Category Archives: Home Insurance

Why Should You Have Home Insurance Cover

The current upheavals in finances, loss of income for various reasons and increasing risk of job loss are important reasons to have adequate insurance cover for your home and valuables, so that your are at least able to recover something in case of natural calamity or any unforeseen accident in your life.

People having mortgages on their homes are required to take out a home insurance policy and surrender with the mortgage lender as collateral.

Financial experts are cautioning homeowners to take out a home insurance policy so that they are able to rebuild it at the same location in case of a crash. A right home insurance cover will help you in recovering livelihood of your life time in case of any mishap.

A major reason why experts are emphasising people to have home insurance cover in place is a recent research report which has brought to light a serious finding that five million Brits are considering big cut back in their spending by abandoning home and car insurances due to severe cash crunch caused by economic recession and loss of jobs.

A large number of people who participated in this research survey, felt that insurance policy premium was one area where they can cut back since it was difficult to manage other daily necessities due to insufficient income. According to experts, this step of cash strapped people could cause them more harm than leading to easing of financial crunch. The findings of survey also revealed that many people want to do away with flood risk insurance in particular to cut back costs.

Experts are particularly worried about this thinking since abandoning home content insurance or flood damage insurance would bring unimaginable misery in case of an accident. They feel that even if payment of monthly or annual insurance premium may seem unnecessary for the time being, a natural disaster or accident that may destroy or damage homes severely could lead to huge rebuilding or repair costs that people may not be able to afford at all.

You should therefore opt for right home insurance that fits in your home budget. You should evaluate your insurance coverage in such a way that you dont overspend and yet your home is fully insured against unforeseen damage.

Home insurance also provides protection from any liability and legal responsibility for damage or injury your property, you or any member of your family including pets may cause to others.

It just doesnt suffice having a home insurance, you also need to ensure that your home insurance is always up-to-date and you are fully aware what risks and damages your policy covers. More often people forget to renew or increase their home insurance. If your insurance policy remains unpaid or without renewal at the time of accident or calamity, insurance company will flatly reject your insurance claim.

Your home insurance policy can also include cover for expensive personal belongings such as jewellery, cash, expensive electronic gadgets and appliances. You can save by searching around for the best home insurance provider and insurance rates, while still covering your home with insurance.

How To Prevent Your Home Being Broken Into

Whether you’re leaving your home for a week or for a year, leaving your house on it’s own leaves it susceptible to being broken in to. This is obviously a highly unpleasant experience and can result in the theft of items and the damage of property. While you may have home insurance and contents insurance to cover these things, it’s still going to be a highly disturbing event that leaves you feeling unsafe in your own home and it will still be stressful to repair as well as increasing the rate on your home insurance. Furthermore, some things that get stolen are completely un-replaceable hard drives containing old photos or your life’s work, or sentimental jewellery etc. It’s important then if you’re going away to make sure that no one will be able to break into your house, and to leave deterrents that will hopefully mean they don’t try and move on to easier targets.

The first line of defence when leaving your house is to make sure that you don’t leave anything open or leave any keys in sight. Many people hide a set of keys under a doormat or plant pot that they use in case they manage to forget them or lock themselves out. While this might seem like a good idea for those reasons, it can also help a burglar to get in if they manage to find them, and it normally doesn’t take long to do a sweep of the perimeter. Similarly some people leave windows open to ‘air’ the house or again to help themselves get in should they leave keys. This again though makes it very easy for someone to climb in should they notice the window, or even to reach in in order to open a smaller window. Even if the ones you leave open are high up, bare in mind that it’s not unlikely for thieves to come prepared and bring a ladder.

There are also additions you can make to your house that will further help to deter criminals. If you have a long front drive for example, then a large pair of wrought iron gates, or large wooden ones, will help to convince them that there are easier targets. The idea here is not that they can’t break into the gates, but that they would much sooner try somewhere where there’s no such obstacle at all. Additionally, if you go for the wooden option, they won’t be able to get as good a view of the house and so won’t be tempted in the first place. While the gates themselves may be susceptible to damage, these will be covered by your home insurance. Inside the house an alarm can also make a great investment and can be enough to scare someone away who’s trying to break in or to alert the neighbours to a problem. Again, if they hear the alarm going off as you yourself come and go that too will dissuade them from trying your house to start with.

Another way to deter crime is to create the impression that someone’s home as an empty house is practically advertising itself to local criminals. If you’re only going out for a few hours and you can afford the electricity bill then you should always leave at least one light or the TV on. If you’re going for longer you can set your lights on auto-timer or ask a neighbour to come round and turn them on and off for you. A neighbour can also be useful for removing large piles of post that can built up by the door or postbox. With all these things in place no one will know the house is empty you can then go away confidently and enjoy your trip without worrying about your property.

Home Insurance Protecting Your Biggest Asset

Home insurance is a must if you own your home, but what do you need to know prior to purchasing insurance? Some of the most important factors are as follows: replacement value of your home, your \”risk\” rating, whether or not you are located in a flood plain and types of discounts you may be eligible for.

Your home should be insured for the amount of replacement value, but how do you know what that amount is? A builder should be able to assist you. For a small fee, they can go through the house and provide an estimate. Make sure the builder takes into consideration any special moldings, plaster wall treatments, stone work for fireplaces, etc when he is making the final estimate. Otherwise, the costs will be figured using a modern, low cost alternative.

Your insurance premium is based on \”risk factors\” that include such things as your occupation, cost to build in the area, where your house is located, what you own, and how you live. Do you have a family dog? What breed is it? Does your house have a pool? Do you have a trampoline or hot tub? Is your house located in a storm zone or a high crime area? Certain materials can reduce your premium such as stone or brick in high storm areas, but the cost of these materials directly affect your premium since your insurance will be used to rebuild your house in the event of a claim. These factors are all considered when determining your premium.

Your basic home insurance policy doesn’t necessarily cover all claim situations. For instance, if you live in a flood plain, you will need an additional policy to cover floods because most home insurance policies do not cover flooding. Another example would be additional policies required for earthquakes in California or hurricanes in Florida (although most policies in Florida contain a separate rider for hurricanes at a higher deductible).

Many home insurance policies offer discounts toward the premiums for various home upgrades. For example, in areas that are prone to windstorms, discounts are offered for storm shutters, reinforcing your roof, or other improvements to your home to help withstand storm damage. Discounts are also offered for burglar alarms, smoke detectors, and installing dead-bolts. Larger discounts are offered for monitored sprinkler systems, fire alarms, and burglar systems. Some states even offer discounts for citizens over the age of 55 and for policy holders that have remained loyal for at least 6 years. Be careful though because the amount of the discount may not be enough to offset a better price from a different company.

Make sure when the time comes to purchase a new house that you consider the cost of the home insurance. Shop around and compare prices. Also, check out the company that you are going to use. Determine the time that the company takes to pay claims and the overall stability of the company. No bargain price is a bargain if the company isn’t stable enough to pay your claims. Do your homework and you can get very affordable home insurance.

Home Insurance For People With Disabilities

Insurance is something that we get to help us prepare for the future. Due to the number of insurance policies and insurance companies that are present, people often feel confused about what to get. Sometimes, we might go through accidents that could change our life. There are times that we have to change our environment to cope up with our disabilities. Luckily for us, the technology of today has made it possible for us to gather equipment and tools that will medically help us even if we are just at home.

Customizing our home might be expensive, especially if you need to change a lot about your home. Having Columbus Ohio insurance may be able to help us with our problem. They can help you with the charges that you have to pay because of the changes you have to make in your home. One of the common things that you would have in your home is a wheelchair. Although there are places in your home where your wheelchair can go to without much effort, there are still other parts that are not readily accessible to people with wheelchairs. To change this, you need to install ramps or lifts to make your home friendlier to the wheelchair users.

Some of the changes in your home could be covered by the ColumbusOhio insurance companieswhile others may not be covered. It is important that you inform the different companies of the changes you made in your home. The insurance companies could cover what your home is previously made of. Some of them may not cover these specific changes especially if you did not report it to them. The insurance companies need to see what changes you have made and they could decide if they will still cover this with your previous home insurance. Some insurance companies will ask you for an additional fee for the changes you made.

To be able to make sure that they cover any loss or damage in your home, you have to make a detailed list of the items that you have in your home. You have to make an estimate of the items so that they could also estimate the replacement cost. Some people could also use pictures in addition to the list of the items that they have. A wheelchair is expensive and loss or damage to it would also be expensive for the insurance companies to replace.

Your home is not the only thing that needs to be insured. Your caretakers should also be insured and there are some professionals that you could hire that already have their insurance. When a care taker experiences an accident in your home, they could sue you. It is important that they also have insurance so that their accident is covered. The next thing that you have to do is to know whose insurance is going to cover the accident. The different insurance companies have different policies regarding these accidents. You should clearly inform yourself about the different policies that your insurance company has so that you know when you are covered and when you are not.

Home Insurance And The Law

Anyone who owns a car will know that it is illegal to take it out on the road without insurance. Logically, therefore, it would make sense if every homeowner were legally obliged to purchase home insurance. However, this is not the case. Homeowners are simply advised to take a policy but it is not a legal requirement. You may also not realise that your home and contents insurance documents are actually a legally binding agreement between yourself and the home insurance company. There are therefore many legal implications associated with home and contents insurance. Just a few of them are listed below.

1) Your mortgage and home and contents insurance If, like the majority of home buyers, you have had to take a mortgage out in order to pay for your home then it is likely that your lender will stipulate that you have to take home and contents insurance or else forfeit the mortgage. They can legally do this because they are technically protecting their investment. Your home insurance company may even be linked to your mortgage lender.

2) Fraud If you defraud your home insurance company by falsely claiming on your home and contents insurance then you are liable to be prosecuted. False claims cost home insurance companies millions of dollars every year and thus they are beginning to crack down on any false claims and are likely to push for legal action to be taken against you.

3) Applications for home and contents insurance The one thing you must always remember from the start is to answer all questions that your home insurance company asks you completely honestly. Many homeowners have lied on their applications in the past and have later had their insurance revoked as a result. Again, this is a form of fraud, but has more serious implications for you than simply jail time. If your house is burgled, for example, and the home insurance company comes out to inspect the damage then they will discover that you dont have the deadbolts on the doors that you claimed to have. You will forfeit any pay out and may just face prosecutions, thus causing you to lose your property and possessions as well as your freedom. That may sound a bit extreme, but you can see the trouble that one lie can get you into with home and contents insurance. So telling the truth may raise your premiums slightly, but they may work out far better in the long run.

Of course, this list is not an exhaustive list of the laws and regulations associated with home and contents insurance. Your home insurance company will be able to fully inform you of the all the laws that actually apply to you. However, they are the basic laws you should know before applying for home and contents insurance. The law may only actually come into question for you if you lie. If you remain honest then you will get along just fine.