Top 5 Home Insurance Myths Debunked
Mar 10, 2010 Real Estate Insurance
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.
Want to find out more about cheapest home insurance, then visit our site on how to choose the best buy home insurance for your needs.
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Saving on Homeowners Insurance
Feb 21, 2010 Real Estate Insurance
Your home is your most important asset. The building provides shelter for you and your family. It’s filled with memories and materials dear to your heart. Unfortunately every year thousands of homes are destroyed by fires, accidents, storms, theft, and property damage. Is your home covered?
One reason it may not have adequate coverage is the recent economic crisis, which is understandable. But what does not make sense is what will happen if a disaster does destroy your home. Then what financial shape will your family be in?
There are a number of ways you can save on your home insurance premium. Simply raising the insurance deductible one notch is a great start, because it can save you hundreds of dollars each year on the policy.
Protect your home with safety devices such as smoke and burglar alarms if you haven’t already. Insurance providers reduce premiums for homes well protected.
Purchasing additional policies like car or life insurance from the same company will also reduce costs greatly. “Bundling” your policies, as it is commonly referred to as, reduces costs substantially.
When purchasing home insurance, insure your home for 100 percent of the cost to replace the home after a loss. This is called insured to value, and it can save you significant dollars on your home insurance premiums. You will have the coverage you need to protect your home and your family without spending a lot and without over insuring your home.
Although all the above procedures are ideal ways to cut cost, the primary way your insurance premium will drop is through a high credit score. Insurance providers analyze your credit score to assess your “risk.” Individuals with poor credit scores are considered irresponsible and “high risk.” Obtain a free credit score and study it for errors or causes for concern.
While it is important to cut back on expenses during a tight economy, it is not a good idea to cut back or cancel your home insurance policy. You want to make sure your investment is protected. If you have specific questions or need an insurance quote, contact a qualified insurance provider. They can help you design a home insurance policy that not only meets your needs, but that is also affordable.
Tom Martens is the syndication coordinator Insurance-south-africa.co.za. South Arica’s leading Insurance information portal.
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Suggestions for Selecting Homeowners Insurance Policy
Jan 30, 2010 Home Insurance
Homeowners certainly should know the fact that there’s no replace to homeowners insurance policy. This plan could insure the contents in your house and also insure private assets that belong to you, as the home owner, and also also indemnify you against any incident which will happen at your house. Therefore, it is crucial to own a home owners insurance policy.
You will find many methods where you could obtain homeowners insurance policy for cheap. For one, it’s always better to purchase this insurance policy from the insurance policy company from where you’ve bought other insurance policy like for example, life insurance policy or auto insurance policy. The company knows that you’re buying multiple item from them, which explains why they’ll like the chance to provide you low cost on the homeowners insurance policy. Secondly, there’s also the trust aspect and also since they’ve got multiple kind of business from you, can help you stay on their priority list, so far as services are concerned.
Ensure you proceed through the insurance policy document cautiously. Whilst you will find several homeowners insurance policy providers which will insure thefts from the home, there could be exclusions where a few of them will insure the inside of the home and also not the attic, veranda or such peripheral areas. Ensure you obtain that condition sorted out before taking the insurance policy. Also most of these insurance policy providers might not insure normal disasters such as floods, fire because of war or gun fight and so on.
Guarantee that your property is strong and furthermore durable hence that they’re no vulnerable to fire, repair, deterioration or anything else. The insurance plan inspector are going to make a note of things for example the ceiling, roof and furthermore other areas of your house hence that it shouldn’t look as the walls and furthermore the interiors of your house were ‘weak’ enough being damaged or cause accidents.
You can get most people in the America who wouldn’t have an exact understanding on the subject of what homeowners’ insurance plan quote cover and furthermore what it doesn’t. You can get times when people renovate their house and furthermore tend not to bother to let know the insurance plan company about upgrades and furthermore addition of new bathrooms and furthermore stuff like that. In such cases, the insurance plan contract will also become null and furthermore void or in many cases, the insured could be under-insured due to the fact the newest value of the residence might be exceeding the one it was covered for. Hence in that case, if there may be fire or property deterioration, the policy cover amount may well not be suitable to change the destroyed residence.
Therefore, it is essential to have the insurance policy plan fully examined by you and also the company; each question ought to be dispelled. Ensure you’re in touch with your insurance policy agent no less than one time in 12 months and also the plan is renewed unless you need it otherwise. Right from the time of taking the home owners insurance policy to the time when you upgrade your house or do major construction work on your house, ensure you’re aware of the insurance policy contract and also convey to the company anything you believe is needed.
Learn more about esure home insurance. Stop by our site where you can find out all about vacant home insurance and what it can do for you.
Tags: business, family, finance, home, Home Insurance, house, House Insurance, insurance, property, Property Insurance
The Cost of Contents Insurance
Nov 29, 2009 Real Estate Insurance
Contents insurance is a popular form of insurance that calculates the total cost of all your important and vital possessions. At first glance, contents insurance appears easy to dissect and calculate. However that is a little nave to think, as contents insurance has several “grey areas.” Ask all these questions before calculating a number.
For example, if your kitchen caught on fire and completely destroyed the room, what would happen next? Well, the policy holder would have to fill out two separate claims. The first claim would represent the kitchen units and any other built-in appliances. On the second claim you would list off appliances like a refrigerator or dishwasher. You might be surprised by that fact, but those two appliances are not considered an integral part of the kitchen and can be moved.
Natural disasters like fires, floods, and wind damage account for a lot of personal damage found at homes. Also theft is a primary cause for damaged or stolen goods. Make sure your policy covers all of the above. Always read the fine print, because no matter how unique of a type of situation, there is always a chance it will not be covered.
Where is your property located? Do you own or have active security systems? Has your residence been unattended for an extended period of time? Does the property have a history of claims? All these questions and others you must ask yourself. If you do not know, find out! It’s essential that you take these into regard when gaining contents insurance coverage.
Another area you want to guarantee is covered is the replacement value. This differs from the current market value in those extremely important valuables such as antiques and jewelry will be at least covered at replacement or emotional value if they are unable to be replaced. Expect higher premiums however if you wish to protect these coveted items.
Most people will not have to worry about a ton of replacement value since you likely do not own a lot of jewelry or antiques. However, current market value is a good way to rip you off. Insurance agents will assess the value of the stolen or lost goods based on current value and not what it was worth back in the day.
Replacement coverage is much more expensive, so you can expect high premiums. It comes down to protecting for the future or for something that may or may not ever happen. On average, people who take out house contents insurance also look at the cross section of the value of their possessions losing money.
All in all, an average appraisal of house contents reach around $200,000 a year and the annual insurance costs will average out to about 3% of that value or $6,000 to be more precise.
Graham McKenzie is the content Syndication Manager at insurance123.co.zaSouth Africa’s leading Household Insurance information portal
Tags: contents insurance, finance, Household Insurance, insurance, property, Real Estate Insurance
Realty Financing Before Reassures All Professionals Involved
Nov 18, 2009 Home Insurance
When it comes to seeking out your “dream home” , its not only a case or cases of the “early bird gets the worm”. Then again if the worm was so smart what was he or she doing out there in the cold ? Its not only a case of getting out there and beating the bushes , but as well being ready willing and able with all of your financing matters out of the way. Experienced professional Realtors can readily point out that in many circumstances more than one more than avid and determined potential home purchaser lost out due to financing concerns , that being taken care of early would of been headed off at the pass.
There is a large difference between a pre-approved mortgage and a pre-qualified mortgage. It can be said that a pre approved mortgage will provide you not only with greater bargaining and negotiating abilities but as well with simple peace of mind when it comes to whole home hunting and negotiation process and procedures.
It is always nice to dream , and work toward your ultimate goals in life , yet “reality what a concept” will always work its way into the marketing mix , or at least come to the forefront either with a seller or their Realtor qualifying you in the sales and “offer to purchase” “dance” or at the very least from your own real-estate professional politely reminding you what your financial realities and ultimate purchase options are.
Being pre-approved brings no surprises , or at least less chance of missing out on that great deal or the house or home “that you must have”. Being in the classification and situation of being cleared that you are really pre-approved for real estate property financing rather than in the “just looking” phase and category and column in the Real Estate agent’s notebook or netbook laptop portable computer. Being in the financial category of “Pre-approved financing’, allows you to be nimble , make quick and assured choices when it comes down to final deals and negotiations as well to be able to deal effectively with aggressive and what might even be considered high pressure sales tactics and procedures that you normally might encounter with enthusiastic and gung ho agents of your local tax collection authority .
If you are unsure about a home purchase at this time in your life, that is your business. Yet if you are sure that a home is good for you and your family at this point in your career or time of life, you will be best served by seeking out a qualified mortgage and mortgage terms before you seriously get into the mix of house, home, condo or Lake Cottage hunting.
Winnipeg Property Tax Assessment Appeals You can get a unique content version of this article from the Uber Article Directory.
Tags: bank, finance, foreclosure, home, Home Insurance, house, insurance, law, lawyer, mortgage, Negotiation, property, Realtor, remax
Getting the Price Right for Success in Real Estate Sales
Nov 16, 2009 Real Estate Insurance
Real estate investing usually entails selling at some time. This cost setting is what will identify how quickly the home will sell. But how do you get this cost correctly?
For majority of home sellers, enlisting of the correct cost is dependent on how much they think the house is worth. But as it has been discovered with this method, the odds of making it right are slim to none. Of course, the laws of probability guarantee you a shot in making it right by sheer estimation but that just about never occurs.
For the greatest price, you are required to do one thing, and that is a home inspection. You must get the services of an expert to make the value estimate of the house and report to you with it. That will give you the edge of pricing the home. These people are so accurate in their transactions and with all concerns being made, as with the recent trends in the real estate market, they will deliver a nearly precise figure of just how much your property is worth inside and out.
There are some situations where you may not be happy with the amount, but you are more than welcome to make enhancements that will elevate the amount to a higher number that you can be comfortable with. You can invest in remodeling the home, redoing the paint jobs and replacing a thing or two, until you think like the general value has appreciated.
The next thing you can do is to hold on till the house selling period arrives, but with the irregular financial rotations, you would not be guaranteed of that really happening.
When marketing your house, you must not even consider contending with foreclosed homes since their prices are way lower and attempts to match them would only result in loss.
As the housing crisis bottoms we’ll have plenty of one in a lifetime real estate investing opportunities. You may also want to read our articles about home refinancing so you’ll have funds to invest!
Tags: broker, finance, foreclosure, grant, home, investing, mortgage, property, real estate, Real Estate Insurance, realty, refinance, refinancing, repossession, Uncategorized
Real Estate Upkeep Wooden Decking
Oct 27, 2009 Real Estate Insurance
Now that it is fall time the wooden deck in the back of your home or summer vacation real estate property will require some routine maintenance as part of your annual summer household maintenance plan. Youre deck area should have served you, your family and your guests well for entertainment and relaxation purposes. Treat your wooden deck well and it will serve you well in return. After all being a property owner means obligation and home owners responsibility.
Ensure that your outdoor “living ” and “relaxation” centerpiece is in fullest order - both cosmetically as well as the wood under the surface. After all the captain of the Titanic only saw 10 % of the massive iceberg that did his prize possession. Take care of your biggest investment of your life - your real estate property investments.
When it comes to full and complete desk maintenance ” professionals offer this advice as to the procedure and follow through. First of all when it comes to the initial cleaning and maintenance procedures and steps it is best to start cleaning your deck thoroughly to remove any grayed surface fibers , ground in dirt, barbecue stains as well as any stains from spring , summer or fall mold, mildew, moss and even algae especially common at summer beach vacation cottages.
Nothing takes the place of a good and substantial cleaning with old fashioned elbow grease. Any surface gray type fibers should be removed from the wood surfaces areas. Next in line is the full removal of any summer family “entertainment” spills, stains and droppings. If the wooden decking is at your summertime or weekend real estate cottage retreat you may have to scour off mosses and even algae materials and growths.
Remember that all the efforts that you attend to in the fall will result in longer deck life before replacement times around. Who needs to be out shopping for the woods for the replacement home deck project. Good wood that matches the other decor of your home is hard enough to find. Never mind carpenters and the trades to set up and install. Maintain your home , house’s or vacation cottage property outdoor deck.
House Depreciated Value - Appeal Realty Property Tax Assessments Click here to get your own unique version of this article with free reprint rights.
Tags: condo, Credit, family, home.cottage, house, insurance, Investment, maintainence, mortgage, property, Real Estate Insurance, real;estate, Realtor
Top Secrets To Getting Cheap Term Life Insurance Quotes
Sep 21, 2009 Term Life Insurance
It’s quite simple to shop around for information about and take out a term life insurance policy. You don’t need to have any special skills, or go to visit anyone on the highstreet, you can simply click online and visit a number of sites that will allow you to register yourself for an application to get a life insurance policy with them. Doing so is quite easy and its as simple as going to your local bank and signing up for an account.
In general, when you are looking to take out some form of life insurance you will need to undergo a medical exam so that the company can be sure that you fit their policies and to ensure that your policy is suited to you. After this exam is complete the term life insurance company will be able to individualise your policy and supply you with a personalised quote that will reflect your situation and your health record - and some companies have been known to deny people cover because they are considered too ill. If you are worried about this and you want to make sure that your family are covered for when you pass away then you will want to choose a term life insurance policy with no medical exam.
Is not having an exam a good idea? You may be thinking that not having a medical exam for a term life insurance policy is a bad idea, but you would be wrong. Companies havent grown so fast and large by preventing people from getting the best rates by stating that those who do not have a medical examination will need to pay more for their premium each year. They have simply taken the unilateral choice that if someone is of the age where they really should have a medical exam to take out a policy, but choose not to, then the term life insurance company will simply look at the amount that the individual would be generally covered by and lower this amount to something less than what the norm will be. Thus you don’t have to have a medical exam but you will see that you will be covered far less without one.
The small print matters When you are looking at a term life insurance policy you should always check the small print of the document so that you will be able to compare what is being offered to you with other insurance companies and insurance policies. You will want to carefully examine one if you are having no medical exam for the life insurance policy as it will have quite a few different things on it that the other variation. This is the reason that many people will take out a life insurance policy with no medical exam simply because they want an extra policy to their main existing one but don’t want a medical exam, and this is the way that you should look at it too.
You will also find that when it comes to the point of paying out that policies with no medical exam will not pay out as much money as those with a medical exam. This is because those that with it will have a larger amount of cover. You will find that the ones without an exam are generally advertised in the papers and that m,any organisations who are not solely insurance companies will offer these types of cover. Whilst they are equipped with covering you with this type of cover they will not be a specialist life insurance organisation.
Many insurance policies will not allow you to claim on the policy within the first two years, as this policy will not be an exception, and you may find that during this time the compnay could change the terms of the policy and adapt when and if they will poayout the policy amount. You will find that they don’t have to tell you about this either. Even if you do go down the route of no medical exam you may find that the company will not payout if you have not informed them of a medical condition that you have had in the past or been diagnosed whilst with them.
Do You Even Need It? You will need to be sure that a term life insurance policy is for you, as it won’t be for everyone. If you live in a house by yourself and do not have a family and dependents then you probably wont need to take out a term life insurance policy. If you run a business, however, then you should, and you should think about sufficient cover for you and your business needs, so that your family wont be left with debts that they may have to pay off.
Also, if you have a family who are dependent on your salary, then you will need to take out some sort of term life insurance - this will make sure that they will have some money in the future to pay the general day-to-day bills and keep afloat.
About the Author:
Ray Devine is an Internet life insurance policy specialist, reviewing cheap term life insurance quotes, writing what is term life insurance and advises what good term life insurance quotes are - visit his blog to read more.
Tags: cheap term life insurance, fiancial, finance, insurance, Life Insurance, property, Term Life Insurance, Whole Life Insurance
How Seniors Can Get Cheap Term Life Insurance
Sep 17, 2009 Term Life Insurance
Seniors do need life insurance. Just because the children are all grown up and moved away does not mean older folks don’t need life insurance. Older folks may not need as much life insurance as a young couple with kids and a mortgage, but, they should still have some.
Of course, if you have no one who depends on you financially, and all your bills are paid prior to your death and you have enough in your savings to handle your funeral expenses, you may not need life insurance. Even if the kids are gone and the bills are paid, you may still need life insurance.
In the current market dying has become very expensive, and if you only have ten thousand or so tucked away for your funeral expenses then you will most likely be a little short. Also, if you have an estate that you want to pass on then there can be a number of taxes that will diminish it fast. If you have savings that you plan giving on in your will then this too will be liable to a huge amount of tax reduction on the recipients.
Even though your family will not be dependent on you after your death they may struggle to cope with you dying and thus be unable to work, so the money that will be given to them from your policy will help them in a huge way. Also, the payout from the cheap term life insurance policy that they will get will be better in a ten thousand policy payout than the cash that they will get taxed heavily on.
Having a partner and being a senior will mean that you should be ready for the undesirable to occur. One of you could pass on and a small term life insurance policy will be a good token to keep the survivor accustomed to the same lifestyle that they are in at the moment. Bills, fuel and the cost of groceries are all on the rise, so this small amount will help the individual to live a much normal life after you have gone.
Other forms of life insurance for seniors include whole and permanent policies. These have an added benefit to the term life insurance policies that they have a separate fund that accrues with the amount of time that you have had the fund. You will be able to then draw out an annuity or a portion of the funds that you have invested.
Some senior opt for a supplement term life insurance policy that may not be so cheap. This will add an extra security to a current whole life insurance policy and will mean that the policy payout will increase with inflation and thus with the cost of living. Meaning that the policy will have enough money being paid out at the end of the term to help pay for funeral costs and provide financial assistance for family members.
When you are considering if you would like to take out a cheap term life insurance policy as an extra policy or as a policy in addition to current ones that you already own, you should review the current prices of living expenses and how much they have increase in the last few years. Also you will be able to find a competitive and cheap term life insurance quote if you shop around.
Having spent a number of year in the life insurance industry, Ray has been persuaded to blog about how does term life insurance work and provides informative posts over at his site covering cheap term life insurance quotes.
Tags: cheap term life insurance, finance, insurance fiancial, property, Term Life Insurance, whole life insurance life insurance
A Look At Home Security Products
Jul 1, 2009 Real Estate Insurance
Our cities are becoming more frightening and we need to devote more attention to basic security. Common sense protects more than your home and home security is also about keeping people safe. Good home security is about how you think. Do you ever forget to lock up? Do you usually forget to lock the garage? Does your house offer lots of hiding places like shrubs, beside doorways and lower windows? When you’re away, does your house seem deserted? Do trusted family members know where to locate you if necessary? Once you can master these simple basics, you can look at different products.
Home security alarms have been around for a long time and have they’ve become surprisingly sophisticated. You can choose between systems with or without monitoring services or systems that call up to five different phone numbers. The newest have wireless connectivity they can go where you need them and when you need them there and they’re easy enough to install yourself.
Security lights for you home are invaluable to the homeowner and I can’t imagine why anyone would choose to do without them. What vandal or thief will want to lurk around a brightly lit home? They’re your premier line of defense. And when you’re coming home late at night a good set of motion sensitive lights will reveal threats in darkened corners and prevent you (and your invited guests) from breaking your neck on less sinister threats- like a bicycle lying across the path.
It’s about time to notice that there has been a lot of commitment invested in the development of solar powered home security products. So we can be eco-friendly and reduce our electric bills too. On top of that you’ll find that the wireless solar powered systems are super simple to set up. All the pieces stay in one place -power source, cameras, lights and you don’t need to pay anyone else to hook it all up for you.
Remotely controlled security cameras take home security to a new place. Imagine that you’re lounging comfortably and very safely in your upstairs and controlling cameras strategically situated around you entrances. You can see everything. Nursery cameras with conveniently small monitors, with sight and sound and remote control cameras mean you never need to worry about what might be happening in the nursery, again. Many of the remote controlled products can be monitored though the net. Now, worried parents of party loving teenagers control the party.
Do you recall the original nursery monitors? Nursery systems are way better now and you can choose from a wide variety of products from simple audio monitors to very complex hidden cameras that are easily stashed in things like teddy bears and other toys.
Hidden cameras have evolved from the early primitive versions that were very pricey and took lousy pictures. Our current hidden cameras are easy to use with a myriad of options. Choose wired or wireless, colored or black & white and you’ll also find cameras that can see an image in almost total darkness. But, hidden cameras don’t have sound- that’s forbidden by U.S. Federal Law.
About the Author:
Many home security systems use a wireless alarm
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