In Colorado, homeowners are not required by law to purchase home insurance to protect their homes in the event of disasters such as storms and theft. However, if your home has a mortgage, the lender will typically require you to carry home insurance for protecting the amount you owe on the loan. A personal home insurance coverage is beneficial if you want to have control over the type of home insurance you purchase and the amount of money you pay in coverage.
More than likely, your home is your most valuable asset or investment. This makes it important to take into account the home insurance laws that govern how you need to protect the home. Remember, a house that is bought for $200,000 may now be worth $350,000 because the economy is progressively improving. Sometimes actual cash value may be your best choice when you consult with a home insurance agent. The insurance company will pay you the value of your home at the time of loss and not the amount you insured for the property.
You should never ignore the value of all your personal items. In fact, replacing all those items in the event of a disaster can be very costly. When comparing quotes with an agent, consider the value of your personal belongings and make sure you provide coverage for them. Our knowledgeable agents from A Zoila's Insurance will help you find sufficient and reliable coverage options for your situation.
Colorado is a beautiful state, and the last thing you want to worry about is whether your home insurance coverage is enough. Although the state laws don’t require you to carry this type of insurance, purchasing a home insurance policy will give you peace of mind knowing that your property is fully protected. For more information about home insurance requirements, coverages, and quotes, please visit A Zoila's Insurance office today or give us a call.