Home Insurance

Home Insurance

Protecting one of your most valuable assets is an important part of homeownership. Knowing the potential threats and having insurance to cover damages in your home is worthwhile. There are many types, companies, and coverages of insurance which we break down below.


Types of Home Insurance

Home insurance, also referred to as homeowners’ insurance, comes in many different levels of coverage and protection. Policies range from renter’s and condo insurance to mobile home to standard home insurance. There are also a variety of special, basic, and comprehensive plans that provide coverage on your property, possessions, and personal liability depending on your plan. Knowing and understanding your policy’s coverages, limits, exclusions, terms, and conditions is imperative before binding the agreement.


Home Insurance Companies

Policy options and availability can vary drastically across the nation depending on location. Comparing multiple companies to find the best option for you and your property is an important step. While there are many well-known companies to choose from such as State Farm, Allstate, Geico, Progressive, USAA, Nationwide, and Travelers, there are also insurance brokerage companies who can shop multiple companies and plans.  Some of our local companies are Leavitt Group, Eytchison Insurance Agency, and Woolverton Insurance.


Home Insurance vs. Home Warranty

Homeowners’ insurance is a policy focused on protecting your home and belongings through financial means. Depending on your policy, in the event such as a fire, theft, flood, hail, etc. you would submit a claim through your insurance company in order to seek compensation to cover repairs and/or replacement of the damages. Home warranties are designed to repair or replace larger household appliances and systems over time due to normal wear and tear. This is generally done through a service contract, which is separate from the homeowners’ insurance and covers circumstances not covered by manufacturer’s warranty. These plans typically cover items like HVAC systems, washer, dryers, oven/ranges, dishwasher, hot water heaters, and other items. While they serve different purposes, it’s common for homeowners to have both coverages for day to day as well as unforeseen damages.


Home Insurance in Real Estate

While insurance isn’t mandatory to buy a home in Colorado during a cash sale, it is mandatory when obtaining a mortgage loan. Recently, some areas in La Plata County have been difficult to find coverage for due to wildfire risk. It is important to begin the process of finding insurance early in the contract process to make sure that you will be able to obtain satisfactory insurance, both in coverage, price, and deductibles.  


No matter the type or location of your home in Southwest Colorado, having an insurance plan is critical to protect your most valuable asset. Please don’t hesitate to contact us for insurance recommendations, and with any other home insurance or home warranty questions.

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The Durango Team has decades of real estate experience in the Durango, Colorado area. Let us help you buy or sell your Southwest Colorado home.

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