Colorado Home Insurance
When purchasing any type of insurance, a little research will help you figure out exactly what type of policy is right for you. As a homeowner, your insurance policy needs will vary depending on your state of residence. For example, if you live in Colorado, you might want to consider coverage for tornadoes and flooding. Also, make sure your home insurance policy protects you from landslide damage. Much of Colorado is at moderate to high risk for landslides.
Special consideration should also be given to flood insurance. This is coverage in addition to your standard homeowners insurance policy. Floods have become more prevalent in past years because of the destruction from wildfires. With the damage of forests and erosion, mud, rain and debris have no barriers to prevent flooding and devastation.
The Federal Emergency Management Agency (FEMA) reports that flooding is the leading cause of property loss in the U.S., yet people don’t have adequate insurance protection. Even if you are not located in a high-risk area for flooding, experts believe that purchasing flood insurance is prudent for comprehensive home protection. Bear in mind that flood insurance is not available in a standard home insurance policy, so you will need to buy additional coverage.
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Additionally, the following catastrophes in Colorado’s history have caused significant home damage:
- Hailstorms – the largest hailstorm in Colorado occurred in 1990 and cost $625 million
- Wildfires – the worst season was in 2002 and cost $70.3 million in insured losses
- Blizzards/winter storms – in March of 2003, snow and ice damage contributed to almost $93.3 million in claims
This multitude of hazards should provide enough incentive to get adequate homeowners insurance coverage. Always thoroughly review your policy so you understand the coverage and any exclusions.
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Home Insurance Basics is not an insurer and cannot issue home insurance policies. This site provides free information about home insurance policies and companies. The companies detailed have not endorsed or sponsored these pages. Products and services may not be available in all states.
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