Our first speaker today was Susan O’Kelley owner of Avanti Insurance Services in Golden, Colorado. Susan started her talk today with the quote “ For a man’s house is his castle, and each man’s home is his safest refuge” Sir Edward Coke. Today Susan discussed how to protect that place we call home and the crap that we collect. The insurance that is needed to protect not only your residence and all of the items inside varies greatly from home to home. The recommended coverages for interior items is 10,000 dollars per room, however if you have any unusual collections, antiques, paintings, electronics or guns etc, you will need to add a rider for anything that would be over that. Another part of your insurance policy you need to check is Liability insurance – Liability covers those stupid things that happen, friend comes over and slips on an ice cube in your kitchen or trips on the sidewalk and injures themselves. You need to discuss with your agent how much Liability insurance you should add to your policy as this will protect your assets against a lawsuit.
Another area that Susan O’Kelley of Avanti Insurance wanted to go over was Rental coverage and those that are renting your property. You should have at the least a 1000-dollar Personal Property insurance to cover appliances and what minimal items that you have in the unit. Also, as an owner, you should require that your tenants have Renters’ insurance to cover their personal property in case of a catastrophic event (flood or fire) – this is something that you can put in your lease. It is not the landlord’s responsibility to replace the tenants items – however a tenant can try to sue you for those personal items, so Renters’ Insurance should be in place.
Lastly, Susan want to have a quick discussion with about starting with air bnb, vrbo or any room or unit short term rental. Some of these companies offer insurance through your contract with them, you need to read it very carefully – or have your agent look through it – to make sure that you are covered for all perils. Secondly, or perhaps firstly, does your insurance policy allow for this type of rental – or can you add it on. This is very important to check on as if something happens and the insurance company does not allow for short term rentals, you will be held responsible and very possibly dropped by your insurance company.
Susan O’Kelley * Avanti Insurance Services * 303.278.2278 * scokelleymyavantiservicescom
Our second speaker today was Lori Bush-Engel of Modern Woodmen of America in Golden, Colorado.
Reality check —
Your life depends on your decisions.
Make the decision to protect your family with life insurance.
They may depend on it someday.
My job is to help you plan for your future and provide peace of mind.
Let’s talk soon!
Lori Bush-Engel * Modern Woodmen of America Fraternal Financial