Money Does Matter

Myth #1: Standard home insurance covers flood damage.

Fact: Standard home insurance does NOT cover damage caused by a flood. If you feel that you need coverage for a flood you should purchase a separate flood insurance policy.

Myth #2: The Medical Payment portion of my homeowners insurance will cover injuries to me and my family.

Fact: MedPay, a common feature of standard home insurance policies, is there to protect you in the event that someone other than you or your family (a neighbor, friend, etc) gets hurt on your property and they do not want to sue you. MedPay will typically cover up to $1,000 for each covered claim to someone outside of your family. If you or your family, however, gets hurt on your property they are not covered by your home insurance policy.

Myth #3: If my home is ever lost, my insurance company will reimburse me for whatever I tell them I owned at the time of loss.

Fact: In the event of a covered loss your home insurance company will ask you to make a list of everything you own and include specific details such as purchase price, date of purchase, serial numbers, etc. (Imagine trying to do this from memory!) The best way to avoid this situation is to have a home inventory already put together. Use a checklist like this one: http://homeinsurance.com home insurance home inventory checklist. Make sure to include photos, receipts, serial numbers and anything else that will help you prove ownership. Don’t risk not having everything replaced in the event of a disaster. Make sure to keep your inventory in a fire proof safe or at a friend’s house so it is still around when you need it!

Myth #4: If I file a home insurance claim, my home insurance premium will definitely go up.

Fact: While many home insurance companies do look at your claims history, there are many other factors that determine how much you will pay for home insurance. Filing one claim over a period of a few years might not increase your home insurance premium. To be on the safe side, always think twice before filing a claim for minor damages to your home. Consider your deductible. If the total cost of repair is not too much more than your deductible you might want to consider paying for the repairs yourself. While this might cost you more upfront, it might save you from an increased premium. If, because of a stroke of bad luck, you have to file multiple claims over a period of a few years and your premium is steadily increasing, rest assured there are other ways to save on your home insurance. Ask your agent about home insurance discounts. Sometimes simply installing a smoke alarm, burglar alarm system or by adding your auto policy to your home policy, you can save a great deal of cash.

Myth # 5 All of my valuables- like jewelry -will be covered in the event of a burglary.

Fact: There are limits on the amount of coverage you can receive for valuable such as jewelry, furs, etc. For example, most companies put a cap of $1500 on total jewelry lost during a burglary of your home. If you find that your jewelry values over $1500 you should talk to a home insurance agent and schedule an endorsement on your policy giving you additional coverage.

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Although you may spend more for other types of insurance such as automobile insurance or medical care insurance, house owners insurance can cost a pretty penny today. Getting the best deal starts with shopping around with different carriers or having a reputable insurance broker do the shopping for you.

Coverage are at least as important as premium. A cheap homeowners insurance policy that won’t cover you will is a bad decision at any cost.

Your home insurance coverage probably offers coverage that you have never thought of. It can pay you if your house is burned down or if your possessions are damaged. It can also pay a third party if you injure them due to a negligent act. This is true even if that act takes place far from your home. It can also reimburse you for living expenses when you are unable to live in your home due to a covered event.

The benefit that most people focus on is the part that will pay you if your house is in a fire or is damaged by some other covered peril. This is probably the most critical benefit. It is very important to get the right benefit limit for this aspect of your coverage.

Determining the right benefit limit is not as easy as finding out the current market value of your home. Your insurance company will not use the potential sales price when deciding what to pay you to rebuild your home.

There are two reasons why the market value is not important. This amount required to rebuild your home can be much higher or much lower than the cost to purchase a similar structure. The insurance company is not required to replace the land your house sits on.

The cost of the land and the location of your house are part of your potential sales price. They are not directly involved in the calculations required to determine replacement value.

Another crucial benefit of a standard homeowners insurance policy is the coverage for your house’s contents. Things like your couch, your stereo and other much of your other portable possessions are covered by the contents benefit limit.

Things that are permanently attached to your home are usually considered part of the house and add to the replacement cost for the house and are not considered contents. A wall to wall carpet will probably be considered a part of the house. A throw rug will probably be considered one of the house’s contents.

You may have some latitude in determining how your personal property is covered. You may be given the option of having your contents replaced using their depreciated value or the replacement cost.

Typically you will not be asked to determine an exact dollar figure for these benefits. You may be given the option to have your house’s contents covered. 50% or 70% of the replacement value of the house.

Certain personal property like jewelry and cash will have limited coverage in the standard policy. However, you should be able to request additional benefit limits for jewelry.

Most of the other benefits of your house owners plan are not changeable by the consumer. They are part of the standard plan.

Finding a good house owners insurance coverage is a part of intelligent financial planning. Make sure to shop around for both coverage and premium.

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As if there weren’t enough bills to pay, you also need to budget for your home insurance. Not being insured really is not an option. Should something happen, you are going to seriously struggle to meet the bills. This could mean something major, like your roof being ripped off in high winds, not a broken pane of glass in the front porch. However, home insurance can, like all insurances, be expensive, and it can be tempting to compromise the level of coverage in order to get a lower premium. But, there is another way.

All home insurance policies will have a deductible figure, and this is set at an affordable level. However, if you can afford to increase this figure then you can seriously reduce the amount you pay in monthly premiums. What you are then doing is accepting that minor damage to your home is not something you are going to involve you insurance company with. For example, if you can afford $500 then you would not bother to claim for any repairs that come in at that level, or even just over that level. You accept that you will have to claim should the damage exceed this figure but once you do claim, you are also going to be hit with a premium increase the following year so you want to really make sure that claiming is the best bet. Many people accept certain elements of annual damage. They know that the cost of correcting them is not beyond their means; they simply accept them as such. They are safeguarding their home insurance policies at the lowest possible premiums but with the highest level of coverage just in case something major happens and they really have no choice but to claim.

However, a word to the wise! Keep the deductible realistic. Setting it at more than you can ever really afford is not going to help you in the long run. You may feel that home insurance borders on a waste of money, and indeed many years can pass without a need for a claim. It is therefore understandable and tempting to set your deductible amount to the highest level possible and pay little attention to whether it is a realistic amount. You might feel happy that you have not cancelled the policy but you have certainly reduced the premium. However, as fate would have it, you can be almost certain that this is the year that something will go wrong and you will be forced to claim. You may then find yourself in somewhat of a financial mess.

Shop Around You can shop around for home insurance, and it could well be worth doing so. It is probable that you will be required to show evidence that you do have home insurance but most mortgage companies do not require you to take the policy through them. Some require you to have their policy for the first year but after this, you are free to shop around. Consider whether the company has a limited deductible amount and whether this is significantly less that you were prepared to pay. Other companies do not, and you could find a better deal by shopping around for someone that has a higher deducible, more in line with what you considered you could realistically afford.

You could find that your property is in a high-risk area, in which case sadly there is little you can do. Being in a high-risk area for flood, wildfires and the like can all push premiums up. You can bring them down slightly by making an increase in your deductible but you cannot move your property. You more than anyone will need the insurance if you are in a high-risk area. It is going to have to be a case of accepting it.

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It’s totally important to have the proper amount of homeowners insurance. Your house is a totally significant savings and if it were to be seriously scratched or even destroyed in the festivity of a fire or various other natural disaster it would be financially devastating if you did not eat the fitting coverage in area. A lot of persons are paying quite a bit additional than they want to for their coverage so I’m going to share using you some simple ways to lower your homeowners insurance premiums.

Certain of the early stuff you’ll desire to do is make sure you consume the correctly amount of coverage. To figure out what the properly quantity is you’ll need to determine how a large amount it would fee to rebuild your house if it were completely destroyed. To empathize how a significant amount it will cost to rebuild you can exposure a real estate agent or a universal contractor and ask what the current price per square foot is to rebuild in your part. Take that image and multiply it by the square footage of your home and you’ll eat a ballpark quantity to work with. Various persons over insure their homes for the reason that they buy enough coverage to match the initial purchase price of the residence. The preliminary buy fee is generally a big amount more than the price to rebuild because the first purchase charge also includes the land that the dwelling sits on.

Bundling different types of insurance is another way to save funds. By obtaining multiple types of insurance from the identical company you may be eligible for discounts on each kind. For instance, if you use certain guests for your homeowners, auto, and health insurance you will likely be eligible for a discounted rate on each.

You need to take profit of any potential discounts that might be available to you. Various companies will offer a discounted rate to non-smokers. Various residence fires are caused by cigarettes and if you’re not a smoker there is less of a chance that you will consume a dwelling fire and this reduces the risk to the insurance company. Discounts are also vacant to people who install a residence security system. A dwelling security system reduces the likelihood of your residence being burglarized and therefore reduces the likelihood that your insurance company would eat to pay to repair ruin or replace stolen property. Anything you can do to reduce the risk to the insurance company could lead to discounted premiums. Call and ask your agent about any other discounts that you might be eligible for.

A rather easy way to save much of funds is to take profit of the competition in the market. There are many insurance companies competing for your business and for the reason that of this, prices can vary greatly from particular visitors to another. If you take a few minutes to get several quotes from lots of special insurance providers there is a high-quality chance that you would find an opportunity to save 15% to 20% or more off of your current premiums.

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What is homeowners insurance and why is it important? The second half of that question is easy to answer – if you have a mortgage on your home, most likely the lender requires you to keep homeowners insurance on the house to at the very least cover the balance of the mortgage.

Even if you aren’t carrying a note on your home adequate home insurance helps protect your investment, your belongings and possible liability. All three aspects of protection lead back to the question, exactly what is home insurance. Simply put, home insurance gives you financial protection against damage to your home caused by disasters and beyond the structure insures the belongings inside your home. Home insurance also protects you for liability and legal responsibility for injuries your property, you, members of your family and even your pets cause others.

Typical standard homeowners insurance provides you four areas of coverage — the structure of your house, your belongings, liability and expenses in case you are temporarily forced from your home because of an insured disaster. Home insurance policies can vary greatly so it’s in your best interest to compare home insurance quotes before making a selection. Even if your mortgage lender requires home insurance you are allowed to choose your insurer.

What is covered in each of the four parts of a standard home insurance policy? Let’s take a closer look:

The structure of your home

This part of a home insurance policy is fairly self-explanatory in that it pays to repair, or rebuild if necessary, your home for insured disasters such as a fire, hurricane damage, lightning and any other disaster covered by your policy. Keep in mind flood and earthquake damage are not part of standard homeowners insurance and require separate policies. General wear and tear is not covered, but detached structures such as tool sheds and garages are covered with a standard home insurance policy.

Personal belongings

Also self-explanatory, this aspect of home insurance covers your stuff – furniture, clothes and other personal items in the event they are stolen or destroyed by a covered disaster. One interesting feature of personal belongings coverage is your belongings are also covered off-premises anywhere in the world.

Liability

Liability protects you against legal action for personal injury or property damage caused by your household. The liability aspect of home insurance also provides no-fault medical coverage in case someone is injured in your home.

Additional living expenses

What happens if your home if affected by a disaster such as a fire or a major storm? Where will you stay? This aspect of home insurance pays your expenses while living away from your home while it is being repaired. Covered expenses include hotels, meals and other living expenses.

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