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 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.
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.
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.