According to recent census records there are more than 110,000 homeowners in the state of Colorado so it would seem that purchasing homeowner’s insurance here would be a relatively simple matter and in many ways it is. But before you plunk down your hard-earned cash for premiums on a homeowner’s insurance policy it might pay you to compare policies and prices among several different companies offering coverage in Colorado.
Probably the quickest way to make comparisons among different policies is through any of several online insurance sites, but don’t expect your search to be an easy one.
What makes comparing low cost homeowner’s policies in Colorado somewhat confusing is the number of different things that can affect the price you pay.
For example, when comparing costs between companies you must make certain that you are comparing policies covering all of the same things.
Some of the things that have to be considered are the cost of replacing your dwelling, the cost of replacing your home’s contents, how much personal liability you want to carry in case someone is hurt on your property, how much medical coverage you want, and the deductible you are willing to pay. Keep in mind, all things being equal, the higher your deductible the lower your premium.
There are other things that can affect the cost of your homeowner’s insurance as well, such as the age of your home, whether your home has deadbolts, whether your home has smoke and fire detectors, how close your home is to the nearest fire station and whether or not there is a fire hydrant within 1,000 feet of your home.
Obviously you do not have control over some of these things, but others, such as deadbolts and fire alarms, are well within your control and they can affect how much it costs you each month or each quarter to insure your home.
And keep in mind, too, that no homeowner insurance policy in Colorado covers your home for damage caused by flood or earthquake (those kinds of insurance can be purchased separately) and in many parts of Colorado your homeowner’s insurance does not cover your property for damage caused by high winds. If high winds are a problem you need to specifically ask if wind damage is covered by your policy.
Comparing homeowners insurance is not a simple matter, but if you are willing to devote a little time to the task, the payoff (in lower homeowner’s insurance premiums) can keep you smiling for years to come.