When you buy insurance, the paperwork often finds itself in the back of a junk drawer, never to be looked at againuntil a hailstorm smashes your car windshield or strong winds take down the fence surrounding your backyard. Then you're faced with the uncertainty of filing a claim, hoping 100% of the damages will be covered.
This is not the position we ever want to see our clients in. That's why we recommend reviewing your policy once or twice a year. It's an easy addition to your spring home maintenance, and a great way to start the new season, get your ducks in a row, and offer peace of mind entering the wildfire season.
Currently, Colorado has experienced the second-largest increase in major natural disasters in the United States over the last two decades. Recent reports for the preparedness of the 2022 wildfire season predict that this could potentially be the worst wildfire year in state history. As we recently saw with the Marshall Fire in Boulder, changes in the market and inflation rates put many folks in an impossible situation with their insurance policies.
That's why it's crucial to stay on top of your policy, so when a mishap occurs - your insurance provider is the one breaking out the checkbook - not you!
Photo Courtesy of Adobe Stock- Marshall Fire, Boulder County
What we saw in Boulder:
Lots of households DID have homeowners insurance. But the majority DID NOT have their policy adjusted for the true value of their home to match the current market. Many were put in a position where their current policy wouldn't cover 100% of the damages; for some, that number's not even close.
What can we learn:
Natural disasters and accidents happen, and we can't control them. What we can control is how we prepare for the situation.
How to put it into action:
Find a great insurance agent and provider - your agent at Corcoran Perry & Co.can provide you with a fantastic recommendation. A true partnership with your insurance agent will make all the difference through the course of your homeownership. They'll be an advocate for you and can inform you of when it's time to adjust your insurance policy, so you're always protected!
Here are some excellent home insurance related tips to think about during your spring home maintenance projects!
Take a look at all of your art and jewelry. If covered under your policy, it is worth getting it reappraised every 3 - 5 years to account for the current market. Ask us about recommended apraisers!
In Denver, many folks invest in an active lifestyle. Make sure your home insurance policy covers your expensive outdoor gear, including bikes!
Don't forget your roof! When the seasons change, take a look at the roof's current condition and review your coverage with your agent. Coverage for roofs can be tricky the older your home gets, so make sure you're covered!
Your investment deserves the best protection, and we are fortunate to partner with some of the best insurance providers and agents in the Denver area. We trust them implicitly that they will treat our clients just as we do - like family.
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