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What you should know about Denver Property Insurance


November 12, 2020

If you own a home, vehicle, or any other expensive personal property, making sure these assets are insured is imperative. Although it can seem overwhelming and costly, insuring these items can save you time and stress in the long run. At Aspen Claims, we know the importance of property insurance. Whether you are a first-time homeowner or recently purchased a new car, take a look at our quick guide to property insurance to help you make a more informed decision!

What is Property Insurance?

Often used as a broad term for a range of policies, property insurance essentially provides protection against any damage or loss of expensive personal property. This type of insurance most often provides the owner or renter of a home, vehicle, or other properties financial reimbursement in the event of damage, theft, or certain personal injuries. Types of property insurance include auto insurance, homeowner’s insurance, flood insurance, and renter’s insurance. Before purchasing an expensive item, such as a home or car, it is important to know what type of insurance your state requires. For example, all states require drivers to obtain auto insurance, but not all require home buyers to purchase homeowner’s insurance. If you are working with a lender or mortgage company, it is also crucial to check what policies they require and recommend prior to borrowing from them.

What does it cover?

Because this is a broad term for many policies, property insurance covers a multitude of personal properties. Most often it is used for homes, cars, rental properties, and other expensive assets. However, some objects like jewelry, furs, works of art, and other personal items, may need additional coverage. It is also essential to understand what types of damage your insurance policy covers. For instance, many home insurance policies do not cover floods and earthquakes. However, there are often additional policies you can purchase for these events. It is also important to check how your policy covers home and auto repairs, as poor coverage can cost you more in the long run.

Why is it important?

If you own any expensive property, like a car or home, you need property insurance. In some instances, like with your vehicle, it is mandatory. However, even when the state does not require you to purchase insurance, you should always consider it. This can be especially true with homeowner’s insurance. Remember, in any case, that without insurance you will most likely be financially responsible in the event of property damage or theft. Even if you have savings, this type of fiscal strain could put you and your family in a difficult position. Property insurance helps give peace of mind and can keep you from losing money.  

If you or your business is looking for assistance with property or homeowner’s insurance, Aspen Claims Service can help. Our large, nationwide team of expert adjusters is available to assist with daily claims of any size, inspections, underwriting, catastrophe claims, and more. Contact Aspen Claims Service today at 888-819-5904 to learn how we can help and experience the Aspen difference!