and proof that you have the proper protection or garage for your vehicle. You may also be required to have another car that you use for everyday use.

Like any auto insurance, you must have a clean driving record or at least one that is free of a serious offense.

Types of Classic Car Insurance

The kinds of provisions that you will find in classic car insurance will be property damage and liability coverage for bodily injury or wrongful death. You’ll also have provisions that involve the value of the vehicle.

As every classic car is a classic, the book value of your vehicle is not available. You’ll need to work on an agreed value with your insurance provider. The agreed value is another area where classic car insurance varies from regular auto insurance. Most cars will depreciate in time, yours is likely to increase in value.

You may also get classic car insurance with flatbed towing protection. In the event that your car needs to be towed, you will need a specific kind of tow truck to tow your vehicle.

Get a Quote

This is just the beginning of the various kinds of classic car insurance available to Wheat Ridge, CO residents. Call CO Insurance Specialist for a quote today.

Is Your Commercial Insurance Policy Up to Date?

When you own a business in Wheat Ridge, CO, the day-to-day activities can overshadow critical matters like insurance. With your day filled to the brim with personal, family, and work obligations, looking at your commercial insurance policy may not be anywhere near the top of your priority list. Regrettably, this trend can land your business in hot soup. Outdated commercial insurance can force you to incur out-of-pocket expenses when disaster strikes.

Have you been wondering whether you should update your commercial insurance? Don’t fret. CO Insurance Specialist shares a few ways to know when it’s time to update your business insurance.

Has your mode of operation changed?

Have you introduced a new product? Have you moved your business online? Such changes could affect your insurance needs. For instance, if your business is now storing sensitive customer data, you need cyber insurance to protect you against malicious online activities. 

If you are planning to expand your business this year, you must talk to your insurance agent to determine your insurance needs. Your commercial insurance might need additions or subtractions to ensure that you carry the right commercial insurance coverage.

In addition, if the below elements have changed, you need a sit-down with your insurance agent to update your commercial insurance policy.

  • Increase in the number of employees: You need to update your workers’ comp insurance with the correct number of employees. This ensures that you don’t underpay or overpay your premiums. 
  • Improvements in your business premises: Have you added an extra storage room? Perhaps, you have added a spare office to support the increase in staff? Either way, you need to update your commercial insurance policy to capture these changes. Similarly, update your insurance with additions or disposals of assets such as computer equipment, inventories, and furniture. 
  • Neighbors: Are there new tenants around your business premises? If yes, you need to update your liability coverage to cover bodily injuries or property damages you might cause to them. 

Would you like to update your commercial insurance in Wheat Ridge, CO, and its environs? Please contact CO Insurance Specialist for more information.

Should new home owners buy home insurance immediately?

Should new homeowners buy home insurance immediately?

Buying a new home comes with many considerations to make—the size of the home, location, proximity to social amenities, entertainment features, and the house’s overall design.  With a whole load of paperwork to do and boxes to move and sort, it’s easy to get carried away and forget about essentials like home insurance. Most Wheat Ridge, CO insurance experts recommend buying home insurance early to give your insurer time to underwrite and determine the appropriate coverage level for you.

Should you buy insurance when buying a home?

It depends on your finances. If you are buying your home on a mortgage, your mortgage company will want to see proof of insurance days before the closing.  The CO insurance Specialist recommends shopping around for home insurance around 30 days before the closing to avoid insurance-related delays. The earlier you begin shopping, the faster you become familiar with your policy.

Buy early and secure your home

Don’t wait till accidents start happening to buy insurance. You might not get the chance to buy the policy when a fire burns your entire home down.  Home insurance is a critical family coverage that protects you, your home, and your loved ones. Liability coverage protects you against legal action when someone gets hurt on your property. If a guest decided to sue you for an injury they sustained when they visited you at your housewarming party, your policy could come in and cover the medical bills and lawsuit.

Shopping early comes with benefits

Buying your policy early means learning what is covered in your policy and what is not. Home insurance policies in Wheat Ridge, CO, cover a wide range of perils but not all of them.  For instance, mold, pest infestations, leaking roof, and normal wear and tear are not covered.  If you buy your policy early, you can learn what is not covered, adjust your policy and avoid filing uncovered claims, which can raise your premiums.

Looking to buy home insurance? Let CO Insurance Specialist help you protect what matters to you most. Call us today!

3 Auto Insurance Myths

Comprehending auto insurance can be challenging, especially for new drivers. However, when you partner with the right agent, navigating the car insurance landscape can be easy. Mastering the ins and outs of car insurance helps you understand whether you have enough insurance, what is covered, and what affects your insurance rate. 

However, with many misconceptions out there, making an informed decision can be difficult. The good news is that CO Insurance Specialist, serving Wheat Ridge, CO and the surrounding areas, is here to debunk common myths inherent in the car insurance world. 

The minimum required by your state is adequate

While it’s vital to observe the state-required minimum insurance coverage, in most instances, it doesn’t provide optimal coverage. Most states require you to carry liability coverages in your auto insurance, but this doesn’t give you all-around protection. 

To that end, you need to consider other auto insurance plans to pay for damages to your car, cover medical expenses in vehicular accidents, and bail you when your car stalls away from home. 

Personal auto insurance will cover your vehicle when used for commercial purposes

If you decide to use a personal vehicle to run business errands, your auto insurance won’t protect you from an accident. Driving a commercial-purpose vehicle has its unique risks that require coverage by commercial auto insurance.

The color of your vehicle affects your insurance rate

This popular misconception can’t be further from the truth. The color of your vehicle has no bearing on your vehicle insurance rate. Insurance companies look at the below factors when computing your auto insurance premium.

  • Driving record
  • Vehicle model
  • Credit rating
  • Gender, occupation, and age
  • Marital status
  • Zip code

Would you like to get more facts on auto insurance? With numerous auto insurance myths flying around, it’s good to work with a trusted insurance partner. Contact CO Insurance Specialist located in Wheat Ridge, CO, to get a better understanding of auto insurance.