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WestCo Insurance LLC

9235 N Union Blvd., Ste. 150 #385
Colorado Springs, CO 80920

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Insurance Blog

Homeowners’ Insurance – Don’t Be Without It

Are you thinking about a home purchase? Will you have a mortgage on the property? If so, homeowners insurance coverage is mandatory. Westco Insurance LLC, serving the Colorado Springs, CO area, can provide the necessary coverage for your purchase.

This coverage is important because it pays for damage and losses to your property in the event of a burglary or fire. When you have a mortgage, the lender wants his interests protected. Homeowners insurance will do that. That is why a lender will require proof of this coverage.

As soon as you sign the contract for the home purchase, it is a good idea to begin shopping for homeowners insurance. That way you have time to get the policy in place prior to closing on the property.

There are three major reasons why a homeowners insurance policy is needed.

  • It provides comprehensive coverage
  • It provides protection against lawsuits
  • It protects the equity you have in your home

Four things make up a standard homeowners insurance policy. It includes coverage for the dwelling (home), other structures (garage, storage shed), personal property, and liability coverage.

There are some things that typically are not covered by homeowners insurance. A standard policy will not include coverage for valuable artwork, jewelry, collectibles, damage caused by a flood or earthquake, and identity theft protection.

Loss of use and medical payments coverage is also included in the policy. Loss of use coverage kicks in if you cannot occupy your home after a covered event occurs.

The medical payments portion of the policy covers the medical bills of those who are injured on your property but does not include members of your household.

If you are thinking of purchasing a home, contact the professionals at Westco Insurance LLC today for a no-obligation quote or answers to any questions you have. You will be glad you did.

Why should you get life insurance in Colorado?

All people must spend time properly assessing their insurance needs in the Colorado Springs, CO area. Most people will have coverage for their homes and vehicles, but there are other valuable types of coverage to get as well. A type of insurance all people here need to have is life insurance. There are various reasons why the average person in this state should get life insurance. 

Provide Financial Support to Dependents

An important reason for all people to obtain a life insurance plan in Colorado is so they can provide financial support for their dependents. If you have dependents, it is imperative that they are covered in the future. The best way to ensure they have financial resources if you were to pass away is by getting a life insurance plan and naming them as beneficiaries of the policy. 

Invest for Future

You can also use a life insurance plan to invest and save for the future. Whole life insurance is increasingly considered an excellent addition to an investment plan. Not only will you have life insurance protection, but a portion of your payment will build into an account that grows in value over the years. This investment comes with low risk and can be used as part of any diversified strategy. 

When you want life insurance in the Colorado Springs, CO area, it would be a good idea to speak with someone you can trust. A great company to speak with when looking for insurance is Westco Insurance LLC. There are a lot of choices to make as you are looking for insurance, and Westco Insurance LLC will help you build your next plan. This can give you the support you need to build a new insurance policy. 

Factors That Affect the Type of Auto Insurance I Should Buy

Colorado residents are required to purchase liability automobile insurance that covers the other party’s bodily injury as well as property damage incurred in a wreck. This is because Colorado is an at-fault state, and you are liable for expenses resulting from an accident you cause. 

A minimum of $25,000 coverage is needed for bodily injury and death for one individual and $50,000 for bodily injury and death per collision. You also need to carry $15,000 worth of indemnification to reimburse for costs related to the other party’s vehicle and possessions. 

Other factors may influence your decision to purchase additional insurance products, such as owing a balance on your car. Your lender will almost always require that you purchase full coverage, and this protection will include comprehensive and collision insurance.

Collision indemnification pays for repair expenses to your car related to striking an object or other vehicle while in motion. Comprehensive reimburses you for damages that are not associated with an accident. This can be helpful if you live in a location with severe weather or are in an area prone to vandalism or theft. 

If you are someone who travels extensively, you may consider other types of indemnification, such as underinsured motorists or uninsured motorists. You can ask your Westco Insurance LLC representative for more details about how this can provide a shield for your financial assets in the event you are involved in a wreck caused by a person with no insurance. When there is a significant gap between market value and what you owe, gap insurance can help cover the rest. 

Westco Insurance LLC aims to provide Colorado residents with superior service in meeting all their insurance needs. We invite you to reach out to us by calling, stopping by our office, or contacting us online. 

Find Out What Risks Small Restaurants Face

Small food service businesses have to face many risks to stay afloat. Many of these risks are unique to the food industry and can be difficult to anticipate or prepare for. Westco Insurance LLC wants to tell you about some of the most common risks that small restaurants face in Colorado Springs, CO, and how you can protect yourself from them.

Foodborne Illness: A Top Risk for Restaurants

Restaurants must be very careful to avoid foodborne illnesses, which can majorly impact their business and reputation. If a restaurant does not properly cook or handle food, it can quickly become contaminated and make people sick. This is a primary concern for customers, as they do not want to risk getting sick from eating at a restaurant.

The Risk of Fire in a Restaurant

There are many potential fire hazards in a restaurant kitchen, including deep fryers, stoves, ovens, and grills. In addition, flammable liquids such as cooking oil and grease are often used in the kitchen. If these liquids are not properly stored or handled, they can easily catch fire. Furthermore, electrical appliances such as microwaves and toasters can also be fire hazards if they are not used properly.

The Risk of Customer Injury at a Restaurant

Customers may become injured in a restaurant due to several potential hazards. Restaurants have many troubles, including hot surfaces, sharp objects, and slippery floors. If customers are not careful, they may burn themselves, cut themselves, or fall and hurt themselves. Furthermore, there are typically many people moving around in close quarters at restaurants, which increases the risk of customers being bumped or knocked over.

Westco Insurance LLC in Colorado Springs, CO is a commercial insurance company that offers a wide range of insurance products and services to businesses in the area. We are dedicated to providing our clients with the coverage you need at the most competitive rates. For these reasons and more, your small restaurant business needs insurance protection.

Does Our Home Insurance Cover Renovations?

A home renovation can be expensive, so many homeowners opt to find helpful resources such as a home insurance agency. At Westco Insurance LLC, we are interested in providing home insurance to property owners living in Colorado Springs, CO. Our insurance plans cover many scenarios, including major home renovations for catastrophic events.

What is a Renovation Insurance Policy?

Homeowner’s insurance is meant to pay for damages to your home, particularly in a dangerous event. This could be a fire, a flood, or a burglary. These situations often result in a loss of belongings or weakening of the house’s structural integrity. When structural damage does occur, it becomes necessary for the homeowner to repair or replace the areas that have been damaged. This could be anything from a ruined carpet to a leaky roof. Because this process is usually expensive, homeowners often turn to insurance agencies to pay for the repair costs.  

This is where renovation insurance steps. This type of homeowner’s insurance policy covers the cost of a home renovation project. However, a renovation insurance plan may not cover situations outside of a hazardous event, so you’ll need to check with your insurance agent about what situations will be covered.

How to Find Renovation Insurance in Colorado Springs, CO

Westco Insurance LLC provides quality renovation insurance to the homeowners of Colorado. If your home has experienced structural damage due to peril, feel free to contact us for more information. Contact Westco Insurance LLC at 719-726-0318 to book an appointment.

Can You Purchase Life Insurance if You Already Have a Pre-Existing Health Condition?

At Westco Insurance LLC, serving the greater Colorado Springs, CO area, one of the questions that we are frequently asked about in relation to life insurance is whether you can purchase a life insurance policy if you have a pre-existing health condition. Many people do not start thinking about their death until they are faced with a health condition, so this is a question that is often asked. Here is some information you need to know if you are considering buying life insurance with a pre-existing health condition. 

Can You Purchase Life Insurance If You Have a Pre-Existing Health Condition? 

Most life insurance companies ask you if you have any pre-existing health conditions on the insurance application. While some companies deny you for having pre-existing health conditions, many will issue you a policy. However, the amount you pay will likely be much higher than someone else with no health conditions. 

Should You Disclose a Pre-Existing Health Condition? 

If you have a pre-existing health condition, you may think about omitting the information to get approved for a life insurance policy. This is something that should never be done. If the insurance company finds out you lied, and they can subpoena your insurance records, they can cancel your policy and refuse to pay out on the policy if you pass away. You must always be truthful and disclose pre-existing health conditions if a life insurance company asks. 

While it may be more challenging and costly to purchase a life insurance policy if you have a pre-existing health condition, many insurers will allow you to buy one as long as you disclose the condition. If you are in this position, Westco Insurance LLC, serving the greater Colorado Springs, CO area, can help you find the best policy for your needs. Call or email us to learn more. 

How To Keep Your Teen Driver Safe Over the Summer

At Westco Insurance LLC, we know teenagers spend more time driving in the summer than almost any other time of the year. It’s a rite of passage for many teenage boys and girls, a chance to get behind the wheel and feel the freedom of being alone on the road. But while driving is often viewed as a rite of passage for teenagers in Colorado Springs, CO, it can be a dangerous activity for those still learning how to drive.

The 100 Deadliest Days of The Year

The months between May and September see a 26% increase in fatal crashes involving teens compared to the rest of the year. Car crashes are the leading cause of death for teenagers, with the highest rate of crashes.

Over half of all teenager-involved crashes involve distracted driving. Distracted driving is any activity that diverts attention away from the road, such as texting or talking on the phone. However, the number one distraction for teens is other passengers.

How to Keep Your Teen Safe

According to the CDC, there are proven ways to keep your teen safe behind the wheel:

  1. Wear a seatbelt. At least 48% of teens who died in car crashes were not wearing seatbelts. The National Highway Traffic Safety Administration (NHTSA) says seatbelts could cut that number in half.
  2. Avoid drinking and driving. Teens drinking and driving are three times more likely to be involved in a crash.
  3. Avoid driving at night. Most fatal teen accidents occur between 9 p.m. and 6 a.m.; this increases significantly on the weekends.
  4. Put down your phone. No call or text is worth putting your life or the lives of others at risk. Additionally, ask your passengers to remain quiet while you’re driving.

No matter how prepared you are, driving is still a risky activity. Protect your teen and your vehicle with appropriate car insurance. Contact Westco Insurance LLC of Colorado Springs, CO today for more information.

Commercial insurance most businesses can benefit from

Most states have some requirements that businesses have commercial insurance, but not too many. In most cases, it is focused on protecting people from your company, not protecting your business. If you own a business, you understand that many risks are involved. At Westco Insurance LLC in Colorado Springs, CO, we have an experienced team that understands these risks and can help you make sure you have the coverage you need to protect you from those that apply to your business. 

Commercial liability insurance

Owning a business is risky. One of the significant risks that every business faces is getting sued. It is a real threat. One in three businesses gets sued in any given year. A judgment against you could shut down your business if you don’t have the commercial insurance you need to protect yourself. Even just the legal expenses could damage your business irreparably. 

Workers compensation 

In Colorado, every employer who has one or more employees is required to have workers’ compensation insurance. Whether they are full or part-time, seasonal, or even family members, it doesn’t matter. If they work for you, they are employees. 

Commercial property insurance

Commercial property insurance can make a difference if a covered hazard ever hits your business. It will cover the building if you own it, but it has great value even if you are a renter. It covers all the things you need to do business. Depending on the type of business you have, it can be tools, machinery, display cabinets, or almost limitless other items. But whatever you need, this insurance will help you repair or replace it so your business can survive. 

Contact Westco Insurance LLC in Colorado Springs, CO with all your commercial insurance concerns and needs.

Protect your Colorado Springs home with a comprehensive policy

Are you a resident and homeowner in the greater Colorado Springs, CO area? Westco Insurance LLC is aware of the significant amount of growth that has been happening in our area, and how this growth is affecting home prices. If you want to ensure that your house is protected, call us today.

Benefits of comprehensive policies for Colorado Springs area homes

When it comes to protecting your home, how much is enough? With a comprehensive policy, you can ensure that you have the level of protection needed to protect your home.

As home prices rise, so too do your insurance needs. Many homeowners renew the same policy year after year without reviewing it. This can lead to unanticipated problems down the road. Being underinsured is avoidable, and we can help you have the right coverage in place.

Protect your home, belongings, and any additional buildings on your property with comprehensive coverage. If you would like to ensure that you have the protection you need, now is a perfect time for a complete review of your current policy. Please don’t wait until it’s too late to find out that you don’t have the coverage you need.

A family home is a refuge, and it is also one of the largest financial investments that we make in our lifetimes. Be sure that you have the right policy at the right level. Give us a call to schedule your appointment today.

Let us help you protect your home!

Westco Insurance LLC is here to answer all of your home insurance questions. We want you to have peace of mind knowing that your Colorado Springs, CO is protected. Give us a call today.

The Basics of Life Insurance

It’s an unfortunate fact of life that death is never too far away. It can happen at any moment, to anyone, and it doesn’t care if you have a family or not. Sudden death can leave a family without its primary breadwinner, and the secondary losses can be devastating. This is why it’s important to have a life insurance policy.

A life insurance policy is a contract between an insurance company and the owner of that policy. It states that in exchange for receiving a certain amount of money known as the premium, the insurance company will pay out a death benefit to your family upon your death.

However, it’s not always that simple. There are many different kinds of life insurance policies, and learning the basics can help you make a more informed decision when choosing a policy that is right for your family.

There are two main kinds of life insurance policies, term and whole life.

Term Life Insurance

A term life insurance policy covers you for a period known as the "term." This means that if you die within the term of your policy, your family will receive the death benefit. But if you live past the term, your family won’t receive any benefits.

Term life insurance is the cheapest life insurance, but it does not build any cash value. Therefore, term life insurance premiums are usually considerably more inexpensive than whole life policies.

Whole Life Insurance

As the name implies, a whole life insurance policy covers you for your entire lifetime. The premiums are higher than a term life insurance policy, but a significant difference is that these policies accumulate a cash value over time. You can borrow against this cash value or withdraw a part of it. However, you should be careful because the death benefit will become smaller and smaller if you withdraw too much cash from a whole life policy. It will make it more difficult for your beneficiaries to collect on your life insurance when the time comes.

Life Insurance in Colorado Springs, CO

Life insurance is an important financial tool that can be used to protect your family in the event of your death. However, every person’s situation is different, so there is no one-size-fits-all solution. Contact Westco Insurance LLC for more information about life insurance and how it can work with your unique situation.

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Why work with us?

  • Locally owned and operated.
  • Policies that meet & exceed expectations.
  • Get an Annual Policy review.
  • We shop top carriers to find the best rate.
  • Solutions for complex situations (in the trees, too far from fire department, T-lock shingles, manufactured homes, etc.)
  • Dropped by your current carrier? We’ll find you a new one.
  • Lower hail deductibles
  • No “cosmetic hail exclusions”
  • Standard and non-standard auto rates/ SR22
  • A percentage of all profit goes back to Charitable causes

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