Best Homeowners Insurance Agencies in Pueblo, CO

Pueblo, CO Homeowners Insurance Agency FAQs

• What is guaranteed replacement cost coverage, and should you consider adding it to your Pueblo homeowners' insurance policy?

  Guaranteed replacement cost coverage is an endorsement meant to protect you from rising construction costs. The insurer will pay for the difference between the amount you insured your house for and the current cost of rebuilding your home should you suffer a total loss. Basically, there is no coverage limit. This endorsement is something you should consider as Pueblo and the rest of Colorado are projected to have increased wildfire risks, according to a report from the First Street Foundation.

• What does it mean if your homeowners’ insurance policy in Pueblo is based on actual cash value versus replacement cost?

  If your policy insures your property based on actual cash value, it means that if a personal belonging in the house gets damaged, you will be reimbursed for its cash value minus depreciation. If you lost your 10-year-old TV after a wildfire passed through Pueblo, you will be paid the value of a 10-year-old TV instead of a brand-new TV. On the other hand, being insured based on replacement cost means you will be paid for what it costs to replace your TV with a new one of similar quality and kind.

• Do homeowners’ insurance policies in Pueblo cover explosions?

  Yes, explosion-related losses are covered by homeowners’ insurance policies in Pueblo. However, the insurance will not cover damages if the explosion was not accidental, such as in the case of a terrorist attack or when someone in your home used unauthorized substances causing the explosion. Your homeowners' insurance policy will protect you if you had a gas leak or if it was your neighbor who set off the explosion using unauthorized chemicals.

• How soon should the insurer notify you if they are canceling or can no longer renew your homeowners’ insurance policy in Pueblo?

  Colorado’s House Bill 1174 requires homeowners’ insurance providers in Pueblo to give the policyholder a written notice 60 days before the cancellation or non-renewal. An exception exists for cases of cancellation or non-renewal that are due to non-payment of premiums. Prior to HB 1174’s passing, the required notice period was only 30 days.

• What discounts are usually offered by homeowners’ insurance agencies in Pueblo?

  You can usually get a price reduction on your homeowners’ insurance policy if you buy another policy like auto insurance from the same carrier. Some insurance agencies in Pueblo would also offer discounts if you choose to have your home's old roof replaced or upgraded. Another common way to get a price slash on your policy is to have theft-deterrent features installed in your home, such as upgraded locks or a monitored home security system.