by insurance | Dec 22, 2018 | Insurance Guide
As far as insurance goes, homeowner’s insurance is extremely necessary these days. Given the current unpredictable weather conditions and the chance of hazards while you are away from home on personal or official work, having homeowner’s insurance can be a great thing.
To many people, homeowner’s insurance is unnecessary. This is because they consider it as more of an unnecessary expense. However, one should not be looking at it in this way. After all, the amount that you pay every month as home insurance premium is a very reasonable one.
In return you get valuable protection. Those who secure a home mortgage generally have to secure a homeowner’s insurance as part of the mortgage process. The lender generally requires this. With this policy, one’s house is covered for all basic accidents.
COVERAGE PROVIDED BY HOMEOWNER’S INSURANCE
In the case of standard policies, here are some of the things that get covered:
– Coverage for losses due to damages to your home’s structure — Any damages to the structure of the house will be covered by the homeowner’s insurance. This includes damages caused by lightning, fire, hailstorm, snow storm, theft, vandalism, and leaks from the plumbing, as well as frozen plumbing.
– Coverage for losses on personal belongings — Home insurance will provide coverage for the loss of personal belongings. This would comprise TVs, furniture, bathroom fittings and the like. This coverage usually ranges from 50% to 75% of your home’s structure coverage.
– Provides for temporary living expenses — In the event that your home is damaged and is getting repaired, you might need to temporarily live elsewhere. If such a thing did happen, you could rest assured that the accommodation expenses that you incur would be paid for by the policy.
– Provides for Personal Liability Coverage – If someone who visited you happened to have an accident in your home, where you were an inadvertent cause, he may sue you for damages. Most standard home insurance policies take it upon themselves to pay these legal fees.
HOME INSURANCE POLICY TYPES
Home insurance policy types are denoted as HO-1, HO-2, HO-3, HO-4, HO-5, HO-6, and HO-8. HO-3 is the one most opted for. It offer comprehensive coverage and is closely followed by HO-4. HO-5, HO-6, are for condominium owners and HO-8 is for older homes. HO-1, HO-2 offers limited coverage.
SUMMARY
Yet, before finalizing a deal, make sure you read the fine print carefully. Check how all the terms and conditions would apply in the event of a claim? After you take up a homeowner’s insurance policy, check up on the coverage offered by the insurance company. Keep up with all the latest updates. Based on this, insurance companies would either add something new or make modifications on the coverage that they offer.
Home insurance is not something that is only applicable to homeowners. People in rented homes, for instance, can avail of a renter’s insurance policy. This form of home insurance offers coverage for damages to personal belongings.
One thing to note about the different home insurance policy types is that most of them do not provide coverage for damages caused by hurricanes, floods and earthquakes. Natural disaster coverage is available only with a limited number of dealers. You would have to apply specifically to them.
by insurance | Dec 22, 2018 | Insurance Guide
It’s no secret that State Farm Insurance is a huge insurance company in America. State Farm Insurance offers automobile, life, health, disability, long term care, business, boat, farm and ranch, volcano damage, personal, and community organization insurance policies. Of course, they offer home owner insurance as well, which branches out to mobile home owner insurance policies, renter insurance policies, and condo owner insurance policies.
So, if you’re looking for a State Farm home owner insurance quote, it’s probably safe to say you’re going to be in good hands. You can obtain a State Farm home owner insurance quote online, or you can search for your nearest State Farm home owner insurance agent by providing your home state and zip code.
Aside from being able to obtain a State Farm home owner insurance quote online, or being directed to your nearest State Farm home owner insurance agent, State Farm Insurance also offers you the ability to manage your insurance policies online, make payments online, and file claims online – all regarding your State Farm home owner insurance policy.
State Farm Insurance also provides information to help you better understand the worth of your home, how to safeguard your home by taking a look at your home’s roof and creating a disaster survival kit, and even offers a “Free Property Information Organizer.” Most of the little extras that State Farm throws in are all available via State Farm software, which makes these useful resources even more user friendly.
Choosing to get a State Farm home owner insurance quote is a safe way to go when searching for a home owner insurance quote. Plus, the helpful perks make getting a State Farm home owner insurance quote even more appealing. So, when you’re looking for a State Farm home owner insurance quote, you will likely get more than you bargained for – even if you decide not to purchase a State Farm home owner insurance policy!
by insurance | Dec 22, 2018 | Insurance Guide
Last year the UK’s average premium for Buildings Insurance increased by 1% to just over £205 and the average for Contents Insurance rose to £151, up 2%. But within the market we’ve seen some much bigger rises – if you’re with Norwich Union you’ll have seen your premium rise by around 6%.
So what’s going on? Every year we see premiums rising. Surely with so much competition in the home insurance market, you wouldn’t expect to see such inexorable rises in premiums?
Let’s consider the situation more carefully.
The cost of repairing and rebuilding houses is a reflection of the rising price of labour and building materials. This means that cost to the insurers of claims under the buildings cover similarly rises. So as their costs rise, so do your premiums. And there’s also the indisputable fact that cost inflation also affects the insurance companies own operating costs. Wherever possible, they’re bound to add a little extra on for that!
Then there’s that lovely British weather. Michael Fish could be forgiven for believing we don’t live in a hurricane zone, but nevertheless it’s a fact that storms, and especially floods, are becoming ever more frequent. Flood damage can be particularly destructive with, according to the Association of British Insurers, the average insurance claim ranging between £15,000 and £30,000. And during the last 18 months we have seen particularly destructive floods create headline news at Helmsley in North Yorkshire, Carlisle, and Boscastle in Cornwall. Those events must have cost the insurance companies multi-millions.
The other area where costs have been rising is burglary. The average burglary claim has now risen to around £1,400. There seem to be two reasons – firstly burglars are finding pickings easier to come by and move on. Modern family homes are packed with valuable electronic gismos – from laptops to I pods, digital cameras and flat screen TV’s. The other reason is that burglars are targeting well-off neighbourhoods more and more.
Against this background the insurance companies are able to price home and contents insurance down to individual postcodes. If their records show a problem with flooding, or subsidence, or an increasing incidence of burglary in you immediate area, their computers will load your premium to reflect the additional risk.
Your no-claims discount will only serve to offset these upward pressures to a certain extent. And don’t forget that once you have a five years no-claims record, your discount doesn’t increase, it’s capped. Thereafter, all the premium increases will land fully in your lap.
So what can you do to save money?
The most important step by far, is to shop around every year for the best available deal. Maybe it’s a chore, but thirty or forty minutes on the Internet (including ten minutes on this web site!) will yield you results. Within that space of time you’ll have found the cheapest insurer and, as an online customer, you’ll probably have qualified for an additional 10% discount. Then you can always agree to pay by direct debit – that’ll also trim off a bit more.
Of course there are other things you can do, especially in the arena of home security. Join the local neighbourhood watch scheme, install security locks on your windows, fit external security lighting, up-grade the locks on your doors and get a burglar alarm. Added security will earn you discounts on your insurance but will cost you money to install! Perhaps the added peace of mind alone will be worth the cost. Only the local neighbourhood watch scheme arrives free!
The best general rule is don’t stick with the same insurance company too long. Keep them on their toes. They have a tendency to take loyal customers for granted. Yes, it really does pay to shop around – try it and prove it to yourself!
by insurance | Dec 22, 2018 | Insurance Guide
The best homeowner insurance is the insurance that best meets your needs. The insurance shopper that takes the time to understand the basic elements of home insurance will have much more confidence and sense of satisfaction when making an insurance purchase. The homeowner policy has been around for a long time and so most of us have a general concept on how the policy works. The more you know about the market value of your home and the approximate cost to rebuild it the better off you will be when shopping for the homeowner policy.
This kind of knowledge is the foundation for determining what kind of policy to purchase. The age of your home has a direct bearing on the market value. The older homes built in the 1900’s have much lower market values today because most of them have depreciated. The market value for an older Victorian style home may be $50,000 but the actual cost to rebuild that home may be $200,000. The older homes that depreciate in market value are insured with actual cash value policies. They are often called market value policies. These policies will reimburse you for the market value of your home when there is a total loss. The market value policy is the best homeowner policy for the older home that has depreciated.
The replacement cost policy is better designed for newer homes or homes under construction. The replacement cost of a home and the market value are almost the same. Replacement cost is applied to the dwelling and most often to the contents of the dwelling. Replacement cost will repair or replace any loss with like kind and quality of materials without depreciation.
The best homeowner insurance for you will be determined by the age and market value of your home. The discounts for older and newer homes are the same. The protective device discount for deadbolt locks, smoke detectors, and fire extinguisher apply to both types of policies. Fire and burglar alarm systems are additional discounts that could be applied to both older and newer homes. Check our recommended insurers for more details.
by insurance | Dec 22, 2018 | Insurance Guide
Making a purchase as big and important as a home owner insurance policy should be taken seriously. Undoubtedly, you want to purchase your policy from the best company, as well as get the best home owner insurance quote.
How can you do that?
When it comes to home owner insurance quotes, what sets the insurance companies apart?
Home owner insurance companies are set apart in many ways. Look at the rating of the home owner insurance companies in question, as well as whether or not they are licensed to do business in your state. Home owner insurance companies also differ in the level of coverage they offer and the kinds of coverage you can add on to your home owner insurance policy.
While you’re shopping for the best home owner insurance quote, find the company’s rating. This will let you know how financially stable the insurance company is. Talk to family members, friends, and neighbors about the home owner insurance companies with which they do business. Unless they are employees of the company, they’ll be more than willing to dish the dirt – both good and bad.
What really makes the best home owner insurance quote?
The best home owner insurance quote varies from person to person. You want to get a quote for a home owner insurance policy that offers the exact coverage you want at a rate that will not completely drain your bank account. Therefore, you need to check out several different home owner insurance companies. Ask about coverage, price, additional coverage, and discounts.
Where can I find everything I need to know about home owner insurance in my state?
Your state’s department of insurance has all the information you need to know about home owner insurance coverage in your state. The insurance department will also be able to provide you with a list of home owner insurance companies and agents licensed to do business in your state.
by insurance | Dec 22, 2018 | Insurance, Insurance Guide
When it comes time to purchase an automobile insurance policy, it can be confusing trying to decipher the terms and policy inclusions. Unless you know what you are looking at, it will be very difficult to determine which policy best meets your needs. The last thing you want to do is pay more than you need to for coverage that is less than you ideal. Read on for some insights into the world of vehicle insurance policies and how they can work to your benefit.
When you receive a quote for automobile insurance, you will likely be quoted rates for the amount of coverage that the insurance agency wants you to buy. However, you should be aware that this is not always in your best interest. They will almost always try to get you to buy more than what you actually need. The first to consider in determining how much coverage you need to is look at the value of your car. There is no reason to buy coverage for $100,000 when your car is only worth $10,000. Even if your car is totaled in an accident, your insurance company will only pay you the value of your car – so why buy more coverage than your car is worth? Don’t fall for this trap. Save the money and only purchase what you really need.
Liability insurance covers the other car if you have an accident and you are at fault. Liability insurance is required by law in most states, so you must carry this coverage if you own and operate a motor vehicle. Each state will have a specified amount of coverage that you must purchase, so always know the laws where you reside. In many cases, this amount will range from $10,000 up to $50,000. Liability insurance is the one place where you do not want to pinch pennies, as you could easily damage a car that is worth much more than your own. Your insurance company will only pay up to the amount of coverage you purchased, leaving you potentially with a whopping bill to pay. Typically, it will only add a few extra dollars to buy more liability coverage, so play it safe and pay the cost.
Property damage can cover anything from a vehicle to exterior surfaces such as buildings, sidewalks or any personal property. This could include bicycles or city property like stop signs and utility poles. Insurance for property damage can also include items within a vehicle, such as computers or cameras.
Be aware that many people drive without automobile insurance, regardless of the fact that it is against the law. This means that you could easily be involved in an accident that is not your fault, but the other driver has no insurance. If this happens, you will have the burden of trying to force this person to pay for the damage to your vehicle. Chances will be high that they do not have the funds to pay. For this reason, it would be wise for you to purchase uninsured motorist coverage. This will cover your vehicle if you get hit by someone who does not have insurance. The cost for this coverage is minimal compared to the benefits, so be sure to include this coverage, even if the insurance company does not actively recommend it.
Understanding these basic things about vehicle insurance can make a big difference in the coverage you end up having. Be informed and then relax, knowing that you are covered.
