"The only limit to our realization of tomorrow will be our doubts of today.” - Franklin D. Roosevelt

Hey Everyone,

Welcome to this week’s edition of The Ridgeline Rundown!

This week, we're diving deep into "What You Need to Know About Homeowner’s Insurance." Understanding your coverage options and potential gaps can make all the difference when it comes to protecting your home and finances. We’ll break down key insights to ensure you're fully prepared.

We're excited to feature Elevated Insurance Team! Led by Tony D’Alessio, a seasoned expert with over 22 years in the industry, they specialize in personalized service, competitive rates, and top-tier protection for homeowners, drivers, and families alike.

As always, I'm here as your dedicated real estate resource. If you're thinking about buying or selling, let’s connect and explore your options—because the right plan makes all the difference!

Mortgage Minute

Mortgage rates started slightly higher today but improved as the bond market strengthened. While the change was small, rates are now just below yesterday’s levels, remaining in a tight range near their best levels since mid-October. This morning’s economic reports had little impact, but tomorrow’s Fed announcement at 2 PM ET—one of four per year with updated rate projections—could bring volatility. While this meeting is less significant than recent ones, Fed days always carry the potential for market movement.

Featured Listing

The Insider’s Guide to Real Estate | Tips

What You Need To Know About Homeowner’s Insurance

Homeowner’s insurance is a must-have to protect what’s probably your biggest investment – your home. And while you never want to think about worst-case scenarios, the right coverage is basically your safety net if something goes wrong. Here’s how it helps you.

• Covers Repairs and Rebuilding Costs: If your home is damaged by fire, storms, or other covered events, your policy helps pay for repairs or even a full rebuild.

• Protects Your Belongings: Many policies can also cover personal items like furniture, electronics, and clothing if they’re stolen or damaged.

• Provides Liability Coverage: If someone gets injured on your property, homeowner’s insurance can help cover medical bills or legal expenses.

In the simplest sense, it gives you peace of mind. Knowing you have protection against unexpected events helps you worry less. And with such a big purchase, having that reassurance is a big deal.

And while your first insurance payment will be wrapped into your closing costs, you’ll want this to be a part of your budget beyond closing day too. That’s because it's a recurring expense you’ll have once you get the keys to your home.

Here’s what you need to know to help you budget for this important part of homeownership today.

Costs and Claims Are Rising

In recent years, insurance costs have been climbing. According to Insurance.com, there are four big reasons behind the jump in premiums:

• More severe weather events and wildfires are leading to higher claims.

• Insurance companies are pulling out of high-risk areas, reducing options for homeowners in some states.

• Past rate increases haven’t kept up with the rise in claims.

• The cost to rebuild or repair homes has gone up due to higher material and labor costs.

  Basically, disasters are happening more often, repairs cost more, and insurers have to adjust their rates to keep up. Data from ICE Mortgage Technology helps paint the picture of how the average yearly premium has climbed over the last decade (see graph below):

What You Can Do About It

Homeowner’s insurance is a must to protect your home and your investment. But with costs rising, you’ll want to do your homework to balance the best coverage you can get at the best price possible.

Homeowner’s insurance rates vary widely based on location, provider, and coverage. Shop around and compare quotes before settling on a policy. And don’t forget to ask about discounts. Things like security systems or bundling with auto insurance could help lower your insurance costs.

Bottom Line

When you’re planning to buy a home, it’s important to look beyond just your mortgage payment. You’ll also want to budget for your homeowner’s insurance policy. It gives you a lot of protection against the unexpected. And while it’s true those costs are rising, there are things you can do to try to get the best price possible.

What’s your biggest concern when it comes to budgeting for homeownership? Let’s talk through it and make sure you’re set up for success.

Featured Business: Local Spotlight!

Colorado Springs Social Scene

Military News and Updates

Veteran-led band to debut album at Colorado Springs music hall

When playing a show, Army veteran Tim Meegan used his 105mm artillery shell as a tips jar.

So one day, when playing a gig off Colorado 105, a bandmate suggested a name for the band: The 105s.

“It rolls off the tongue, and we’re, like, ‘Done, sold,’” Meegan said.

Tim Meegan and the 105s will debut their new album, “Race Against Time,” at Phil Long Music Hall on Friday as part of the Mountain West Country Showcase. The concert also will include performances by Colton Hittle, Red Mountain Highway and Ryan Chrys and the Rough Cuts.

Feel free to reach out with any real estate questions—I’m here to help, no matter the state!

Referrals are the biggest compliment, so send anyone my way. Until next time!