Monthly Archives: January 2014

Since my homeowners insurance is part of my monthly mortgage payment in Lakewood, CO. I am confused over who decides what insurance to get. Is it my responsibility or is the decision left up to my mortgage lender?

It is quite common for your homeowners insurance to be paid by your mortgage payment. Most people who have a mortgage on their home in Lakewood, Colorado handle their insurance and tax payments by setting up an escrow account with their lender.

A mortgage payment consists of two parts. Part of your monthly payment is applied toward reducing the principal amount of your loan and the remainder is used to pay interest on the loan. In the early years of a mortgage, more of the mortgage payment is applied to interest rather than toward principal reduction.

Most people think about their monthly mortgage payment in terms of the total amount of the check they have to write. If your homeowners insurance (property taxes) is part of that monthly payment, your Colorado lender puts that aside (into escrow) so the money will be there when it comes time to pay your insurance bill. Usually, the lender makes one annual payment to your insurance company.

Your lender does not tell you when you should file a claim or if you should buy a policy that provides extra coverage for your personal property. They are concerned with your dwelling and the other structures that, if damaged and not repaired, could result in a reduction of the value of the home that they hold the title to until the mortgage is satisfied.

Your lender may specify in your mortgage agreement the amount of coverage that you need, but they can not tell you which home insurance company you have to use. You can usually get lower rates by shopping for a homeowner’s insurance policy on your own.

As your independent agent, we can help you get the lowest rate on the home insurance you need. Give us a call and an independent agent will be happy to get you the best quotes on homeowners insurance.

Can I use my parents’ insurance policy to cover a car that’s in my name in Lakewood, Colorado?

There is nothing more confusing than the issue of insurability in Lakewood, CO. When a young person first gets their own vehicle in their own name they will want to know how they are going to insure it. They may wonder if their parents can insure it or if they need to have their own policy. To help you understand all the factors that go into insurability here are some things that you will need to know about the process.

Major Points of Insurability that You Will Want to Know

· In order for you to be on your parent’s policy you will need to have their name on the title of your car. The owner of an insurance policy can not have any car or home on the policy unless their name is on the owner documents.

· If you are a minor and are in need of insurance, then you will need to have your parent or guardian on the title of the car. Most insurance companies will not issue a policy until a person reaches the age of 18.

· Insurability laws are in place to keep people form insuring and collecting claim payouts for property that they do not really own. This also keeps your neighbor from taking a policy out on your home or auto.

When look for auto insurance in Lakewood Colorado you will want the services of your independent agent. Your agent can take the time to answer any questions that you may have and evaluate your current policy to ensure that there is nothing that needs to be changed. Call your agent today and let them go to work for you finding the right insurance coverage for you.

After buying a used car, could I drive it right away without auto insurance in Lakewood, CO?

The process of buying a car is very detailed. You have to give certain pieces of information to the sales agent in order for them to get what they need to sell you the car. You will have to be approved for a car loan, get the documents signed and an insurance policy on the car. If you are thinking that you will be able to drive off the lot without an insurance policy, then here are some things that you will need to know before buying the car.

Why You Will Need an Insurance Policy before Driving the Car off the Lot

· Car insurance in Lakewood, Colorado protects you from having to pay for damages related to an auto accident. The cost of an accident can be hundreds of thousands of dollars. Without a policy you will have to pay for it out of your pocket.

· The dealership will not allow you to drive the car off the lot without a policy because they have to look out for the interests of the lender. If you owe money on the car, then the car really belongs to the lender that gave you the money to buy the car.

· The dealership also has to look out for their own interests. If they allow you to leave the dealership without insurance, then they could be held responsible for the damages to your car if there is an accident.

Your independent agent can help you with your insurance needs. To put them to work for you give your agent a call today. They can help get the policy that you need in order to be able to drive the car off the lot and into your driveway.

Is it legal for my independent child to be covered under my auto insurance policy in Lakewood, CO?

It is legal for your independent child to be covered under your auto insurance policy in Lakewood, Colorado under certain circumstances. Often children, who are working full-time and are considered independent, still live at home. Some children also continue to drive the family vehicles once they are considered independent. Under these circumstances, your children would be covered by your auto policy.

An independent agent can help explain all of the factors you need to consider when looking at your coverage with your auto insurance. Any vehicles that are registered in your name can legally be covered by your insurance plan. Also, people who live in your residence should be covered by your auto insurance policy in Colorado. The main factors when continuing insurance coverage for your children include cost. Younger people tend to pay more for coverage. If your child is still a teenager your policy will cost more. If your children have had accidents or tickets you will also pay more.

It is best to speak with our independent agent to help you determine if you have enough coverage and if you are paying too much for your insurance. We can quickly compare quotes and rates to find Colorado auto insurance plan that will fit the needs of you and your children. When your child is finally ready for his own policy, it will be helpful if he has been continuously covered by automobile insurance.

Saving money on your auto insurance is important. No matter what your circumstances or your unique situation, we can find an auto policy that will cover you and your independent children for an affordable rate. Call us today for your automobile insurance needs