What is the basic minimum insurance required in Colorado? I know that we need liability insurance, but is there a minimum on other types of insurance? More specifically, home insurance, RV insurance and boat insurance. Oh, motorcycle insurance, and. Thank you.
Auto liability and workers compensation.
Any vehicle on a highway or public water is required to carry liability. An employer is obligated to make compensation for workers. Besides that, everything is voluntary.
So there is no law that says you must make homeowners' insurance. HOWEVER. If you want to borrow money to buy this house, your lender in need, and you will agree to carry it, or you will not be ready.
As a pilot of Colorado, you must have at least $ 25,000 in individual insurance against personal injury liability established. This type of insurance covers the medical expenses of a person injured in a car accident where you are considered at-fault driver. Your policy should also have a ceiling of at least $ 50,000 to pay medical bills for two or more persons injured in the same accident.
The partial responsibility for damage to your policy pays for damage to objects such as vehicles on the other driver, a mailbox, fence or shed. The level of the minimum coverage required by law in CO is $ 15,000.
For any vehicle, yes, you MUST have the responsibility if you damage someone elses. As for the house is yours, but do not have would be the dumbest move you can do. A bone broken by a neighborhood kid and you can kiss your house goodbye!
Posted on March 15, 2010.
