Consequences of Not Having Home Insurance in Colorado

Insurance of any kind can be expensive and feel like an unnecessary cost when life is planned. However, if unexpected disasters or accidents strike, finding yourself without coverage is a seriously grave situation. For large assets, especially houses, the cost of insurance is worth the peace of mind and security it brings.

The Risks Without Coverage

Unlike auto insurance, there technically are no federal laws requiring homeowners to have coverage. Insurance is legally a requirement solely to have a mortgage loan. Suppose a homeowner is found to be foregoing the insurance obligation of their loan contract. In that case, the mortgage company will most likely purchase its policy and require the homeowner to pay. These policies are more expensive and do not cover personal property, and if the homeowner does not pay the premium, the mortgage company has the legal right to foreclose. Also, whether covered or not, a homeowner is liable for any personal injuries occurring on their property considered to be demonstrably a result of negligence. If faced with a  lawsuit for incidents such as the pet dog attacking a visitor, having insurance takes care of hiring a lawyer and paying fees. Those without some form of liability and legal coverage would have to pay potentially devastating costs out of pocket. Not having home insurance can also complicate matters regarding homes in locations with a high risk of natural disasters like hurricanes and tornadoes.

Available Varieties and Add-Ons

There are a few different types of home insurance, and homeowners must be aware of any additional coverage they require. Basic, standard policies include dwelling coverage (protecting the physical structure, including cases of fire or theft), contents coverage for personal property like furniture, and personal liability (covering physical injury of guests and property damage coverage, in case of certain types of accidents). Standard coverage has its limits, and additional add-ons may be required depending on each homeowner’s circumstances. For example, flood and earthquake insurance are needed in risky areas, coverage of sewage backups, or policies to rebuild according to modern building codes for older homes suffering a covered property loss.

Check out Prince Insurance Group today to explore which of their convenient homeowners insurance options is right for you.

How to Reduce the Cost of Auto Insurance

Depending on where you live, auto insurance may cost you a pretty penny. Several factors may play a part in high rates, from the type of car you have to your driving record. Though it can be expensive at times, auto insurance is a necessity. There are ways to reduce its cost that maybe you haven’t thought of. 

Here are some pointers that will help you reduce the cost of auto insurance. 

1. Get Yourself a Safe Car

When buying a new car, ensure you’re getting one that’s not known to crash and has a high rating. Explore the safety vehicles of the car before you purchase it. If the features are top-quality and do what they’re supposed to keep you protected, this could prove helpful as far as your insurance rates. Insurance providers may offer discounts if your vehicle has strong safety features. 

2. Be a Good Driver

The better your driving record is, the more willing your insurance provider is to lower your insurance rates. Make sure you don’t get any tickets or get docked driving points due to speeding or more serious offenses like driving under the influence. Also, your ability to stay out of accidents can positively affect your auto insurance policy. 

3. Higher Deductibles

A deductible is a specified amount you have to pay before an insurance provider pays an insurance claim. The higher the deductible is, the lower your insurance premium costs will be, easing your financial burden. 

4. Bundle Your Auto and Home Insurance

By bundling your auto and home insurance policies housed by the same insurance carrier, you save money, potentially getting significant discounts. Additionally, bundling the policies makes it less likely an insurance provider drops you if you make excessive claims. 

5. Look for Value 

Ensure when you meet with your agent to reduce the cost of auto insurance, you’re working to find a policy with the best value and protections rather than the cheapest one. Cheaper doesn’t always mean better. 

Check out our auto insurance policies at Prince Insurance. We’ll work with you to reduce the cost of auto insurance at your convenience. Get your free quote from us today!

When to Update a Home Insurance Policy

As exciting as securing ownership of a home is, securing your space with a quality home insurance policy gives you the relief that allows you to maximize your home experience. Home insurance policies are very useful tools that give you optimal coverage at the right cost. 

However, things happen, and certain situations necessitate a change in your policy to accommodate new developments in your life. When is it time to update a home insurance policy? Here are scenarios that should push you to contact your insurance provider. 

Pandemic Remodeling

If you’ve made some important renovations to your home during the global health crisis, you should talk to your insurance agent about updating your policy. 

Renovations add value to a home, and your policy should cover its value now that it’s worth more money instead of what it was worth when you just bought it. Certain renovations, like getting a new roof, can lower the value of your insurance policy. It’s an opportunity to get some additional homeowner benefits. 

When You Retire 

Once you’ve called it a day and worked your last paycheck, it’s time to update a home insurance policy. When you’re retired, you spend more time at home and also have more opportunities to maintain your home.

Some insurance companies offer cheaper insurance rates to retired people and senior citizens. When you’re at home regularly, you’re likelier to spot potential damages and less susceptible to burglary. Because of this, insurance companies may deem you more trustworthy and offer discounts. 

New Security System 

Adding a security system makes your home easier to insure and saves you money on insurance premiums each year.

Acquiring/Getting Rid of Expensive Items

Each time you buy expensive items like art, collectibles, and other pricey valuables, you should find out if your insurance policy covers those items. If not, you should update your policy to include them.

Also, if you’ve acquired or gotten rid of family heirlooms, you could get a break on your insurance. 

Prince Insurance gives homeowners the royal treatment when it comes to their policies. Check out our home insurance policy options and get a free quote now.

A Few Important Details to Understand About Home Insurance Coverage

Homeowners Associations (HOA) Insurance

One of the more confusing areas of home insurance is figuring out whether your home insurance policy covers certain upgrades and remodeling projects. Home insurance generally covers a variety of situations, but it is helpful to understand what your policy covers and what it may not cover.  This is important to understand before proceeding with renovations.

Talk With Your Agent

If you’ve made improvements to your home, you may be wondering how you can protect yourself from financial losses. Your home is likely to be your most valuable asset, and if that asset is damaged, you can be left with a huge repair bill. If you are thinking of making improvements to your home, be sure to talk to your insurance agent. They can help you find the right home insurance policy to protect against financial loss.

Homeowners preparing for renovations need to be aware of what their home insurance policy covers.

What Home Insurance Typically Covers and Doesn’t Cover

While home insurance is there to cover damage from weather or other unavoidable events, it will likely not cover damage from remodeling. A home insurance policy that includes replacement cost coverage will not pay for items damaged by remodeling, unless the damage is caused by a covered cause of loss, such as a sudden and accidental event.

Replacing deteriorating elements of a home, such as roofing, windows, and HVAC, are typically not covered under a home insurance policy – you will want to check any warranties on these items for coverage. Some companies have coverage riders, which are additional policy provisions that extend coverage to include damage from remodeling. Read your policy to see if this is an option.

If you want to make sure you have the proper home insurance in place, contact an agent at Prince Insurance for information and a quote. A team member can guide you through your home insurance policy, so you can feel reassured that you are properly covered when proceeding with your home remodeling project.

Why You Need Individual Condo Insurance

Stunning home in an apartment building, a symbol of homeowners insurance protection

We always recommend that people get their own insurance, even if a condo association offers insurance. Why? Because it’s better to be safe than sorry. You never know what kind of gaps in coverage the association might have. Instead of risking it, get your own policy to protect yourself and your belongings. If something goes wrong, you’ll be protected with your own policies in addition to whatever the condo offers. Here’s an explanation.

Difference Between Home and Condo Insurance

Home insurance is an umbrella term that covers the type of policy for personal dwellings. But there are major differences between single-family home policies and condo policies. With condo insurance, you’ll pay less than you would for a single-family home policy. That’s because you’re only paying to protect your portion of the building and not the entire thing. Living in a condo means that you have access to common areas. Typically, the association will have coverage for those areas (like a slip and fall near the pool). But if people get injured in your apartment, you will be liable. Condo insurance is a great way to protect yourself from these types of situations. You also need coverage for your personal possessions. If you have a storage locker outside of your unit, make sure to tell your insurance agent to include it in the coverage.

Protect your condo with condo insurance—you need coverage to complement the association’s policies.

Individual Condo Insurance vs. Condo Association Insurance

You need extra insurance for your specific unit to cover your personal belongings. The association’s coverage doesn’t include personal items. It probably only covers common areas, as mentioned, as well as protection against liability for accidents that happen on common property. If an accident happens in your condo, you could still be liable. This means personal injuries as well as damage to belongings, theft, vandalism, flood, or fire. To craft a great policy for you and your condo, you should contact your condo association to learn more about what they cover. Then, pick up the phone and speak with our team at Prince Insurance so we can help you fill in the gaps. We recommend people always have their own coverage to complement existing general coverage.

Get a quote today and enjoy peace of mind in your condo tomorrow.

When to Get Renters Insurance

Embark on a journey to safeguard your business venture by understanding the latest trends and considerations in business insurance

If you currently rent your home or apartment, you probably rely on your landlord for a lot. They shovel the drive, they cover most repairs, and they’re responsible for keeping the property in good shape. But when it comes to bigger situations like natural disasters, your landlord probably won’t be able to help you. Renters insurance is the best way to protect your belongings if you live in a rented dwelling. If a fire or flood sweeps through your building, renters insurance can reimburse you for the loss of your items. Here’s what you need to know about getting a policy.

Who Can Get One and Popular Policy Options

Anyone who rents can get a policy! There are several types of coverage, ranging from the bare minimum to extra protection. Before you decide what’s right for you, think about what you’d have a difficult time replacing. That’s a great way to start the conversation. Your renters insurance should cover the physical items that are most precious and difficult to replace. This should include technology, furniture, and other precious items that have value on the market. Also, don’t forget your clothing! If a fire burns down your apartment, you’ll need coverage to get some new clothing. Keep in mind that some renters insurance covers you in case of theft or vandalism. If you live in a neighborhood where that’s a risk factor, then you definitely need coverage.

Home in Leadville Colorado
If you live in a rented home, make sure you have robust renters insurance.

Mistakes to Avoid

Don’t make the mistake of thinking that you don’t need renters insurance. Depending on what you need to be covered, it could be a very affordable monthly fee for peace of mind. It’s not only extremely wealthy people who need to protect their possessions. Equally, don’t make the mistake of duplicating coverage that your landlord already has. If possible, reach out to them to ask about coverage. Some municipalities and states have laws about requirements for renters insurance. Make sure you’re adhering to local laws and covering your most essential possessions.

Ready to explore your options? Contact the Prince Insurance team to find the right policy for you and your needs.

Expand Your Insurance Menu

The world is an unpredictable place; so many different things can go wrong. It makes sense, then, why there are so many different kinds of insurance plans to accommodate this unpredictability.

As an insurance broker, it’s up to you to be able to provide as many different kinds of insurance as possible. To be able to do this, however, you first have to understand all the options available.

As an independent insurance broker agency ourselves, we’re here to help you out.

Policies for Brokers

The number of options to add to your insurance menu is greater than you might think. For example, you can offer policies for:

Firemen putting out a home fire.
Home insurance can protect you in the unfortunate event that your home catches fire.
  • Home & Auto Insurance
  • Auto Insurance
  • Home Insurance
  • Other Personal Insurance
  • Farm Insurance
  • Life Insurance
  • Recreational Vehicle Insurance
  • Additional Insurance Services
  • Coverage for Specific Industries
  • Coverage for Your Business
  • Liquor Liability Insurance
  • Coverage for Your Employees

Popular Options and Best Sellers

Naturally, some types of policies are more popular than others. In most cases, you’ll find home, auto, and life insurance to be the most sought-after. This makes sense when you think about the number of people who have homes or cars they want to protect, or loved ones they want to make sure are taken care of after their passing, compared to the number of people who need liquor liability insurance, for example.

The most popular types of policies also happen to the best selling types of policies, namely, home, auto, and life insurance.

However, as people grow older, get married, and build families, their number one priority is often the well-being of their family members. Therefore, you’ll often find life insurance policies to come out on top as your bestseller.

Selling Tips

To attract more people to your new types of policies, there are a couple of things you can do.

The first thing is to offer bundling discounts (somewhere in the area of 10%-20% is often a good start) for customers who purchase more than one type of policy at the same time. A common combination is home and auto insurance.

Another thing you can do is offer free quotes. This way, customers can check out your new types of policies risk-free. Plus, when presented with their quotes, they didn’t have to pay anything extra, and they’re much more likely to continue exploring closer and closer to purchase time.

Looking for an example of a real-life independent insurance broker agency already incorporating all of the tips above?

Check out Prince Insurance Group to learn more.

When to Get Flood Insurance

If you live in an area that is susceptible to flooding, flood insurance isn’t an option, it’s a must. It’s also important to consult an updated map to see exactly where the flood zones are. Weather patterns are changing and you might discover that your home is at greater risk now than it was ten years ago. People with basements or other below-ground rooms should definitely explore flood insurance options. Remember, it’s better to get insurance now before you’re wading through water and wishing you had checked that item off your list.

Flood-Prone Areas

Low-lying areas are at particular risk for natural flooding. This can happen when the water table rises due to rain. It puts your building at risk for a few months out of the year, when water levels are higher than normal. Many states across the country experience flooding every year, resulting in millions of dollars’ worth of damage to property. However, it’s also possible that a freak storm or other incident inside your home will cause flooding. A forgetful person may leave the faucet on, or a water heater could burst. Flood insurance covers you in the event of flooding, so that you have the financial support you need to rebuild.

Floods can be scary. Get the protection you deserve with flood insurance.

Popular Options for Flood Insurance

You have some options for coverage. Generally speaking, your flood insurance will cover your dwelling and losses incurred by water damage due to flooding. You can get flood insurance for commercial and residential properties alike. It’s important to note that general home liability coverage may not include flood protection. There are lots of additional types of coverage you can get to protect your home from top to bottom. If you’re in a zone that’s susceptible to flooding, you’ll need to add flood insurance to your policy to be 100% protected.

Ready to sleep through heavy rain without blinking an eye? Flood insurance can help protect you and your home from water damage. Reach out to Prince Insurance and discover what it means to feel protected.

Best Home Builder Insurance Packages

Homeowners Associations (HOA) Insurance

Construction projects are fraught with risk, no matter how careful you are. Even if you choose the best contractors in the world, there is always a chance that something could go wrong. That’s why you need home builder insurance. The best packages will offer coverage for you, your team, and your equipment. Accidents happen, and the right coverage will help protect you and attract cautious clients. Ready to find the right insurance for a home builder?

The Best Insurance for a Home Builder

First, let’s understand the coverage. Construction and home building include a variety of complex tasks. After all, the home needs to be durable and livable. You need coverage to protect you while you install electrical, plumbing, woodwork, plastering, roofing, and more. On-site, workers are often required to use power tools or climb scaffolds. If something falls on a car parked at your construction site, would it be covered? While you’re in the process of building someone’s home, you need insurance that covers everyone and everything. This should include broad liability protection, workers compensation, materials coverage, and vehicular protection. Not only is this good for your business, but it’s a great way to gain the trust of your clients.

Man sliding a piece of wood across a table saw.
Make sure your home builder insurance covers everyone and everything on site.

The Importance of Home Builder Insurance

Protection can’t be underestimated in risky businesses like construction. Your reputation is at stake. If you don’t have insurance, and one of your workers gets injured, you might struggle to hire great contractors in the future. Insurance for a home builder is critical from a client’s perspective, too. Your potential customers will want to know that you have robust coverage in case of an emergency.

The right coverage could help you get more business. Ready to explore your policy options as a home builder? Get in touch with Prince Insurance, and we’ll find an option that gives you the coverage you need.

Liability Policies for Homeowners

It’s important to protect your home against natural disasters and other incidents. But it’s equally important to protect you, the homeowner, against future liability for events that occur on your property. Homeowners liability helps cover you when something happens at your home. If someone slips and falls, they could sue and seek compensation. They could argue that bad lighting or dangerous conditions inside the home contributed to their injury. This type of coverage helps protect you and your family from outsized bills if someone happens to be injured while in your home.

Make sure you’re protected from liability claims if someone gets injured on your property.

Popular plans

There are a variety of coverage levels when it comes to homeowners liability. You can access policies that protect you against claims for property damage. You could get protection against claims for injury to others. Your policy can protect you against having to pay out medical fees for the care of someone who was injured on your property. Most importantly, you should ensure that your policy covers liability defense costs. If you need to hire a lawyer to go to court and defend you, the insurance company could cover that cost if you have homeowners liability protection.

Understanding coverages

For a comprehensive home protection plan, you should also look into flood and fire insurance. This type of property insurance can protect you from acts of God as well as human acts of violence. It will cover the cost to repair your home if something happens. There is also home-sharing coverage and scheduled personal property insurance. It’s okay if you don’t know which policies are right for you. What’s most important is that you speak with someone who can help you make sure you’re covered in the right ways.

If you’re ready to explore homeowners liability insurance, we’d love to help. Get in touch and we’ll figure out a plan that works for you and your family.