With home prices on the rise and natural disasters in our back yard, it's time to make sure your homeowners policy is up to date and you understand your coverage.
A standard homeowners insurance policy covers the following:
- Structures: Basically the cost to repair or rebuild your home if it is damaged or destroyed (make sure you know which disasters are listed in your policy - a standard policy will not pay for damage caused by a flood, earthquake or standard wear and tear). One simple rule - have enough coverage to rebuild your home and replace your personal property, period. A general rule of thumb for calculating the cost to rebuild right now in Routt County is to multiply your square footage by $500 which is the average price to rebuild right now. (No, that is not a spelling error.)
- Personal Property: Your furniture, clothes, and other personal items. This coverage is generally 50 - 70 percent of the insurance you have on the structure. You can also get additional coverage for things like jewelry, watches or valuable artwork that might go above and beyond the standard coverage.
- Liability: This covers against lawsuits for bodily injury or property damage that you or family members (like your dog Rover) may cause to other people.
- Additional living expenses: This one was important to me because sometimes insurance companies aren't able to pay out for a year or more so you want to make sure you have appropriate coverage for living expenses while your home is being rebuilt or you are waiting for a pay out.
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Please don't hesitate to call me with any questions about real estate or Steamboat Springs in general - 970.819.5581. If you are looking around for insurance - most of my clients have found Debbie Aragon at State Farm to be the most competitive.
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