www.e-gia.com Group Insurance Analysts, Inc., GIA Risk Management, LLC 9195 W 44th Ave Wheat Ridge, Co. 80033 (303) 423-1498 Colorado Home Insurance – Five Insurance Mistakes to Avoid Don’t Risk Being Underinsured Following are the five biggest auto, home, flood and renters insurance mistakes consumers can make, with suggestions to avert those pitfalls while still saving money: 1. Insuring a home for its real estate value rather than for the cost of rebuilding. When real estate prices go down, some homeowners may think they can reduce the amount of insurance on their home. But insurance is designed to cover the cost of rebuilding, not the sales price of the home. You should make sure that you have enough coverage to completely rebuild your home and replace your belongings. A better way to save: Raise your deductible. An increase from 0 to 00 could save up to 25 percent on your premium payments. 2. Selecting an insurance company by price alone. It is important to choose a company with competitive prices, but also one that is financially sound and provides good customer service. A better way to save: Check the financial health of a company with independent rating agencies and ask friends and family for recommendations. You should select an insurance company that will respond to your needs and handle claims fairly and efficiently. 3. Dropping flood insurance. Damage from flooding is not covered under standard homeowners and renters insurance policies. Coverage is …
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