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5 Colorado Natural Disaster Risks and How to Protect Yourself

Colorado is known for its magnificent natural beauty, rugged outdoor spaces, and diverse features. But it can also be home to a wide variety of potential natural disasters and dangers. This makes the right insurance coverage essential for all Colorado residents. How can you help protect yourself from these hazards in advance, and what type of insurance does each potential natural disaster call for? Here are some answers. 1. Tornadoes While Colorado isn’t as well known for its tornadoes the way many of its neighboring states are, they do occur throughout the state. There isn’t much the average Coloradan can do to prevent tornadoes, but you can minimize damage on your property by installing secure, braced doors and using impact-resistant windows. Keep debris cleared from the yard and ensure that trees are properly pruned.  The good news is that nearly …

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5 Key Points About Home Insurance Deductibles

If you plan to purchase a Colorado home, you may already understand the critical importance of insuring that major investment. Home insurance can minimize the financial losses created by burglary, vandalism, house fires, hail damage, and other catastrophes. Even so, you will probably have to pay a deductible. The more you understand how these deductibles work, what they may cover, and how they affect your monthly premiums, the more easily you can select an insurance policy that best suits both your budget and your assets. Take a look at five key points about home insurance deductibles. 1. Definition of a Deductible Insurance professionals define a deductible as the amount insured parties must pay in a covered incident before the coverage itself actually kicks in. Home, commercial, vehicle, and health insurance policies typically include deductibles as part of their terms. The …

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Getting Married at Home? 7 Insurance Coverages to Check First

Are you hosting a backyard wedding this summer? These close-to-home, more informal nuptials became increasingly popular during the pandemic in 2020 and continue to be a common sight. But a backyard or at-home wedding also means increased risk that the homeowner should properly insure against. What types of risks might impact various types of your personal insurance? And how can you ensure that you and your guests are sufficiently covered? Here are seven important insurance coverage issues to address in advance.  1. Liability Insurance Begin by examining your homeowners or renters insurance policy. Home insurance comes with a certain amount of liability coverage. Liability coverage is what provides funds to pay for injuries or accidents that befall your guests while they are on your property. It also covers damage to their property, such as damage to parked cars or the …

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5 Summertime Situations That Can Test Your Insurance Coverage

Summer presents opportunities for fun, adventure, and togetherness. Unfortunately, this season can also raise your risks for various kinds of financial liability in the event of a costly catastrophe. Before you and your loved ones start planning your summertime agenda, you’ll want to think about whether your current insurance policies provide adequate coverage against certain kinds of mishaps. Check out five common summertime scenarios that might prompt you to re-evaluate your coverage. 1. Summer Road Trips Many car owners and their families head off for summertime destinations without stopping to wonder whether their current auto insurance meets their needs. If your road trip will take you out of the U.S., for example, you may need to purchase more or different insurance than you currently have, according to Insurance Neighbor. Your auto insurance policy will most likely cover any trips across …

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A Complete Guide to Credit Scores and Car Insurance

Many of the big purchases in your life are tied directly to your credit score. This includes any form of car insurance. Going blindly into credit checks and reports could lead to problems down the line and higher insurance prices than you expected. When you understand how your credit report relates to insurance, you can earn the best insurance rates. Read our guide to credit scores and car insurance below. The knowledge can help you with other aspects of your credit as well as your car insurance rates. Insurance Rates Car insurance rates are determined using many calculations. The credit score is just a piece of a larger picture. The credit score is gathered along with your driving history record and any previous claims records. When an insurance company pulls your credit score, the inquiry is typically a soft inquiry. …

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Work From Home? 4 Tips to Reduce Auto Insurance Premiums

If you are working from home temporarily due to the COVID-19 pandemic or work from home all the time, then you may pay more for auto insurance than you have to. Since you do not commute to and from work every day, you likely drive fewer miles annually than the average driver or may have even stopped driving altogether. Drivers who drive very little due to a lack of work commute have low-cost auto insurance options that are not available to other drivers.  Read on to learn four tips for reducing auto insurance premiums when you work from home.  1. Consider Pay-Per-Mile or Usage-Based Auto Insurance There are two types of auto insurance policies available that were created for people who drive very little: pay-per-mile and usage-based policies.  Pay-Per-Mile Insurance Pay-per-mile auto insurance policies all vary slightly, but most begin …

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4 Homeowners Insurance Myths

No homeowner wants to make a homeowners insurance claim only to find that the property damage or loss that occurred is not covered by their insurance policy — or to pay for an expense completely out of pocket only to find later that their homeowners insurance company would have covered the loss. However, these problems can occur when people believe common homeowners insurance myths. Read on to learn the truth about four common homeowners insurance myths.  1. All Standard Policies Cover All Water Damage Types Many homeowners do not realize that most standard policies only cover some types of home water damage. Typically, a standard policy only covers water damage that is sudden and accidental, such damage inflicted by a pipe that freezes and bursts or damage that occurs when a hole suddenly develops in a roof and allows water …

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5 Factors That Affect Your Homeowners Insurance Premium

Many people do not understand all of the factors a homeowners insurance company considers when determining insurance rates. While not all of these factors are changeable, some can be to help lower your rates. Learn about five important factors that affect your homeowners insurance premium.  1. Home Location The exact location of your home can greatly affect your homeowners insurance premium. As expected, homeowners in areas of the country that experience frequent natural disasters, such as along the Gulf Coast, often pay more for homeowners insurance than those in regions less natural disaster-prone.  However, you can also expect to pay more for insurance if you live in a high-crime area. The odds of the insurance company having to eventually replace stolen home items increases when a home is where burglaries are common. On the contrary, if your home is close …

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Becoming a Snowbird? 5 Ways to Protect Both Your Homes

Do you plan to start spending the summer or winter in a more comfortable climate? Many retirees (and increasingly, remote workers) maintain a home in two locations in order to take full advantage of both climates at their best — warmer climates for winter and cooler ones for summer. Snowbirds, as these individuals are commonly called, have the luxury of enjoying their entire year but also face unique challenges related to living in one home for months while the other is left vacant in a distant location. To help protect your home and your investment, take these five steps to keep both homes safe and sound. 1. Check on Your Insurance Did you know that your standard homeowners insurance may not cover your home while you’re not living in it? Home insurance policies generally exclude coverage if the home has …

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Frequently Asked Questions About Totaled Vehicle Claims

Collisions created over $184 million in liability and property damage nationwide in 2019, a total that has risen consistently over the past several years. If you experience the car owner’s nightmare of a vehicle damaged beyond reasonable hope of repair, your insurance company may need to write it off as totaled. The processes, questions, and potential challenges involved in claiming a totaled vehicle will prove less daunting once you have a basic understanding of what to expect. Check out the answers to these frequently asked questions about totaled vehicle claims. When (and Why) Do Insurance Companies Consider a Car Totaled? A totaled car meets state requirements regarding its total loss threshold. This threshold is the percentage of the car’s actual value versus repair costs and scrap value. In Colorado, insurance companies consider a car totaled after its estimated repair costs and scrap …