Posts Tagged ‘comprehensive homeowners insurance’

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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Practical Homeowners Insurance Tips to Remember

Tuesday, February 9th, 2010

One of the first things you must do when shopping for a home is to shop around for the best homeowner’s insurance rates. Many individuals, excited about the whole home buying process, tend to neglect the important of a comprehensive, affordable homeowner’s insurance policy. However, a homeowner’s insurance policy can be your saving grace should your home become damaged or completely destroyed.

With that said, there are a number of practical tips that all homeowners should remember when it comes to homeowner’s insurance:

  • Always check the company and research the agent’s qualifications before purchasing homeowner’s insurance. Make sure that you understand your agent’s qualifications, and that you have a good rapport with him or her.

  • If homeowner’s insurance rates are too steep for your budget, consider raising your deductible to lower your rates. Also keep in mind, however, that a larger deductible will equate to more out-of-pocket expenses should you need to file a claim.

  • Remind your homeowner’s insurance agent about items that can lower your premiums, including fire extinguishers, deadbolts, smoke detectors and home security systems.

  • Consider updating your home to better withstand weather conditions (and prevent homeowner’s insurance claims); this may include stronger roofing materials, better windows and a newer electrical panel.

  • Ask your homeowners insurance company if they provide automatic payment systems or web payment systems; these will make the process of paying your homeowners insurance easier, and may allow you to receive rate discounts from your homeowner’s insurance company.

  • Make sure you have adequate coverage, including replacement cost value. Make sure your valuables, such as antiques and jewelry, are also covered (these may require a separate policy).

  • Consider video taping your home for home inventory purposes. Walk from room to room, properly recording all furniture, electronics and personal items and store the videotape in a separate, safe location, such as a safety deposit box.

  • Consider purchasing separate insurance, depending on where you live. For example, you may want to purchase flood insurance if you live in a low-lying area, as standard homeowner’s insurance policies typically don’t cover flood claims.

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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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