Insuring your Property
Home Insurance
Insuring homes in the mountains requires close attention to details. The location and accessibility of the property in regard to fire protection is the most important factor in establishing the risk class of a property. The possibility of losing a home to fire is far greater in the mountains than in city communities; therefore, the cost to insure is higher. Other details, such as the location of trees and shrubs, the material of the structure and the type of roof, are used to determine the risk class.
Emergency Access and Insurance
Of importance to homeowners is access for emergency vehicles. Emergency response time for medical care may be slow if vehicles cannot navigate narrow roads. Homeowner insurance is given a Fire Class Rating which includes response time, whether water needs to be brought in, wells on a property that do not provide the pressure and massive amounts of water needed to fight a fire, and, most importantly, access to the property. If access is by a steep road, fire trucks may not be able to respond.
Other Insurance Tips
- Make sure your insurance agent is notified of any improvements or additions to your home so that coverage is adequate. This includes computers, new furniture and televisions.
- Keep an updated list and photos of possessions and replacement values of business and household inventory in a safe deposit box and a duplicate with your insurance provider. You need to be able to prove what you had and its value.
- Renter’s insurance is a must. If you are renting, you are not always covered by your landlord’s policy.
- Coverage on storage units can be extended from a renter’s or homeowner’s policy.
Insurance Alert
The non-profit Rocky Mountain Insurance Information Association (RMIIA) recommends homeowners and renters review their policies annually to ensure that their homes and property are properly safeguarded. Any home should be insured, not for its market value, but for the total amount it would cost to rebuild it. If underinsured, the policy may pay only a portion of the cost to replace the home or repair damaged items. Be prepared
