6 Tips to Get the Right Homeowners Insurance in Denver, CO

Tuesday, 16 November 2021 14:21

When looking for the right home insurance policy, it's easy to feel overwhelmed or frustrated. You have an abundance of choices to make regarding providers, your coverage, policy add-ons, and more. Don't worry: we can help you find the right homeowners' insurance in Denver, CO.

Whether you get your policy from a local agency or a broker, you just need to keep some helpful guidance in mind. That's why we've developed 6 expert tips to support your search.

How to Find the Right Policy for Homeowner's Insurance in Denver

Like most homeowners, you're likely looking for a policy that:

  1. Provides reliable coverage for your entire property
  2. Meets your budgetary requirements
  3. And comes from a company that offers superior customer service

To meet these 3 pieces of criteria, bear in mind the following tips as you gather quotes.

1. Understand Your Coverage Needs

The first step in finding a reliable homeowner's insurance policy is knowing what you're buying. So, you need to understand how much coverage you actually want or need.

Unlike auto insurance in Denver, there is no state-mandated requirement for homeowners' coverage. However, mortgage lenders have insurance requirements. In general, most lenders will require that your home is insured for 100% of its replacement cost (Policy Genius).

That said, standard homeowners policies provide 6 different types of coverage:

  • Dwelling coverage
  • Personal property coverage
  • Liability coverage
  • Coverage for other structures
  • Additional living expenses coverage (ALE)
  • Medical expenses/payments coverage

To determine the appropriate coverage limits, it can help to think through some tough questions. Do you think there is a high risk of theft in your area? Are there any other special circumstances that might increase your risk of loss? What other structures exist on your property and are you planning to build any others?

2. Cover All of Your Assets

You'll also want to consider whether you need additional coverage too. These add-ons may increase the cost of homeowners insurance, but they can help save you TONS of cash in the long run. Here are a few policy add-ons that you may want to consider for your home:

  • Sewer backup protection
  • Earthquake, hail, and windstorm coverage
  • Inflation protection coverage
  • Extended replacement cost coverage
  • Ordinance coverage

As you gather policies, be sure to consider some of these helpful add-ons. They can make a significant difference.

Please note that some insurers may include a few of these optional coverages (and others) in their basic coverage.

3. Choose the Right Reimbursement Type

If something were to happen to your home and belongings, how would you prefer to be reimbursed? It's a question worth pondering when you are comparing estimates.

Essentially, you'll need to choose between two different reimbursement arrangements (Allstate):

  1. Cash value policy - Reimburses you based on the actual cash value of your items, with depreciation taken into account.
  2. Replacement cost policy - Reimburses you at a rate based on what it would cost to repair or replace what was destroyed or damaged.

This small difference can have a BIG difference on your covered perils and losses.

For instance, let's assume a fire damages your top-of-the-line TV model. A cash value policy would reimburse you for the TV's depreciated value. On the other hand, a replacement cost policy would reimburse you for the entire value of that TV.

In general, replacement cost value policies are recommended for most homeowners. Just remember that this type of policy may be more expensive than an actual cash value policy.

4. Bear in Mind Differences in Deductibles

When you compare policies for home insurance in Denver, you'll want to carefully consider differences in deductibles. More specifically, it's important to keep in mind that there are 2 basic types of home insurance deductibles:

  1. Dollar amount deductibles - Set a specific dollar amount to be taken from your claim payments.
  2. Percentage deductibles - Based on a percentage of your home's insured value.

For instance, if your dollar amount deductible was $1,000 and you file a claim for $10,000, your insurer would pay out $19,000.

On the other hand, if you had $100,000 of dwelling coverage and a 2% deductible, $2,000 would be deducted from your claim payment.

Dollar amount deductibles and percentage deductibles can both seem advantageous in certain situations. So, make sure you look closely at the deductible structures of each estimate you gather.

5. Look for a Provider with Good Reputation and Experience

In Denver alone, there are hundreds of small insurance agencies and providers. Each one is different from the last. So, you can expect each provider to differ in terms of quality coverage, professionalism, customer service, and so on.

To get the right policy for your needs, you'll need to work with the right insurance agency in Denver. You can accurately compare providers by:

  • Reading customer reviews on third-party platforms like Google and Yelp, and on provider websites too
  • Closing comparing the estimates that each provider offers
  • Interviewing insurance agents to evaluate their customer service skills

It's best to find an insurer with decades of local experience, a glowing reputation, and superior customer service skills.

6. Don't Forget to Consider Discounts

As you gather quotes, don't forget to inquire about prospective discounts too! Many agencies will offer ways to bring down the costs of your insurance premiums, like bundling coverage or industry-specific discounts.

If cost is a top priority for you, then it's important to carefully weigh the discounts each insurance company can offer you.

Get Your Quote in Denver for Homeowner's Insurance

Are you looking around Denver for homeowners' insurance policies? Then request your quote today from our trustworthy Allstate agents.

At Adler Insurance Group, our dedicated agents have decades of experience in the insurance industry. We will leverage our extensive knowledge to your benefit to generate a highly customized estimate for your home insurance needs. And, our licensed insurance agents will go the extra mile to apply as many discounts to your coverage as possible.

Contact Adler Insurance today to get your accurate estimate for homeowner's insurance in Denver, CO.