Are you a landlord in Colorado who is finding yourself on the hunt for the right insurance policy? There are many regulations and guidelines landlords need to be aware of when owning rental property. Finding an adequate insurance policy with coverage that meets your needs can be overwhelming and confusing. Fortunately, there are steps you can take to help sort out which landlord insurance policies, options, coverage levels, and premiums best suit your individual situation and goals. This article provides some expert tips on how to choose the right landlord insurance policy, so you have peace of mind as a property owner in Colorado. What Is Landlord Insurance, And What Does It Cover in Colorado? Landlord insurance is a type of policy that provides coverage for rental property owners in the event of damage to their rental property, loss of rent due to tenant displacement, and other incidents associated with renting out your property. Typically, landlord insurance policy will cover things like: • Property damage : This can include any damage to the property caused by things like fire, vandalism, wind or hailstorms, and other natural disasters. Coverage may also include the cost to repair or replace any personal belongings damaged in the incident. • Liability coverage : This provides protection from lawsuits if someone is injured on your property or if you are sued for negligence as a landlord. Liability insurance also covers defense costs, and any other legal fees associated with the claim. • Loss of rent : This coverage will provide reimbursement for lost income due to tenant displacement caused by an insured event like fire, natural disaster, vandalism, etc. It may also cover income lost while you wait to find a new tenant. • Optional coverages : Landlord insurance can offer additional coverage depending on where your rental property is located and the potential risks. Some examples of additional coverage options include insurance for lost rent, damage caused by natural disasters, liability for injuries sustained by tenants, and coverage for personal property items like furniture or carpets within the rental unit. How Do I Know If I Need Landlord Insurance in Colorado? In Colorado, landlords need to maintain rental property insurance. Landlord insurance is designed to protect you as a landlord from financial losses related to renting out your property. It's important to understand that this type of policy will not cover the tenant's personal belongings or any liability for their actions. To determine if you need landlord insurance, consider the value of your property and its contents. If you own a large rental property or multiple properties, it's usually recommended that you carry landlord insurance to protect yourself from any potential losses in case a disaster strikes. Things to Consider When Choosing a Landlord Insurance Policy in Colorado When looking for the best landlord insurance policy in Colorado, there are several important things to take into consideration. Coverage of the policy It's essential to ensure your policy provides adequate coverages for all potential risks associated with owning a rental property. Make sure you understand the types of incidents that are covered as well as the limits and deductibles for each type of coverage. Cost of the policy When comparing insurance policies, it's important to consider the overall cost of coverage and any additional fees and deductibles. While it may be tempting to choose a policy based solely on price, make sure you understand what is included in that price before making a final decision. You should also research discounts or exclusive offers from different providers that could reduce your premiums and determine if those savings are worth sacrificing certain coverage levels or features of the policy. Reputation of the insurance company The reputation of an insurance provider is incredibly important when choosing a landlord insurance policy. Make sure to research customer reviews and ratings online to get a better idea of how the company treats its customers. It's also helpful to speak with other landlords or rental property owners who have used the provider in the past and can offer insight into their experience. Consider the claim process It's important to understand how your insurance provider handles claims before signing up for coverage. Make sure you know what steps need to be taken to file a claim, what type of information is needed, and any deadlines that apply. Additionally, research the turnaround time for processing claims and make sure it's acceptable for your situation. Customer service of the carrier The quality of customer service an insurance company provides is essential for ensuring your needs are met quickly and effectively. Make sure to find out about the availability of customer service representatives, their level of knowledge, and any additional support that may be offered. Additional benefits of the insurance plan Look for additional benefits that could be included with your policy, such as home inspection discounts, rental property management assistance, or legal advice and representation. These extra rewards can provide valuable assistance when dealing with the complexities of owning a rental property. Payment options Make sure to look at the payment options offered by each insurance provider you're considering. Most companies offer an annual premium payment plan, but some may also offer a monthly or quarterly payment plan. Additionally, determine if discounts are offered for paying upfront or in advance of the policy term. This will help you determine which payment option best fits your budget. The cancellation policy Before signing up for a policy, make sure to understand the cancellation policy of the insurance provider. Some companies may require a specific notice before canceling a policy, while others might charge an additional fee if you decide to cancel early. Knowing the details of how and when you can cancel will help ensure you don't incur any unexpected costs or penalties if needed. Coverage endorsements Coverage endorsements are special add-ons that provide coverage for certain risks, such as water damage or theft. Make sure to research what endorsements are available and determine if any of them would be beneficial for your specific situation. Additionally, find out if there is an additional cost associated with the coverage endorsement so that you can factor this into your decision-making process. Property management If you're using a property management company to oversee your rental properties, ensure that they have adequate coverage under their own insurance policies and that it meets your needs as a landlord. It's also important to determine whether additional coverage is needed for items such as tenant screening or background checks. Renewal Policy Find out what the renewal process is for your insurance policy before committing to a provider. Ensure you understand any changes that may be made to the coverage or premiums when renewing and whether there will be extra fees associated with renewing the policy. In addition, it's essential to know if automatic renewal is an option and how much notice you need to provide if you decide not to renew. By doing your research and comparing policies from different providers, you can find the best landlord insurance policy for your needs. Doing so will help ensure that you have adequate protection for your rental property investments and peace of mind for years to come. How Can You Save Money On Your Landlord Insurance Policy in Colorado? When looking for a landlord insurance policy in Colorado, there are several ways to save money. The first step is to shop around and compare different policies from various insurance providers. Comparing prices will help you identify the lowest rate available and ensure you're getting the best value for your money. Another way to save money is to take advantage of any discounts available. Look into multi-policy discounts if you have other types of coverage, such as car or life insurance with the same provider. Additionally, some companies may offer additional discounts for having certain safety features installed in your rental units or for being a long-term customer. You can also save on premiums by increasing your deductible amount. When choosing an appropriate deductible, consider the risk level for your rental properties and the coverage you need. A higher deductible may lead to lower premiums but could also leave you exposed in case of an unexpected event. Finally, review your policy annually and ensure it still meets your needs. Look out for any changes to the coverage or any added fees implemented since you first purchased the policy. This will help ensure you get the best value for your money over time. By following these tips, landlords in Colorado can save money on their landlord insurance policies without compromising on the essential coverage. Looking for the Right Landlord Policy in Colorado? Contact Us Today At Badger Insurance Advisors, we understand the unique needs of landlords in Colorado and are dedicated to helping you find the best landlord insurance policy for your situation. Our experienced team of advisors will take the time to evaluate your specific needs and coverage requirements, thoroughly research options from multiple providers, and help you make an informed decision. With our expertise and years of experience in tenant-landlord relationships, we can provide all the support needed to ensure that your rental properties are fully protected. Contact us today to learn more about how Badger Insurance Advisors can help with finding the right landlord policy for you! Kevin Volz Agency Principal

First, you need to know that home insurance rates are constantly changing. Just because you had a great rate last year doesn't mean your rates will stay the same. In fact, many home insurance companies revise rates yearly. Some by just a little, and others by quite a bit. Insurance companies depend on many factors when setting rates, some of which are within your control and others that aren't. Below, we outline some of the most common reasons your home insurance rates might increase. Rising Home Values If you live in an area where home values has been rising, your home insurance rates will likely increase as well. That's because insurance companies insure your home for its replacement cost, which is the amount it would take to rebuild your home if it were completely destroyed. As home values increase, so do the replacement costs and your home insurance rates. If you live in an area where home values have been stagnant or declining, you might actually see a decrease in your home insurance rates. Bad Weather Colorado is often frequented by severe thunderstorms, tornadoes, and hailstorms. In fact, Colorado is ranked second of all states with the highest hailstorms claim rate. When bad weather is projected, insurance companies will often increase rates in anticipation of an influx of claims. So, if you live in an area prone to bad weather, you can expect your rates to go up when severe weather is on the horizon. There isn't much you can do to control the weather, but you can take steps to protect your home from severe weather damage. For example, you can have your home inspected for hail damage and make any necessary repairs. You can also install hail-resistant roofing, which could lead to a discount on your home insurance rates. Increased Crime Rate If you've made additions or renovations to your home, your home insurance rates will increase. That's because a larger home is more expensive to rebuild than a smaller one and carries a higher risk. Even something as simple as adding another bathroom can increase your rates. Similarly, adding a new roof, deck, or pool will also lead to higher rates. Your Home is Getting Bigger If you've made additions or renovations to your home, your home insurance rates will increase. That's because a larger home is more expensive to rebuild than a smaller one and carries a higher risk. Even something as simple as adding another bathroom can increase your rates. Similarly, adding a new roof, deck, or pool will also lead to higher rates. Aging Infrastructure If your home's infrastructure is aging, your home insurance rates will increase. That's because older homes are more likely to have electrical, plumbing, and heating/cooling problems. Additionally, older homes are more likely to have asbestos, which is a hazardous material that can lead to expensive repairs. Credit Score Your credit score is one of the most important factors in determining your home insurance rates. Insurance companies use credit scores to determine how likely you are to file a claim. Generally, the higher your credit score, the lower your rates will be. So, if your credit score has decreased since you last shopped for home insurance, you can expect your rates to increase. You've Been Filing So Many Claims If you've filed many claims, your home insurance rates will increase. That's because insurance companies see frequent claim filers as high-risk customers. This is the case even if you have a valid claim. For example, if a severe storm has damaged your home, you'll likely have to pay a higher premium even though the damage wasn't your fault. You've Added Some Exotic Animals or Dog Breeds Exotic animals that may raise your Colorado home insurance rates include alligators, snakes, monkeys, and other non-traditional pets. This is because these animals can pose a liability risk if they injure someone. Additionally, some dog breeds are considered high-risk and may lead to higher rates. These breeds include Pit Bulls, Rottweilers, Dobermans, German Shepherds, and Chow Chows. You've Started Operating a Business from Home If you've filed many claims, your home insurance rates will increase. That's because insurance companies see frequent claim filers as high-risk customers. This is the case even if you have a valid claim. For example, if a severe storm has damaged your home, you'll likely have to pay a higher premium even though the damage wasn't your fault. How to Lower Your Home Insurance Rates You can do a few things to lower your home insurance rates. First, you can shop around and compare rates from different insurers. Insurance companies use different criteria to determine rates, so you may be able to find a better deal by shopping around. You can also try to negotiate a lower rate with your current insurer. If you've been with the same company for a while, they may be willing to give you a discount. Additionally, you can try to offset some of the risk factors that lead to higher rates. For example, you can install a security system or get a dog to deter burglars. You can also improve your credit score or pay off any outstanding debts. These factors will show insurers that you're a low-risk customer and may lead to lower rates. Finally, you can raise your deductible . This will lower your premiums, but you'll have to pay more out of pocket if you do have to file a claim. Have Questions? Compare Home Insurance Quotes If you have any questions about home insurance, our experts can help. We can answer your questions and help you compare quotes from top insurers. Whether you’re in our neighborhood of Green Valley Ranch, or anywhere else in the Colorado, we’re here to assist with all your personal insurance needs. Find us on the web at www.badgerinsuranceadvisors.com or call us at 303-359-1799. Kevin Volz – Agency Principal Badger Insurance Advisors

Like most other goods and services, insurance is not immune to the pressure of inflation. When determining insurance premiums, insurance companies look at many factors including industry trends, number of claims and costs to repair vehicles and homes. Specifically, home building materials and auto repair have increased, chip shortages have pressured supply chains and pricing on new vehicles, and a labor shortage persists. Let’s not forget natural disasters and our litigious culture! Add these ingredients together, and you have a recipe for higher prices better known as “Insurance Inflation”. Digging a little deeper… Since the pandemic, driving behavior has become riskier. I remember the lockdown days when no one was on the road. We were driving less, fewer incidents were being reported, and insurers were even providing rebates for limited driving activity. Those days are now long past…I know I’m getting older and becoming the “get off my lawn guy”, but driving behavior truly seems more aggressive. "People picked up some risky habits," says Sean Kevelighan, CEO of the Insurance Information Institute . "And we haven't seen those risky habits go away, even though we have more people on the road." According to the National Highway Traffic Safety Administration , the number of fatal auto accidents jumped sharply in late 2020 and early 2021. Auto insurance costs jumped more than 19% during the year ending in August, while overall inflation was 3.7%, according to the Bureau of Labor Statistics . (see image above) Gathering my Google thoughts recently lead me to this local headline: “ Coloradans report dramatic spikes in home insurance premiums heading into 2024 .” A March 2023 study conducted by the state’s Division of Insurance found that between January 2019 and October 2022, the average homeowner premium was up nearly 52%. My automated response these days to insurance customers about homeowners rates has been “we’re seeing 30-60% increases for everyone statewide”. The problem is even worse in other states like California/Florida/Louisiana where insurers have decided to no longer offer coverage in many cases. My dad lives in Florida, he recently asked “What am I supposed to do? My rate just doubled!” Other than moving to another low-risk state, there are not many clear-cut answers. Higher insurance rates may be here to stay…what can I do about it? -Ask your insurer about discounts for which you may qualify. -Claim frequency will also lead to rate increases. Before filing that next claim, ask yourself “is this worth filing? Will the claim payout be well beyond my deductible? -Explore payment options like automatic EFT payments or paying for the year in full. -Increase your deductible. -Consider a bundle of insurance coverages with one company. -Maintain a good driving record along with healthy credit (insurance companies use their own scoring model) and participate in a safe driving app offered by most insurers. -Reduce liability and coverage limits. If your net worth is minimal and you don’t have high take home pay, there is a strong argument not to have $500,000+ of liability coverage. Attorneys most likely will not come after you if you have no money. -One of the biggest ways to save is by buying an older car or a new model with a high safety rating. Do your homework, research insurance costs before purchasing your next vehicle. -Shop around, not every 6 months, but at least every other year! If you’ve been with the same company for a long time, another company will probably give you a decent offer for loyalty. -Ask about the mileage your insurer has on file. If you no longer drive as much as you used to, companies often will lower your rates based on limited mileage. Resources: http://www.rmiia.org/auto/Colorados_insurance_marketplace.asp https://www.finn.com/en-US/campaign/the-state-insurance-report https://www.apci.org/media/news-releases/release/76883/ At Badger Insurance Advisors, we understand that “stuff” happens! (that includes INFLATION). Whether you’re in our neighborhood of Aurora, or anywhere else in Colorado, we’re here to assist with all your personal insurance needs. Find us on the web at www.badgerinsuranceadvisors.com or call/text us at 303-359-1799. Kevin Volz – Agency Principal Badger Insurance Advisors

Were you aware??? -Floods are the number one disaster in the United States. -More than 20% of all flood insurance claims come from areas in low to moderate-risk flood zones. -Just one inch of water can cause large financial losses. -Almost everyone lives or works near a flood zone. -Standard home and business insurance policies typically do not cover flood insurance. As an insurance agent primarily serving Colorado, flood insurance is a topic not discussed very often. General reasoning is that we live in an arid climate with relatively low annual precipitation…why spend money on something that has a low probability of occurrence? Well, tell that to the residents of Louisville, Colorado or other mountain towns that have been devastated by wildfires, statistically low occurrence probability events. This brings us to May 2023! Historically, May is the wettest month in Colorado with an average precipitation of 2.5 inches. As of May 17, 2023, Denver International Airport recorded 4.7 inches, almost double the average, and officially cracks the top 10 wettest May’s ever. If you’re curious, the wettest May in Colorado happened in 1876, over 8.5 inches…crazy by comparison! Since May 17 th , I’ve spent a majority of my days on the phone with customers discussing coverages and limitations of homeowners policies, and of course a fair amount of time speaking with claims departments. I thought I’d take a moment to clarify flood insurance… Do I need flood insurance? Just because you haven't experienced a flood in the past, doesn't mean you won't in the future. The reality is a flood can happen to anyone, anywhere, at any time. Common flood causes include rainfall, river-flow, topography, and changes to the landscape due to building and development. Here is a link to help you understand flood risk in your area: https://msc.fema.gov/portal/home Is flood insurance mandatory? Often, homes and businesses in high-risk flood zones are required to have home or business flood insurance coverage. Don’t wait until it’s too late… Typically, there's a 30-day waiting period after a flood insurance policy is purchased before it becomes effective. Understanding that floods are one of the top natural disasters in the country, it is encouraged that you review your flood insurance options. What is not covered by flood insurance? Like most insurance policies, there are usually specific coverage exclusions and limitations. Examples of uncovered or excluded losses: -Damage caused by moisture, mildew, or mold that could have been avoided by the property owner. -Additional living expenses such as temporary housing. -Most self-propelled vehicles such as cars, including their parts (auto insurance with comprehensive coverage will cover flood damage to vehicles). -Property and belongings outside of a building such as trees, plants, shrubs, wells, septic systems, walks, decks, patios, fences, seawalls, hot tubs, and swimming pools. -Financial losses such as business interruption or loss of use of insured property. What does flood insurance cover? The NFIP (National Flood Insurance Program) offers two types of flood insurance — building and contents — each with a separate deductible. A deductible is the amount of a claim you’re responsible for paying. Building coverage ($250,000 limit) Building coverage is insurance for the structure of your home (akin to dwelling coverage on a homeowners policy). This pays for flood damage to things like: Electrical and plumbing systems, water heaters, furnaces, foundation walls, built-in appliances, cabinets, permanently installed carpets, detached garages, fuel and well water tanks, solar energy equipment, and window blinds. Contents coverage ($100,000 limit) Similar to personal property coverage on a homeowners or renters policy, contents coverage pays for damage to your “stuff”. Typically, this includes clothing, furniture, electronics, curtains, and appliances. The NFIP covers your belongings on an “actual cash value” basis. This means that if you file a flood insurance claim, your payout will reflect what your belongings were worth at the time of the flood, not a “replacement cost”. Is there flood insurance with limits beyond what the NFIP offers? Yes, broader coverage and higher limits are available via private flood insurance policies. Further resources: Flood Insurance | DORA Division of Insurance (colorado.gov) At Badger Insurance Advisors, we understand that “stuff” happens! Whether you’re in our neighborhood of Aurora, or anywhere else in Colorado, we’re here to assist with all your personal insurance needs. Find us on the web at www.badgerinsuranceadvisors.com or call us at 303-359-1799. Kevin Volz – Agency Principal Badger Insurance Advisors

Whether it's baseball, a legal precedent, or insurance claims..."3 strikes" are not good!