Should I have Uninsured Motorist coverage??

Is Uninsured Motorist coverage mandatory in the state of Colorado? No. Should you have it? Absolutely!

Uninsured Motorist coverage protects you against bodily injury, medical expenses, rehabilitation and loss wages that you may occur when involved in an accident caused by another driver that has lower liability limits or no liability insurance at all. Insurance providers must offer this coverage with any new business or at renewal. Typically this coverage “automatically” comes with your auto policy but you do have the option to reject the coverage. This coverage usually matches your liability limits and can only be purchased as an addition to a primary insurance policy. When purchasing UM you are covering the policy holder, all drivers listed on the policy and in some circumstances passengers.

“According to a data released by the Insurance Research Council (IRC), the probability of being caught in a vehicular accident with an uninsured driver in Colorado is as high as 15%” (Hopper, 2010). Colorado was even ranked 16^th in having the most uninsured drivers on the streets. With these staggering facts it is very important to make sure your auto policy has this coverage and to discuss your limits with your agent. At CIS we make sure our clients are always covered and automatically quote each policy with UM because we know how important it can be.

 Work Cited

Hopper, Jenny. (2010, January 29). Many motorist still uninsured in spite of law [Web log message]. Retrieved from http://www.autoquotenow.com/auto-insurance-news/state/many-motorists-still-uninsured-in-colorado-in-spite-of-law-1892.php

What is uninsured motorist coverage? [Web log message]. (2008, August 14). Retrieved from http://www.thetruthaboutinsurance.com/what-is-uninsured-motorist-coverage/

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Loss Assessment

Loss Assessment

When being an owner of a condo unit you also become a part owner of the “common area” of the condominiums association. For example, if there are 200 condos in your association you are 1/200^th owner of the common area. Your personal insurance covers everything from the sheet rock in while your HOA covers everything from the sheet rock out. Since you are an individual owner of a unit and a “part” owner of the common area it is very important that your individual property insurance includes loss assessment.

Loss assessment means if your HOA experiences a large loss involving liability claims or property damage (hail, wind, lawsuit etc) they will come after all the residents to reach the HOA’s insurance deductible. When you purchase loss assessment for your individual insurance policy you are protecting yourself in case of a large claim with your HOA. Loss assessment pays up to the limit on your policy without you being subject to your deductible. Many insurance carriers automatically include $1,000 of loss assessment, however it is important to talk to your insurance agent to see what it would cost to increase your limit. Some companies max is $10,000 while others can be up to $100,000.

You do not want to be the neighbor who is paying $2,000 or $10,000 to the HOA because you did not add or increase your loss assessment limits to your policy. It is a relatively cheap endorsement that could come in vital after your neighborhood has experienced a large loss.

Get a free quote today or review your coverage with one of our insurance specialist at CIS.

www.cisforyou.com

1-888-265-6467