If you have a mortgage, you have homeowner’s insurance. Mortgage companies require you carry a policy to protect them from loss while they still own a portion of your home. Even if you own your home free and clear, it is still a good idea to carry Home Insurance Colorado Springs. Otherwise significant damage of structures could be financially devastating.
A standard Home Insurance Colorado Springs policy includes two sections regarding structures. Let’s start with dwelling coverage. Dwelling coverage protects the structure of your home and any structures that are physically attached to it. Under this section, a basic home insurance policy would compensate a claim related to fire and severe storms. Tornados and Hurricanes are sometimes covered, sometimes not. Flood and earthquake insurance are not standard but can be purchased as separate policies.
The remaining section regarding structures in a basic homeowner’s insurance policy is referred to as the “other structures” section. This section of your policy provides coverage for structures or dwellings that are not physically attached to your primary dwelling. Examples of such structures would be an unattached garage, fencing, a shed or storage unit, or a guest house. Other structure insurance covers these unattached structures from the same types of damage that are covered in the dwelling section.
Significant loss or damage to the structures on your property can present serious financial hardship. Minimizing your risk with a Home Insurance Colorado Springs policy is a wise financial investment.