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Home insurance is required by your mortgage company.  If you don’t have a mortgage, then chances are no one is forcing you to carry home insurance.  Whether you have a mortgage or not, it is a good idea to carry home insurance, especially if you live in Colorado.  The Colorado front range is prone to hail storms.  The average homeowner along the Front Range will file a wind and hail claim every 7-12 years.  Unfortunately this frequency is claims also drives the cost of home insurance up.  Colorado is one of the highest states in the U.S. for home insurance claims.  At our agency, we’re happy to work with you to make sure you have the best coverage at a price you’re comfortable paying.  Home insurance is broken out into various coverages.

Dwelling Coverage:  This is also sometimes referred to as ‘coverage A’.  Dwelling coverage is the amount of money the insurance company estimates it would cost to reconstruct your house.  Sometimes there may be additional coverage, called ‘extended replacement cost’ or ‘guaranteed replacement cost’.  At Mike Schmisek Insurance Agency, we are able to provide you with Guaranteed Replacement Cost in most situations.

Personal Property: Think about what would happen if you could flip your house upside down.  The things that would fall out would compromise your personal property.  When it comes to insuring your personal property you want to make sure you have replacement cost coverage, not Actual Cash Value coverage.  Insurance companies will normally have sub limits on certain personal property that is prone to theft, such as jewelry, cash, firearms, and other items.  Be sure to ask about a personal floater to ensure these items are covered.

Liability: Liability on a home or renters policy is also called ‘personal liability’.  This would pay out bodily injury associated with a negligent act you performed outside of driving a car or your course of business.  Liability on a landlord or VRBO is generally ‘premise liability’.

Deductible: This is the amount that you will have to pay before the insurance company pays out for a property claim.  We generally recommend you carry as high of a deductible as you can reasonably afford.  Insurance companies greatly reward consumers for having a higher deductible.  Most consumers will save money in the long run by choosing a higher deductible.    

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