Does homeowners insurance in Centennial, CO cover my shed and outbuildings?

You trust your homeowners’ policy to protect you in case anything ever happens, and the last thing you need in the event of a disaster is a surprise where you find out certain important properties aren’t protected. If you are in Centennial, CO, we at Compass Insurance can help you understand your current policy and see if you need to make any changes.

What Is Normally Covered?

Your homeowners’ policy is a contract, and most people pay the most attention to the coverage amount and the deductible. However, it is important to also pay attention to any limitations or exclusions. For instance, some policies don’t cover damages because of flooding, or injuries caused by inherently risky items like trampolines.

The physical structure of your home is covered, including the building itself and most of its contents. Your clothing, appliances, electronics, decorations, flooring, and everything else in your home should all be protected under your policy.

Making Sure Your Outbuildings Are Protected

When you purchased your policy, an agent probably obtained photographs of your home, and that would have included a picture of any structures on your property, like a shed or detached garage. These are considered part of your property, and they will normally be protected. If you added an outdoor structure after purchasing your homeowners’ policy, it wouldn’t hurt to inform your agent. There may also be limitations as to how much is covered for outdoor structures, so you should check your contract if you have any questions.

Just like with any other contract, you will be safest if you make sure any additional outbuildings are mentioned in your contract. If you live in Centennial, CO and are thinking about adding to your homeowners’ insurance, or if you just have any questions, call Compass Insurance today.

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.

 

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!

What are the Benefits of Home Insurance?

When you are looking to purchase a home in the Centennial, CO area, there are many different important decisions that need to be made. One important decision that you need to make is when you are looking to purchase a home insurance policy. There are many benefits that come with home insurance that you need to consider and think about when shopping for a policy.

Property Protection
One of the primary advantages of having a home insurance policy is that it will provide you with necessary protection for your home.  Your home is a very important investment that you need to properly care for. If there is a fire, major storm, or damage created by something else, your home insurance policy will be there to protect you. This will prove to be very beneficial in the event of an emergency. The policy will provide you with protection for the home structure as well as your personal belongings.

Liability Protection
One thing that many people do not think about when they own a home is how much liability they are taking on. If you ever have any guests over to your home, you could be found liable if they end up getting injured while at your property. Having a home insurance policy will provide you with liability protection as well. This will ensure you are covered if you are ever sued and found liable for an accident.

Once you are ready to buy a home in the Centennial, CO area, the first thing you should call Compass Insurance. When you contact Compass Insurance, you will learn far more about your insurance needs and all of the options that you have to choose from. The team will help to make sure you get the right policy that covers your needs. 

 

 

 

 

 

Disaster Preparedness and Recovery Tips to Protect Your Property When The Unexpected Strikes

Centennial, Colorado is known for its refreshing, outdoor recreational areas that are enhanced by stunning vistas of the nearby Rocky Mountains.  However, its rolling hills and ravines can present challenges when natural disasters strike.  Throughout the years, Colorado residents have experienced a number of these hazards that include floods, fires, earthquakes, blizzards and even avalanches.  Here are the two most likely natural disasters that you’ll face in Centennial, Colorado, and ways to prepare for them.

Floods

Most of you have flood insurance, but you’ve perhaps forgotten the specifics of your policy.  Now is the time to go over your paperwork and contact your Compass Insurance Group agent if you have any questions about gaps in coverage for your home or commercial property.  Some things that may not be covered by your basic flood insurance policy are:

  • Finished basement furnishings and fixtures

  • Valuable paperwork that you could’ve protected

  • Mold damage that you could’ve prevented    

  • Septic tanks  

For those of you who are waiting for an alarming weather forecast before obtaining flood insurance, be aware that your property will not be covered until 30 days after you obtain the policy.  Now is the time to protect your real estate investment from flood damage.  

Wildfires

The personal safety of you, family members and colleagues should be of primary importance when it comes to wildfire disaster preparation. You want to have designated evacuation routes and meeting spots identified ahead of time. It’s best to conduct evacuation drills with your family or co-workers periodically to keep them ready for actual incidents.  Create emergency supply kits that you can take with you if you need to evacuate quickly.  Here are some things that your kit should include:

  • Three-day supply of potable water and non-perishable food

  • Change of clothing

  • Hygiene and sanitation items

  • Copies of valuable paperwork

  • battery operated radio

Final Thoughts

Natural disasters usually represent trying times for everyone. However, doing some upfront planning can ensure that you keep your sanity and more of your money intact. Call your Compass Insurance Group agent to find out the best ways to insure your home or commercial property against flood and fire hazards.   
 

Five mistakes to avoid when buying home insurance for the first time

Buying a home for the first time is very exciting, but it can also be very stressful.

Unfortunately, you’re not done making decisions after you’ve closed with the seller on the purchase of the property. You still have a lot of important decisions to make, like what home insurance policy you’re going to buy. 

The following are five mistakes it’s important to avoid when you’re buying home insurance for the first time:

  1. Buying the least expensive policy available. As with anything, with home insurance you get what you pay for. A cheaper policy most likely doesn’t offer adequate coverage. 
  2. Failing to put some thought into the unique risks of your particular home. You need to put careful thought into risks your home faces such as flood damage, theft, hurricane damage, and any other issues due to climate or location.
  3. Not first looking into a bundled policy with your auto insurance provider or a provider of another type of insurance you already have. A lot of insurance providers offer considerable discounts when you bundle policies. Check with your auto insurance or business insurance provider to see if they can give you a good deal through bundling policies. 
  4. Not discussing your need for home insurance with your real estate agent. The real estate agent you work with when buying the home could be a great source of information on finding the right insurance policy.
  5. Neglecting to do the math when it comes to your coverage limits. Pay attention to coverage limits. They should be enough to compensate you for your personal property in the event of a total loss.

Are you looking for home insurance in Centennial, CO? Call Compass Insurance to learn about the different policies available to you. 

Other than my house, What else can basic home insurance cover?

Depending on your specific policy, you home insurance may be able to cover additional items aside from damage to the structure of your home. If disasters occur, you will obviously have more than just structural damage to worry about. For those in Centennial, CO, Compass Insurance can have you covered.

Ordinance Upgrades

If your home is damaged and needs to be rebuilt, the home insurance policy will have to make upgrades that are mandated by city or state ordinances. If the local government requires your home to have outdoor lights, the policy will have to cover this new addition.

Accidents

Certain accidents that occur on your property can have claims with your home insurance. If somebody is injured on your property, their medical bills can be covered by your home insurance policy.

Liability Coverage

Home insurance will typically cover certain liabilities that are associated with owning a home. This may also include covering injuries in the event that your dog bites somebody else.

Spoiled Food

As unusual as it may sound, your rotten food may be covered if it was ruined by a power outage. Many insurance policies will cover up to $500 worth of food in your fridge in the event of a major outage.

Loss Of Use

If your home is wrecked by a natural disaster and you are forced to live in a hotel, the insurance policy will cover your bills. The living expenses, including hotels and restaurants, will be covered until you and your family are back on your feet.

There are still many other things home insurance may cover depending on your specific policy and local laws. To find out which home insurance plan in Centennial, CO is right for you, you may consult with Compass Insurance.

Does Having a Home Warranty Lower My Home Insurance Premiums?

Typically, when you purchase a new home, or a new to you home, you receive some warranty with the home. This may leave you wondering whether your home insurance premium should be lower. Here is some information you should know.

Home warranties and homeowners insurance do not cover the same thing. Home warranties often supplement your home insurance policy and cover items that are not typically covered under home insurance plans. These items typically cover items that may suddenly go out due to age or lack of maintenance, things home insurance does not cover. Likewise, home warranties do not cover items that home insurance does. If your home is robbed or someone slips and falls on your property, a home warranty will not do you a bit of good and cannot help you.

Because home warranties and homeowners insurance policies do not cover the same thing, it is not likely that you will be given any discount on your home insurance premiums because you have a home warranty. However, every insurance company is different and what they discount may vary. As such, it never hurts to inquire as to whether you can receive a discount for this or not.

Are you looking to change your home insurance policy or possibly lower your premiums? Then give Compass Insurance, serving the greater Centennial, CO area a call today. We can take a look at your current policy and find any places you can lower your payment or alter your policy, while still ensuring you are protected against loss. Give us a call to get started today.

Three Spring Cleaning Tips for Your Homeowner’s Insurance Policy

Winter is nearly over. Before you know it, spring will be here. Not only can you look forward to warmer temperatures in Centennial, CO, but if you’re like most homeowners, you’re probably already mapping out your spring cleaning plan. Don’t forget to include your homeowner’s insurance policy. Spring represents an excellent time to ensure your policy is up to date and that you have the coverage you need.

Perform a Home Inventory

Since you’re already spring cleaning and moving your belongings around, this is a great time to perform a home inventory. In many instances, homeowners underestimate the value of their belongings. If you make this mistake and you have a break-in or some other disaster, your policy might not be equipped to cover the total cost of your loss.

The result would be you coming out of pocket to replace these items on your own. Performing a home inventory will help you better analyze whether your policy is valued appropriately and increase your coverage limits if necessary.

Consider Major Renovations

Did you have a pool installed during the winter? Before you, your family and friends enjoy it, make sure you have the coverage you need. Not only does a pool addition increase the value of your home, it also increases your liability risk.

In the event someone gets hurt while enjoying your pool, they could come after you in the form of an injury suit. Ensure your policy reflects the value of the pool and ensure you have enough liability protection. A Compass Insurance agent serving Centennial, CO can help you ensure you have adequate coverage.

A Compass Insurance agent will be more than happy to go over your homeowner’s insurance policy with you to ensure you have the right coverage to protect your home and your family.  

Home Insurance and Your Neighborhood: Safety and Support

It’s easy to see buying home insurance as a solitary exercise in Centennial, CO because the amount you pay has everything to do with the property you bought. But you don’t live in a bubble. People are counting on you to maintain your grounds, and keep everything looking good. Neighborhoods need home insurance to survive and thrive.

Safety in Your Neighborhood 

When a criminal walks past litter or a damaged mailbox, they may not consciously think that no one cares about the property. But over time, neighborhoods can break down, and it all starts with neglect. Thieves can operate as often as they do because no one is standing up for what’s right or looking after the damage when it happens. Home insurance gives you the chance to do your part when it comes to warding off the man-made dangers that exist everywhere in the world. It also keeps the structures in good-standing, so people can continue to live in peace. A cracked foundation or a precariously-placed tree won’t overtake the house, but rather be dealt with quickly and safely in Centennial, CO.

Support When You Need It 

Home insurance is there to give you the support you need, and Compass Insurance knows just how priceless that help can be. From fast-moving contractors to get homes back into livable conditions to hotel rooms so the whole family has somewhere to go, home insurance is what keeps people sane and safe during even the worst times. Our team has seen the common threats, and can help you find policies that protect against them. The same goes for the more unusual scenarios that can happen. For more information about our services, premium costs, and customer support, call Compass Insurance today to find out more.