The state of Colorado does not require full coverage auto insurance, although it is always recommended for all Centennial drivers who want to stay safe on the road. While full coverage is not required, there are some types of coverage that are required and still others that your independent agent must offer to you according to the state law.
Liability Insurance in Colorado
In the state of Colorado the minimum amount of liability insurance you must have on each vehicle you own is $25,000 per person/$50,000 maximum per accident. This means that with a minimum 25/50 policy like this, one victim may not recover more than $25,000 from an accident, and if, for example, six victims are in one accident that the total paid out to all victims cannot exceed $50,000.
Uninsured and Underinsured Driver Coverage
Uninsured and underinsured driver coverage is not required by the law however state law in Colorado does require that all insurance agents offer it to drivers who are buying a policy. If you have this type of coverage you and your passengers have got coverage in case the driver who caused the accident to happen has got no insurance or not enough insurance.
Medical Payments Insurance Coverage
This kind of insurance is not required by law, but just as with the Uninsured and Underinsured Motorist insurance, your agent must present it as an offer. This insurance is offered in a $5,000 amount.
Collision and Comprehensive Coverage
Both of these insurance types are not required and there are no specific legal guidelines in relation to an agent offering you these coverage types. Collision coverage is the insurance that pays for repairs to your vehicle, or replacement of the car or truck if it’s extremely damaged in an accident on the road. Comprehensive insurance coverage handles the non-accident damages like weather damages (hail storms for example) or if your car is stolen.
If you have an insured property in Colorado, the winds of change may have already swept through your insurance coverage. If you haven’t seen it yet, you may see it soon on your insurance policy: the wind deductible. A wind deductible is a higher deductible that is separate from the main deductible on your property insurance policy, and it applies specifically to damage caused by wind or hail. Unlike normal deductibles that are usually expressed as a flat dollar amount, a wind deductible is usually a percentage of the dwelling limit on your policy or the total value of the policy.
In Colorado, insurance companies have begun to lose a lot of money from claims of hail and wind damage, especially from those in Colorado’s Front Range. Most of the wind damage affects the roof, which can be quite costly to repair. With that in mind, chances are that your home insurance policy already includes the wind deductible.
Where a lot of people make a mistake is by assuming that when they make a claim, their wind deductible will only be equal to a small percentage of their actual repair cost. In fact, the deductible usually amounts to somewhere between one and five percent of the total value or dwelling limit on your policy. Basically this means that if you have a $200,000 house and a three percent wind deductible, you will be responsible for the first $6,000 in repairs due to wind damage. With this in mind, it is vitally important that you go over your policy with an independent agent and make sure that the amounts are correct.
To get the best insurance coverage at the best price, even with a wind deductible included, your independent agent here in Centennial can help. By making sure that you have the right amount of insurance on your home, we can make sure that you’re not paying too much for your wind deductible.
For those who have a homeowners insurance policy, knowing what is covered in it is critical. For those in Centennial, Colorado, a range of weather events and natural disasters can occur and leave you with significant damage to your property. Every policy is slightly different so you will need to contact an independent agent to learn about the specifics. However, in most cases, the following natural occurrences may be covered under your policy.
- Fire brought on by lightning is often covered.
- Windstorms that damage your home, such as causing a tree branch to break off and hit your property are often covered.
- Hail damage, especially to your roof, windows, or vehicles may be covered by your insurance.
- Explosions if they are caused by a natural disaster may also be covered, such as lightening striking a power main.
- Smoke damage from a related fire may be covered.
- Damage caused by the weight of ice buildup or snow can be a common problem in the Colorado area. Sleet can also be dangerous and is often covered.
- Overflow of water from a stream or river or from other flooding, if your policy has flood coverage may be covered. Keep in mind that some areas of Colorado may be in a flood zone, which means this type of insurance may not be available.
It is also important to know what is commonly not covered. Earth movements, such as earthquakes or tremors are not often covered. Any type of nuclear accident is also not covered.
Here is the good news, though. To find out what coverage you have, to get more, or to get help filing a claim, contact us. At Compass Insurance Group, we are an independent agency that works to meet your needs. Let us help you to ensure you home is properly insured.
Some businesses carry more risk than others. If you own a home building company, your employees have a much higher risk of being injured than if you run a gift shop. But no matter which industry you’re in, there’s always the possibility that someone on your team will be injured. If you own a business which has employees, you need to have Workers Compensation insurance. This will protect your business against lawsuits from employees if they are injured while on the job.
Even if Colorado state law doesn’t require your company to have Workers Compensation insurance, having it will only be a benefit. It’s never a bad thing to go above and beyond what’s required, and you–and your employees–will feel better knowing that it’s in place, should an unfortunate event occur.
For the last three years, workers compensation loss costs rates in Colorado have gone up each year. In 2013 they rose by 5.2%. Loss cost rates are increasing due to the number of claims made, and the amount which is paid out for the claims. Policies may change from year to year, due to new laws put in place by the government, or the insurer may change the policy in order to keep their business profitable and able to help as many businesses as possible. The best way to make sure you know what your policy covers, and any changes made to it, is to contact your independent agent.
To get competitive pricing on Workers Compensation insurance for your business, call your Centennial independent agent today. We’re here to help you compare rates from the country’s leading insurers, so that you can get the best rates possible. We can answer your questions and help you decide the best policy for your business.