With the Marshall Fires fresh in the minds of the of the Boulder realtor team here at Burgess Group | Compass, we want to remind our clients and friends about the importance of a yearly or bi-yearly insurance coverage update.

Is your home insurance protecting your home and belongings sufficiently?

Each January, our Boulder real estate agents suggest taking stock of your insurance coverage. Much can change in 365 days, so the start of each new year is a good time to do a general inventory of all the items in your home, just in case they should ever need to be replaced after a catastrophe.

Insurance Replacement Cost For Your Property 

Given the previous year’s property appreciation and increase in construction costs, is your insurance replacement coverage sufficient?

Note your policy’s inflation protection and calculate if that will cover replacement costs for a new build.

Given Colorado’s recent perennial seller’s market, property appreciation is likely greater than your insurance policy inflation protection.  You may need to recalibrate your insurance yearly to maintain your insurance with a realistic replacement value.

Replacing Your Belongings 

In general, if your personal property items cost more than $500, or if replacing them would cause financial strain, then it is a good rule of thumb to insure them. Double check each January if your personal property coverage is adequate or needs to be increased.

Please let us know if you need the names of insurance professionals, and our Boulder realtor team can steer you in the right direction.