Archive for the ‘Home Insurance’ Category

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How to Find the Best Homeowners Insurance Company

Tuesday, March 9th, 2010

Where can you find the best homeowner’s insurance company?

The first place to look when considering a homeowners insurance company is the reputation, history and financial standing of the company. These numbers can prove invaluable, as they will be a clear indication of how well the company manages both its money and its customers.

Where to Begin your Search:

  • Consumer Rankings - Start your search at JD Power & Associates. This independent information company is often a great source for information on homeowner’s insurance companies. They essentially perform surveys that provide consumers with unbiased information and ratings on a number of products and services, including homeowners insurance.

Some of the information you may be able to locate through JD Power & Associates includes: policy prices; policy options; customer service; and claims. The rating chart they use is quite simple to read and understand, thereby providing you with very helpful information regarding homeowners insurance companies.

  • State insurance department - Another great source for homeowner’s insurance company information is through your state insurance department. Most states have easy-to-navigate websites that provide a lot of great information about insurance companies of every kind, including homeowner’s insurance companies. One of the best sections to review is the consumer complaints section, as this provides much information about complaints made against insurance companies. This is often a great way to find out exactly how reliable the company is, and how it treats its customers.

  • Financial Status - Another useful way to examine a homeowner’s insurance company is to check out their financial rankings. This is useful because it is often a clear indication of the insurance carrier’s ability to pay its claims.  A good source for financial rankings among homeowner’s insurance companies is AM Best (www.ambest.com).

Use the power of the Internet when searching for information on homeowner’s insurance companies, as it is often a great resource for everything from consumer complaints and ratings to financial rankings and history. Remember that your choice is an important one, as you are protecting your largest investment.

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The Top Four Things you must have to Protect your Family and your Home

Wednesday, February 24th, 2010

For most people, one of the most important things they can do is ensure that their family and their home and its contents are protected.  In order to accomplish this, there are a few essentials that you should always have to protect your family and your home:

  1. Smoke and carbon monoxide detectors on every floor - Make it a point to install smoke detectors and carbon monoxide detectors on every floor of your home. Most smoke detectors are sealed now, meaning that there are no batteries to change, so consider purchasing one of these newer detectors. If your smoke detectors do take batteries, then follow the general rule of replacing them twice a year. A good way to remember to change the batteries in your smoke detectors is to do it when the clocks are changed. Most carbon monoxide detectors are plugged into an electrical outlet, but you may also want to consider one that operates on batteries in case you lose your electrical power.

  2. Fire extinguishers on every floor - Fire extinguishers are essential for your home, as well, especially near the kitchen. Replace them every few years or when the manufacturer recommends, and teach all members of your family (as well as yourself) how and when to use them. If you need guidance on the proper way to use a fire extinguisher, contact a member of your local fire department for a quick tutorial.

  3. Home security devices - Home security device can be anything from deadbolts to alarm systems. Only you can decide what is best for your family; however, you may also benefit from speaking to a security specialist who can recommend ways in which you can secure your home.

  4. A comprehensive homeowner’s insurance policy - One of the most important things you can have is a comprehensive homeowner’s insurance policy. Review it annually to make sure it still covers your home and its replacement value, and consider purchasing insurance riders if you want to insure costly antiques or jewelry. If you are looking to save money, resist the urge to lower your benefits; instead, consider raising your deductible to save on monthly premiums.

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Protecting your Home from Damage during Extreme Winter Weather Conditions

Wednesday, February 17th, 2010

This winter has thrown much of the country into a deep freeze, complete with heavy snow and ice.  With all of the severe winter weather blanketing much of the country, homes are experiencing considerable damage.

Although we can’t prevent all damage caused by the cold weather, ice and snow, there are things we can do to protect our home, our family and our visitors.

Here are some winter-weather home tips to keep your home safe and keep your homeowners insurance claims to a minimum:

  • Remove snow and ice from your walkway, driveway and sidewalk as soon as possible.
  • Prevent ice dams in your gutters and downspouts by clearing them of leaves and other debris.
  • Keep the interior of your home to at least 65 degrees to prevent the pipes from freezing and bursting.
  • Know where your main water shutoff valve is located in your home, and make sure you have easy access to it in case of a water problem.
  • If you lose the ability to heat your home, keep all faucets at a slow drip to prevent the pipes from freezing.
  • Turn off all outside spigots and remove all outdoor garden hoses.
  • Trim back any dangling tree branches from your home. They can break off and cause damage if they become heavy with snow or ice.
  • Have your fireplace and furnace inspected before the beginning of each winter season to ensure they are working properly. Keep your furnace filters clean as to prevent the furnace from working too hard.
  • Purchase carbon monoxide detectors and place them on every floor of your home.
  • Knock off all dangling icicles from the entrance of your home, as they can cause severe injury if they drop onto someone.
  • Never, ever leave a space heater or kerosene heater unattended.
  • Never, ever use your oven or stovetop to heat your home if you lose power.
  • Make sure all windows and doors are properly caulked and insulated as to save on energy costs.

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Important Steps to take if your Home is Damaged in a Storm

Friday, February 12th, 2010

The next time the wind is howling and the rain is pelting against your windows, you may be in for a big surprise, as often strong storms can lead to a damaged home.

Once the storm has cleared and you are able to clearly see the extent of the damage, you must act immediately so that you can be assured that you are covered under your homeowner’s insurance policy. In other words, if you delay filing a claim, you may be out of luck when it comes to recovering money for your damaged home.

Here are some helpful tips for taking care of business if your home becomes damaged by a storm:

  • Pull your homeowners insurance policy out and carefully read the policy’s terms and conditions so that you can be sure that your policy covers your specific type of damage. For example, a leaking rook would likely be covered, but a flooded basement likely would not.

  • Call in a contractor to assess the damage and provide you with a repair estimate. It is important to get a quote (or several, if necessary), so that you can make the determination regarding whether your damages exceed your policy’s deductible. In other words, it doesn’t make much sense to contact your homeowner’s insurance company and begin the tedious process of filing a claim if your damages amount to only a few hundred dollars.

  • Once you have received a quote, it is time to make a call to your homeowner’s insurance company. However, think hard about whether you want to make a claim, as this could potentially raise your homeowner’s insurance rates. In other words, if the damage is minimal and your homeowners insurance would only cover a few hundred dollars, you may be better off paying for the damages out of pocket and forgoing the process of filing a policy, as the increase in your homeowner’s insurance premiums will likely exceed the damage amount.

  • Don’t forget to take pictures of the damage and keep all receipts and repair paperwork so that you have a clear paper record of the damage and the subsequent repair.

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When to Contact your Homeowners Insurance Company

Tuesday, February 9th, 2010

We all want to make sure that we have the best, most comprehensive homeowners insurance so that we can be sure our home, our valuables and our families are adequately protected in case of a home-related disaster or injury.

But many of us simply don’t take the time to consider the many things that can affect our homeowner’s insurance rates. In particular, the homeowner’s policy that you originally took out years ago may not work well for you today.

So, the question is: are you adequately protected? The only way to make sure that your homeowners insurance is still adequate is to contact your homeowner’s insurance agent on a regular basis; at least every two to three years. In addition, it will probably benefit you to contact your homeowner’s insurance agent when:

  • You perform extensive renovations, improvements or upgrades - Any remodeling or renovation projects that add to the value of your home should probably be reported to your homeowner’s insurance company. In addition, take pictures, keep receipts and even video record your new improvements so that you have proof should you need to file a claim. Some of the reasons you may contact your homeowners insurance company include: deck, finished basement, addition or large remodel, such as a bathroom or kitchen.

  • You purchase expensive artwork, jewelry or antiques - The addition of expensive personal effects to your home will probably require an additional policy rider. Since most homeowners insurance policies do not cover such expensive things as jewelry and antiques, your homeowner’s insurance agent will probably recommend an extra policy to cover these items.

  • You install a swimming pool, hot tub or trampoline - Any type of outdoor recreational item that may create additional dangers should be reported to your homeowner’s insurance company. In the case of trampolines, some homeowners insurance companies do not even allow them because they pose too big of a liability issue. Don’t get caught with inadequate homeowners insurance should a guest become injured in your swimming pool or on your trampoline! Be prepared and always provide this information to your homeowner’s insurance agent.

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Your Common Homeowners Insurance Questions Answered

Thursday, January 28th, 2010

Homeowners insurance is more than just a requirement for a home loan; it is a must for all homeowners who want to protect themselves, their families, their home and their assets.

Don’t take your homeowners insurance policy for granted, as it may one day protect all that you have worked so hard for. With that said, there are a number of common questions homeowners have when it comes to homeowners insurance:

Q:  Does my homeowners insurance cover natural disasters?

A: Perhaps. Certain natural disasters, such as wind or hail damage, are typically covered by most homeowner’s insurance policies. However, natural disasters such as earthquakes and floods are not. The only way to find out what disasters are covered by your homeowners insurance policy is to read the policy. Both flood and earthquake insurance policies can be purchased through the federal government.

Q: Does my homeowners insurance protect my most prized possessions?

A: This is a gray area. Your homeowners insurance should be adequate enough to cover the assets within your home; however, if you have many possessions that are of significant value, such as jewelry and antiques, it is best to take out additional insurance to cover their value.

Q: Will my homeowners insurance provide me with enough money to rebuild in case I lose my home to a fire?

A:  Again, perhaps. There are two different types of policies you can take out: the replacement value or the current value. In other words, if you take out only enough insurance to cover the cost of your home, this may not be enough to build anew home; in which case you would fall short of rebuilding your home. Make sure your policy is written as such as provide you with enough money to rebuild your home and replace its contents.

Q: Where can I shop for homeowners insurance?

A:  Homeowners insurance can be purchased through your local insurance company or it can be purchased online. There are many websites that allow you to get online homeowners insurance quotes and also compare costs between insurers. Many times, purchasing homeowners insurance through the same company who carries your auto insurance policy can save you money, as many insurance companies offer multi-policy discounts.

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What to do when your Homeowners Insurance Carrier Drops you

Monday, January 25th, 2010

Unfortunately, your homeowner’s insurance company can choose to drop you at any given time, without even an explanation. For many homeowners who have religiously paid their premiums, this can come as quite a bit of a shock.

Your Insurer Drops you - now what?

Many insurance carriers choose to drop a section of homeowners for various reasons, none of which usually has to do with you. For example, your homeowner’s insurance carrier may choose to cut ties with certain areas of the country because of a great deal of natural disasters. Some carriers, on the other hand, may choose to drop you after you have filed a large claim. In both cases, they are within their legal rights to drop you.

This, however, leaves you in a precarious situation of finding a new homeowner’s insurance carrier before the contractual period on your policy has ended. Many individuals across the country - particularly those affected by Hurricanes Katrina and Ike - have discovered that their homeowner’s insurance carrier has decided not to renew their policy.

Insurance companies must give you at predetermined period of time - such as 45 to 60 days - to find a new insurer, although the time period varies from state to state.

When to Find a New Insurer

Although the likelihood of convincing your current insurer to keep you on as a policy holder is small, you can find a new company. A good first step when choosing a new homeowner’s insurance carrier is to either contact your state department of insurance or contact an independent broker who works with multiple insurance companies.

Where to Look for a New Policy

Although your homeowner’s insurance carrier may have dropped you, it doesn’t mean that you can’t find a good rate on homeowners insurance with another company, so be a savvy shopper and check for rates with several different insurance companies.

You may have more leverage with an insurance company if you have a good credit score and if you agree to carry multiple policies through them, such as homeowners and auto insurance.

If you find that homeowner’s insurance rates are too pricey for your budget, consider raising your deductible. Many times, raising your homeowner’s insurance deductible by just $500 to $1,000 can save you quite a bit every month on your homeowner’s insurance premiums.

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How to Eliminate Homeowners Insurance Claims during the Winter Months

Friday, January 22nd, 2010

We all want to keep our homeowners insurance premiums to a minimum to save money each month, yet each time we file a claim we run the risk of having our premiums raised. It is therefore a must to do what we can to eliminate filing an insurance claim.

The winter months, in particular, are a time when homeowner’s insurance claims go through the roof across the country. This is due, in part, to the ice and snow that accompanies many winters throughout the country. From ice and water damage to frozen pipes and slip-and-fall accidents, there are many instances in which a winter storm can bring upon an influx of homeowners insurance claims.

There are, however, steps you can take to prevent needless homeowner’s insurance claims during the winter months:

  • Keep your tree limbs cut back; particularly those that hang over your home. Winter storms can bring them down on your house, either because of wind or ice, thereby damaging your home in the process.

  • Keep the interior of your home heated to at least 65 degrees to prevent pipes from freezing. Wrap any exposed pipes with pipe insulation to further protect them from freezing.

  • If you lose power during a winter storm and lose your home’s heat, open all faucets and let the water drip slowly. This will prevent the pipes from freezing.
  • Always make sure your fireplace or wood stove is properly vented and has been serviced by a professional fireplace technician.

  • Never, ever leave space heaters unattended, and always position them far away from any flammable material, such as curtains, rugs or bed linens.

  • Always keep your sidewalk, walkways and driveway free of snow and ice. Check with your city or borough about laws regarding the removal of snow and ice from your property.

  • Make sure your gutters have been thoroughly cleaned before the winter weather begins as to clear them of any leaves and debris that can cause ice dams in the winter.
  • Disconnect the water from all outside spigots before freezing weather begins.

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Valuable Homeowners Insurance Add-ons to Consider

Friday, January 15th, 2010

Having comprehensive homeowners insurance provides homeowners with a sense of safety and security; that is, until you find yourself in a situation where your home has been damaged but your homeowner’s insurance provider is refusing to pay out on the claim.

When was the last time you checked your homeowner’s insurance policy? Do you understand what is covered and what is not? Have you ever bothered to read your homeowners insurance policy?

If not, you are like most homeowners. They take out the policy and then just assume that their policy will adequately protect them, their family, their homes and their belongings.

But the reality is that there are a number of major disasters that simply aren’t covered under a standard’s homeowner’s insurance policy:

  • Flood - Your home is simply not covered under a standard homeowner’s insurance policy in the event of a flood. Many people choose not to take out flood insurance because they don’t live in a flood plain, only to have thousands of dollars worth of damage when a flood occurs. Flood damage can extend far beyond water damage; it can create mold problems that can risk your family’s health. In other words, floods can create problems that cost thousands of dollars and require extensive home repair.

  • Earthquake - A home that is damaged in an earthquake is not covered by a standard homeowner’s insurance policy, which is why most individuals who live in earthquake-prone areas carry additional earthquake insurance. Most earthquake insurance policies are taken out through your state’s insurance department.

  • Expensive jewelry and antiques - If you have expensive jewelry or antiques you will want to take out a floater to your policy that covers these things.  Most homeowner’s insurance policies only cover your home’s assets up to a certain dollar amount, and expensive jewelry or furniture could significantly raise the value of your assets, some of which may not be covered. It is also important to take pictures and have the items appraised so that the process of making a claim can go easier.

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How to Make a Home Inventory

Wednesday, January 13th, 2010

One of the best things you can do to protect your home’s assets and make sure that your homeowners insurance covers their replacement in case of a total loss, is to make a home inventory.

A home inventory is essentially a documented list of all of your home’s belongings; in particular, your furniture, electronics, appliances and home accessories. Without a home inventory, the process of making a homeowner’s insurance claim may be quite a bit more difficult and time consuming. If you have a comprehensive home inventory list, however, you can rest assured knowing that your home’s belongings are properly insured.

The easiest way to make a home inventory is to assemble a list of all of your home’s contents, from room to room. Keep receipts, assess their value and record the date of sale. It may also help to record the make and model numbers of your electronics and appliances.

It is also extremely helpful to make a recording or take pictures of all of your home’s assets. Then, keep your inventory and video recording or pictures in a safe place, such as in a safe or outside of your home, such as in a safe deposit box. Simply walking from room to room, recording each room’s contents, is usually the best way to make proper home inventory.

What to Include in your Home Inventory:

  • Televisions/VCRs/DVD players/Blue Ray players/stereos/Video cameras/Cameras
  • Washer/Dryer/Air Conditioner/Furnace/Heat Pump
  • Carpets/Area Rugs/Window Treatments
  • Lamps/Light Fixtures/Chandeliers/Clocks/Mirrors/Pictures/Art Work
  • Sofas/Chairs/Dining Room Furniture/Bedroom Furniture/Tables/China Cabinets/Entertainment Centers
  • Pianos and other Musical Equipment
  • Silverware/Crystal/China
  • Apparel/Shoes/Coats/Furs/Suits/Dresses
  • Jewelry (you may need a separate policy if your jewelry exceeds a certain amount)
  • Refrigerator/Stove/Freezer/Microwave/Dishwasher/Small Appliances
  • Office Equipment - File Cabinets/Computers/Printers/Scanners/Fax Machines/Business Supplies
  • Sporting Equipment - Bicycles/Golf Clubs
  • Outdoor Equipment - Toys/Luggage/Small Boats/Trailers/Lawn Mower/Snow Blower/gardening Tools
  • Tools - Power Equipment/Hand Tools
  • Antiques - In the case of antiques, it is often best to have them appraised for value and then to take out a separate homeowners insurance policy to ensure that their value is protected.

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