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Am I covered for a natural disaster on my Homeowners policy?

Natural disasters such as earthquakes, hurricanes, and floods are excluded perils on any standard Homeowner’s policy. However, our agency does have markets available that offer coverage for these types of risks as a separate policy or as a supplement to your Homeowner’s policy.  For more information, please contact your agent.

Do I have coverage for a rental car?

If your policy has Liability, Comprehensive & Collision, typically coverage will extend to your rental car within the United States; however, there could be limitations and gaps in coverage. To ensure you have adequate coverage, we suggest purchasing the Collision Insurance from the rental company to help fill in any possible gaps in your policy. In an event of a claim, you would be subject to your deductibles listed on your policy before the insurance carrier will pay out.

What is Loss Assessment?

Loss Assessment provides coverage against a Homeowners/Condo/Townhome Association that is permitted to assess each unit owner in the event of an accident in shared area of the property, such as lobbies, stairwells, roofs, pools, outdoor spaces and more. If the amount of damage exceeds the Association’s master policy limits, the residents will need to contribute financially. For example: A nasty hail storm hit in your area, and caused major damage to the roof of the buildings, leaving $600,000 in needed repairs. The Association’s policy only carries $500,000 in property damage. In this case, the Association might assess for the extra $100,000 to the unit owners. This is where Loss Assessment coverage comes into play and can help cover you for that unexpected expense.

What is the difference between comprehensive and collision coverage?

Collision insurance is designed to pay for the repair or replacement of the policyholder’s vehicle in the event of a covered accident involving a collision with another vehicle.Comprehensive insurance pays for damages to your vehicle caused by covered events such as fire, theft, vandalism, glass and windshield damage, accidents with animals, weather/acts of nature or falling objects. In an event of a claim for either coverage, you would be subject to a deductible that is listed on your policy before the insurance carrier will pay out.

What does Ordinance and Law Cover?

This coverage will provide additional coverage in the case of a loss to make sure that the home meets current building codes.

What is Personal Liability Coverage on my home?

Provides coverage in or out of your home that results in bodily injury or property damage that you are held legally responsible for.  The coverage will help with medical bills, legal fees, and more if a guest is injured on your property as well as coverage for accidental damage you are legally responsible for on someone else’s property.

Do I have flood coverage on my home policy?

No, flood is excluded from a home policy, but some carriers will allow you to add the coverage as an endorsement, or we are able to write a separate policy for you.

What is the purpose of umbrella coverage?

An umbrella policy is a form of liability insurance that provides extra liability coverage above the limits of the policyholder's home, auto, and watercraft policies. Your home, auto and watercraft policies are referred to as “Underlining Policies”. The underlining policies are the first to pay out on any liability claim. Once that underlining policy is maxed out the remaining bills are yours to pay out of pocket. This can be a threat to any assets you have worked hard to acquire over the years. Your assets can all be used to pay off a hefty liability claim and legal counsel costs. This is where an umbrella policy comes in. We want to ensure our clients are best protected at all times, because of this we advise out clients to make sure that you have enough liability coverage to cover your net worth. This way, those assets you have worked so hard for will remain, because you have protected yourself with enough liability coverage for any possible litigation that may come your way.  Example of how this works: You have a liability claim and you have $800K in fees. Your homeowners policy only carries $500K in liability. Once that $500K is paid out, the $1M umbrella you carry will pay the remaining $300K in fees. Meaning you have spent less than $20.00 a month for that added coverage and kept all of those assets safe because your umbrella paid out to protect you for the additional $300k.

What is UM/UIM coverage?

Uninsured/Underinsured Motorist coverage for Bodily Injury; is a coverage designed specifically for bodily injuries you may face in the event of an accident where the other at fault driver may be under insured or uninsured altogether. Example: You were T-boned by another at fault driver sustaining $150K in medical bills, and the other driver carried only $25K in coverage. This means after the other carrier pays their max limit on the policy you are now left with a $125K medical bill. UM/UIM coverage pays for the medical bills due to the bodily injury you may face due to the accident. Many people make the mistake of assuming “Oh my health insurance will cover that”. Health Insurance will pay for the medical bills, however this specific endorsement also pays for loss of wages and attorney fees, bills that your health insurance will not cover. This is a coverage no driver should ever go without. The maximum amount you can carry on your policy is to match the liability limit you carry. For example; if you carry 250/500 in bodily Injury liability limits you can carry no more than 250/500 in UM/UIM Bodily Injury limits. If you feel this may not be enough, check with your agent to increase your limits to the maximum the policy will allow and ask about an additional $1M that can be added to an umbrella policy for superior coverage to best protect yourself.  There is also the option to add UM/UIM for property damage to any vehicle that carries liability only. Any vehicle with Collision coverage will not be able to add the UM/UIM Property Damage endorsement as the collision coverage will pay the repairs to the vehicle, less the deductible. 

Why is my replacement cost on my home less than what I paid for it?

The “value” and purchase price of your home can often be very different than what your carrier covers it for “replacement cost”. Here in Colorado, we are getting more and more questions on this as the price for a key ready home is much different than the cost to build that same home. So much of this is also due to the fact that when you buy your home you are paying for the land. In the event of a total loss the land will still be there so you don’t need to pay a premium to cover replacement cost on the land. Also, clients often assume that your insurance coverage is to protect your mortgage. This is incorrect. We are protecting the replacement of the home in the event of a loss rather than the loan balance. Example: You have a $675K loan on a home, but the replacement cost on the home is $450k. Many clients ask that in the event of a total loss would the carrier pay out the additional $225K to pay off the loan. No, the insurance carrier will pay the $450K to rebuild the home, should you choose to sell it after the rebuild then you can sell again for the $675K to cover your loan. If you are looking for that added coverage to cover your loan balance ask your lender about mortgage insurance.  When calculating your replacement cost with your agent, make sure to include any high value replacement costs item such as granite tops, high end oak cabinetry, wet bars, saunas, decks, etc. to ensure the replacement cost on the home is accurate. Ask your agent about guaranteed home replacement cost coverage on a policy. This is another great addition to ensure there is 100% guaranteed replacement cost on the home no matter the increase of coverage needed due to inflation on a rebuild.

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