Think You're Covered?

So did hundreds of families in Superior and Louisville until the December fire.

Insurance is something you have, but do you really know what you have? Google "insurance" and you are flooded with dozens of options that all look the same. Who do you trust? Who has the best offerings? But most importantly, who has the best claims service when you actually use your policy?

Many families, mine included, have budgets and can't just spend what we want. That's understandable, but consider what would happen to your family if you went with the cheapest policy to save $500 per year and came up short $100,000 or more when your policy paid out. Most families don't have that cash laying around and certainly don't want to pay that on top of what their insurance proceeds are. Isn't that why we have insurance? We transfer the risk to the insurer and for that transfer of risk we pay them a premium.

Many of us may DIY a few things around the house or change our car's oil, but when it comes to the bigger stuff, we usually rely on the experts in their respective fields. My wife would kill me if I actually tried to re-roof the house to save money. You should talk to your agent or find one you trust to help guide you.

Here are a few big ticket items on your home policy.

1. Coverage A - Dwelling. This is the most you can get for a rebuild. If it looks low, it probably is. Remember, you don't insure the dirt under the home or our crazy Denver market value. Various sources want this to be about $300 per square foot. Lots of variables though can swing this number lower or higher. You can add extended coverages to this limit for pennies on the dollar to get more bang for your buck.

2. Coverage C - Personal Property. This is the most you can get for all your stuff. Literally everything down to the kitchen spoon. Take hundreds of pics and email them to yourself or put in the cloud. You'll be asked to itemize what you have in a total loss and your memory will be spotty during that stressful time. Have expensive jewelry? Get it appraised and "schedule" on the policy.

3. Coverage D - Loss of Use. This is the most you can get to live in a temporary place while you rebuild or perhaps look for another home. Policies vary greatly on how much money is available and you have 2 choices for length of time it's available: 12 months or 24 months. Don't do the state minimum level on this at 10% of your Coverage A and 12 months. Go for 20% or more and 24 months. If you are able to walk away and find another home, it might take you 12+ months to find something in this market.

These are just a few important details so please look carefully at what you have or trust someone to give you an honest assessment.

Michael Plaia

Plaia Insurance Agency

Broomfield, CO

720-360-1637 02/21/2022

Michael is extremely helpful and thorough! He spent a lot of time with me reviewing my past policies in order to ensure I had similar coverage (just at a better price!) Highly recommend.

—Jessica S.

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