Protecting Your Investment in Longmont, Colorado
As you may already be aware, buying a home is one of the most important investments you will ever make. One of the best ways to protect your investment is by obtaining adequate homeowner's insurance. Typically these policies cover damage caused by theft, wind and fire. However, you may need to purchase extended coverage in the event of a natural disaster, such as a flood or earthquake.
Another item to consider when protecting your investment in Longmont, Colorado is purchasing replacement coverage for your home and personal belongings. The cost is higher, but in the event of a loss, you will be able to make a claim for the full cost of repair or depreciation. If you don't have replacement coverage, your insurance company will take into consideration the age and property condition, thus reimbursing you for only the fair market value of your property. An example of this would be a stolen television set. If the television is a few years old, the insurance company may only provide you with the depreciated value and not the actual value to replace the stolen good.
Liability insurance also provides another type of protection. This means that if someone is injured on your property, you could file a claim to cover the incident under your homeowner's policy. These claims would typically cover medical expenses occuring from the incident. When selecting your homeowners' insurance, you should select an amount of liability coverage that is comfortable to you. This is very similar to the process of selecting your auto insurance. The most convenient way I have found is to select a company with an "umbrella" policy that covers both auto and homeowners' insurance.
If you haven't selected a home yet, visit the RE/Max Alliance site for a list of available properties.
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