Find the Homeowner's Insurance Policy that Fits Your Budget and Life
Homeowners insurance is perhaps the single most important property insurance you can have. Most people who own homes don’t know what to do when something goes wrong. That’s when a comprehensive homeowner’s policy takes out the guesswork and stress when you have a claim. At KDM Insurance, we know the importance of a family’s home. Having a policy that insures financial protection for your family gives you the piece of mind to enjoy your home with confidence.
KDM Insurance offers independent broker services that shop several home insurance markets, giving you the best options at the best prices. Our unique quoting system, along with personalized care and attention, allow for the most outstanding service when you have a problem and need assistance.
Whether it’s a fire, water damage or other adversity, we understand the emotional connection between you and your home. Our mission is to offer policy options that provide you and your family with coverage that gives immediate relief during those tough situations life can sometimes throw at you.
Let KDM Insurane be the broker that takes away the worry.
Call us today at 970-225-8282 for a free quote and to answer any questions you may have for a complete homeowner’s policy.
As an added complementary service, we will look over your current policy to make sure you are getting the best price that fits your specific needs. Call today!!!
Homeowners insurance is perhaps the single most important property insurance you can have. Most people who own homes don’t know what to do when something goes wrong. That’s when a comprehensive homeowner’s policy takes out the guesswork and stress when you have a claim. At KDM Insurance, we know the importance of a family’s home. Having a policy that insures financial protection for your family gives you the piece of mind to enjoy your home with confidence.
KDM Insurance offers independent broker services that shop several home insurance markets, giving you the best options at the best prices. Our unique quoting system, along with personalized care and attention, allow for the most outstanding service when you have a problem and need assistance.
Whether it’s a fire, water damage or other adversity, we understand the emotional connection between you and your home. Our mission is to offer policy options that provide you and your family with coverage that gives immediate relief during those tough situations life can sometimes throw at you.
Let KDM Insurane be the broker that takes away the worry.
Call us today at 970-225-8282 for a free quote and to answer any questions you may have for a complete homeowner’s policy.
As an added complementary service, we will look over your current policy to make sure you are getting the best price that fits your specific needs. Call today!!!
FAQ's
Peace of Mind: Buildings & Contents Insurance
There are two major reasons for homeowners to buy insurance:
The major risks covered by homeowner's insurance are:
A homeowner's policy is a package which covers loss not only to the dwelling structure, but other structures on the land, personal property contained in the dwelling, and liability to third parties who come onto the dwelling and surrounding land. In its purest form, a dwelling policy covers only the dwelling structure itself -- providing a much smaller amount of coverage. Though not very common, dwelling policies are used in some areas of the country to insure seasonal homes that are unoccupied for part of the year.
Who is covered by my policy?
As the insured, you and the members of your home are covered for the loss of the home and its contents. Third parties -- other people who come to your home -- are covered through the liability portion of the insurance policy for injuries caused by your negligence. In addition, you and the members of your household have some liability protection to others even while you are away from the premises.
With renter's insurance, it is important to note that coverage is only provided to the person named in the policy. Even if you share the premises with someone else -- if it is your insurance, the property of your "roommate" is not covered.
What does property damage cover?
The property damage portion of a homeowner's policy covers loss or damage to the home and other structures on the property. In the event of a total loss, the amount paid depends upon the dwelling policy limit of the insurance contract as well as the type of coverage provided under the contract.
On some policies, other structures (such as detached garages, tool sheds, fences, guesthouses, and gazebos) are typically covered at the rate of 10% of the limit set for the dwelling itself. For example, an insurance contract that provides $100,000 coverage for a dwelling typically will provide up to $10,000 coverage for other structures. Trees, shrubbery and other landscape are typically covered for 5% of the dwelling limit.
What does personal property (contents) damage cover?
Contents (personal property) coverage is a typical component of all homeowner's and renter's insurance policies. Personal property refers to all tangible goods commonly found inside your residence and owned by you or family members who live with you. Examples of personal property include your clothes, furniture, furnishings, and appliances. Coverage for automobiles, aircraft, and other vehicles is typically excluded.
Your policy will have an overall limit on how much it will pay for all personal property involved in a single claim. The typical limit is at least 50% of the home’s insured value. The policy, however, will have separate limits on such items as computers, antiques, silverware, cash, firearms, works of art, furs, and so forth.
How much dwelling coverage is needed?
The amount of coverage that you need depends on what it would cost to replace your home and land in the event of a total loss. While you may be able to get by with only 80% coverage, will you be able to take the other 20% out of your pocket in the event of a total loss? The incremental cost to insure a property to full "replacement cost value" is so low it would be fool-hearty not to fully insure your property at full value.
How much insurance is enough?
Most of us find that “enough” means enough to replace or rebuild your home. Though the insurance industry standard is to write home policies for at least 80% of the home’s value, you don’t want to be underinsured. It’s often a better idea to increase the policy limits to 100% and offset the increase in cost by raising your deductible amount. For example, instead of insuring a $100,000 home for $80,000 worth of dwelling unit coverage with a $200 deductible, consider insuring the home for $100,000 with a $1,000 deductible. You may be able to afford a $1,000 loss as opposed to a $20,000 out-of-pocket loss.
How do I know if I have enough insurance on my personal property?
It is a good idea to inventory the contents of your home. In the event of a complete loss, it is difficult to reconstruct by memory the contents of your home. Some people videotape the contents of their home or apartment as a record of what it contains. If you have items of high value, get certified appraisals of them. Check to see if there is a limitation of coverage with respect to certain categories of personal property. As said earlier, if your insurance policy does not provide enough coverage to replace all of your personal property in the event of a total loss, purchase a rider to increase the coverage.
My laptop and luggage came up missing on a recent airline flight. The airline will reimburse the lost luggage but not the laptop. Will my home policy cover?
Airlines are subject to legislation that allows them to limit their liability for loss. This type of loss is covered under most insurance policies. As with other categories of personal property, however, there may be limits on the amount of coverage.
If you have a laptop computer or cell phone that you bring with you while you travel, consider the purchase of a rider to your homeowner's or renter's insurance to cover the item’s full value. Also, remember that purchasing the computer with a credit card can sometimes provides coverage for theft of items purchased with the card. Just be aware that theft coverage for items purchased by a credit card are likewise subject to certain exclusions. If your laptop or phone is from your business, your employer’s business insurance should cover it.
What things do companies usually look at to determine the price (premium)?
Insurance companies employ actuaries who determine the amount of premiums that the company must collect. To get it, they calculate the expected losses that will be incurred, the administrative and marketing costs associated with producing the insurance, and factor in cash reserves to protect against major catastrophes (see “Insurance Company Factors” below for more information).
In determining the cost for individual policyholders, an actuary sets a number of criteria for the underwriter. Those criteria help to make decisions on the amount of premium to charge. Each company has its own underwriting standards, which means one company can reject your application while another might accept it.
Some of the major factors to consider in determining the premium for a homeowner's insurance policy are:
There are two major reasons for homeowners to buy insurance:
- as one of -- if not the -- most important assets that a person has, you need to protect your home from damage and destruction
- Mortgage lenders require homeowners to carry insurance to protect the lender's investment from damage or loss
The major risks covered by homeowner's insurance are:
- damage or loss to the home itself, as well as other structures on the land;
- damage or loss to the items of personal property in the home and other structures; and
- injury or harm to third parties (typically guests and others who come to your home). The major risks covered by renter's insurance are damage or loss to items of personal property contained in the residence and liability to third parties who are injured while in the residence. The particular risks covered depend upon the type of policy purchased.
A homeowner's policy is a package which covers loss not only to the dwelling structure, but other structures on the land, personal property contained in the dwelling, and liability to third parties who come onto the dwelling and surrounding land. In its purest form, a dwelling policy covers only the dwelling structure itself -- providing a much smaller amount of coverage. Though not very common, dwelling policies are used in some areas of the country to insure seasonal homes that are unoccupied for part of the year.
Who is covered by my policy?
As the insured, you and the members of your home are covered for the loss of the home and its contents. Third parties -- other people who come to your home -- are covered through the liability portion of the insurance policy for injuries caused by your negligence. In addition, you and the members of your household have some liability protection to others even while you are away from the premises.
With renter's insurance, it is important to note that coverage is only provided to the person named in the policy. Even if you share the premises with someone else -- if it is your insurance, the property of your "roommate" is not covered.
What does property damage cover?
The property damage portion of a homeowner's policy covers loss or damage to the home and other structures on the property. In the event of a total loss, the amount paid depends upon the dwelling policy limit of the insurance contract as well as the type of coverage provided under the contract.
On some policies, other structures (such as detached garages, tool sheds, fences, guesthouses, and gazebos) are typically covered at the rate of 10% of the limit set for the dwelling itself. For example, an insurance contract that provides $100,000 coverage for a dwelling typically will provide up to $10,000 coverage for other structures. Trees, shrubbery and other landscape are typically covered for 5% of the dwelling limit.
What does personal property (contents) damage cover?
Contents (personal property) coverage is a typical component of all homeowner's and renter's insurance policies. Personal property refers to all tangible goods commonly found inside your residence and owned by you or family members who live with you. Examples of personal property include your clothes, furniture, furnishings, and appliances. Coverage for automobiles, aircraft, and other vehicles is typically excluded.
Your policy will have an overall limit on how much it will pay for all personal property involved in a single claim. The typical limit is at least 50% of the home’s insured value. The policy, however, will have separate limits on such items as computers, antiques, silverware, cash, firearms, works of art, furs, and so forth.
How much dwelling coverage is needed?
The amount of coverage that you need depends on what it would cost to replace your home and land in the event of a total loss. While you may be able to get by with only 80% coverage, will you be able to take the other 20% out of your pocket in the event of a total loss? The incremental cost to insure a property to full "replacement cost value" is so low it would be fool-hearty not to fully insure your property at full value.
How much insurance is enough?
Most of us find that “enough” means enough to replace or rebuild your home. Though the insurance industry standard is to write home policies for at least 80% of the home’s value, you don’t want to be underinsured. It’s often a better idea to increase the policy limits to 100% and offset the increase in cost by raising your deductible amount. For example, instead of insuring a $100,000 home for $80,000 worth of dwelling unit coverage with a $200 deductible, consider insuring the home for $100,000 with a $1,000 deductible. You may be able to afford a $1,000 loss as opposed to a $20,000 out-of-pocket loss.
How do I know if I have enough insurance on my personal property?
It is a good idea to inventory the contents of your home. In the event of a complete loss, it is difficult to reconstruct by memory the contents of your home. Some people videotape the contents of their home or apartment as a record of what it contains. If you have items of high value, get certified appraisals of them. Check to see if there is a limitation of coverage with respect to certain categories of personal property. As said earlier, if your insurance policy does not provide enough coverage to replace all of your personal property in the event of a total loss, purchase a rider to increase the coverage.
My laptop and luggage came up missing on a recent airline flight. The airline will reimburse the lost luggage but not the laptop. Will my home policy cover?
Airlines are subject to legislation that allows them to limit their liability for loss. This type of loss is covered under most insurance policies. As with other categories of personal property, however, there may be limits on the amount of coverage.
If you have a laptop computer or cell phone that you bring with you while you travel, consider the purchase of a rider to your homeowner's or renter's insurance to cover the item’s full value. Also, remember that purchasing the computer with a credit card can sometimes provides coverage for theft of items purchased with the card. Just be aware that theft coverage for items purchased by a credit card are likewise subject to certain exclusions. If your laptop or phone is from your business, your employer’s business insurance should cover it.
What things do companies usually look at to determine the price (premium)?
Insurance companies employ actuaries who determine the amount of premiums that the company must collect. To get it, they calculate the expected losses that will be incurred, the administrative and marketing costs associated with producing the insurance, and factor in cash reserves to protect against major catastrophes (see “Insurance Company Factors” below for more information).
In determining the cost for individual policyholders, an actuary sets a number of criteria for the underwriter. Those criteria help to make decisions on the amount of premium to charge. Each company has its own underwriting standards, which means one company can reject your application while another might accept it.
Some of the major factors to consider in determining the premium for a homeowner's insurance policy are:
- Amount of coverage – the more you insure, the more it will affect the price of the insurance.
- Type of coverage - which policy form is used (i.e.- HO-2 vs. HO-3); the more protection, the higher the cost.
- Type of construction - whether your home and other structures are made of wood, stucco siding, brick, concrete, or steel frame construction.
- Available fire protection – how far you live from the nearest fire station or hydrant, as well as the type and quality of your community’s fire protection.
- Age of home - as a general rule, older homes are more vulnerable to loss than homes of newer construction. Also old wiring and building codes make an older home more susceptible to loss.
- Location of home - the home might be located in a stable sub-division as opposed to struggling inner city, Where it sits might be more susceptible to earthquakes or hurricanes.
- Actual cash value vs. replacement cost - whether valuation of losses are set at the lower actual cash value or to full replacement cost.
- Riders - which riders and other options - as well as the amount of coverage for each -- will be added to the base policy form.
- Deductible - the amount that you pay out-of-pocket for each claim before the insurance company will “foot the bill” for payment of a claim. Lower deductibles are more expensive than higher deductibles.