What Voids a Boat Insurance Policy?

Boat insurance is something that is fully necessary if you have a watercraft that you routinely take on the water. This type of policy protects you from a range of issues like wrecks, hitting things that are up out of the water, and damages that are caused by fire and weather. There are a few different things that can be done to make a boat policy ineffective and to guarantee that you are not going to be able to cash in on your boat policy. For those that live in the Centennial, CO area, the agents with Compass Insurance can help you to find the right boat insurance policy for your boat.

There are a few different instances in which your insurance company is not going to pay out on a claim. The first is if the claim is obviously something that you caused or did intentionally. This could be setting your boat on fire, wrecking on purpose, or intentionally causing damage to your boat in the hopes of being able to collect insurance. There are also cases that your policy can lapse or become void. This might be is you stop paying, you miss too many payments, or your insurance company finds out that you provided false information that might cause them to void or cancel the policy.

If you have a boat you need to have some sort of boaters insurance to protect both you and your boat. The right boat policy is going to protect your boat and is going to protect your passengers and yourself as well. For those that live in the Centennial, CO area, the agents with Compass Insurance can help you understand the ins and outs of your personal boat insurance policy to make sure you are covered.  

Does Commercial Insurance Cover Weather and Flood?

Commercial insurance offers a huge range of coverage for nearly anything you could imagine. That being said, there are some things that it does not cover. Your commercial policy is going to cover a large number of different occurrences from things like an injury to employees to theft of merchandise. If you live in the Centennial, CO area, the agents with Compass Insurance are ready and waiting to help.

Between weather damage and flood, commercial insurance only covers one of the two techniques. Commercial insurance covers weather damage to your building but in some cases might cover flood that is associated with that damage. It does not, however, cover flood that is associated with general flooding. A good way to look at this is to consider a scenario. Say your business was damaged by a storm that tore a hole in the roof, your store then flooded because of the hole and you had to do extensive water clean- up, this would be covered on your commercial policy. Similarly, your commercial policy would also cover flooding associated with something like a burst pipe in your business. It does not cover flooding that is associated with general flooding.

Your commercial policy covers a great deal and it is always best to speak with an agent about what your policy covers and what you can expect if you have to file a claim on your insurance. Your agent can discuss with you what your policy covers and what it does not cover so that you can get a better idea about what your policy is for. If you live in the Centennial, CO area, the agents with Compass Insurance can help to get you the policy you need and can help you determine what policy you need.

Why You Might Want to Update Your Home Insurance

Do you have enough home insurance? Many owners are unlucky and, when disaster strikes, their coverage is insufficient.

The best thing to do to prevent finding yourself in this position is to speak with a knowledgeable agent at Compass Insurance, serving the Centennial, CO region. Ask what they believe is the best additional coverage for your unique situation. Then, you will be able to rest assured that when something goes wrong, you are well protected.

Following are some top reasons why you might need to update your current home insurance.

Major Renovations

Have you remodeled a room or your entire house? If so, the value may have gone up. Speaking with an insurance agent about increasing your home insurance would be wise.

You may also want to think about reviewing your policy even before embarking on a major remodeling project. Ensure that you are covered for any possible damage that may arise during the renovation.

New Pet

A new dog, cat or other pet may necessitate a revision of your home insurance. Animals can destroy property, either yours or that of a neighbor.

Furthermore, an aggressive pet can lead to costly legal problems if they attack or scare someone at your home. Your insurance may be able to help you deal with this situation if you have planned ahead. Be sure to talk to your agent about your specific needs.

Recently Retired

Have you left the workforce? This change of circumstance may require you to update your insurance policy. Now that you no longer have to leave the house each day, you will be around much longer. Consequently, the odds of a home-based accident increase.

Get Professional Advice

Do not waste time. Contact the experienced staff at Compass Insurance, serving the Centennial, CO region. They can provide you with a quote on an updated policy that will hopefully make your day.

 

What does full coverage insurance actually cover?

There are rules about how much insurance you need to drive in Centennial, CO. Your minimum coverage for an auto insurance policy from Compass Insurance will have at least

  • $25,000 per person for bodily injury
  • $50,000 per accident for bodily injury
  • $15,000 per accident for property damage.

You will also need a certain amount of uninsured/underinsured motorist coverage unless you waive that in writing.

Minimal Coverage Doesn’t Protect You Very Much

You can easily see that those limits are not very high and that even one bad accident with someone injured could end up costing much more money than that. When your insurance has paid out those amounts, you will be responsible for making up any difference. Your driving privileges could be suspended if you fail to pay, and it could have an adverse effect on your credit.

A full coverage policy could give you a higher policy limit, in the areas you feel the most vulnerable. You could be protected for a much higher amount.

Other Benefits of Full Coverage

Collision Insurance is not required by law but will protect you for damages done to your own vehicle after a collision with another vehicle.

Comprehensive Insurance protects you against yet more kinds of danger, such as fire, severe weather or theft.

The main difference between minimal coverage and full coverage is that minimal coverage only helps you out with liability, or what you owe if you are at fault in an accident. Collision and comprehensive coverage will help you to repair or replace your own vehicle.

If your vehicle is paid off and isn’t very valuable, it may not be worth it to get full coverage. If you want to see if full coverage could help you, please feel free to call Centennial, CO Compass Insurance today for a free evaluation and quote.

Is there insurance that can protect me if my off road vehicle causes an accident?

You get a lot of chances for adventure in and around Centennial, CO, and you don’t want to slow down because you aren’t protected. At Compass Insurance, we assist our customers with many kinds of insurance needs, including insuring off-road vehicles like ATVs, dune buggies and even golf carts.

A good recreational vehicle may be expensive, and it could potentially cause a large amount of damage like any vehicle can. But off-road vehicles are fun to ride, they can get into places a regular vehicle can’t, and they save a lot of money on gas.

Following the rules

Driving an off-road vehicle can seem rebellious, but there are some rules you can follow that will make the experience safer, so you can keep doing it for a long time.

For instance, you shouldn’t take a passenger on an ATV, or drive the ATV on a regular paved road with regular vehicles. Wearing protective gear is also important.

Do you need ATV insurance?

You aren’t legally required to get ATV insurance in Colorado, but you have to ask yourself what you could lose if you don’t have insurance when you need it. Your injuries and/or damages probably won’t be covered under your auto or homeowners policy, and the expenses could add up.

It’s easy to damage your ATV by running over a stone or into a tree, and ATVs are vulnerable to theft and vandalism. You won’t know for sure until you look at your policy and talk to your agent, but if you want to ride an off-road vehicle in Centennial, CO, it is better to be safe than sorry. If you have any questions or would like to talk about a policy suited to what you need, call Compass Insurance today.

Why You Should Include Collision and Comprehensive to Your Motorcycle Insurance Plan

Purchasing a motorcycle can be thrilling for owners, with gas mileage so good that the open road can last right on for miles. While you are out taking on the open road, make sure that you have quality insurance on your motorcycle. While liability is only required in the state of Colorado for owned bikes, expanding past the minimum can protect yourself and any passengers you may be carrying. If you live in or around the Centennial, CO area, upgrade your motorcycle policy today to include collision and comprehensive with a policy from Compass Insurance. 

What does collision cover? 

In the event that you are in an accident with another bike or vehicle, damage to your bike will be covered. If your bike is a total loss from damages, you will be covered for the value of the bike so that it can be replaced. Even if you are in an accident with an uninsured driver, your own policy will ensure that you are provided the proper value and the ability to replace your motorcycle. For accidents that do not have collision coverage, you are not able to gain compensation on your motorcycle damages.

Why is comprehensive important?

Unfortunately, damage can be caused to your bike that is not accident related. If something falls onto your bike causing damage or it is stolen, you will be cover for the damages costs or a bike replacement like collision insurance. For those who lose their bike to theft without comprehensive insurance, there is no value replacement on the bike, leaving the owner completely responsible for the loss of the bike. 

Get Covered Today

Protect your motorcycle investment today with collision and comprehensive coverage. Compass Insurance proudly serves the Centennial, CO area and has a policy ready for you today. 

Is Boat Insurance a Legal Requirement in Colorado?

When the spring thaw comes many people will be considering buying a boat or enjoying the one they have stored for the winter. Boating is a great way to enjoy the great outdoors in Colorado, however, it is important that you stay safe and up to date on the newest regulations. At Compass Insurance we want you to have the most fun this summer on your boat, but safely so your person and your property is not damaged in the process. We serve Centennial, CO and the surrounding area with quality insurance for all aspects of your life. 

Is Boat Insurance Required, Legally?  

In the state of Colorado, you are not legally required to carry boater’s insurance in order to operate your boat or to receive a registration. However, due to the nature of the sport, it is highly recommended that you insure your boat for your own safety net in case something occurs on the waters. There is nothing like losing your property to halt all fun, or being liable for someone else’s property in an accident. Boater’s insurance can have your back if something goes wrong on the water.

Boating requirements do include the rule that you must be registered with the state and receive a registration number that is displayed on the vessel. A Boater education card proves you took the courses for safety and knowledge of state laws. Be sure to do these two things and legally you can enjoy the water. However, insurance is always the best idea. 

Contact us at Compass Insurance to find out about boat insurance rates and what sort of coverage you want. We serve Centennial, CO and the surrounding areas. 

When is Commercial Insurance Required?

If you are the owner or manager of a business, you will need to make important decisions and choices on a daily basis. One important decision that business owners need to make is when they decide on insurance for their company. Having commercial insurance is a good idea for all Centennial, CO businesses, but there are several situations in which it is actually a requirement for a business to have. 

When Employees are Hired

Most states have requirements when it comes to having workers compensation insurance and Colorado is no exception. In this state, you are required to carry workers compensation coverage if you have one or more employees. This will give adequate coverage if someone is injured while they are working. If you do not have this type of coverage in place, you could face stiff penalties. 

Lender Requirements

Most businesses would benefit from having positive banking relationships. If you ever need to take out a commercial loan, the lender will undoubtedly require that you carry commercial insurance at all times. This will typically include carrying property insurance to protect their collateral and liability insurance to protect you against liability-related lawsuits.

Local Ordinances

Depending on the type of business you operate and where you work, local zoning boards may also require that you carry liability coverage. Violating this requirement could prevent you from doing business in that town going forward. 

Since there are clear requirements when it comes to having commercial insurance, it is important that you speak with a company that can help you to decipher your commercial insurance needs. One company that could help you to do this is Compass Insurance. The team at Compass Insurance can help any Centennial, CO area business figure out what their needs and responsibilities are when it comes to commercial insurance. 

Why Buy Homeowners Insurance?

Compass Insurance in Centennial, CO are experts in homeowner insurance and will guide you in the right direction to purchase a policy that will meet your needs. Is homeowners insurance just another expense or is it essential? What if something happens to your personal property or your home? A good homeowners policy results in saving money if your home or belongings are damaged. A policy will also raise your awareness of how to protect your home from any natural disaster by upgrading your home.

While homeowners insurance essential to protect your dwelling, personal property, and financial interests, it is not required by law. However, to obtain a mortgage on your home, insurance is required as a matter of contract but not as of law to protect the financial interests of the mortgage company.

Eight types of homeowners policies have their unique coverage to protect homeowners from certain events which harm the dwelling. These policies or forms were promulgated by the Insurance Office, Inc. and the American Association of Insurance Services. These organizations collect data, create rating information, standard policy forms, and present this information to state regulators to be used by their client insurance companies. These policies exist for homeowners for both new and older homes, condos, renters, and owners of mobile homes. The specific policy forms are:

1. HO-1 is the basic form that covers against certain named perils.
2. HO-2 is named the broad form, which many homeowners purchase which is a broad form policy that is a type of homeowners coverage covering HO-1 perils plus other events.
3. HO-3 is considered a special form because it covers a broad range of events and is considered an open peril policy.
4. HO-4 policy is renters insurance
5. HO-5 is viewed as a comprehensive form which covers more perils than the other policies.
6. HO-6 is the condo form.
7. HO-7 is the mobile home form
8. HO-8 is the older home form

The agents of  Compass Insurance in Centennial, CO will advise you of your homeowner insurance needs.  Please call for an appointment!

When do you no longer need collision coverage on your car?

When you have an older vehicle that is of low value, you might be better off dropping collision coverage. Colorado requires you to have liability coverage-meaning insurance to cover damage you cause in an accident. The professionals at Compass Insurance in Centennial, CO can help you decide which policies are best for your situation. 

If you are in an accident and are at fault, liability coverage will cover damage to the other vehicle. In that situation, the collision coverage would pay for damage to your car. This would also be true if you ran your car into a tree or something and had damage.  If you owe on your car, the lending company probably requires you to have collision coverage. 

If you own your car outright there is a situation where you might want to not have collision insurance. The insurance company will not pay more than the market value of the car, regardless of how much coverage you have. If your car is worth $3,000, and it sustains $4,000 in damage, you will only get $3,000. The insurance company will declare it a total loss and will pay you only the market value.  You would still get the market value if you had collision insurance, so there is a bit of a risk factor to consider.

If you choose to go without collision insurance, another option is to have uninsured motorist coverage. While coverage is the law, not everyone obeys the law, so it is possible to get in an accident with a driver who has no insurance or means to pay for the damage he or she caused. In that case, uninsured motorist coverage would pay for your car’s damage if the accident were not your fault.

The value of your car that you own outright is the key factor in deciding what coverage you need. Call or visit the Compass Insurance agency in Centennial, CO and let them help you find the coverage that is right for your situation.