What is the Maximum Coverage for a Comprehensive Policy in Centennial, Colorado?

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The maximum coverage for a comprehensive policy in Centennial, Colorado will depend upon your specific situation. However, in general there is not a limit on the upper end of the comprehensive policy limits, just as there is no lower minimum requirement in the state of Colorado. There are several basic types of insurance coverage that Centennial Colorado buyers may wish to consider.

The Bodily Injury type of Liability coverage is required by Colorado state law. The minimum of Bodily Injury Liability insurance in Colorado is $25,000 per person, and $50,000 per accident in total. You will generally see this figure expressed as 25/50 BI-L on insurance policies. There is no designated maximum.

The Property Damage Liability coverage is meant to cover the property damages that happen with objects or structures. According to Colorado state law you must maintain a minimum of $15,000 in Property Damage Liability per incident. As with Bodily Injury Liability, there is no designated maximum in Colorado.

The Comprehensive coverage policy will cover you for the types of damage that may occur when you are not in an actual collision. This can include car theft, theft of contents inside your car, or other types of damages like hail storms, floods, earthquakes, explosions, items falling from the sky, and more. The state of Colorado recommends that drivers choose this type of coverage for personal protection purposes, however it is not required by Colorado law. Just as there is not required minimum on this type of insurance, there is also no maximum policy levels. Essentially, your comprehensive policy can cover anything up to the amount of its maximum limits.

Speak with your independent agent about how much your maximum coverage level should be, so that you can be properly prepared in case of disaster.

How to Choose the Right Renter’s Insurance Policy in Centennial, Colorado

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What would you do if the house you were renting in Centennial, Colorado burned down in a fire, or if the apartment above yours sprung a leak and dumped water all over your most prized possessions? If you didn’t have renter’s insurance, you would be in a tough spot. Even though you don’t have any financial liability for the physical home itself, your personal belongings are your responsibility to replace. That’s why it’s so important to have renter’s insurance. When you’re looking into getting a policy, there are a few things you should do to get the right one.

1. Calculate the value of your possessions. Walk though your house, condo or apartment room by room, adding up what it would cost you to replace all of your belongings in that room, including things like furniture, housewares, clothing, and electronics. The total is the amount of renter’s insurance you should buy to fully protect yourself. While you’re at it, take pictures of your belongings to help you in the event you have to make a claim.

2. Gather quotes for this amount of coverage through an independent agent. Because this type of agent does not work with just one insurance company in Centennial, Colorado, you’ll get an unbiased view of all of the options available to you. Once you have the prices, you can compare them to pick the insurance carrier that is likely to be best for you.

3. Discuss with the independent agent whether you should add any riders to your policy. These provide additional coverage for specific types of items, like jewelry, electronics, and other valuables. Depending on the type of policy you are getting, these may have only limited coverage under the standard policy. Adding riders ensures that your most valuable possessions are protected.

Things You May Need to Know About Insuring Your Boat in Colorado

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Are you a boat owner in Centennial or the metro-Denver area? Then you may already be aware that the state of Colorado does not require you to purchase boat insurance. Still, it is a good idea to insure your boat against costly damages. If you are undecided on purchasing coverage for your boat or are deciding between coverage plans, here are a few things you should know.

1. Your Homeowners Insurance Won’t Provide Enough Coverage

If you own a home in Centennial or in the metro-Denver area, you may believe that your homeowner’s insurance will cover your boat. This may be the case if you have a very small boat. However, if your boat is larger and has an engine, it is likely to fall outside of your homeowner’s insurance plan.

2. Liability Protection is the Top Benefit of Coverage

Even if you never get in an accident, you could be liable for injuries that take place on your boat. A typical boat insurance plan includes bodily injury coverage that covers medical and legal expenses that arise from accidents.

3. Basic Coverage May Not Meet Your Needs

As in the case of automobile insurance, sticking to minimum levels of coverage might not cover all of the situations you can encounter on your boat. If you are hit by an uninsured boater, you may need uninsured boater insurance to cover the damages. If your boat is damaged by vandals or in a fire or flood, you may need comprehensive coverage.

The best way to determine what level of coverage will protect your boat is to consult with an independent agent. Our independent agents are familiar with various types of boat insurance and can help you compare between insurance providers for the best rates.

Is Full Coverage Auto Insurance Required in Colorado?

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The state of Colorado does not require full coverage auto insurance, although it is always recommended for all Centennial drivers who want to stay safe on the road. While full coverage is not required, there are some types of coverage that are required and still others that your independent agent must offer to you according to the state law.

Liability Insurance in Colorado

In the state of Colorado the minimum amount of liability insurance you must have on each vehicle you own is $25,000 per person/$50,000 maximum per accident. This means that with a minimum 25/50 policy like this, one victim may not recover more than $25,000 from an accident, and if, for example, six victims are in one accident that the total paid out to all victims cannot exceed $50,000.

Uninsured and Underinsured Driver Coverage

Uninsured and underinsured driver coverage is not required by the law however state law in Colorado does require that all insurance agents offer it to drivers who are buying a policy. If you have this type of coverage you and your passengers have got coverage in case the driver who caused the accident to happen has got no insurance or not enough insurance.

Medical Payments Insurance Coverage

This kind of insurance is not required by law, but just as with the Uninsured and Underinsured Motorist insurance, your agent must present it as an offer. This insurance is offered in a $5,000 amount.

Collision and Comprehensive Coverage

Both of these insurance types are not required and there are no specific legal guidelines in relation to an agent offering you these coverage types. Collision coverage is the insurance that pays for repairs to your vehicle, or replacement of the car or truck if it’s extremely damaged in an accident on the road. Comprehensive insurance coverage handles the non-accident damages like weather damages (hail storms for example) or if your car is stolen.

Is a Wind Deductible Included in my Home Insurance policy in Colorado?

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If you have an insured property in Colorado, the winds of change may have already swept through your insurance coverage. If you haven’t seen it yet, you may see it soon on your insurance policy: the wind deductible. A wind deductible is a higher deductible that is separate from the main deductible on your property insurance policy, and it applies specifically to damage caused by wind or hail. Unlike normal deductibles that are usually expressed as a flat dollar amount, a wind deductible is usually a percentage of the dwelling limit on your policy or the total value of the policy.

In Colorado, insurance companies have begun to lose a lot of money from claims of hail and wind damage, especially from those in Colorado’s Front Range. Most of the wind damage affects the roof, which can be quite costly to repair. With that in mind, chances are that your home insurance policy already includes the wind deductible.

Where a lot of people make a mistake is by assuming that when they make a claim, their wind deductible will only be equal to a small percentage of their actual repair cost. In fact, the deductible usually amounts to somewhere between one and five percent of the total value or dwelling limit on your policy. Basically this means that if you have a $200,000 house and a three percent wind deductible, you will be responsible for the first $6,000 in repairs due to wind damage. With this in mind, it is vitally important that you go over your policy with an independent agent and make sure that the amounts are correct.

To get the best insurance coverage at the best price, even with a wind deductible included, your independent agent here in Centennial can help. By making sure that you have the right amount of insurance on your home, we can make sure that you’re not paying too much for your wind deductible.

Understanding What Is Covered on Your Homeowners Policy for Natural Disasters in Colorado

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For those who have a homeowners insurance policy, knowing what is covered in it is critical. For those in Centennial, Colorado, a range of weather events and natural disasters can occur and leave you with significant damage to your property. Every policy is slightly different so you will need to contact an independent agent to learn about the specifics. However, in most cases, the following natural occurrences may be covered under your policy.

  • Fire brought on by lightning is often covered.
  • Windstorms that damage your home, such as causing a tree branch to break off and hit your property are often covered.
  • Hail damage, especially to your roof, windows, or vehicles may be covered by your insurance.
  • Explosions if they are caused by a natural disaster may also be covered, such as lightening striking a power main.
  • Smoke damage from a related fire may be covered.
  • Damage caused by the weight of ice buildup or snow can be a common problem in the Colorado area. Sleet can also be dangerous and is often covered.
  • Overflow of water from a stream or river or from other flooding, if your policy has flood coverage may be covered. Keep in mind that some areas of Colorado may be in a flood zone, which means this type of insurance may not be available.

It is also important to know what is commonly not covered. Earth movements, such as earthquakes or tremors are not often covered. Any type of nuclear accident is also not covered.

Here is the good news, though. To find out what coverage you have, to get more, or to get help filing a claim, contact us. At Compass Insurance Group, we are an independent agency that works to meet your needs. Let us help you to ensure you home is properly insured.

What you need to know about Workers’ Compensation Loss Cost Rates for 2013 in Colorado

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Some businesses carry more risk than others. If you own a home building company, your employees have a much higher risk of being injured than if you run a gift shop. But no matter which industry you’re in, there’s always the possibility that someone on your team will be injured. If you own a business which has employees, you need to have Workers Compensation insurance. This will protect your business against lawsuits from employees if they are injured while on the job.

Even if Colorado state law doesn’t require your company to have Workers Compensation insurance, having it will only be a benefit. It’s never a bad thing to go above and beyond what’s required, and you–and your employees–will feel better knowing that it’s in place, should an unfortunate event occur.

For the last three years, workers compensation loss costs rates in Colorado have gone up each year. In 2013 they rose by 5.2%. Loss cost rates are increasing due to the number of claims made, and the amount which is paid out for the claims. Policies may change from year to year, due to new laws put in place by the government, or the insurer may change the policy in order to keep their business profitable and able to help as many businesses as possible. The best way to make sure you know what your policy covers, and any changes made to it, is to contact your independent agent.

To get competitive pricing on Workers Compensation insurance for your business, call your Centennial independent agent today. We’re here to help you compare rates from the country’s leading insurers, so that you can get the best rates possible. We can answer your questions and help you decide the best policy for your business.

Insurance Discounts Every Coloradoan Should Know

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Everyone needs insurance that protects large investments and insures against financial liability for accidents that cause injury or property loss. Several factors determine how much you will pay for auto and home insurance, including the amount of coverage you require and your perceived risk to insurers. Although these factors are not easily changed, there are some discounts available to Coloradoans that could result in savings of hundreds of dollars per year.

Auto Insurance

The easiest way to save money on your car insurance is to drive accident and claim-free for at least three years. During that time, you may be able to expedite your savings by enrolling in a qualified driver’s safety education course. Depending on your insurer, you may qualify for a discount in your premiums of as much as 10 percent or more. Other discounts may be available for installing an anti-theft alarm system on your vehicle or covering more than one vehicle on the same insurance policy.

Home Insurance

Unlike auto insurance, homeowner’s insurance is not mandatory. However, it is the easiest way to protect one of the largest purchases you will ever make. A homeowner’s insurance policy premium may be reduced for homeowners who install monitored smoke and burglar alarms. Others may receive a preferred rate for combining a home insurance policy with auto or life coverage. Alternatively, insurers may raise the rates of homeowners who own trampolines, swimming pools or wood burning stoves, as these are all perceived as increased risk of a future insurance claim.

Finding Discount Home and Auto Insurance in Centennial, Colorado

If you live in or around Centennial, Colorado, the price you pay for home and auto insurance should not break your budget. At our agency, we believe that insurance should be affordable without sacrificing the protection that our customers need. That is why we provide quotes from multiple Colorado insurers to help you choose which policy is right for you. Contact our office today to speak to an independent agent about your insurance rates to find out if we can help you.

The Facts about Small Businesses having General Liability Insurance in Colorado

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If you are a small business owner in Colorado, insurance is a way of protecting your financial interests and the future of your company. There are several types of insurance for businesses in Colorado, of which some are required and some are optional. General liability coverage is not mandatory in the state, but most businesses need the protection to guard against injury or property loss lawsuits filed as a result of actions, services or products sold.

Why Purchase General Liability Coverage?

Insurance is designed to protect against the unexpected. Although it is impossible to know how or when you will need insurance, it is a fact that accidents do eventually happen. Whether a customer slips and falls in your store or a failure of a product your store sold, having general liability coverage will not only help cover lawsuit settlements and judgments, but it will also help cover attorney and court fees.

Without adequate insurance, a lawsuit or settlement could drain profits or result in the liquidation of business assets. In some cases, a single lawsuit unprotected by general liability coverage could cause an entire business to shut down, costing the jobs of multiple employees and leaving business owners without income.

Finding General Liability Coverage in Centennial

If you own or operate a business in Centennial, Colorado, it is easy to purchase general liability coverage that meets your coverage needs and budget. By purchasing through an independent agency like us, you will receive quotes for policies from several of the leading commercial insurance providers in Colorado. You can shop and compare rates and coverage to find the company and policy that is right for you. To get your free, no obligation quote or to find out more about general liability coverage, contact our office today.

The Basics of Colorado Homeowners Insurance Laws

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In the state of Colorado, homeowners are not required by law to carry insurance to cover their home or their property in the event of a storm or other hazard. Although, if there is a mortgage on the home, the lender will usually require insurance to protect the amount of money owed on the loan. This can be beneficial for Colorado homeowners who have more control over the type of insurance they purchase and how much coverage they pay for.

Most homeowners view their homes as an investment. This makes it essential to take into account the basics of insurance and laws that govern how much protection a home should require. Homeowners who speak with an independent agent in Centennial will find that actual cash value coverage may be the best choice. Since the economy is improving, a home that was bought for $150,000 may now be worth $200,000 or more. If the home was destroyed in a fire or flood, the insurance company will give the policy holder the value of the property at the time it was destroyed, not the amount paid for home.

Another important aspect of homeowners insurance is personal property protection. When comparing quotes with an independent agent, consider the value of the items in your home and make sure you provide coverage for your property as well as the home itself. A knowledgeable agent will be able to find you a great deal on a policy that gives you all of the coverage you need for a price you can afford to pay. Centennial is a beautiful city and the last thing you want to worry about is whether you have enough homeowners insurance coverage. Although Colorado laws do not require this type of insurance, you will gain peace of mind knowing your investment is protected.