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Insurance Advisors' Newsletter
September 2014

Insurance 101
By Susan Cormier for Insurance Advisors

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IA Team

Insurance is a necessary evil that most people don’t really like to think or talk about.

Believe us, the Insurance Advisors understand. But we also understand how important insurance is in protecting the largest purchases you make – your home and your vehicles.

So let’s take a brief look at home and auto insurance. We think the more information and understanding you have, the less painful it will be to make those insurance payments.

Both home and auto insurances are pretty much mandatory.

To get a home loan, homeowners are required to buy insurance by their mortgage lenders. As a homeowner with a mortgage, you really have no say in the matter.

Home insurance should include dwelling coverage, loss of use coverage, and personal liability and property coverage. Of course, additional coverages might be necessary, depending on your situation, and are often available through umbrella polices.

Drivers also are required to have insurance. In Colorado, state law mandates a minimum of $25,000 in liability coverage to pay for injuries to one person and $50,000 to cover injuries of two or more people, as well as $15,000 to pay for vehicle damage. Colorado drivers may also purchase uninsured/underinsured motorist coverage.

The importance of this uninsured coverage shouldn’t be overlooked. According to the Rocky Mountain Insurance Information Association (RMIIA), more than 15 percent of Colorado drivers are ignoring the law and driving without insurance. That means, if they cause the accident, they don’t have insurance to pay for your injuries or damage.

In addition to the recommended uninsured/underinsured coverage, your auto insurance should include bodily injury and property damage liability coverage, medical payment and personal injury protection, collision coverage, and comprehensive and replacement coverage.

As you know, auto and home insurance are two separate products, but it is often beneficial to purchase them together to get a reduced rate. It’s also good to get a quote from a company like the Insurance Advisors.

As independent brokers, we are able to shop around on your behalf. If you’d like a review of your current policies, please give us a call at 720-210-9898.

The Hartford

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