Colorado Homeowners Liability Insurance
Colorado Homeowners Liability Insurance, What does Colorado homeowners’ liability insurance cover? In a state with 4 million inhabitants, homeowners insurance can be a big factor. Liability insurance is just one of the main parts of a standard Colorado home insurance policy.
but it can be the difference between going to court and having to pay court and attorney fees out of your own pocket and your insurance company taking care of everything. In the following article, you will learn insights into Colorado homeowners liability insurance and the things it does and does not cover. Colorado Homeowners Liability Insurance.
What exactly does Colorado Homeowners Liability Insurance cover?
This is a question that many people ask when it comes time to buy standard homeowners insurance in the state of Colorado. Although liability coverage is a relatively new one when it comes to the home insurance industry, it cannot be overlooked. Liability coverage only covers you from being sued by a third party if they are harmed on your premises. Keep in mind that you can get as much liability coverage as you want, but it can make a huge difference in the price you pay per month.
How liability insurance works are completely separate from having to pay fees at all to the injured party. Instead of this person actually dealing with the owner of the house and the main person insured in the policy, they will have to create a claim directly through the home insurance agency. The company will then deal directly with them and neither party should contact you about fees or the like. Colorado Homeowners Liability Insurance.
Types of Coverage in Colorado Homeowners Liability Insurance
Before buying the product from any insurance company in the Colorado state market, it is important to know what types of coverage they will offer you in the event of a claim. Most insurance companies provide a basic liability of approximately $ 300,000 in the event of property damage or personal injury. A good thing about this coverage is that you can increase it if you choose to, but you will pay more per month for a higher liability coverage amount. Colorado Homeowners Liability Insurance.
Most insurance companies also offer coverage for medical payments (check your company to see if you have one) that varies between $ 1,000 and $ 5,000. This medical coverage covers e.g. things like a neighbor getting his hand burned on a barbecue near you, a child falling or a trampoline on your property resulting in an injury, and even a dog bite from your pet to a third party.
Colorado Homeowners Liability Insurance, Remember that all these amounts vary from company to company and from state to state. For the exact information about the coverage you are getting, talk to your agent or research your chosen policy.
Three types of cases where Colorado homeowners liability insurance will protect you
Damage or death of a third party on your property.
Injury or death to others outside your property.
Damage to other people’s property.
Cases where your Colorado homeowners liability insurance will not protect you
Unfortunately, it is important to emphasize that liability insurance coverage in your Colorado homeowners insurance is not “all-inclusive” coverage. This means that there are certain things that are not covered and that may result in you having to take money out of your own pocket to cover the taxes. Keep in mind that some of these may vary from company to company, and the list may differ depending on the case.
1. You are not covered if your liability arises from an intentional act on your part.
2. You are not covered if your liability arises when using an aircraft.
3. You will not be covered if the liability comes up through the use or ownership of a car.
4. You will not be covered if the liability is due to a trick, stunt, race, or similar activity.
5. You will not be covered if the liability is due to damage to property that you own, which is owned by others covered by your policy (example: you repair your roof and a brick falls on your son’s bike and damages it ).
6. You will not be covered if your liability is due to the slow and gradual discharge of pollutants into the air, soil, or water.
Umbrella coverage and Colorado homeowners liability insurance
Colorado Homeowners Liability Insurance, For those people who want to add coverage to their liability insurance, many Colorado homeowners offer insurance companies what they call an “umbrella” coverage. This cover can only be used after the remaining money on the liability part of your home insurance ceases to exist.