March 12, 2018 | Bob Bandy
Colorado is a great state to live in, with USA Today placing it fifth out of ten for overall happiness. Denver in particular is one of the high tech, affordable cities that seems like a dream to live in. However, home insurance can be a sticking point. With inclement weather driving up Colorado home insurance rates, it can feel like a perfect storm as interest rates, business priorities and the climate combine to increase premiums. Now, more than ever, smart homeowners will be looking for ways to reduce their insurance costs and find ways of making it work for them.

With metro Denver house prices and interest rates continuing to rise, now is a good time to buy. If you’re looking to buy a new property in Denver, or just looking to fine tune your finances on your current place, these are the key considerations to consider when purchasing home insurance.

Shop for discounts
Many insurers offer seemingly ideal retention privileges and no-claims bonuses that can feel great in the short term. However, studies have shown that 27% of Americans overpay on insurance . The bottom line is you should shop around for insurance. It’s easy to become comfortable with a provider, especially given the perceived difficulty of switching insurers. However, if you've located a provider with better premiums and deductibles, it's actually very straightforward to switch. The insurance market is incredibly competitive and there are endless options. With the proper time and research, it’s likely you can save some cash.

In addition, most insurers offer discounts and credits if your home has certain features, such as a security system or hail resistant roofing. Make sure the time and money you’ve put into preparing your home for the worst is recognized.

Consider Shifting Your Cash
Typically, homeowners look for three main factors when considering their insurance choices - deductible, premium and coverage. As touched on above, it can pay to consider where your priorities lie. For example, someone with  large cash reserves could afford to reduce their deductible; should you need repairs to be made in the future, you can source it from your own cash. Conversely, those saving for other purposes or who are likely to require the use of their insurance could do better with a lower deductible. Consider your situation.

Many homeowners struggle to find the funds for an entire rebuilding project. However, you can plan for this eventuality in your insurance, too. Check your insurer policy to see what they consider to be included in the costs, and whether that’s too much or too little for your home. Check that they’re using the latest homebuilding technology availableand won’t be spending your premium money on unnecessary expenses. Always negotiate - it’s your right, and remember to step back and shop around if it’s not feasible.

Over the course of years, you can end up paying far too much on home insurance. Payments stack up over months and years, so make sure that you’re always paying the right amount, and not too much, to protect your home.

If you're in the market to buy or sell a home in Parker CO, give the real estate professionals at the Bandy Team a call or visit their website at


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