No matter where you call home, you need insurance that protects you and the things you own against unexpected losses. Accidents happen all the time, and never when expected. Home, renters, and condo insurance can provide coverage against a wide range of hazards and perils, including:
- Fire
- Smoke
- Wind
- Hail
- Fallen objects
- Theft
- Vandalism
- And more
When you choose Scott Hopson for your insurance needs, you are choosing to work with an independent agent who listens to your concerns, carefully evaluates your risk exposures, and works to find the most competitive rates on the coverage you deserve.
Home Insurance
A standard Colorado home insurance policy includes several different types of coverage. These typically include:
Structural Coverage
This coverage helps pay to rebuild or repair the structure of your home if it is damaged or destroyed due to a covered event. We recommend purchasing replacement value coverage that extends to your primary structure, as well as the other structures on your property, such as sheds, carports, fences, or even a detached garage. It does not cover the value of the lot, but it can include the cost of clean-up and remediation after a disaster.
Personal Belongings Coverage
This type of coverage helps reimburse you for the things you own. This includes the contents of your home, as well as items you own that may be stolen or damaged away from home. Take inventory of your home to determine how much personal belongings protection you actually need.
Most policies include an overall coverage limit, as well as smaller limits for special categories, such as jewelry and firearms. If the value of your items exceeds your policy’s special coverage limits, you may need to schedule additional protection for those items. Keep in mind that standard personal belongings coverage only pays for the depreciated, actual cash value of damaged belongings. We recommend adding an endorsement that increases coverage to the full replacement value instead.
Liability Coverage
Liability protects you against financial responsibility if you are sued for a third-party’s injuries or financial loss. This type of coverage extends liability protection to members of your household, as well as to incidents that occur on your property for which you are liable. We typically recommend high liability coverage limits for our clients to account for current income and assets, as well income growth and the accumulation of additional assets in the future. With too little coverage, you risk losing much or all of what you own due to litigation.
Loss of Use
If you are no longer able to live in your home due to a covered event, this type of coverage helps pay for your temporary living expenses until your home is rebuilt or repaired. This could include the cost of rent, hotel bills, and even restaurant meals and Laundromat fees if you do not have access to a kitchen or your washer and dryer. Generally, home insurance policies include enough temporary displacement coverage to pay for several months of expenses.
Renters Insurance
If you rent your home, you still need insurance to protect yourself and your belongings against loss. A typical renters insurance policy provides several of the same types of coverage as home insurance, including:
- Personal belongings coverage
- Bodily injury and property damage liability
- Loss of Use
Although the details of renters insurance varies from home insurance, it still addresses many of the same risks. If your dog bites another dog at the park, liability helps protect you against the financial burden of a lawsuit. If someone breaks into your apartment while you are on vacation, personal belongings coverage can help reimburse you for your loss.
Condo Insurance
Condo-owners policies are unique, in that they provide the same types of coverage as renters policies, as well as additional coverage for structural damages and other expenses not covered by the condo association’s master policy.
If you own a condo, Scott Hopson can help you determine where your condo association’s coverage leaves off so you know where your personal coverage should begin. For example, if your condo association policy covers the rebuilding of your exterior condo walls only, you may need private coverage to pay for the interior walls and finishes, such as flooring and countertops. By working with an independent agent, you can feel confident you are securing coverage that seamlessly picks up where your association coverage leaves off.
Loss Assessments
Loss assessments are unique to condo owners, as you share responsibility for the building you live in and shared spaces. We can help you find a policy that includes coverage for loss assessments levied against you when the condo association’s master policy is not enough to cover the damages.
Discounts on Home, Renters, and Condo Insurance
Our goal is to help you minimize the cost of your insurance without leaving holes in your coverage. We achieve this by shopping and comparing rates from multiple companies, as well as uncovering discounts you may qualify for to help reduce your premiums. Examples of common discounts include:
- Multiple-Policy Discounts (purchasing home and auto from the same insurer)
- Home Security Discounts
- Newly Built Property Discounts
- Claims-Free Discounts
- New Roof Discounts
- Plumbing or Electrical Upgrade Discounts
- And more
To find out more about home, renters, and condo insurance, or to request your free quote, contact our office today. We look forward to serving you soon.
