Homeowners Insurance: Premiums set to Go Up and Saving on Costs

Posted on in Home Owners Insurance

Get ready for homeowners insurance premiums to get pushed up around 10% from their current levels.  Al.com is reporting the story at this link.    This Alabama based website mentions some of the reasons that may be causing increasing rates.  We are certainly in a tough economic environment and it will be hard for some people to absorb the additional cost.

 

Are there way s to save money on homeowners insurance coverage premiums that people my be unaware of?  Wmbfnews.com is running a story addressing this.  It could be worth it to review your policy with the carrier or your agent to see if they are covering the appropriate amount.   Go to the story by clicking here.  There are some points  in this article worth checking out that are not always normal thought about and we all need to be aware of how we can potentially save money on coverage.

 

Is homeowners insurance going up in the state of Wisconsin?  After tornados and other types of damaging weather activities last year the answer is most likely.  Navigate to the story here (by postcrescent.com).  It could be a good read especially for those in Wisconsin.  Many people around the nation are going to have to cope with the issue of rising rates.

comments: 0 » tags: , ,

Homeowners Insurance: Rates Going Up, Situations not Normally Thought of and More

Posted on in Home Owners Insurance

Look out looks like homeowners insurance premiums are likely to go up this year.  Some indicators of this are the scale and amount of disasters that happened in 2011 and the fact that some of the biggest carriers say they are planning a big bump up in premiums.  Read the complete story here.  This should be no suprise with what happened last year.  Insurers feel they care taking on more risks and are probably revisiting how they evaluate risk.  Now is a good tie to reevaluate your policy and shop around to see what competitors might offer.

 

Hmmm I wonder if my homeowners insurance might cover me in situations that I might not normally think about.  Forbes is running a story (link here) about questions one might not normally consider if a tree falls down.  It is worth looking at because when asked most people don’t know who is responsilbe in various situations.

 

Think your good with what you have as far as your home insurance policy goes?  Read on for a list of things to consider in a story by fox10vs.com  by going here.  It is a good list to look over and I think that many folkds don’t think about their coverage and making sure it is sufficient enough in providing protection.

comments: 0 »

Homowners Insurance: Here is some Exspensive Coverage, State with High Rates, Etc.

Posted on in Home Owners Insurance

Buying a new home? Well here is something to open your eyes: some mortgage companies are making those they lend to buy expensive homeowner insurance.  The New York Times reports about it and the story is available at this link.  It obvious the lenders are trying to protect their interests but is it fair to just slam those purchasing a home?   Especially since they probably just went through a difficult process to get the mortgage.  Apparently once this forced coverage kicks in it becomes very costly and hassle to take off once proving that one has their own homeowners insurance.  I can’t imagine that regulators and consumer groups haven’t started paying attention to this.  In the mean time the consumer needs to watch their own back and tell the lender what coverage they have immediately before this headache starts.  I hope lenders that use this practice will realize that the slow economic recovery that we are experiencing here in the US doesn’t need consumer confidence undermined any more.

 

What state has the highest homeowners insurance premium rates in the country?  Well its Texas (and if you wondering Florida is 2nd ) KXTS.com is running this story which can be visited by clicking here.   They list some tips on how to potentially get the rates down which is good because consumers need all the help they can get these days.  The weather can be rough in Texas but it has also become more volatile around the country (Hurrican Irene comes to mind).   Rates may be on the rise for many Americans in coming years.

 

Are people purchasing enough homeowners insurance these days?  Apparently most people have coverage but aren’t re-examining what they have often enough.  The article offers some advice as well read more here.  Being effected by an event that costs more than what a homeowners policy pays can be very costly out of pocket and can add more stress to a already stressful situation.

 

Read these helpful tips to keep in mind with homeowners insurance claims.

comments: 0 »

Homeowners Insurance News: Proper Coverage, Premium Increases, FEMA etc.

Posted on in Home Owners Insurance

Do you have proper coverge when it comes to your homeowners insurance? There are several things to keep in mind when reveiewing or considering a policy.  Its important to consider whats in your residence and if those items have appreciated or have depreciated and if your coverage matches up to those things properly.  This would also of course include what the residence itself is worth.  Check out more valuable considerations here.

Are homeowners insurance rates going higher across America?  This answer seems to be yes.  Only 2 areas actually experienced a decline in rates where as for most policy holder premiums ticked up (some as much as 5.8%).  Whether or not will this will be the start of long term increases will remain to be seen.  For more on this click here.

Living through a disaster is to say the least challenging but it can be a little easier knowing what programs are available out there to seek assistance from.  Learn more about the FEMA’s Individual Assistance Program which may be very useful to people that meet the criteria for inclusion.  It can help with things like clothes, a place to stay temporily but its not a replacement for homeowners insurance either.  There are pertinent details to understand:  Check out this story for more.  

 

Ideas for keeping homeowners coverage lower:

comments: 0 »

Homeowners Insurance Protection in the Case of Disasters

Posted on in Home Owners Insurance

Virtually everyone that owns a residence has a homeowners policy but does that policy properly protect one in the case of a natural disaster? Below are a few important considerations to examine closely.

  • Is one in a flood plain or likely to be suject to flooding in their home due to an overflowing water bed or other adverse natural condition/event that could cause damage?  The National Flood Insurance Program issues coverage for this situation and it can be a life saver in a devastating event like hurricane Katrina or the recent Irene.
  • Windstorm protection can be pertinent especially in the case where a tornado or hurricane can be destructive.  Look at the policy closely to see if properly protected and if not consider the appropriate rider.
  • A standard homeowners insurance policy may not guard against a mudslide.  Certain areas of the country are more subject to this type of danger as well as homes on sloping ground or that are on weak soil.  Look into this risk with your insurer, agent and or state insurance department.  Research to see if useful stats are available in this regards.
  • Earthquakes can be devastating and can cause extraordinary damage.  A rider covering this types of event is worth consideration especially for those in areas with active fault lines.  One does not want to find out later after one of these that their policy didn’t protect against an earthquake.

There could be other disasters risks out there not mentioned here.  Talk with an insurance company or broker and state insurance department for more information.

 

comments: 0 » tags:

What to Know about Homeowners Insurance Claims

Posted on in Home Owners Insurance

When something happens to your home it is very unsettling but thankfully you’ve got homeowners insurance.  I’ve highlighted important claims notes here to help:

  • As soon as damage to your home occurs notify your homeowners insurance company.  If its not reported to the insurance company within a short period of time it may look questionable.  Once contacted they will let you know what needs to be done in completing the claim.  Document or keep a journal of all contact you have with the insurance company.
  • Survey the damage that has been done to your home and make an account of what has been damaged or has been lost.  If you’ve compiled an inventory list (highly recommended as it will help immensely in a situation) prior use it to help with this task.  Supplement your written account of damage with video and photographs to further capture details.
  • Make any small fixes that are possible to damaged parts of the house in order to prevent worsening damage.  For instance use ply wood and or duct tape over broken windows to prevent the elements from coming in to cause further destruction.
  • If you’re really worried about getting a fair payment by your homeowners insurance company then consider hiring a public claims adjuster.  They are the advocate of the policy holder and are there to make the process easier and the payment amount fair.   Its important to hire one early in the claims process and to understand they get a percentage of the settlement.
  • Be aware that your homeowners insurance company may try to get out of paying you in full with asking you to sign off on a release form early or sending you a check that indicates “final payment” on it.  If you feel entitled to more than what you’ve received then do not sign either one.
  • When you finally receive the claim check don’t be surprised to see your mortgage company’s name (if you have a mortgage) on the payable line with yours.  If this happens the check will have to be sent to the mortgage company and will be refunded back as repairs are made.
  • Too many homeowner insurance claims in a short period time could throw up a red flag to the insurance company and could  have them thinking “lets drop this policy holder. “    Other insurance companies can look up this information making it very difficult to get a policy for your property with another company.

 

 

comments: 0 » tags: ,

Homeowners Insurance Tip: Make an Inventory List of your Possessions

Posted on in Home Owners Insurance

Its important to inventory the possessions in your home because if there ever is a fire or a burglary settling a claim with the insurance company will be much easier.  Below is list of considerations and recommendations for making a list for your homeowners insurance policy:

  • Take photographs of your possessions (or even capture them on video)  to go along with the written list.  This is a good way to back up your written claim.
  • Provide the inventory checklist to your homeowners insurance company or insurance broker and be sure that they recognize it.
  • Asses the value of what each item is and keep any purchase receipts along with the assessments.  Bear in mind that some things will increase in value and some will depreciate over time.
  • When making this list consider whether or not you have the appropriate coverage for very valuable possessions like jewelery.  Homeowners policies have limits to how much they will pay out and it may be wise to get additional coverage on items that have large values.
  • If your valuables have serial numbers put those details on your inventory list.
  • Keep your inventory list in a safety deposit box (so if something happens to the house the list is kept safe) and make a backup copy.

 

 

comments: 0 » tags: , ,

Make sure Your Vacation Home Is Safe

Posted on in Home Owners Insurance

If you are thinking about renting out your holiday home then you need to make sure the area is safe for other people to stay in.  It also important that you have the right insurance coverage.  Although insurance for holiday homes will cover you against everything,  it is best to have safety precautions in place to avoid even having an accident.

Pool Safety

Safety around the pool is the main thing you need to worry about when it comes to the water. The area around the pool is always getting slippery and this can result in people falling over. if you have not purchased your vacation home or are looking into having one built make sure you look into tiles that are not slippery. Although gravel tiles are irritating for the feet I have to say that it is a lot better than slipping and cracking your head open.

To make sure that any kids guests may take with them are safe then it is best that put up a pool fence around the pool. If guests do not have kids with them then the best thing you can do is simply take down the fence.

Carbon Monoxide

We cannot see, smell or taste this gas meaning it is one of the deadliest ones out there and can kill instantly. If this is breathed in its highest concentration then it would kill you in just 30 seconds, even in its lowest form it can cause long term damage. Install a meter that can pick up even the smallest amount of the gas.

Anything Else

On top of these comes the obvious ones, just check around the place making sure that everything looks safe. Overseas property insurance will help you out but it will not prevent death from occurring. If it is a cottage you own then look into holiday cottages insurance.

comments: 0 » tags: ,

A Few Ideas on Saving Money on Homeowners Insurance

Posted on in Home Owners Insurance

All homeowners with a mortgage are required to have homeowners insurance but not everyone takes advantage of the money saving techniques below.

  • Look into getting a discount for having things like: a security alarm system (especially true if it notifies police there has been a break in), smoke detectors, carbon monoxide detectors, fire extinguishers, a pool that has been secured with a fence and lockable gate, rails along the stairways etc.  Don’t be afraid to ask for a discount from your insurance carrier for things that make your home safer.
  • Have multiple policies with 1 insurer.  For instance having both your homeowners and auto insurance with the same insurance company could save you some nice money.  Dealing with one insurer instead of multiple ones could make things more convenient for you as well.
  • Regularly review the cost of your homeowner’s policy.  Request quotes from other insurers and ask how they can be competitive with your current policy.  If your happy with your current insurer but get a good offer from a competitor (that is less than your current policy), ask your current insurer to match the offer.
  • Consider increasing your deductible.  Now you want to be very careful with this especially if your cash flow is tight because you’ll have to put more money out of pocket if a claim does occurs.
  • Make your home more resistant to potential damage.   This is especially useful when your renovating or building an addition.  For instance if your upgrading your plumbing  or getting fire resistant shingles on your roof etc. ask your insurance company what savings are available for your homeowners policy.
  • Realize that your credit history may affect your policy cost.  Not all insurers look at your credit but the trend is that more insurance companies are.  Potentially saving money on insurance is just another reason to pay bills by their due date, check your credit report for mistakes and be conservative on credit used.

I hope you found this useful as I’m always looking to provide useful insurance information and tips here.

-Phil

insurancecoverage.me

comments: 0 » tags: , , , , ,

Liability Insurance Coverage for Homeowners & 4 Things you Should Know

Posted on in Home Owners Insurance

Liability insurance is the component of a homeowners policy (also know as premises liability insurance) that protects you the homeowner  from liability when another is injured on your property.  This coverage should protect your household members (in which you’re liable) if property damage occurs to an others property.   To illustrate an example in which coverage may protect you:  Your friend comes over, slips and falls on a toy left on your porch by your child.   Below are 3 things you should know about homeowners liability coverage.

  • Believe it or not if a trespasser enters your property and is injured you could be on the hook or in other words liable.   Almost hard to believe, almost sad but true.  This should be reason enough to consider having the liability component of homeowners insurance or increasing the coverage‘s limit.
  • Your homeowners policy may or may not provide you with free liability coverage.  Find out how much you’re covered for.  Bear in mind this may not be enough.  Commonly you’re able to protect your self for $300k, $500k or even $1 million.
  • Its important to note that you usually will not be covered if you intentionally cause an injury.  Definitely review with the insurance company what is covered.  Ask them to get specific regarding how your covered in the event of an accident on your property;  then ask them how negligence comes into play.  Its wise to find out all the nuances so you’ll know if you’re properly covered.
  • If you have or are looking to buy liability coverage find out if you are covered for paying the injured party’s medical bills.
comments: 0 » tags: , , , , , , , ,