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Here are 5 tips and tricks that will help Arvada residents save money on their insurance premiums while avoiding some of the most common pitfalls consumers have when it comes to purchasing insurance:

1. Insuring a home for its real estate value not rebuilding cost.  Insurance is designed to cover the cost it would take to rebuild your home rather than its market value.  For many this means that you may actually be able to decrease the current limit on your homeowners insurance coverage.   However, before you do that, be sure to speak with a qualified insurance agent that can provide you with some direction on the proper limit for your home.
A better way to save on homeowners premium: Raising your deductible is a much easier to save some money on your homeowners insurance.  Just raising your deductible from $500 to $1,000 can save you up to 25 percent on your insurance premiums.
2. Selecting an insurance company by price alone.  While most consumers are always seeking to save money on their insurance premiums, it’s important to take careful consideration of the insurance company you are placing your coverage with.   Do you know if they are financially sound?   Have they had issues with peacefully resolving claims in the past? Do they provide the proper coverages without obscure exclusions that may actually eliminate coverage on your policy?
A savvier way to pick an insurer: Work with an independent insurance agent.   An independent insurance agent can provide you with multiple insurance quotes from a variety of top-rated insurance companies.   They can provide valuable insight into the coverages each company provides and will be there as your advocate in the event of a claim.
3. Dropping flood insurance.  While dropping flood insurance may be an easy options to consider as you are trying to save money on your insurance, keep in mind that flood is one of the most common claims homeowners experience (90 percent of all disasters involve flooding) and the damages from a flood can be devastating.   Homeowners insurance doesn’t provide flood insurance coverage.   Rather, flood insurance must be purchased through the National Flood Insurance Program.
A smarter way to lower flood insurance costs: Before purchasing any new home, we recommend checking what kind of flood plain the home is in so you have a good idea of the associated insurance costs.
If you already own a home and it is in a flood zone, you still have some options: you can increase your deductible or help flood-proof by elevating the structure or other means.
4. Purchasing only the legally required amount of liability for your vehicle.  Some consumers, in an effort to decrease their premiums, will lower the limits carried on their auto insurance to state’s minimum required limits.  As many states require limits of only $10,000 or $15,000, we strongly advise against doing this.   One significant claim will immediately wipe out any limits and you will be personally liable for the difference.
A less risky way to cut auto insurance costs: If you are looking for ways to decrease your auto premiums, we recommend increasing your deductibles or taking a defense driving course.
5. Neglecting to buy renters insurance.  If you renting a home or apartment you should never skip on purchasing homeowners or renters insurance.   Most policies cost less than $200 annually and will provide coverage for all of your property located inside the residence.  In addition to coverage for your contents, renters insurance policies also provide liability protection as well.
A good way to cut the cost of renters insurance: Look into multi-policy discounts. Buying several policies with the same insurer, such as renters, auto and/or life insurance, will generally provide savings.
If you are looking for additional ways to save money on your insurance, please don’t hesitate to contact our office and one of our representatives will be more than happy to assist.

One of the questions we receive frequently is in regards to the difference between a nonrenewal of your insurance policy versus a cancellation of your insurance policy.
There are some major differences between the two that can help you avoid potential headaches and frustration in the future.
For example, did you know that most states do not allow insurance companies to cancel a policy that has been in force for more than 60 days unless:

  • You fail to pay the premium
  • You have committed fraud or made serious misrepresentations on your application.

Nonrenewal, however, is a different matter. Either you or your insurance company can decide not to renew the policy when it expires. Your insurance company must give you a certain number of days’ notice and explain the reason for not renewing before it drops your policy. If you think the reason is unfair or want a further explanation, call the Colorado Division of Insurance.   They can work with both you and the insurance company to resolve any disagreements.
Insurance companies can use any number of reason for canceling your policy.  Your policy may be cancelled because of prior claims or an increased risk you present to the insurance company.  However, they can also cancel your policy because they no longer wish to write that type of insurance or they may be scaling back on the number of policies they want to write in your area.
A nonrenewal is not the end of the world.   Our agency specializes in finding coverage for families whose policies are being nonrenewed and we can help you find the right coverage you need without increasing your premium.
If you have any questions, please feel free to give us a call.
 

Now that the weather is improving we are finding that many of our Denver and Arvada residents are riding their bikes to work or school.  It’s a great way to exercise and save on commuting costs.
In fact, riding bikes is gaining more popularity.   The League of American Bicyclists points out that the “number of trips made by bicycle more than doubled” in the last few years.
An important part of riding a bike is knowing how to cycle safely and how to properly insure your bicycle.

Insuring Your Bicycle

As a  bike can now cost anywhere from a few hundred dollars to several thousand dollars for a racing bike, it’s important to understand how to properly insure your bike from calamities like theft or vandalism.
Fortunately, bicycles are covered under the personal property section of standard homeowners and renters insurance policies. This coverage will reimburse you, minus your deductible, if your bike is stolen or damaged in a fire, hurricane or other disaster listed in your policy. Even better is the fact that most policies will cover you if the bicycle is stolen from your car.
You can insure personal property like a bike in two ways—for its actual cash value or its replacement cost. If you have an actual cash value policy, you would be reimbursed based on the depreciated value of the bike. With replacement cost you would be paid the cost of replacing your current bike less the deductible.

Liability Protection

 Homeowners and renters insurance policies also provide liability protection for harm you may cause to someone else or their property. If you injure someone in a bicycle accident and he or she sues you, you will be covered up to the limits of your policy.
It does not matter if you own or rent the bike; if you have a home or renters insurance policy, you will have liability protection. Most people have $100,000 to $300,000 worth of liability protection as part of their standard policy. But higher amounts of coverage are available. Your homeowners or renters insurance policy also includes no-fault medical coverage in the event you injure someone. This way, they can simply submit a medical claim to your homeowners insurance company without suing you. This coverage usually ranges from $1,000 to $5,000.

Special Note

If you own a particularly expensive bicycle, you may want to consider getting an endorsement to your homeowners or renters insurance policy. A number of insurance companies have endorsements for sports equipment; some specifically for bikes. The endorsement may have broader coverage and there will likely be no deductible.

Let The Holste Agency be your trusted Arvada insurance partner.  As an expert within the industry we can help provide you and your family with proper insurance coverage options while still helping you save money on your insurance premiums.  With access to over 50 different insurance companies, we can ensure that you have the best protection available to you and your family.  Additionally, our friendly staff is here to answer any insurance coverage questions you may have, billing concerns, or help you in the event of claim.
To find out more about our insurance coverage options available to you, please feel free to contact our office.

One of the most frustrating things can be when your insurance company cancels or nonrenews your policy for what feels like no reason at all.   While there are a number of regulations in place with states to avoid random cancellations, there are still a variety of reasons for why your insurance company may nonrenew your policy.
What is the difference between a cancellation and nonrenewal?
Nonrenewal: A standard auto insurance policy last from 6 to 12 months, and at the end of that period, your insurance company can decide to your renew your policy and coverage or not.  If they choose not to renew your policy, they will provide you with a notification of nonrenewal.
Cancellation:  An insurance policy cancellation will usually happen during the initial part of the policy (first 30 to 60 days), but may still happen during the middle of the policy even though it is very rare.  In fact, most insurance policies that are cancelled in the initial phase are usually cancelled because the insurance company finds out that your application was incorrect or misrepresented.
Even if you have a bad accident or multiple tickets, your insurance company cannot cancel your auto policy until it comes up for renewal.
Ways to get your car insurance cancelled

  1. Nonpayment of premium. The most common way to have your policy is cancelled is for nonpayment of premium.   Even then, your insurance company must provide you with adequate notice to bring your payments up to date before they can actually cancel the policy.
  2. Misrepresenting your application.  An insurance company can cancel your policy if they find out the information provided on the application was incorrect or untrue.   For example, if they find out you have a teen driver in the home that was not stated on your application, they could cancel your policy.
  3. Fraudulent activity.  If the insurance company finds out that you are behaving in fraudulent activity (arranging for your car to be stolen or totaled), then they will cancel your policy and have no obligation to make any claims payments.

Post-cancellation options
Nonpayment of premium.  If your policy was cancelled for nonpayment of premium, then most insurance companies will reinstate your policy if you bring the premiums up-to-date.
Note: Most insurance companies will reinstate you back to the date of cancellation; however, some insurance companies will only reinstate your policy on the date payment was made, leaving you with a lapse in insurance coverage.   This lapse of coverage can lead to fines and other issues with the DMV.  Additionally, they will not pay for any claim that happens during that lapse in coverage.
Having your insurance policy cancelled may make obtaining a new insurance policy much harder to do.   In fact, you may have to purchase your insurance from an “assigned-risk” pool where you are assigned an insurance company at much higher premiums.
If you have any questions or concerns about your insurance policy being cancelled or nonrenewed, please feel free to give our office a call.

Did you know that vehicle ownership is actually declining, especially for people who live in urban areas?  Many people now prefer to use a car-sharing service or just rent or borrow a car.
The problem that arises is what to do for insurance in these instances where you don’t own a car, but use one a regular basis.
Some insurance companies offer an insurance policy now called a “nonowner” policy.  This auto insurance policy will provide liability coverage to protect you and your assets in the event of a claim.
The vehicle doesn’t provide comprehensive or collision coverage because you don’t actually own the vehicle – that coverage would be provided by the owner of the car.   One of the great features of this type of policy is that it will cover you for any type of vehicle that drive during the policy period.
Additionally, if you regularly rent a vehicle, this policy will be much cheaper than any policy you purchase directly from rental car company.

When should you consider a nonowner car insurance policy?

You rent cars often. If you rent cars for more than 40 to 50 days a year, then a nonowner policy will be much cheaper for you in the long run.  Keep mind this only provides liability coverage, though.
You belong to a car-sharing service. Car-sharing services are becoming much more popular, especially in urban areas.    And while the service will usually provide some insurance, you should still consider carrying your own policy in the event you are named individually in the lawsuit for an at-fault accident.
You borrow other people’s cars often.  When you borrow a vehicle, the owner’s auto insurance policy does cover you; however, there are instances where the person may have let their insurance lapse or they don’t carry vehicles limits high enough to adequately protect you in the event of a claim.  A nonowner insurance policy would eliminate all of those concerns.
You have a problematic driving record.  Some states require individuals carry an auto insurance policy even if they don’t own a car, but have had major driving violations like a DUI or DWI..

Usual cost of nonowner car insurance

The cost of nonowner car insurance is much cheaper than a standard auto insurance policy.   A nonowner policy assumes that you will be driving much less than someone who owns a vehicle; and, because you don’t have to carry comprehensive and collision coverage, there is a decrease in the premiums there as well.
Most nonowner insurance policies will start at $200 to $250 for a six month period.
If you live in the Denver metro area and are interested in a nonowner insurance quotes, please give our office a call at your earliest convenience.

The Holste Agency is the Arvada insurance agency you can trust!
We care tremendously about protecting you and your family from disaster.   Our dedicated staff will ensure your have the right Arvada home and auto insurance coverage at the lowest available premium.
Additionally, we will provide you with the best customer service available.  We are happy to answer any insurance questions, concerns, billing issues, or claims.
If you would like to start on your Arvada home and auto insurance quote, please contact our agency by phone or you can receive an instant Arvada insurance quote by clicking here.


If you are looking for the best auto insurance quotes in Arvada, CO, then The Holste Agency is your choice.   Our team of expert agents can provide you with multiple money-saving auto insurance quotes from a variety of insurance companies.   We will work with you to individually assess your risks and determine which insurance coverages for you and your family  will be the best choice.
By partnering with The Holste Agency, you will also ensure all of your insurance questions, concerns and claims issues will be handled by a friendly, knowledgeable staff that is eager to assist you.
Additionally, The Holste Agency will help all Arvada residents find and take advantage of multiple little-known insurance discounts that will ensure you are paying more on your insurance premiums than you have to.
If you have an insurance question or you would like a free quote, please contact our office or visit our ‘Get a Quote‘ page.