Month: November 2023

What’s New in Home Insurance?

Posted on by AgentInsure

Your home is likely one of your top investments, so it is critical to adequately protect your investment by keeping up with the times. This article covers three significant home insurance trends you should discuss with your insurance provider. Our Compass Insurance team, serving the Centennial, CO area, will happily discuss these topics with you and structure the best insurance coverage that meets your needs.

Severe Weather

Severe weather events, including drought-related fires, have led to increased claims. Likewise, higher building material costs have increased the cost of repairing or replacing the impacted homes. In addition, with some state insurance boards refusing or delaying insurance rate increases, some insurers have stopped issuing policies in certain states because they cannot operate profitably. The combination increases home insurance prices and longer waits for policy approvals. 

Based on increased weather events, every homeowner should confirm the weather-related events their home policy covers. In particular, with 25% of all flood claims coming from homes outside of high-risk zones, more homeowners should consider adding flood insurance to their policies.

Technology

Countering weather-related price increases, smart home devices such as security systems, smoke detectors, and water leak monitors are reducing claims and their severity. Equipping your home with these devices can reduce premiums with some policies.

Remote Work

The shift to home-based business and work-from-home employment means more business assets are in homes. Since home insurance policies offer limited coverage for business assets, consider adding small business coverage if this situation applies to you.

Working with Compass Insurance

Everyone has unique home insurance needs. Compass Insurance proudly serves the Centennial, CO area, and will help you keep up-to-date in protecting your home and family against unforeseen events. Call or stop by today to discuss your home insurance options.

Things You Should Ask When Shopping For Auto Insurance

Posted on by AgentInsure

Shopping for car insurance is not always easy and fun, especially if you are doing it for the first time. Therefore, if you want to ensure you get the right coverage in Centennial, CO, you should talk to an insurance agent first and ask them certain questions. Here is a list of these questions: 

What Types of Coverage Are Available?

Understanding the available types of coverage is the very first step. Ask an insurance agent about collision, liability, comprehensive, uninsured/underinsured motorist coverage, and more to determine the best insurance options for your insurance needs. 

How Do You Calculate Premiums?

Ask an agent about the monthly premium and how this amount is calculated. Certain factors usually determine the premium, including the driver’s record, location, the car’s type and model, and more. 

What Is Not Covered By Insurance?

Not everything is covered by auto insurance, and you should understand that. There are certain situations that your car insurance won’t cover. Make sure to inquire about these exclusions and discuss them first before purchasing a policy.

What Is the Claims Process Like?

You should understand the claims process and all the details, including how to file a claim, expected response times, and the insurer’s reputation for customer service. You may face numerous stressful situations, so ensuring the process is transparent and smooth is crucial. 

Can I Customize My Policy?

Ask if your policy can be tailored to suit your specific insurance needs. Tailoring your coverage ensures you are not overpaying for unnecessary extras.

Now that you know what questions to ask, it is time to take action and get a policy. Contact a reputable insurance agent to discuss your specific needs and find a policy that fits your requirements and budget. If you are in Centennial, CO, or any nearby town, contact Compass Insurance. Compass Insurance specializes in different types of insurance, including auto insurance.