Home insurance is an essential part of buying a home. Without home insurance, you could face great financial devastation if something happens, such as a fire, vandalism, a tree falling on your house, etc. Although home insurance is important, many people have questions about it that they might be afraid to ask. Here are some of the most frequently asked questions about home insurance.
Is home insurance required in Colorado?
No. Home insurance is not required in Colorado by law, but it might be required if you hope to use a lender to buy your house. Because the house cost is so high, lenders might require you to purchase home insurance. This is because the high cost of a house can be a high risk for the lender.
Why is home insurance so important?
Home insurance is important for a few reasons. The first reason is that your lender might require you to have home insurance before qualifying for a mortgage. The second reason is a home is an expensive investment. It would be best if you had home insurance to protect that significant investment in case something leaves your home needing costly repairs.
What does home insurance cover?
Home insurance covers the following areas:
- Dwelling coverage
- Other structures on the property
- Personal belongings
- Liability coverage
- Addition living expenses
What is not covered by home insurance?
Home insurance does not cover mold, insect damage, animal damage, maintenance, regular wear and tear, floods, earthquakes, or damage from sewer backup. However, you can purchase separate insurance for floods and earthquakes if you live in an area prone to either.
Contact Westco Insurance LLC
If you live in Colorado Springs, CO, and are in the market for home insurance, we can help you. Stop by or contact us at Westco Insurance LLC to get a quote today.
