Homeowners Insurance Centennial Colorado

By
Mortgage and Lending with Fairway Independent Mortgage, LLS. Equal Housing Opportunity. Regulated by the Division of Real Estate. LMB100023827. NMLS257576.

Homeowners Insurance Centennial Colorado

When shopping for homeowners insurance in Centennial, or most any other area for that matter, there's much more to consider than how much your coverage will cost. You need to buy the right type of policy AND be sure to get the proper coverage. For instance, the needs of a buyer of a condo or townhome will differ from the needs and costs of homeowners insurance for a single family homeowner. We, as the lender, require that you have sufficient insurance to cover exposure determined only by the amount of your loan. You, on the other hand, may desire increased coverage on your home and you may want to consider provisions for personal valuables such as jewelry, your computer equipment and other possessions. That is why it's so important to take time to visit with your agent or homeowners insurance company about your personal situation.Colorado homeowners insurance

When you apply for homeowners insurance, the insurance agent will sometimes ask you about your current occupation and employment history, marital status, previous addresses, date of birth and Social Security number. It is standard for the insurer to check your criminal, credit, and insurance history to see if you are a "good risk." The homeowners insurance company also will look at your "loss history" to see what kinds of home insurance claims you've made in the past.

In addition to gathering personal information, the insurer will need information about the home. The age of your home, the materials used to build it, where it's located, square footage, and the number of rooms all play a role. How do you heat your home? What's the overall condition of the house? How many people live in your home? How close is your home to the nearest fire station and fire hydrant?

Lastly, your homeowners insurance agent will need to determine how much it would cost to replace your home. Once you have decided what type of homeowners insurance policy best fits your needs, if special coverage is required for personal items that may not be covered under the basic policy, and what deductible you are comfortable with, your insurance agent will be able to give you a quote. Typically, the premium for the first year plus three months escrow for the following year will be included in the amount of money you are asked to bring to the closing of your new home.

Be sure to shop around when looking for the right homeowners insurance company as rates do vary widely. For instance, some companies offer discounts when you have both your home and auto insurance policies with them or have been insured by them for several years. Larger deductibles will also have a huge effect on your premium. Other discounts may be offered if you don't smoke, or if you qualify for senior rates. And remember, it's always a good idea to check the financial ratings of the companies with AM Best or Standard and Poor's. Let me know if you need a couple of recommendations of agents in your area.

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Opinions expressed here are the sole responsibility of the author, and do not necessarily reflect the view of Fairway Independent Mortgage.

Ruth Vogt Colorado Mortgage Lender Ruth Vogt, Sales Manager

 #LMB100023827, NMLSR# 257576

 Equal Housing Opportunity. 

 Regulated by the Division of Real Estate.

   www.ColoradoHomeLender.com

   ruthv@fairwaymc.com  303-881-7849.

 

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Comments (13)

Tom Davis
Harrington ERA,DE Homes For Sale, $$ Save $$ Buy Today ! - Dover, DE
FREE Delaware Homes Search!, $$ Save $$ - Find Homes! Delaware Realtor

These are some excellent points!

Great topic and great article on homeowners insurance!

Thanks for posting!

Tom Davis

Apr 15, 2010 04:34 PM
Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

Ruth another question asked is where is the closest fire hydrant.  Great home insurance information.

Apr 15, 2010 04:37 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Ruth, great points, as a supporting story, I had a seller who was an insurance agent and had piano's, there are special insurance riders for that....pictures....are all special riders the buyers need to investigate and decide what they need to protect and where they can take a chance.

Apr 15, 2010 04:38 PM
Ray Saenz
Exit Realty Laredo - Laredo, TX
Homes for Sale in Laredo, TX - Texas, Realtor

Ruth,
you always give great advises to buyers who are wondering about the homeowners insurance, keep these great blogs !

Apr 15, 2010 04:40 PM
Gary Swanson
Century 21 Harris & Taylor - Grants Pass, OR

Great post Ruth.  We were shopping for different homeowners insurance about 9 months ago, and we were surprised they asked what kind of pets we had, and we told them dogs, they needed to know what breeds they were.  We're glad they're just little guys and aren't considered risky.

Apr 15, 2010 05:07 PM
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Ruth - Thanks for sharing an educational blog.

John

Apr 15, 2010 05:07 PM
Bryan Watkins
LRA Real Estate Group - Mesa, AZ

Ruth, nice job. someone is a good writer!

Apr 15, 2010 06:00 PM
Jackie Connelly-Fornuff
Douglas Elliman Real Estate in Babylon NY - Babylon, NY
"Moving at The Speed of YOU!"

Hi Ruth, great information about homeowner's insurance. Very educational especially for first time home buyers! :)

Apr 15, 2010 11:30 PM
Loan Survivor Real Estate Financing Expert
Purchases, First Time Buyers, Pre-Approvals, Refinance - Birmingham, MI

Ruth, good job on a mundane topic.  For your SEO though, you should have added a geographic tag:)  The general "homeowners insurance" will put you head-to-head with major corporations that have more resources to throw at the SEO.

Apr 16, 2010 12:07 AM
Ruth Vogt
Fairway Independent Mortgage, LLS. Equal Housing Opportunity. Regulated by the Division of Real Estate. - Colorado Springs, CO
719-592-0855 Apply 24/7 www.ColoradoHomeLender.com

Tom, thanks for stopping by and appreciate the encouraging comments.

Jennifer, we experienced an incredible increase in premiums because we live in an area that has no fire hydrants, and a volunteer fire dept. So, we installed an indoor sprinkler system to keep the insurance quotes somewhat reasonable.

Endre, I had an antique bedroom set that wasn't 100 years old. So instead of being able to insure as a piece of valuable family furniture, I was told we had to take the value of a current bedroom set, and depreciate it 63 years, thus giving it NO VALUE.  So in my case, I had no decision. :(

Ray, Thanks for stopping by. Glad you enjoy the posts.

 

Apr 17, 2010 11:35 AM
Ruth Vogt
Fairway Independent Mortgage, LLS. Equal Housing Opportunity. Regulated by the Division of Real Estate. - Colorado Springs, CO
719-592-0855 Apply 24/7 www.ColoradoHomeLender.com

Gary, interesting comment. As I was reading it, I was thinking dogs for protection of the property, not the risk factor. oops...

John, you haven't stopped by in awhile. Thanks for coming back by!

Bryan, stay tuned. There's more coming in this series! BTW, I see Ricky Khamis is one of your associates... great choice for a lender! Hope your using him! (You must be a golfer, huh?)

 

Apr 17, 2010 11:39 AM
Ruth Vogt
Fairway Independent Mortgage, LLS. Equal Housing Opportunity. Regulated by the Division of Real Estate. - Colorado Springs, CO
719-592-0855 Apply 24/7 www.ColoradoHomeLender.com

Jackie, I have actually created a series of these informational topics geared just for 1st time homebuyers. We then drip them weekly with information. We call it our "Home study course for buying a home".

Drew, I was testing the power of tags and back links to see what would happen. I also have loan officers that reblog my posts for their geographic areas. I'm struggling to decide whether to go ahead and add the geographic area now with a correction or wait for them to reblog and then test. Then change. But if I have them reblog, and they rank for their areas, and THEN I do a correction, I might pull their ranking?? Decisions, decisions! Input?

Apr 17, 2010 11:51 AM
Ruth Vogt
Fairway Independent Mortgage, LLS. Equal Housing Opportunity. Regulated by the Division of Real Estate. - Colorado Springs, CO
719-592-0855 Apply 24/7 www.ColoradoHomeLender.com

Drew, went ahead and changed it. We'll see...

Apr 19, 2010 04:56 AM

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