High Risk Homeowners Insurance Colorado

Colorado, one of the most beautiful places to ski, is the home of some amazing sites. Living in Colorado is something a lot of people aspire to do. Whether it’s a mountain home with sweeping views or a home on the plains with plenty of space to roam, there is great value in these homes. It is vital to cover your home with the best insurance possible. Choosing an insurance company and policy that is right for your home is also very important. The number of policies and companies out there can cause some confusion. One must consider a couple of things in order to make the process easier. First, the actual location of the home is important. Is it located in a flood plan or in a wooded area? Or is it in a high crime area or known earthquake fault? Second, the area’s weather activity should be considered. Is the home in or near an area that frequently has bad weather such as tornadoes or hail storms? Homeowner’s in Colorado’s forest areas face the threat of forest fires during dry seasons. If the answer to either of these questions is yes, the home will probably be considered high risk.

If your home is labeled high risk, don’t worry, you’ll be able to find insurance. High risk insurance is available in most areas and is a great opportunity for these types of homes. Unfortunately, there are a couple of drawbacks to high risk insurance. High risk homeowner’s insurance may cost significantly more than standard insurance if you do not find the right company. To save on your premium and you are in a high crime area, you can receive a discount if you install a monitored security system.

Should your insurance company drop your policy and you don’t qualify with another company, you can apply for FAIR Plan (Fair Access Insurance Requirements) insurance in most states but Colorado does not have a FAIR Plan at this time. This is may play a major factor when deciding what areas to live in.

Having quality insurance is very important and as the homeowner you’ll want to find the best policy for your home.