Insurance Services» Home Insurance

How to Save on Home Insurance

admin — Thu, 22 Sep 2011 12:22:17 +0000

Many people are familiar with the variety of discounts and savings available for car insurance. For example, student drivers who have good report cards can get discounts, and people who install anti-theft devices in their cars can qualify for major savings. What a lot of people don’t realize is that car insurance isn’t the only type of insurance that has plenty of savings just waiting to be discovered.

If you have been with the same insurance broker for a long time and haven’t bothered to look at other home insurance policies for years, then you definitely need to shop around. Who knows what new deals have materialized since you last checked? For consumers of insurance products, complacency tends to be expensive.

One standard way to cut down on your insurance premiums is to carry a deductible that is higher than usual. A deductible is the amount you are required to pay before your insurance kicks in. Standard home insurance deductibles tend to run around $500. $500 is such a small amount in the grand scheme of things – raise the deductible, pocket the extra cash and throw a couple extra bucks in the emergency kitty just in case.

If you purchase home insurance and car insurance together from the same company, you will probably be eligible for a discount. Also, if all the people who live in your home are non-smokers, you may be able to get an additional discount. Retirees can get discounts and so can people who live in homes that were built within the past 10 years. Home insurance companies love it when people have completely paid off their mortgages, and they love people who haven’t filed an insurance claim within the past 5 years even more. Some companies will allow you to pay less if you pay your entire yearly premium upfront instead of every month as usual.

Some people pay extra for their home insurance in order to insure specific items. If you are doing this, make sure that the items you are insuring haven’t depreciated in value. If the items have, then you can reduce the amount of coverage to reflect the new lower value and save money. Making your house more disaster resistant will reduce your insurance premiums – ask your insurance agent what they recommend you should do. Examples of things they may suggest include adding storm shutters, modernizing your heating and retrofitting your house to withstand earthquakes better.

You can also try to go the route of improving the security of your home. Typically companies will offer a 5 percent reduction if you install a dead-bolt lock. Before you rush to install a pricey burglar alarm that will call the police when tripped, ask your insurance company if they will give you a discount – not all insurance companies will provide discounts for the sophisticated and expensive systems. Rather, ask your insurance company what security systems they recommend and go with those.

LifeCover is a website about life insurance. If you’re shopping for life insurance then it is a good place to start your search.

How to Save on Home Insurance is a post from: Insurance Services

How to File a Homeowners Insurance Claim

admin — Mon, 11 Apr 2011 16:54:18 +0000

If your home is damaged or lost in a disaster, you may be feeling overwhelmed by all there is to do. From accessing the damage to salvaging your family treasures, the process can be painful.

However, the one thing you must understand is how to file a homeowners insurance claim, as doing it wrong could delay the proceedings for you. This, in turn, can lead to even more problems and a lot more stress.

To help you make the process of filing a homeowners insurance claim much easier on you and your family, consider the following helpful tips:

Review Your Homeowners Insurance Policy
Most people do not know exactly what a homeowners insurance policy covers. Before you submit your claim, you will want to do the following two things:

Read over your policy in detail. Will your policy cover the type of disaster that caused damage to your home?
Study the claims process in detail. If your company supplied you with a sample claim for, you can get a better understanding of what they expect. If you did not receive one, check their website for further information on this topic.

Call Your Insurance Company With Questions Before You File
The one thing you do not want to do is to wait to ask your questions until after the claim is filed. Always call them beforehand to ensure you are providing them with the information they need (browse this list of home insurance company claims filing telephone numbers if you need contact details for your insurer). The following are two things you will want to look further into if you discover they will not cover the damage from this particular disaster:

If your policy does not cover the disaster, such as a flood, you will need to ask if they would cover your out-of-home living expenses while you get the damage repaired. Many policies will still provide coverage on this aspect of the claim on the Loss of Use coverage on the policy (sometimes even a car insurance policy will cover home damages so you may not even need to file a home insurance claim but rather an auto insurance claim!)

You also do not want to wait to see what other damages will occur from the situation. For example, if your basement is flooded, you do not want to wait until the water recedes to see what else is damaged. Call your insurance agent and ask them how to handle the matter if further damages are found.

Access the Damage Done to Your Home and Belongings
While the insurance agent will come in and take pictures, you will need to document the damage to your home and belongings, as well. The following are some tips to help you get started:

Take enough pictures or video that it documents all of the damage. The closer pictures you can get, the better they will be for the insurance company.
By separating all of the damaged home items from your own personal belongings, you and your insurance adjuster can get a better idea of the value lost.
Do not throw any damaged items away until your insurance adjuster tells you that it is okay.

Prevent Further Damage from Occurring
The biggest mistake a homeowner can make is not preventing further damage from occurring. For example, if you had a tree come through your roof in a bad storm, until the problem is repaired, you will need to make sure that no water can get through to cause more damaged.

If you were to not step forward and try to prevent anymore damage to your home, the insurance company could claim that you were negligent and actually refuse to pay the claim.

Stay Calm for Better Results
While this may be the most stressful time of your life, you can not let your stress over the situation interfere with the process. The insurance company will be doing everything possible to get an adjuster to your home as quickly as possible. However, if the disaster caused damage to a lot of homes in your area, it could take time. During the process, try to remain as calm as possible and you will get much better results.

When a disaster strikes, a homeowner can quickly become very emotional. The home is where the heart is and it is very easy to become unglued. However, by considering the above information when filling out a homeowners insurance claim, you will find that the process will go much smoother. The main thing to remember is that when you are in doubt, call your insurance agent for an answer.

Author Bio: Susan is a writer and insurance guru. She contributes for both a homeowners insurance quotes website and a car insurance quotes website. She loves finding new ways to save money on insurance almost as much as she loves stuffed crust pizza!

How to File a Homeowners Insurance Claim is a post from: Insurance Services

Are You Undervaluing Your Possessions?

admin — Mon, 07 Feb 2011 13:42:12 +0000

Many homeowners don’t realise just how important it is to have home insurance. With the attitude that nothing catastrophic will happen as ‘it always happens to somebody else’ or simply undervaluing your possessions so that, even if you have insurance, it doesn’t adequately cover the value of the things you own, it’s very easy to do yourself out of important financial aid should the worst ever happen.

Home insurance isn’t just an extra that you should buy if you have extra cash floating around, it’s one of the essentials that you should strive to purchase as soon as possible. Protecting your home and your assets is vital and something that you should really spend time thinking about if you are currently uninsured or underinsured. Imagine something happening that meant the bulk of your possessions were damaged – or what if your home was robbed? And that’s not even considering the possibility of natural disasters and accidental damage, including fire and flooding, earthquakes (however minor) and even things like storms causing trees to fall on your house and similar random occurrences.

In the UK, nearly seven million households are currently underinsured – and, on top of that, a whopping five million plus houses have no insurance at all. But without taking out the adequate insurance to cover your home and contents, home owners are leaving themselves open to financial toils should anything happen. Even with the recession still forcing people to tighten their belts and spend less money if possible, the benefits of home insurance are that it protects what you already own, meaning that if anything happens to it, it won’t be a disaster – and in these tough economic times, that sounds like exactly the sort of thing that sensible people should be considering.

If you don’t have home insurance protecting your home, or you do have a policy and suspect that you haven’t valued your possessions at their true value, it could be time to start thinking about getting a new policy. It may be an extra expense to consider, but when you think about the value of home insurance in protecting your belongings and the home you live in, then it makes a lot more sense than risking it and hoping for the best. Are you undervaluing your possessions? Perhaps – which is why you should get in touch with a home insurance provider and see how you could be protecting your home so you won’t have to worry about anything happening to it.

Jennifer is a part of the digital blogging team at cashzilla.co.uk who work with brands like Confused.com. For more information about me, or to keep up to date with the latest in finance news, check out my posts at cashzilla.co.uk or visit my Twitter account, @cashzilla.

Are You Undervaluing Your Possessions? is a post from: Insurance Services

Confusing Home Insurance Terms Explained

admin — Mon, 20 Dec 2010 17:14:29 +0000

If you have ever had a home repair or some type of natural disaster that did damage to your home, you know how important home insurance is. It is unfortunate that there are so many people that do not have any type of home insurance, and even more unfortunate that there are so many people that do have it, but have no idea what it does for them. To be best prepared, it is important that you know what your insurance policy says, before you have a home emergency. To make it easier, here is a list of terms, explained so that most anyone should be able to understand:

Indemnity is a term that you will see on every insurance policy. Indemnity is the main point of having insurance. Your insurance policy exists so that you and your loved ones may be given back the things that have been lost or damaged; indemnity is the part of your insurance that tries to keep you at the same financial standing after an issue, as you were previously. This is how your items are replaced or paid for, after something has happened to your home.

Act Of God is a very important term on any insurance policy. This refers to accidents and emergencies that occur without any warning or any way to prevent. This term includes damage done by earthquakes, lightning, or even war.

Depreciation is the term used to describe the every day, normal wear and tear your home or other claimable items may have suffered since it was first purchased. When your claim is being decided, your insurer will take into account your item’s value, after normal wear and tear. For extra cost, you may be able to get a “new for old” clause, which will account what you are claiming as new.

Due Diligence is the term used to describe the proper and expected care that should have been taken on any claimable item. If you haven’t taken the proper care of something in or on your home, it is likely that your claim will be denied.

Rebuild cost is the calculated amount that it would cost, if your home were to be destroyed. Your insurer can help you figure this out, or you can have a surveyor out to help you figure you rebuild cost.

Author Byline:

Al writes and blogs on home improvement, home insurance, home security and personal finance issues.

Confusing Home Insurance Terms Explained is a post from: Insurance Services

10 Easy Tips for Cheaper Homeowners Insurance

admin — Wed, 15 Dec 2010 00:47:05 +0000

Location will play a greater role in the price of homeowner’s insurance rates than almost any other aspect of the premium charged by the insurance provider. Risk areas are defined by insurance companies to set higher rates to cover homes in areas where wildfires, earthquakes, floods, hurricanes, and tornadoes are common. Homes that are located outside of city and county fire districts are considered unreachable in enough time to extinguish the fire and save the home so the insurance rates are substantially higher. When seeking to lower the insurance rate on your home, follow these ten easy tips:

1. Seek quotes from multiple providers -
Initial insurance policy premiums vary widely because some companies lure customers away from competitors by offering lower initial rates. Research each company to ensure that each one under consideration has a reputation for paying claims within an acceptable period of time. Check the state insurance board for complaints against insurance companies.

2. Purchase adequate coverage -
Special collections and valuables must be covered under riders that are added to the basic homeowner’s policy. Whenever these items are sold, the insurance policy can be changed to lower the premium. Check the coverage limits on the policy to ensure they are sufficient but do not carry more insurance than required to cover the home and the contents.

3. Insure the home but not the land -
The sale value of a home includes the land underneath, but the land is not at risk from fire, flood, and natural disaster. Verify that the policy specifically covers the structures on the land but does not include the land value.

4. Install safety measures -
Deadbolts, fire extinguishers, fire alarms, security alarms, and fire suppression systems are viewed as fire and theft deterrents by the insurance actuarial department. Each of these measures lowers the perceived threat risk to the home and will reduce the incident occurrence on the property.

5. Update major home systems -
Electrical wiring in older homes is the number one cause of fire in neighborhoods that were built more than thirty years ago. Insurance rates reflect that increased risk, but the homeowner can invest in updates that will reduce the risk to the home and decrease the insurance costs.

6. Leverage multiple policy discounts -
Most insurance providers offer home, auto, and life insurance. When one policy holder purchases all of their insurance policies from one insurer, the company will offer multiple policy discounts on all of the policies.

7. Install optimal roofing material -
In areas where wind and hailstorms are prevalent events, the additional cost to install shingles that are wind and hail resistant will lower the insurance premiums by as much as 15% in one year. Where forest fires are prevalent, fire resistant shingles are normally required by law whenever a roof is replaced. Insurance premiums are lowered to encourage homeowners to use the best roofing materials available.

8. Minimize claims filed -
File a claim against the insurance policy when the claim amount is unaffordable out of pocket. Pay for a broken window to be replaced with a personal check and do not tell the insurance company. Every insurance claim will increase the annual home insurance premium.

9. Avoid pet risks -
Liability coverage is meant to cover any event that may occur on the insured property. Many insurance companies increase premiums for certain dog breeds because of the risk to family members and other people. Other animals are also discouraged because of the perceived risk. Investigate what impact your pets may have on your policy rates.

10. Seek additional discounts –
Certain associations, fraternities, and sororities negotiate group insurance rates for their members. Ask the insurance agent which discounts may be offered for homeowner’s policies in the area.

Most homeowners realize that carrying a higher deductible will reduce the annual insurance premium, but many people do not realize that their credit score plays a role in the premium charged by the insurance provider. Contact your insurance agent and ask about the differences between the various levels of credit scores and then spend some time improving your credit. Ask for any additional discounts that might qualify the policy to retain the coverage limits at a lower annual premium.

Author Byline:

Zach Young has been in personal finance for 5 years. He currently blogs about ways to find a free online insurance quote online and helps people save money online by recommends sites to save money such as savings.com.

10 Easy Tips for Cheaper Homeowners Insurance is a post from: Insurance Services

Home Insurance

admin — Wed, 22 Jul 2009 02:57:11 +0000

A house is often a person’s main asset and protecting it properly is of great importance. The unforeseen can threaten a person’s house or possessions and compromise them financially. Adequate home insurance is truly essential. First time homebuyers may not understand that homeowner insurance covers more than just the structure of a house. In addition to the structure, it covers the owner and as a whole anyone named in the insurance policy, including a life partner, resident, domestic employee, company or visitors. The majority of property insurance policies offer 3 kinds of coverage:

Structures – A house insurance policy covers one’s dwelling for loss due to everyday threats as fire and smoke, lightning, robbery and extreme weather. Unless it is written down in policy’s exclusions, anything that causes damage to a home owner or his possessions is covered. To cover the exclusions, homeowners can frequently pay to add endorsements to their renters insurance on-line policy, although a number of exclusions, like flood loss, might require the acquisition of a separate policy.

Note: When choosing a coverage amount, keep in mind that you are covering the entire home, not simply the amount remaining on your mortgage or your equity in the house.
Possessions – Family possessions and personal property also are covered by home owner’s insurance. In the majority of cases, a policy holder will be reimbursed for damage or theft of individual possessions, whether the damage occurs on the protected building or elsewhere. To ensure adequate coverage of possessions you should make a list of your possessions. Record serial numbers as well the dates and costs of purchases for things like jewels, artwork, furnishings and appliances. Taking a video tour of your house an possessions at regular intervals is a way to add credence to your inventory. Of course, be sure to store both your lists and videos at another location — a safety deposit box is perfect for this.

Note: Typically the insurance company sets the total value of property when you buy a hownowner’s insurance policy. If you do not agree with the amount specified, be sure to raise the issue at that time. Provide your documentation as to the true value of your possessions. You will have to pay more for the coverage if your possessions value is higher, but you want to make sure you can get back to your current living situation given a catstrophic event.
Liability – your home owner’s policy will also provide coverage for liability claims and health costs related to accidents at your house as well as additional claims that result from property damage and personal injury suffered by others. This insurance applies whether a mishap occurs on the policyholder’s assets or while absent from house.

Note: A typical amount of liability coverage is $100,000. In cases where a homeowner thinks that the normal amount may be insufficient, he should consult a home owners coverage professional concerning the availability of a higher level of insurance.

After settling on a home insurance policy, homeowners should periodically go over their coverage amounts to ensure that it give adeqaute coverage taking in to account any major purchases or modifications made to the house. Paying for the right policy at the right cost is essential to ensuring adequate coverage at an effective price.

Home Insurance is a post from: Insurance Services