Posts Tagged ‘homeowners insurance’

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Protecting Your Home and Everything You Own

Friday, March 19th, 2010

The majority of us work extremely hard for what we have. We take pride in our homes and the things we have acquired through the years. It doesn’t make us materialistic; simply happy to have what we have. However, disaster and chaos can strike at anytime, often without warning. The prospect of losing everything, or even a portion of everything, is certainly not a pleasant thought. What can you do to prepare for the worst?

Homeowner’s Insurance

If you own your home, homeowner’s insurance is a great thing to have. More often than not, your mortgage company will demand carrying of a homeowner’s policy as part of the terms and conditions for your mortgage. Homeowner’s insurance can take care of everything from minor repairs to major repairs and replacement of things contained within the home. You will, of course, have to take inventory of your valuables (including pictures) for them to be covered by the policy, but it’s well worth the time and energy spent to know your losses will be covered.

Homeowner’s policies typically cover theft and disasters. Should a burglar break in, you can count on your policy to reimburse you for the things that were taken. Should you spring a leak, your homeowner’s insurance is there. Most natural disaster’s will be covered too, however, there are often loopholes that preclude certain disasters, flooding being a popular example. Nevertheless, you can often add-on to your policy with disaster-specific insurance to ensure every possibility is covered. Homeowner’s insurance will also cover accidents that might occur involving guests on your property on inside your house.

Renter’s Insurance

You’re a renter, therefore, your landlord carries the homeowner’s insurance, so you don’t need to have insurance, right? Think again. The landlord’s policy is not going to cover the loss of your personal property or any accidents that occur within your home. for a small price, you can get a renter’s policy that will cover your belongings, guest accidents, and certain disasters that your landlord’s policy won’t cover, keeping you protected. It’s a small price to pay to wipe extra worries away.

Whether you own or rent, it is always a good idea to carry some kind of home insurance coverage to ensure that all your assets are always protected.

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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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What you need to Know about Home-Based Businesses and Homeowners Insurance

Thursday, February 11th, 2010

Did you know that your homeowner’s insurance policy may not cover your home-based business?

If not then you are among the majority of people who don’t realize that their homeowner’s insurance policies may not cover losses incurred with their home-based business. With that said, you can secure additional insurance to protect your business from nearly anything from theft and property damage to employee protection and liability.

Your home-based business should not rely solely on your homeowner’s insurance policy, so it is important to consider commercial insurance to protect yourself, your employees, your business and your assets from a variety of misfortunes.

As a small business owner with a home-based business, here are a few types of commercial insurance policies to consider:

  • Business interruption - If you are unable to operate your business due to a natural disaster, commercial insurance may cover your losses for a specific length of time.

  • Crime - If your home-based business is affected by criminal activities, such as theft, vandalism or even computer hackers, your losses may be covered under a commercial insurance policy.

  • Disability - If you have an employee who can not work due to an injury, your commercial insurance policy may pay a portion of his or her salary.

  • Product Liability - If you sell products then it is probably in your best interest to carry product liability insurance. Product liability insurance can protect you and your business from negligence claims that result from your products.

  • Property and General Liability - General liability coverage protects your business and your assets from natural disasters, as well as bodily injury, medical expenses and legal costs.

  • Internet-Based Business - Internet-based businesses can take out coverage that protects their business from damages incurred by hackers and electronic copyright infringement, among other things.

Don’t let your home-based business become jeopardized because of a lack of proper commercial insurance. Talk to your insurance agent about the extent of your homeowners insurance and get the appropriate commercial insurance to protect yourself, your business and your employees.

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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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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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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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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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Mold and your Homeowners Insurance: What you need to Know

Thursday, January 7th, 2010

Mold - in particular, the highly unhealthy black mold variety - can be more than a nuisance in your home.  An infestation of black mold in your home can cause serious health issues and even death; which is why you need to: (a) have your home checked for mold; and (b) make sure your homeowner’s insurance policy covers the cost of mold removal.

The Birth of Mold in a Home

Some insurance companies have excluded mold damage from their policies, particularly in areas known for high mold counts.  Although the deadly black mold has been found in all 50 states, there are some states and areas of the country that have been affected more; likely because of the climates and rainfall amounts. However, there are other things that can cause mold infestation in your home, including leaking or burst pipes and leaking roofs. Unfortunately, many people have growing mold in attics, basements or behind walls that they are unaware of until they start becoming ill.

It is important to understand, however, that mold just doesn’t pose health problems; it can also cause severe structural damage to a home.

Ironically, it is the new construction that often breeds mold, as newer homes employ energy-efficient construction practices, including tight seals and thick insulation, which trap moisture that leads to mold.

Does your Policy include Mold Infestation?

Most homeowner’s insurance policies do not cover mold infestation, unless it is a result of a covered peril, such as a burst pipe. However, non-covered perils, such as a slowly leaking pipe, are considered to be home maintenance issues, and are therefore often excluded in most homeowner’s insurance policies.

Some insurance companies limit the amount of a mold claim, while other homeowner’s insurance companies have completely excluded mold claims, regardless of whether they result from a covered or non-covered peril.

Many insurance companies have begun raising premiums as a result of an influx of mold claims, while others have simply begun limiting the claims. Because of these factors, it is extremely important to understand your homeowner’s insurance policy so that you can be better prepared to deal with a mold-related claim if it arises.

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