Home Insurance for Multi-Generational Households in Colorado

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Home Insurance for Multi-Generational Households in Colorado

Oct 05, 2022

What to Do After a Car Accident in Colorado

BY: KEVIN VOLZ | INSURANCE AGENCY PRINCIPAL

PERSONAL INSURANCE

About 59.7 million Americans, or 19% of the population, live in multi-generational households.

As the cost of living continues to rise, more and more families are opting to live together in multi-generational households. This arrangement can offer many benefits, but it also comes with challenges, especially regarding insurance.

These include:

Making sure everyone is covered
Finding the right type and amount of coverage
Determining who is responsible for what
Ensuring that there are no gaps in coverage

If you're part of a multi-generational household, here's what you need to know about insuring your home in Colorado.

Types of Coverage

There are two main types of home insurance–contents insurance and building insurance.

Contents insurance covers the belongings in your home, such as furniture, electronics, and clothing. On the other hand, building insurance covers the structure of your home itself–including the walls, roof, and foundation.

Most home insurance policies will include both types of coverage, but it's important to check with your insurer to be sure.

Multi-generational households often have a wider range of needs when it comes to home insurance. For example, if you have elderly parents living with you, their belongings may need to be covered by a different policy than yours.

It's also important to ensure that everyone in the household is covered–even if they don't technically own the home. For example, if your adult child is living with you but doesn't have their name on the mortgage, they should still be included on your home insurance policy.

This is because home insurance policies typically cover the people who live in the home, not just the owners. So, if someone in your household is injured in your home or their belongings are damaged, your policy would likely cover them.

However, there are some exceptions to this rule. Most home insurance policies will not cover damage caused by intentional acts, such as vandalism or arson. If one of your family members damages your home on purpose, you would likely have to pay for the repairs yourself.

Amount of Coverage

The amount of coverage you need will depend on a number of factors, including the value of your home and belongings and the amount of risk you're comfortable with.

For example, if you live in an area that's prone to natural disasters, you may want to have a higher amount of coverage than someone who lives in a more stable area.

Multi-generational households often require a higher amount of coverage than single-family homes. This is because there are typically more people living in the home, which means there's a greater chance of something happening.

It's also important to keep in mind that the value of your belongings may have increased since you last checked your policy. For example, if you've recently purchased new furniture or electronics, you'll want to ensure that these items are properly covered.

The same is true for any home renovations or additions you may have made. If you've added a new room to your home or made any major changes to the structure of your home, you'll need to update your policy accordingly.

Determining Responsibility

In a multi-generational household, it's important to determine who is responsible for what, especially regarding home insurance.

For example, if you're the homeowner, you're typically responsible for ensuring that the home is properly insured. However, if you have relatives living with you, they may also be responsible for certain aspects of the home, such as contents insurance.

It's important to have a discussion with your family members about home insurance so that everyone is on the same page. This way, if something happens, you'll know exactly who needs to file a claim and who is responsible for what.

Ensuring There Are No Gaps in Coverage

When you have a multi-generational household, there's always the possibility of someone being left out of your home insurance policy.

For example, if you have an adult child who doesn't own the home but is living with you, they may not be automatically covered by your policy. The same is true for any other family members who don't technically own the home.

To ensure that everyone in your household is properly covered, you'll need to check with your insurer to see if they offer any additional coverage options. You may also need to purchase a separate policy for certain family members.

It's also important to remember that most home insurance policies have a maximum number of people who can be covered. So, if you have a large family, you may need to purchase multiple policies to ensure everyone is protected.

Adding Another Driver to Your Policy

If you have a family member living with you and need to use your car, you'll need to add them to your auto insurance policy.

The same is true if they have their own car but live in your household. A multi-generational household often requires a different auto insurance policy than a single-family home.

This is because there's typically a higher number of drivers in the household, which means there's a greater risk of an accident. To ensure everyone in your household is properly protected, you'll need to speak to your insurer about adding additional drivers to your policy.

Making Sure Your Policy Is Up-To-Date

It's important to regularly review your home insurance policy to ensure its still meeting your needs. This is especially true in a multi-generational household, as changes may need to be made to the policy.

It's also important to remember that home insurance policies have a maximum coverage limit. So, if the value of your home or belongings has increased, you may need to increase your coverage limits to ensure you're properly protected.

Have Questions? Compare Multigenerational Home Insurance Policies Online

Badger Insurance Advisors can help you find the right multi-generational home insurance policy for your needs. We offer a fast and easy way to compare policies from leading insurers, so you can find the right coverage for you.

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Why are insurance rates so high?

By Kevin Volz • 05 Feb, 2024

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

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Solar Energy & Homeowner's Insurance - Things to Consider

By Kevin Volz • 19 Feb, 2023

It’s an issue of concern to an increasing number of homeowners each year. According to the Solar Energy Industries Association, residential solar energy has experienced an average yearly growth rate of 68% over the last decade. Before taxes, an installed rooftop solar energy system can cost anywhere between $15,000 and $25,000, according to the Center for Sustainable Energy. I recently received a bid for my new home in the Painted Prairie neighborhood of Aurora, Colorado, and the number was pushing $40,000…crazy! Paying to replace a damaged system could be a big financial burden for many homeowners. Being able to insure that investment against damage from a storm or other event could be key in whether you choose to add solar panels to your home. Solar panel insurance coverage is included in most homeowners insurance policies. However, you may need to increase the amount of coverage on your home to account for the cost of the system which can then raise your premium. Solar systems and rooftop panels are considered a permanent attachment to your property, like a patio or a security system. If the panels are separate from your home's primary structure—mounted on the ground or on a detached carport, for instance—they are usually included in coverage for "other structures." If you lease your solar panels instead of buying them, ask the solar company how insuring them works. Many companies will insure the panels themselves. However, some companies may want you to add them to your homeowners insurance, or have you purchase solar panel insurance that they sell. Solar panel systems can be an excellent investment, reducing your electricity bill while increasing the value of your home. Protecting that investment with the proper homeowners insurance can help ensure you’re covered if the unexpected happens. If you’d like to discuss the implications of solar and your homeowners policy, contact us at badgerinsuranceadvisors.com . Kevin Volz - Agency Principal - Badger Insurance Advisors