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Colorado Homeowners InsuranceCO home insurance has steadily been rising the last few years. Additionally, homeowner insurance companies in Colorado are also tighten restrictions and insurance standards to reduce the risk of who they insure. The higher cost of homeowners insurance can be attributed to higher inflation and higher risks.
Also, flood insurance is not included in any Colorado homeowner's insurance policy. Visit http://www.floodsmart.gov for more info on the national flood insurance program. Floods are common in some parts of CO where there is a lot of snow that melt or when there is an excessive amount of rain in a short period of time.
Colorado Home Insurance
Insurance is intended to protect the structure of the home as well as personal property within the home. Even though Colorado homeowner insurance is not required if you do not have a mortgage on the home, it is recommended to always insure your home in case of fires or other disasters. If you owe any money on the home, your mortgage company will require you to have homeowner insurance.
Amount of Coverage
As a homeowner, the homeowners policy should be insured to cover at least the cost to rebuild the home. If you are a gambler, you may want to only insure the home for 80% of the cost to rebuild the home to save a $50 to $100+ a month. Some mortgage companies will require you to insure the Colorado home for at least what you owe on the mortgage.
Amount of Deductible on CO Homeowners Insurance
The deductible in a homeowners insurance policy is just like any other deductible; the amount you must pay out of your own pocket before your policy kicks in. The higher the deductible, the lower your Colorado home insurance will be. Only increase the deductible to an amount you and your family will be comfortable paying out of your own pocket.
CO Homeowners Insurance Discounts
Take advantage of discounts offered by Colorado insurance agents that will save you money. The biggest discount comes with insuring your home and car with the same company. Other factors such as home security and deadbot locks can shave a few bucks off your premium.
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