Frequently Asked Questions
Frequently Asked Questions
At Rocky Mountain Insurance Services, we know that navigating insurance can be daunting. That's why our FAQ section is designed to provide clear, straightforward answers to your burning questions, helping you make informed decisions about your coverage.
General
Insurance basics
Let's guide you to better insurance solutions!
What insurance covers Colorado hailstorm damage?
Homeowners insurance typically covers hail damage to your roof, siding, and windows. Colorado's frequent hailstorms make comprehensive coverage essential for protecting your property investment.
How do I file an insurance claim?
Contact your insurance carrier immediately after an incident occurs. Document all damage with photos, keep receipts for temporary repairs, and work with your agent throughout the process.
When should I review my coverage limits?
Review your coverage annually or after major life changes like home renovations, vehicle purchases, or family additions. Colorado's rising property values may require coverage adjustments.
What factors affect my insurance rates?
Your location, claims history, coverage amounts, and deductible choices impact rates. Colorado residents may see variations based on wildfire zones and weather patterns in their area.
Do I need umbrella insurance coverage?
Umbrella policies provide extra liability protection beyond your standard limits. They're valuable if you have significant assets, rental properties, or face higher lawsuit risks.
How does business insurance protect me?
Business insurance covers property damage, liability claims, and income loss during covered events. Colorado businesses benefit from coverage addressing weather-related closures and equipment damage.
What's the difference between term and whole life?
Term life provides temporary coverage at lower costs, while whole life builds cash value permanently. Your age, health, and financial goals determine the best option.
Can I bundle different insurance policies?
Yes, bundling home and auto insurance typically saves money while simplifying management. Multi-policy discounts can reduce your overall premium costs significantly with most carriers.
Why choose a local insurance agent?
Local agents understand Colorado-specific risks like wildfire exposure and hail frequency. They provide personalized service, handle claims advocacy, and offer face-to-face consultations when needed.
How often should I shop for coverage?
Compare rates every 2-3 years or when your circumstances change. Market conditions and carrier offerings shift regularly, potentially revealing better coverage options or savings opportunities.
Homeowners Insurance
Homeowners Insurance questions
What is a hail deductible buy-down?
Many Colorado homeowners policies carry a separate, higher deductible for wind and hail — often a percentage of your dwelling limit rather than a flat dollar amount. A buy-down lets you pay a modest premium increase to lower that hail deductible, so a roof claim costs you far less out of pocket.
Do you write renters insurance too?
Yes. We write renters policies so your belongings and liability are covered even when you don't own the building — and bundling renters with auto usually earns a multi-policy discount.
Auto Insurance
Auto Insurance questions
What are Colorado's minimum auto insurance requirements?
Colorado requires liability coverage of at least $25,000 per person and $50,000 per accident for bodily injury, plus $15,000 for property damage. Those limits are low relative to what a serious accident actually costs, which is why we usually recommend writing above them.
Can you insure me if I have tickets, accidents or a lapse?
Yes. As an independent broker we have access to carriers that specialize in challenging driving records, including drivers other agencies decline. There is no penalty for cancellation if you find a better fit later.
What discounts can I actually get?
The common ones are multi-policy (bundling home or renters with auto), vehicle safety features, low annual mileage, and paid-in-full or paperless billing. We run through every discount a carrier offers rather than quoting a default rate.
Do you handle SR-22 filings in Colorado?
Yes. An SR-22 is a certificate your insurer files with the state proving you carry the required liability coverage, usually after a DUI, an at-fault accident without insurance, or too many points. We place the policy and handle the filing.
Business Insurance
Business Insurance questions
What is a BOP and do I need one?
A Business Owners Policy bundles commercial property, general liability and business equipment into one policy, usually at a lower combined premium than buying each separately. Most small and mid-sized Denver-area businesses start here and add specialty coverage on top.
Do you write workers' compensation in Colorado?
Yes — we place workers' compensation, including through Pinnacol Assurance, one of the carriers we represent. Colorado requires coverage for essentially every employer with employees.
How do I avoid a big audit bill at renewal?
Audit surprises happen when the payroll or sales figures a policy was rated on drift from reality over the year. We review those numbers with you during the term rather than at renewal, so the true-up is small and expected.
Life Insurance
Life Insurance questions
How much life insurance do I actually need?
A workable starting point is enough to clear your mortgage and other debts, replace several years of income, and fund anything you have promised — college, for example. We size it against your real numbers instead of a generic multiple of salary.
What is a rate lock?
Some products guarantee your premium stays fixed for the life of the policy even if your health changes later. That guarantee is priced in up front, which is why buying earlier and healthier costs less over the long run.
Is the payout taxable?
A life insurance death benefit paid to a named beneficiary is generally received income-tax-free, which is what makes it an efficient way to pass money to your family. Your own tax adviser should confirm how it fits your estate.
Umbrella Policies
Umbrella Policies questions
How much umbrella coverage should I carry?
A common rule of thumb is at least enough to cover your net worth, since that is what a judgment can reach. Households with teen drivers, pools, dogs or rental property often carry more than that baseline.
Does an umbrella policy replace my home and auto liability?
No — it sits above them. Carriers require you to hold minimum underlying liability limits on your home and auto policies; the umbrella only responds after those are exhausted.
Still have a question?
There is no such thing as a silly insurance question. Call (303) 699-1346 and speak to a licensed agent directly.
Get answers specific to your situation
Every policy is different. Tell us yours and we will give you a straight answer.