Posts Tagged ‘Windstorm’
Home Owners Insurance - Learn More And Save Money
The family insurance portfolio usually always includes some form of property insurance. The homeowner policy has been around a long time and is purchased every time a family purchases a new home. Homeowner’s insurance is very comprehensive coverage but is very often misunderstood. The typical homeowner always has some kind of maintenance problem. These kinds of problems are sometimes submitted as claims on their homeowner’s insurance. That is where the misunderstanding begins. Homeowner’s policies protect you against losses caused by perils. Maintenance and deterioration problems are never covered by your home policy. Your homeowner’s policy would become unaffordable if that were the case.
Perils Insured Against – Fire or lightning, windstorm or hail, explosion, riot and civil commotion, aircraft, smoke, vandalism, theft, falling objects, the weight of ice sleet and snow, accidental discharge of water or steam, freezing, volcanic eruption, and more. These are the basic perils covered by most home policies.
Homeowner Policy Structure
Section A – The Dwelling – This provides coverage for the dwelling and any structures attached to that dwelling.
Section B – Other Structures – This provides coverage for detached structures like garages, storage sheds, flag poles, fences, and swimming pools.
Section C – Personal Property – Personal property provides coverage for personal property owned by the insured anywhere in the world. There are limitations on certain types of personal property
Section D – Loss of Use – This coverage refers to the additional living expense that the insured incurs when the dwelling becomes uninhabitable because of a peril covered in the policy.
The perils and the policy structure are the essentials that you need to study when purchasing a homeowners policy. Replacement cost verses actual cash value is the next consideration. These are the two methods that insurance companies use to settle claims. The actual cash value method will rebuild your dwelling or replace your property by taking the replacement value and subtracting the depreciation. Replacement Cost will replace your dwelling or personal property with material of like kind and quality without depreciation.
Tags: Accidental Discharge, Civil Commotion, Falling Objects, Family Insurance, Flag Poles, Home Owners Insurance, Home Policies, Homeowner Policy, Homeowners Policy, Insurance Portfolio, Maintenance Problem, Personal Property Section, Policy Structure, Property Insurance, Sleet, Structure Section, Swimming Pools, Typical Homeowner, Volcanic Eruption, WindstormRelated posts
Home Owner Insurance Coverage – What Are The Basics?
Homeowner insurance has a lot of different benefits and features but the actual coverage is divided into two policy sections. These sections protect you from the perils defined in the policy.
Section I
A – The Dwelling – The dwelling and attached structures
B – Other Structures – structures un-attached
C – Personal Property – contents of the dwelling
D – Loss of Use – additional living expense
The list of perils that a homeowner policy insures against are fire and lightning, windstorm or hail, explosion, riot and civil commotion, aircraft, vehicles, smoke, vandalism and malicious mischief, theft, falling objects, accidental discharge of water and steam, sudden and accidental tearing apart, freezing, and volcanic eruption.
Section II
E - Liability Coverage - Personal Liability provides coverage in the event a claim or lawsuit is brought against the insured because of bodily injury or property damage caused by an occurrence.
F – Medical Payments – medical payments provide coverage to others in the event an individual is injured on the premises and requires medical treatment.
These are the basic coverage benefits on a homeowner policy. The next step in the process is to know how much insurance you should purchase. The actual face amount is usually determined by an insurance replacement cost calculator. The calculator needs several kinds of data in order to give you a quote. It will often require the square footage of your home along with info about items that increase the value of your home like air conditioning and fireplaces. There will probably be a question about the percentage of your basement that is finished.
Homeowner insurance policies have two ways to settle a claim. It will either be settled on an actual cash value basis or a replacement cost basis. The actual cash value settlement will assess the replacement cost and subtract any depreciation because of age or use. The actual cash value policies are usually purchased on older homes. Replacement cost settlements replace the loss with like kind and quality of material without depreciation.
Tags: Accidental Discharge, Bodily Injury, Civil Commotion, Cost Basis, Cost Calculator, Coverage Benefits, Falling Objects, Fire And Lightning, Home Owner Insurance, Homeowner Policy, Insurance Policies, Insurance Replacement, Liability Coverage, Malicious Mischief, Medical Payments, Personal Liability, Policy Sections, Value Basis, Volcanic Eruption, WindstormRelated posts
Home Insurance Quotes
With all the rising costs in the world consumers are looking for ways to cut costs and save money. Americans spend billions of pounds every year on their home insurance policies. It does not take a genius to figure out that every homeowner needs insurance, most people consider their home to be their greatest asset.
Thousands of homeowners are reaping the rewards that comes from filling out a FREE home insurance quote. Many are receiving 25-30% discounts on their policies while becoming more educated about the home insurance that is right for them. Here are a few tips that might help you when you are shopping for that “Perfect” insurance policy.
Increase Your Deductible
Just like auto insurance, policies have deductibles, and the same rule of thumb applies–carry the highest deductible you can afford. The higher your deductible, the more premium credit you can expect to receive from your insurance company. Your savings could reach 25% by increasing the deductible from £100 to £1000.
Improve Your Home Security
Most insurance companies offer discounts for smoke detectors, burglar alarms, dead bolts, fire extinguishers, and Neighborhood Watch Areas. Homes with a fire and burglar alarm system hooked up to a third-party monitoring company receive higher discounts than homes with local bell alarms.
Consolidate Policies
Insuring two or more vehicles with the same insurance company can save you 10 - 15% on your premiums. If you cover your homeowners insurance and auto insurance together, you can reduce your premiums by another 10 - 15%.
Construction Type
Before buying a home, consider its construction type, such as frame or concrete block and steel (CBS). A wood frame house typically costs more to insure than one built mostly of concrete.
Verify Distance To Fire Stations And Windstorm Areas
If you live in the country, you’ll probably pay higher rates for your insurance than if you lived in town. Why? It’s because of the longer distance to your local fire station. If you live more than 5 miles from the nearest fire station, and more than 1,000 feet from a fire hydrant, you will most likely pay a higher premium.
Before purchasing your home, you may want to get a quote for both and flood insurance. Insurance companies may not offer you windstorm or flood coverage, depending upon the area in which you live. If your home is in a hurricane prone area and your insurance company offers windstorm coverage, then installing approved hurricane shutters should result in a premium discount.
Claims Free Record And Renewal Discounts
If you have not had a claim under your policy during the past 3 - 5 consecutive years, you could receive up to a 15% discount, depending on the insurance company. Plus, most companies will discount your premium if your policy has been in force for 3 straight years.
Mortgage Free Discounts
Some insurance companies target who have paid off their mortgage and offer them premium discounts of up to 5%.
New And Renovated Home Discounts
A majority of insurance companies offer a discount for new homes, and you may qualify if your home was built in the last 10 - 15 years. Also, a recently renovated home costs less to insure, so find out when the last major electrical, heating and plumbing update was completed on the home.
Live-In House Keeper
Some insurers offer up to a 2% premium credit if you have a live-in employee as they feel it could reduce the likelihood of burglary.
Conclusion
After reviewing the foregoing savings tips, you may think that if you added up all your credits you could receive a 70 – 90% reduction in your premiums. Unfortunately, it doesn’t work that way. Certain safety or other measures you take may qualify you for being placed with the “preferred” company of a particular insurance group. This “preferred” company will be able to give you more premium credits than a standard company is able to.
Tags: Americans Spend Billions, Auto Insurance Policies, Burglar Alarm System, Burglar Alarms, Concrete Block, Construction Type, Dead Bolts, Fire Extinguishers, Frame House, Home Insurance Policies, Homeowners Insurance, Insurance Company, Insurance Policy, Neighborhood Watch, Premium Credit, Rule Of Thumb, Smoke Detectors, Windstorm, Wood Frame, World Consumers