Colorado Auto & Home Insurance, Car Insurance Reviews
Colorado Auto & Homeowners Insurance
Colorado Auto Insurance Law
There are certain specific requirements in the state of Colorado for the extent of liability insurance protection the automobile operator must carry. This type of policy covers property damage to the other automobile in case of accident. It also covers the other driver’s bodily injury. The liability insurance covers the damage caused by an insured party’s negligent driving of his motor vehicle.
Colorado law imposes these minimum amounts:
- Bodily injury – $25,000 for each person
- Bodily injury – $50,000 for each accident
- Property damage – $15,000 per accident
On January 1, 2009, Colorado law was imposed for mandatory “med-pay” coverage to be added to all automobile insurance. Read additional information on the medical payment coverage. A driver may add additional coverage. Adding additional uninsured motorist coverage, comprehensive and collision insurance and medical payment coverage is advisable, but it is not mandatory.
Homeowner’s Insurance in Colorado
A policy covering the house you own protects you from damages to the building(s) and their contents. Legally, the owner is not required to carry homeowner’s insurance unless the house is financed. If so, (and few people purchase their home with cash, paying for it outright), the bank or mortgage company will make coverage mandatory. This protects their interest until the mortgage is paid in full.
Different policies are sold for homeowner’s insurance, condominium coverage and mobile home coverage. You are insured in case of fire, theft, wind damage, vandalism and hail. This covers injury to someone other than the occupant who is hurt on the premises.
There are also policies to cover renter’s contents.
It is most crucial that the purchaser reads and understands the terms of his or her insurance. For example, most homeowner’s policies exclude coverage for flood damage. If your home lies in an area subject to flooding, you are advised to purchase a policy to protect against that eventuality.
These are details that you are wise to ask your insurance agent to clarify before making policy purchase decisions.