Homeowners Insurance For Your Colorado Fixer Upper Home

 In Blog, Home Insurance

Buying a home with history and charm often comes with a long list of DIY projects. In today’s housing market, more and more people are taking a chance on a “fix me up” home. Some think it’s worth it and consider this an excellent way to save and pay a little less, plus you get to fix it up exactly to your liking. If you can see potential, and you have the patience and means to fix up an old home, make sure you find an insurance broker that can help you get the right homeowners insurance.

Homeowners insurance for Colorado fixer upper homes

Before you go designing your dream kitchen in your new fixer upper home, talk to an independent agent to see if you can get home insurance.

Old homes are considered “high-risk” by many insurance companies

Getting insurance for an old home can be a little tricky. Fix me up homes are considered “high-risk” by many insurance companies. Aligning yourself with an independent broker is the easiest way for you to navigate the many options for insurance. It’s more than just getting your basic flood, fire, and theft coverage. Old homes come with another set of risks that you need to consider when choosing a policy.

If you’re buying a historic Colorado home, a quaint fix me upper in a small mountain community, finding a local insurance agent who knows your area, can help you find just the right policy that takes everything into account. Being from Colorado, your agent will know all about extreme weather and the chance of natural disasters that you will want to consider when buying insurance.

An independent insurance agent will research multiple insurance companies for the best policy

Natural disasters aside, buying a fix me upper is a risk for insurance companies because of all the potential problems that you may run into during the renovation process. And they’re concerned with more than you missing the nail and hitting your thumb.

Tips to getting your old Colorado home insured

The types of reconstruction needed for your fixer upper home may determine the type of homeowners insurance available.

Before you close on an old home, talk to an insurance agent to see what your options are for homeowners insurance. Factors that may affect your policy and the price your pay could also be the same factors that make you decide for or against buying a particular home. Tell your agent about the home you are considering:

  • What type of renovations are required?
  • Is the home a foreclosure?
  • How long has the home been empty?
  • Will you be living in the home while you are renovating?
  • Will you be doing the repairs yourself?

Your home is one of the biggest investments you’ll make in your life, find an agent that can help you protect that investment. You may have to spend more on your first policy, but once you’ve fixed up your dream home, you can go back to your insurance agent and amend your policy.

Let’s start by getting your fix-me-upper insured, shall we?

Contact us and find out more about AAI Central Agency: (303) 757-7611 our agents are ready to receive your call. 

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