Why Renter’s Need Insurance and How to Choose the Right Policy in Centennial, Colorado

Renters need insurance to protect their belongings in the event of a disaster. Although your landlord may carry insurance for the building where your unit is located, the policy will not cover your belongings. Not only do many people have expensive electronics, some people also have expensive collections worth a lot of money. If you want to know how to choose the right policy, take a few things into consideration.

When living in Centennial, CO, you may be renting a house or an apartment. Either way, all of your furniture, appliances, and personal belongings will need to be covered in your renter’s insurance policy. Although, if the appliances were part of the rental unit, your landlord will insure them. You will need go throughout the rooms in your rental and determine the value of various items. You will probably want to keep a list, take pictures, or even video your items to include with your renter’s insurance policy. In the event of a disaster, you will be able to prove you had certain items and the condition they were in. You will also need to decide what type of policy to purchase. If you want inexpensive coverage you can get an actual cash value policy or if you want more comprehensive protection, go with a replacement plan.

When talking with your independent insurance agent, discuss why renter’s need insurance to protect their items. You will also want to take into account how much you can afford for a deductible. The deductible is the amount of money you will need to pay before the insurance policy will issue a check. These are just some of the things to consider if you want to know how to choose the right policy.

Tips for Shopping for Cheaper Insurance in Colorado

When you’re shopping for cheaper insurance in Colorado, it is important to make sure that you are not only looking for a low price, but also quality insurance. You can search for "Cheap car insurance in Colorado" and find many different results. You may find results from specific companies in your area, and you might also find many websites that offer the option to search for quotes from many different insurance companies at the same time.

When you choose to use one of these insurance quote websites it is important to check the website for validity before you enter any personal information. Most of these sites will only ask you for your zip code, age and the type of insurance you need. Some of them, however, might ask for your email address, your name, address, phone number, and other personal information that they may use to solicit insurance to you. This might be to your liking, since you are in the market for insurance, but you need to read the privacy policy and the terms and conditions before you sign up to get a free quote from these types of places.

When you are entering in your information for a cheap insurance quote, you should always be honest. This way you can get the most exact quote for you. If you have any previous tickets or accidents, ensure that you include those as well as any safety features you have on your vehicle. This will help the quote finder give you the best quote and the best companies for you to purchase car insurance from in Colorado. Some quote websites will also give you detailed information about your state’s car insurance statistics including the most commonly stolen cars, how many drivers there are, and much more!

How Do I Shop for the best deal for insurance in Colorado?

As a Colorado resident, you understand that you must have automobile insurance in order to get a driver’s license. Moreover, you also know the benefits of having Colorado home insurance coverage to protect you and your belongings in the event of a loss. Yet, you may not be aware of how to shop for Colorado insurance in a manner that ensures you will get the best deal. If you follow these pointers, however, you will get great Colorado home insurance and quality Colorado car insurance at an affordable price.

  • Comparison Shop: Like you would do with any other product, compare prices for Colorado home or car insurance with several different providers before you commit. If you compare the same coverage amounts with many different insurers, you will get an understanding of the average price for the coverage you need and then choose your most affordable option.
  • Make Note of Money-Saving Discounts: There are a variety of money-saving discounts available to purchasers of insurance, including lower auto insurance prices for students who maintain good grades, lower home insurance policies for homes that are equipped with monitored burglar alarms, and much more. Ask different carriers about the discounts they offer, and make note of any that you qualify for in order to get the best deal on Colorado insurance.
  • Raise Deductibles: As your deductibles increase, the amount of your Colorado auto insurance or Colorado home insurance premiums will decrease. Choose the highest deductible possible and you will save a lot of money on your Colorado insurance coverage.
  • Improve Your Credit Score: Finally, you can get a good deal on Colorado insurance if you have a good or excellent credit score. Correct any errors on your credit report and get up to date on all your bills before you go shopping for insurance because that will raise your credit score and enable you to get the best Colorado insurance deal.

Types of Colorado Liability Insurance

Colorado insurance companies offer general liability insurance and many types of custom liability insurance policies. Liability coverage is available to cover buildings, property, vehicles and people. Most people are aware of general liability insurance. This can be a combination of coverage to protect against lawsuits for bodily injury, personal injury and damage to property. Businesses need to have general liability insurance and some opt for additional specific liability policies.

There are some areas of business that require specific coverage. For example, a contractor needs to have special coverage that protects their business against claims for mistakes or poor workmanship, and they need to be sure that any subcontractors they hire also have liability coverage. Here are a few types of Colorado liability insurance options for businesses:

  1. Contractor General Liability
  2. Construction Liability
  3. Environmental Liability
  4. Errors and Omissions
  5. Pollution Liability
  6. Employment Practices Liability
  7. Directors and Officers
  8. Excess Liability
  9. Garage Keepers
  10. Medical Professional Liability
  11. Nursing

General liability policies can be written to include aspects of liability that are specific to a particular business. For example, there is liquor liability for bars and restaurants, inland marine transport liability for those in the inland waterway transportation business, and there is pollution liability for industries like mining and drilling. Most of these policies apply to a business or commercial situation.

For individuals, ask the local insurance agent about general liability when discussing policies for home, vehicles and property. Liability is for everyone and all businesses. If someone becomes injured, killed or property damage is due to some negligence or problem at a home, business or other property location, the liability insurance can be a blessing to help protect against personal financial ruin or bankruptcy following lawsuits.

Every state has different insurance regulations; for Colorado interests, please contact your local Colorado insurance agent for detailed information and advice. They are in the best position to made recommendations based upon the latest governmental regulations and requirements.

Don’t Forget the Broker

As we discuss the ins and outs of home insurance and auto insurance, it can be easy to lose sight of the critical role that an insurance broker plays in the process. Your insurance broker or agent will represent you to several different home and auto insurance companies so that you can get the right coverage at the right price. What are the advantages of hiring a quality insurance broker or agent? Read on to find the answer.

First, an insurance broker will help explain the different kinds of insurance available to you. Understanding the legal contracts and other documents provided by an insurer to its customers is not always a simple matter, for the legal language and unfamiliar terms can confuse us about the precise kind of insurance coverage that we have purchased. Licensed insurance brokers, however, are experts in the reading and analysis of these documents, and they can explain in easy-to-understand language the ins and outs of your insurance policy.

The second advantage of hiring a licensed insurance broker is the potential savings that you can enjoy on your home or car insurance. Today it is easy to buy directly from insurance companies, but if you only consult one company, you do not know if you are getting the very best deal on your insurance. Insurance brokers will contact several companies to get competing bids on insurance for you, and they know which insurance companies tend to offer the best coverage at the lowest rates.

It may be that your insurance broker will receive a small commission for these services, but it is well worth it to you in light of the greater savings you can receive on insurance. So the next time you are shopping for car or home insurance, do not forget the licensed insurance broker.

How to Understand Colorado Insurance

Insurance is not an easy subject to understand, but if you live in Colorado, you need certain minimums of coverage for auto insurance in order to be compliant with the law. Homeowners insurance doesn’t have the same required minimums, but it’s still a good idea to have it.

Minimums for auto insurance

If you own a car and you live in Colorado, you have to have at least liability insurance in the amount of $25,000 per person or $50,000 per accident for bodily injury coverage, and $15,000 minimum in property damage coverage in order to be compliant with the law. This protects you in the event you’re in an accident and are deemed at fault. Your insurance company will cover you for damages up to those amounts. Insurance experts recommend that you carry $100,000 per person or $300,000 per accident for bodily injury coverage if you can afford it, to further protect yourself.

Optional extras in regard to auto insurance

In addition to the above-mentioned liability insurance minimums, there are also two other types of auto insurance, comprehensive and collision insurance. If your car is newer than 10 years old, it’s a good idea to carry these types of coverage; they’re optional, in that you don’t have to have them by law, but if your car is damaged in an accident and you deemed at fault, collision insurance will cover you for repair or replacement of your car up to its current market value. Comprehensive insurance covers you in the event your car is damaged by a non-accident event like hail or vandalism.

Homeowners insurance

You’re not required by law to carry homeowners insurance in Colorado, but if your home is financed, your lender may require it of you as a condition of offering you a mortgage. As with auto insurance, homeowners insurance protects your property against disaster like fire, hail, wind damage, theft, or vandalism. Liability insurance is carried as part of your homeowners’ insurance policy and protects you in the event someone is injured on your property and sues you for damages.

Why Shop for Insurance Before Leasing or Financing?

Leasing a car carries with it an additional cost that many people don’t think about before signing. Virtually all lease contracts require that you carry ample insurance on the vehicle. In addition to liability insurance, they require collision and comprehensive coverage that insures the company financing the vehicle as well as the lessee. Whether leasing or financing, the same principles apply.

For optimal security, it is a good idea to include gap insurance in your lease policy. If you car is totaled before the end of the lease term, you are still responsible to make all of the required payments and are responsible for the value of the car. Gap insurance covers you for the remaining lease payments and for the difference between the vehicle value and the balance of what is owed the lease.

One of the more important reasons to shop for insurance before committing to a lease agreement is that lease insurance is not cheap. You want to be sure that you not only have sufficient coverage but that you are not paying more than you have to for it. Rates are variable, so review your policy annually.

Auto lease insurance is like other insurance policies in many ways. You get to choose the options that address your specific needs, purchasing no more and no less than is necessary. All providers offer essentially the same options but not for the same premium costs. Some providers are more user friendly than others, while some have better financial ratings.

You want to be secure knowing that the provider you select has a proven record of paying claims in full and on time. If not, you could wind up being responsible for a large financial loss.

If you do a bit of online research, you will have no trouble finding a reputable company that can offer you the protection you need for the best price.

Colorado Insurance Options

If you live in Colorado and you own a car, you must carry auto insurance amounts that meet certain minimums. There are other options for additional auto insurance that may be beneficial to you, depending on the age or condition of your car. Let’s take a look at them.

Liability Insurance

In Colorado, you must carry liability insurance in the amount of $25,000 per person, or $50,000 per accident, for bodily injury coverage, and at least $15,000 in property damage coverage. If you can afford it, it’s recommended that you carry bodily injury coverage in the amount of $100,000 per person or $300,000 per accident, to further protect yourself.

Uninsured/Underinsured Motorists’ Coverage

Uninsured or underinsured motorists’ coverage is something that’s not understood by a lot of people. In Colorado, this insurance must be offered to you as a policyholder in the same amounts you choose for liability insurance coverage (for example, $25,000 per person, or $50,000 per accident, in bodily injury coverage). You can choose to reject it if you wish, but it’s a good idea to carry it.

With underinsured or uninsured motorists’ coverage, bodily injury costs for yourself and your passengers are covered in the event the other motorist doesn’t have enough insurance to cover you (or isn’t insured at all), and is at fault for the accident.

Medical Payments Coverage

Your insurance company is also required to offer you $5,000 in medical payments coverage in the event you’re in an accident; you can reject it if you so choose. The extra premiums for this insurance are simply added into your current premium.

Other Colorado Auto Insurance Options

In Colorado, you can also choose to buy collision and/or comprehensive insurance for your car, although these are not mandatory. Collision insurance covers you for car repairs or replacement in the event you’re in an accident and are deemed at fault. Comprehensive insurance covers you for repair or replacement in the event your car is damaged by a non-accident event, like a falling tree branch or vandalism, or if it is stolen.

Comparing Colorado Insurance Quotes Online

It pays to compare Colorado Insurance quotes online. Whether you are looking to buy Colorado homeowners insurance or Colorado auto insurance or both, you can benefit by shopping around for the best price and the best deal to meet your insurance needs.

Tips for Comparing Colorado Insurance Quotes Online

The following tips are fairly generic in nature and can applied to both homeowners and auto insurance. Depending on the type of insurance you are buying, you can tailor some of your questions to that specific type of insurance. For example, you would not request a special rider to cover your expensive collection of fine art if you were buying car insurance and you would not request collision coverage if you were buying homeowners insurance.

1. Determine the type and amount of insurance you want or need.

2. Shop around and get quotes from at least three or four insurers.

3. Ask for the exact same coverage with each insurer that gives you a rate quote.

4. Ask if there are any discounts that you may be eligible to receive.

5. Look for the company that provides the best claims service.

Give Yourself Plenty of Time to Compare Policies

It can take hours and sometimes even days to contact a sufficient number of insurance companies, provide them with the pertinent information they need to give you an accurate quote and then hear back from them with the quote. Do not lose patience waiting for all the quotes you requested and simply go with the first quote because it is most convenient. Having a little patience can pay off with a much lower premium and a better overall deal on insurance.

Do Not Commit Too Soon

Similar to the above warning, give yourself enough time to evaluate each quote. Sometimes what appears to be the best deal is really not. If you do not understand all the terms of the quote, ask for clarification. No one is holding a gun to your head and if you feel pressured by one insurance company, that is a perfect reason to drop them from consideration.

What Materials Should I Have Ready for a Meeting with Agent

Do you know what materials you need to bring to the insurance agency when you are meeting with your agent? Well, that kind of depends on the type of insurance you want to buy. There are certain things you should bring for any type of insurance and certain things that are specific for individual lines of insurance.

Basic Information

When you get to the insurance agency and are invited to sit down in the chair on the other side of the desk from the agent, you should come prepared with identification. You will very likely be asked to present your driver’s license and also furnish your Social Security number. Some additional identification papers, such as a military discharge, birth certificate or passport, may also be handy to have if you do not happen to have a valid driver’s license or car but still need some other type of insurance.

Specific Information

  • Homeowners Insurance – You must furnish your physical street address to the broker when purchasing insurance to cover your home. You must also answer some questions, such as whether or not you are occupying the home or it is an income-producing property or vacation home. The agent may need some form of confirmation, such as a utility bill or copy of your mortgage papers, to submit to the underwriters of your policy.
  • Automobile Insurance – In addition to the basic information, you may be asked to provide information about the car that you want to insure. You will probably need to bring your registration, which will show the vehicle identification number (VIN) as well as the year, make and model of the vehicle.
  • Health Insurance – Bring any documentation that will show any medical conditions you may have. It is very important to be as truthful as possible when buying this type of insurance because if you lie about a pre-existing condition and it later shows up that you were diagnosed before the policy was issued, any claim you may make in the future may be denied.
  • Life Insurance – Again, be truthful and provide accurate information when you are asked questions about your age, health and habits. If you are a smoker, don’t try to get a lower premium by saying you do not smoke. Not answering questions truthfully is reason for an insurance company to deny any claims you may have in the future.