Like most other goods and services, insurance is not immune to the pressure of inflation.  When determining insurance premiums, insurance companies look at many factors including industry trends, number of claims and costs to repair vehicles and homes. Specifically, home building materials and auto repair have increased, chip shortages have pressured supply chains and pricing on new vehicles, and a labor shortage persists.  Let’s not forget natural disasters and our litigious culture!  Add these ingredients together, and you have a recipe for higher prices better known as “Ins ..read more

BY: KEVIN VOLZ | INSURANCE AGENCY PRINCIPAL PERSONAL INSURANCE In Colorado, the law requires you to file a police report if the accident resulted in injuries or fatalities or if there was more than $1,000 worth of damage to either vehicle or property. If you're not sure whether your accident meets these criteria, it's always best to err on the side of caution and file a report. To file a police report, you will need to contact your local police station or the nearest Colorado State Patrol office. You will need to provide them with some basic information about the accident, including ..read more

BY: KEVIN VOLZ | INSURANCE AGENCY PRINCIPAL PERSONAL INSURANCE Mercedes vehicles are among the most popular brands in Colorado, and it is important for Mercedes owners to understand their insurance needs. Auto insurance is mandatory for all drivers operating a vehicle in Colorado, and this includes those driving a Mercedes. In order to ensure that you have the correct coverage for your specific type of Mercedes, there are several factors to consider when selecting an auto insurance policy. This blog will provide an overview of the factors to consider when selecting auto insurance for ..read more

BY: KEVIN VOLZ | INSURANCE AGENCY PRINCIPAL PERSONAL INSURANCE As a home or business owner, it is important to protect your property from any potential damages that could occur during a construction, renovation, or repair project. One way to do this is to ensure that the contractors you hire are fully insured in case something goes wrong.  Most reputable contractors will have insurance that covers them in the event of an accident or property damage, but it is always a good idea to ask for proof of contractors insurance before hiring anyone. Contractor's Certificate of Insurance A c ..read more

Whether it's baseball, a legal precedent, or insurance claims..."3 strikes" are not good! 3 Strikes - Insurance baseball in Colorado A little background… About 5% of insured homeowners filed a claim in 2019, according to the most recent data from the Insurance Information Institute. Slightly more than 97% of those claims were related to property damage. In 2020, 6% of all insured homes had a claim. (Insurance Information Institute) The U.S. surplus lines market experienced direct premium growth of 15.7% in 2020, representing the largest year-over-year premium increase since 2003. As of y ..read more

BY: KEVIN VOLZ | INSURANCE AGENCY PRINCIPAL PERSONAL INSURANCE If you're a homeowner, you'll want to get homeowners insurance. If you own a condominium, you'll need condo insurance. And if you're a member of a cooperative housing corporation, you'll need co-op insurance.  But what's the difference between these types of policies? Read on to find out. Homeowners Insurance Homeowners insurance is the most common type of policy for people who own single-family homes, townhomes, and other detached dwellings. A typical homeowner’s policy will cover the dwelling itself, as well as any ou ..read more

It’s an issue of concern to an increasing number of homeowners each year. According to the Solar Energy Industries Association, residential solar energy has experienced an average yearly growth rate of 68% over the last decade. Before taxes, an installed rooftop solar energy system can cost anywhere between $15,000 and $25,000, according to the Center for Sustainable Energy. I recently received a bid for my new home in the Painted Prairie neighborhood of Aurora, Colorado, and the number was pushing $40,000…crazy! Paying to replace a damaged system could be a big financial burden for many hom ..read more

BY: KEVIN VOLZ | INSURANCE AGENCY PRINCIPAL PERSONAL INSURANCE Have you spent considerable time shopping for homeowners insurance among the various providers in Colorado? If so, it's likely that two phrases have jumped out at you: replacement cost and actual cash value. But what do these terms mean, and why are they essential elements to consider when making your coverage decisions?   By understanding the differences between replacement cost and actual cash value—and how policies differ from one another—you can ensure your most valuable asset is fully covered in the event of a d ..read more

BY: KEVIN VOLZ | INSURANCE AGENCY PRINCIPAL PERSONAL INSURANCE For homeowners in Colorado, one of the major considerations when shopping for insurance is how having a swimming pool affects rates - and unfortunately, it's not good news.  Swimming pools represent an extra risk to insurers as they are potential sources of injury and property damage. However, various strategies can help you minimize this financial burden while protecting your family from harm.   This article will explain exactly how your Colorado homeowners insurance might be impacted if you choose to install ..read more

BY: KEVIN VOLZ | INSURANCE AGENCY PRINCIPAL PERSONAL INSURANCE The average cost of renters insurance in Colorado is $10.7 per month or $128 annually. While this is about $46 less than the national annual average of $174 per year , Colorado residents can still save money on their renters' insurance by following a few simple tips. This blog post seeks to cover critical aspects related to the cost of renters insurance in Colorado, including: How location impacts cost The importance of credit score How deductibles affect premiums  Ways to lower monthly premiums Let's dive right ..read more