When you own a home in Colorado, homeowners insurance is a must. Basic home insurance can cover the value of your home in case of property damage, funding repairs or rebuilding after an accident or disaster. But it is important to make sure your policy exactly meets your needs or you risk a high out-of-pocket payment.
Additional Types of Coverage for Homeowners
Homeowners insurance does not often work with a one-size-fits-all approach because your home is unique. This can result in greater risk or additional expenses during the repair process. If these factors apply to your home, it is a good idea to consider more comprehensive coverage:
- High Value Homes – Rebuilding a home valued over $500,000 can often require coverage beyond the basics to fully cover the costs of contractors, materials, and more.
- Custom Homes – Rebuilding or repairing a custom home generally costs more than the work on a builder home due to the custom elements, regardless of market value.
- Older Homes – If building codes have changed since your home was originally built, rebuilding may have to meet these newer building codes, resulting in additional expenses.
- High End Fixtures – Custom kitchens, built-in cabinets, marble countertops, artwork, and electronics should all be covered by your insurance policy in case they are damaged along with your property.
- Greater Risks – Areas that are more susceptible to flooding, storms, or fires can make certain kinds of damage more likely. Basic homeowners’ insurance does not always cover these damages, making additional coverage necessary.
Our team can help you keep your insurance up to date and provide a policy customized to your needs, all while making sure that your home is still insured at the best rate. Contact us today to get started.