Do you Have Enough Homeowner’s Insurance for Your Loveland Home?

You never know if and when something negative will happen to your home. Whether it’s a natural catastrophe or something as small as a broken window, you must be prepared. It’s hard to know how much coverage you need. There are many factors to consider. You have to think about your location, the age and type of your home, square footage, and budget. Whether you currently own a home and want to upgrade your coverage, or you’re a new buyer. This article will take you through the steps of determining how to get enough homeowner’s insurance for your Loveland home.

How Insurance Coverage is Determined

Insurance coverage is typically based on the square footage of your home. Your monthly rate is determined by how much it will cost per square foot to rebuild your home in the case of a disaster. Most insurance companies require you to purchase a plan that covers about 80% of the replacement value of your home. Your policy will also consider everything you have inside your home. This estimate includes furniture, artwork, and other valuables.

Do You Have Enough Homeowner’s Insurance for Your Loveland Home?

Markets and circumstances change. Make sure you keep up to date with current information on the value of your home. It’s good to check in on your policy, so your coverage reflects the current value of your home and what’s inside. Additionally, make sure your deductible is set at a price you can afford in the event you must rebuild or do extensive repairs. Let your agent know if you own a special art collection. Another thing to include is if your home office is filled with expensive equipment and supplies. Your insurance agent can inform you about any necessary riders you should add to your policy.

Do You Need Flood Insurance?

Whether or not you need flood insurance depends entirely on the location of your home. If you’ve been in Northern Colorado for any length of time, you know that “thousand-year floods” tend to happen a lot more frequently than that. Flood statistics can help inform your decision about flood insurance. In Colorado, floods are known to be unpredictable. Talk to your local insurance agent about a suitable policy for your location. 

Does Your Policy Need an Upgrade?

Current homeowners— meet with your insurance agent to discuss your current policy. Talk about how new purchases or home improvements should be included in your coverage. In addition, this is a great time to reassess the market value of your home and other changes.

When choosing homeowner’s insurance, it’s essential to choose the right company, the right price, and the right coverage for your specific situation. Homeowner’s insurance is a collection of different kinds of coverage such as fire, theft, accident liability, and storms wrapped up into a single policy.

As a seasoned expert in Colorado real estate, I’d love to help you choose the best policy for your family to make sure you have enough homeowner’s insurance for your Loveland home. Don’t hesitate to contact me with questions on this subject or other aspects of homeownership.