Colorado Condo Insurance (HO-6 Policies)
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What Affects Homeowners Insurance Rates?
While the average cost of homeowners insurance depends on many factors, insurance firms utilize these to assess risk and calculate your rate:
- The condo’s age – New or old, and upgrades to older homes or buildings.
- Location – State, ZIP code, and claims history are considered.
- Construction – Building materials. You may need additional coverage for a bespoke condo unit’s interior.
- Cost-to-replace – The replacement cost is to reconstruct the same interior for your condo. An appraiser evaluates how much this is.
- Coverage – Considers how much personal property and liability coverage you might need.
- Operating a Business at Home – Your premium may increase if you run a home-based business to cover inventory, equipment, and supplies.
- Pools – Owning a pool at the penthouse suite may increase your liability coverage for injuries.
Frequently Asked Denver Condo Insurance Questions
What is “loss assessment” coverage, which my HOA seems to require?
Extreme hail damage in Colorado has forced firms to adopt separate wind/hail property deductibles. Large condo complex hailstorm deductibles might exceed $100,000. If the HOA general budget is insufficient, condo owners must make a “loss assessment” claim to offset the shortfall.
Is water damage covered in my Condo Insurance policy?
Water/sewer backup and sump overflow are optional and can be added. Flood-related losses aren’t covered.
Will my policy cover a guest’s parking lot fall?
NO, your HOA policy covers common-area injuries. Condo Insurance Liability covers injuries inside your apartment.
|Address:||4380 South Syracuse St. Suite 310 Denver, CO 80237|
|Main Line:||(720) 221-8168|
|New Customer Lines:||(855) 973-1202
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