Taking homeowners insurance these days is a very important thing because of the increase in the natural calamities and other threats like theft, fire etc. In Colorado the homeowners? insurance policies are guided by, the state insurance department. All the companies and agents providing homeowners insurance are supposed to comply by the rules and regulations of the Colorado State Insurance Department.

Types of homeowners insurance in Colorado

There are basically two types of homeowner insurance in Colorado the broad and the basic. Within these there are different classes, which differ in the type of coverage that they give.

Getting homeowner insurance for your house can be expensive especially in case of old houses. However there are a number of ways in which you can save money on your homeowner insurance. These include:

Shopping around: You should get homeowner insurance quotes from at least 3-4 companies or you can also opt to take an insurance from a third party company that would provide you with unbiased information and give you answers correctly.

Increase your deductible: Deductible is the amount that you have to pay before the insurance company pays your claim if any damage occurs to your house. If you increase your deductible then your monthly premium payments towards the policy will be low. It is advised that you raise your deductible till $500.

Adding protection features: If you add things like storm windows or shatter proof glass or protection devices like burglar alarm, fire alarm etc. this can reduce your premiums.

Buy different insurance policies from same company : If you take other insurance policies like auto, health or life insurance from the same company as you are taking the homeowner insurance then you can get discount on your homeowner insurance.

Insure your house not the land: It is important that when you consider taking insurance for your house rather than the land because it is the house that can undergo damage and not the land.

Understanding your homeowners insurance policy

When you take a homeowner insurance policy then it is important that you understand what coverage you have. Most of the policies have a specific amount of coverage for the house and other for the contents of the house.

Usually the coverage for the house is based on the replacement costs. This indicates that in case of any damage the policy would provide reimbursement for replacing the structure that has been damaged. It is advised that the homeowner should buy policy at least of the amount that he or she can rebuild the house. This value is different from the original price of the house and its actual market value.

To assess the amount of homeowners insurance you should take you are required to make an actual appraisal of the house for the replacement costs. You can do this with the help of your insurance company. It is usually recommended by the insurance companies that the house should of insured 100% of its replacement value.

The coverage for personal property is different. Most of the policies will provide you with the actual value coverage for the personal property, which includes the depreciation or the full value content without depreciation. However, it is advised that the personal property should be insured for the replacement costs rather than the actual costs.

Liability coverage for the homeowner

It is very important for the homeowner to have liability insurance. This helps the homeowner and the family members against any financial disaster if a claim is filed against the homeowner or if the court considers the homeowner to be legally responsible for someone else's property damage or injury. The liability limit for the liability coverage policy is $100,000 but in some cases the homeowners believe that additional protection is needed.

The liability coverage helps in three ways namely damage to property of others, personal liability and medical expenses for injury to others.

You can even have an umbrella policy to protect your assets. This adds up to $1,000,000 in addition to the liability coverage.

If you carry out any renovation or remodeling in your house then you should make sure that you inform your insurance company about it.

Homeowner insurance company Colorado

There are a number of insurance companies in Colorado that provide homeowner insurance. Some of the insurance companies from where you can take homeowner insurance are mentioned below.

Western Mutual:

They have been providing homeowner insurance all over Colorado , California, New Mexico, Nevada and Utah for the past 60 years. You can get an instant quote by filling an online form. They provide affordable rates and also have option for earthquake insurance. You can either visit their website or call them at (888) 467-7736 for more details about their policies.

Insure Me:

They are a free service functioning since 1993 and provide their customers with insurance quotes according to their preferences. You are just required to fill out their online quote form and they would match your profile with the different insurance companies that are available in your area. You can visit them at 9800 South Meridian Boulevard, Suite 400, Englewood, CO 80112, or call them at 800-INSURE-ME (800-467-8736) or fax at 303-741-6670.

Colorado Farm Bureau:

They have been providing insurance for the past 50 years and their agents help you in understanding the different coverage and options that are available to you. The agents would determine which coverage would be the best for you. Besides you can also qualify for the various discounts that are available with them. To know more about their offers you can call them at 1-888-99PROTECT (1-888-997-7683).

Colorado Casualty:

They provide the basic homeowner package that is available with the other companies and also give extra coverage at no additional costs. You can contact them at 10700 East Geddes Ave, Suite 300, Englewood, CO 80112; Phone: 720-873-9200 or 800-840-2242; Fax: 866-841-6740.