Denver Homeowners Insurance Are You Covered

When Should You Update Your Homeowner and Auto Insurance Coverage?

Changes in your life often show up as changes in your home and cars. And they could impact your coverage.  So it’s a good idea to update your homeowner and auto insurance to make sure your policy reflects these changes.  We recommend doing an annual review.

To help jump start your thinking on what’s changed, following are some of the things that can impact your homeowners and auto insurance coverage.

6 Things that Impact Your Homeowners Insurance Coverage

1. Remodeling or Renovation Work

Did you finally get the kitchen of your dreams, or add on a Master Suite, or replace the roof?  Home improvement projects often increase the value of your home and may require more coverage.

2. Your Dream Pool or Backyard Playground

Pools, spas, trampolines, and other fun features that turn your backyard into an entertainment center, come with increased risk of injury.  So while you’re thinking fun, these kinds of things are labeled as an attractive nuisance by insurance companies.  Your liability insurance may need to increase to protect you from an accident on your property or a lawsuit.

3. Wood-burning Stoves

A wood-burning stove can add ambiance and help out with your energy costs.  But that cozy atmosphere may impact your homeowner’s premium.  It’s a good idea to call and find out what steps need to be taken to avoid or reduce a premium increase.

4. A New Dog

You love your new dog. Most of the time the liability portion of your homeowner’s insurance helps to protect you if you’re sued because Fido attacked or bit a guest at your home.  But there are some breeds of dogs that some insurers will not cover under your homeowner’s policy.  So it’s a good idea to call and check with your carrier.

5. Home-Based Business

If you work from home, you may have equipment, computers, supplies, and other material goods associated with conducting your business. Don’t assume that these assets are covered under your homeowners or renters policy. You may need to purchase an endorsement or a specific in-home business policy.

6. Art, Jewelry, Antiques

Whether you have inherited or purchased new valuables, they should be added to your policy.  Increasing your coverage is the only way to safeguard them in the event of damage or theft.

4 Things that Impact Your Auto Insurance Coverage

1.  Marriage

Combining your policies may reduce your costs.

2.  You Moved

You may have only moved one mile from where you lived.  But if it’s a different zip code that may impact your coverage.  Also, policies and regulations vary from state to state. So be sure and give us a call when you are moving.

3. A New Teen Driver

When you add a new teen driver to your auto policy, it’s your rates may go up. In addition to auto insurance, this is a good time to add an umbrella policy for additional liability protection.

4.  Uber or Lyft Driver

If you’ve added “Driver” to your resume, you will need additional coverage.  Not only is the insurance carrier taking on more liability, so are you as the hired driver.

What happens if You Don’t Change Your Coverage Levels

You are insured based on the policy that you have in place.  So if the unexpected happens, and your coverage has not been adjusted to reflect changes to your home or auto, your claim will be based on your coverage.  That means there will probably be a financial gap between your claim and the value of your assets.

A yearly review of your insurance coverage may result in an increase or decrease in your premiums.  Either way, you have peace of mind that your family and assets are protected.

Please call Aspen today at 303-777-2991 to schedule your insurance review.