Home Insurance in Lakewood, Colorado

Set against the majestic backdrop of the Rocky Mountains, Lakewood, Colorado boasts a variety of stunning neighborhoods, from the tranquil charm of Applewood Villages to the bustling energy of Belmar, and the natural beauty surrounding Bear Creek Lake Park. 



As a homeowner in these idyllic settings, safeguarding your valuable investment is key given the reality of Colorado's natural risks, which include wildfires, hailstorms, and even property crime. This is where home insurance steps in. More than just a document, it acts as a comprehensive security blanket for your abode, providing a financial buffer against unforeseen adversities.

At 3R Insurance, we offer a wide range of personal insurance coverage options tailored to protect your home and family. 

Whether you need basic coverage or comprehensive protection, our plans give you peace of mind. Our insurance plans are easy to understand, and our customer service team is available to answer any questions. From homeowners’ insurance to flood and earthquake coverage, we've got you covered. 

Contact us today to learn more about protecting your Lakewood, CO home.

Home insurance, also known as homeowners insurance, is a type of property insurance designed to protect an individual's home against damages to the house itself, or to possessions in the home. It also provides liability coverage against accidents in the home or on the property.

There are several types of home insurance coverage that homeowners in Lakewood, CO can choose from:

Dwelling Coverage

Dwelling coverage, essentially, protects the structure of your home. This includes the walls, floors, ceilings, and other integral parts of your home. If your home suffers damage from covered perils such as fire, hail, lightning, or vandalism, dwelling coverage can help pay for the repair or rebuilding costs. The coverage amount should ideally be equivalent to the cost of rebuilding your home, not merely its market value.

Personal Property Coverage

Personal property coverage will help protect your belongings inside the house in case of theft, fire, windstorms, and other perils. It also offers additional coverage for items such as furniture, electronics, jewelry, etc., that are damaged or destroyed. Some policies may even provide coverage on personal possessions when they're away from home.

Liability Coverage 

Lakewood, CO home insurance policies generally come with liability coverage, which can protect you from financial losses due to injury or property damage caused by you or members of your household. It covers medical and legal expenses as well as other costs associated with a lawsuit if someone is injured on your premises.

Flood Coverage 

Lakewood, CO lies in an area prone to slight flooding and it is recommended that homeowners get flood insurance coverage. This will help protect your home and belongings from damage caused by floods or other water-related events. Flood insurance is typically not included in basic home insurance policies, so you'll need to purchase it separately if you choose this option.

Additional Living Expenses (ALE)

Additional living expenses coverage helps with the costs of housing and other related expenses, such as hotel bills, if you can't live in your home due to a covered event. It is important to note that ALE does not cover the cost of repairing or rebuilding your home; it will only reimburse you for additional living expenses incurred while you are away from home. 

Medical Payments Coverage

Your Lakewood home insurance policy may also include medical payments coverage, which provides reimbursement for medical bills incurred by visitors on your property due to an accident. It does not cover any injury or damage that resulted from the incident, but it can help defray some of the costs associated with medical treatment. 

Other Structures Coverage

In addition to protecting the structure of your home, insurance policies usually include coverage for other structures on your property. This may include garages, sheds, and other outbuildings that you own. If these structures are damaged or destroyed due to a covered event, this coverage will pay to repair or rebuild them. It is important to note that this coverage does not extend to any structures that are not connected to your home, such as standalone pools or gazebos. 

Umbrella Insurance Policies 

Umbrella insurance policies are designed to provide extra protection against liability claims. This can be beneficial if you have assets that could potentially be taken from you in the event of a lawsuit, such as a home or a vehicle. It can also help cover the costs of legal fees and court judgments for which you are found liable, in addition to normal insurance coverage limits.

No, home insurance is not a legal requirement in Lakewood, Colorado. However, if you have a mortgage on your property, your lender may require that you purchase a home insurance policy to protect their investment. If you do not have a mortgage on your house and decide to forgo insurance coverage, it is important to be aware of the risks associated with that decision. Without insurance, you will be responsible for covering any repair costs or legal fees if your property is damaged or someone is injured on your property. It is important to note that banks and other financial institutions may also require liability coverage when issuing loans. Therefore, it's always a good idea to review the terms of your loan agreement before deciding whether or not to purchase a home insurance policy.

In Lakewood, homeowners can anticipate an annual coverage cost of approximately $2,765. This compares favorably to the average of $3,156 in Colorado and the national average of $2,103 for dwellings valued up to $250,000.

There are several factors that can affect the cost of home insurance in Lakewood:

1. Home Value: The higher the value of your home, the more it will cost to insure it. This is because the insurance company would have to pay out more in the event of a total loss.
2. Location: Homes located in areas prone to natural disasters, such as floods or wildfires, will generally have higher insurance premiums.
3. Age and Condition of the Home: Older homes, or those in poor condition, are typically more expensive to insure due to the increased likelihood of needing repairs.
4. Deductible Amount: The higher your deductible (the amount you must pay out of pocket before the insurance company begins to cover costs), the lower your premium will be.
5. Claims History: If you've made several claims in the past, your insurer may view you as a higher risk and increase your premium accordingly. 

Remember, it's always a good idea to shop around and compare quotes from different insurance companies to ensure you're getting the best deal for your needs.

1. Increase Your Deductible: As mentioned previously, increasing your deductible can help lower your premiums. Just make sure you don't set the amount too high and end up unable to pay it out of pocket should disaster strike. 
2. Bundle Policies: If you have multiple insurance policies (such as auto insurance, life, health, etc.) with the same provider, you may be able to receive a discount for bundling them together. 
3. Purchase Homeowner's insurance in Advance: If you purchase homeowner's insurance before you move into your new home, you may be eligible for a discounted rate. 
4. Install Security Features: Installing additional security features such as deadbolts or an alarm system can help lower your premiums due to the reduced risk of theft or vandalism. 
5. Get a Home Inspection: Having a certified home inspector evaluate your house and recommend any repairs can help lower your rates as you are taking steps to reduce risk. 
6. Pay Annually: Many insurance companies offer discounts for customers who pay their premiums annually rather than monthly. 
7. Don't Make Small Claims: While it may be tempting to make small claims for minor damage, the higher deductible and increased premium that accompany them usually aren't worth it. It's best to save up money in a separate fund to take care of the smaller issues yourself. 
8. Take Advantage of Lakewood Home Insurance Discounts: Common discounts offered by most home insurance providers include those for smoke detectors, fire alarms, and other safety features. Be sure to ask your provider what discounts they offer and take advantage of them when possible. 

By following these tips, you can ensure you get the best deal on your Lakewood, Colorado home insurance coverage. Don't forget to keep an eye out for any special offers or discounts from your provider that may help you save even more money on your premiums!

Compare Lakewood, Colorado Home Insurance Quotes

If you're looking for the best rates on home insurance in Lakewood, Colorado, 3R Insurance Agency can help. We offer competitive quotes from leading providers to give you the most comprehensive coverage at the lowest cost possible. 

With our easy-to-use online quote form, you can quickly compare rates and find the perfect coverage for your Lakewood home. We are committed to providing outstanding customer service and look forward to helping you protect your property in Colorado. 



Contact us today to learn more about our home insurance plans or get a free quote online!