Archive for insurance
May
25
Affordable Home Insurance - Save More
Posted by: | CommentsHome insurance coverage is so very important that many have been laboring under the weight of high premiums due to the importance of this coverage. Laboring to keep god coverage over your home might not be your only option. You could look for ways to get discounted rates on the same full coverage you enjoy. I’m sure that sounds interesting. Read on to know more.
There are some discount you may qualify for which may not be pointed out to you and you may not avail yourself of these benefits unless you are fully aware of them.
What discounts?
Every normal insurer would not want you to make a claim on your home insurance this way they make more money. If you therefore engage in any acts that would seem to be a source of danger to your home, you would be increasing the chances of your making a claim and therefore your premium would also be increasing to accommodate the likely claim. If on the other hand, you take actions and precautions that increases the safety of your home thereby reducing your chances of making a claim, you would be reducing your rates.
Any and everything we do that increases the safety of our homes can and should qualify us for discounts. Some examples are:-
Having security gadgets.
Having dead bolts on doors leading outside.
Having someone at home always.
Renovating your home.
Having sprinklers.
We’ve just looked at a few points. You can find out more if you directly asked your insurer.
One very important point where a lot of people increase their cost significantly is when they add the cot of the land to the value of the building they are insuring.
Do not add the cost of the land on which the building stands as you would be increasing your cost significantly without necessarily increasing the value of your coverage.
Just ask yourself an important question. What could possibly happen to my land that my insurer duely covers? If there is any peril that can affect your land, it is likely that such peril is not covered by your insurer. So do not waste funds by doing this.
One very important thing to note in searching for affordable home insurance coverage is to comapre lots of quotes so as to get a much better idea of what different insurers are charging for coverage you demand. When you compare quotes, you get a sneak preview that helps you make the right decision.
This is a very effective way to get affordable home insurance rates. Visit at least 5 quotes comparison sites and get several quotes. It would take you about half an hour to get these information so you have no reason to delay.
Passive Income
May
23
Home Insurance in the UK - Protecting yourself From a Financial Disaster
Posted by: | CommentsIt is absolutely vital in this day and age that homeowners consider the purchase of home insurance in the UK. This form of insurance is designed as a means of protecting one’s home, and the furniture and other belongings that are found within. There are a variety of different types of home insurance available to residents of the United Kingdom, and it is important to understand what each policy offers and at what cost those benefits are offered at.
UK residents seeking home insurance should understand that there are five basic facets to home insurance cover; buildings, contents, personal possessions, pedal cycles and legal protection for home emergencies. The aspect of home insurance in the UK that covers the actual building itself is the only facet that is found in all forms of home insurance cover, with the other four facets acting as optional additions to your home insurance plan.
Buildings - This part of your home insurance coverage in the UK covers all aspects of the home’s structure and exterior, including walls, drives, roofs, patios, permanent fixtures and outbuildings. The average home insurance policy in the UK covers fire, storm, flood, theft, subsidence, malicious damage, theft and even the escape of water.
Contents - This is an optional facet of the average home insurance policy, covering household goods like carpets and curtains that are fixtures and fittings but that are not permanent. This insurance policy also covers personal belongings found in sheds, garages and within the home, including money but only up to the amount of £300. Just like with the Buildings facet of the average home insurance plan, you will be covered against fire, storm, flood, theft, subsidence, malicious damage, theft and even the escape of water.
Personal Possessions - This facet of the home insurance policy is designed to cover items that are worn, or otherwise carried, or items that are taken out of the home such as cameras, sporting equipment, money, musical instruments and jewelry. This facet of the average home insurance policy covers accidental loss or damage and theft both anywhere in the United Kingdom, and also anywhere else in the world for up to sixty days in most cases.
Pedal Cycles - This is another optional extra facet of home insurance in the UK, covering against accidental loss, accidental damage and theft both anywhere within the UK, and for as many as sixty days anywhere else across the world.
Legal Protection in Home Emergencies - Another optional form of home insurance, legal protection in case of home emergencies offers claim assistance and supports legal costs for up to £50,000 which is capable of handling personal injury claims, employment disputes, property disputes and contractual disputes as well.
Home insurance in the UK is more important than ever these days, so if your home is not yet protected, it is vital that you choose a policy that covers your home and other possessions now before an accident or theft occurs and it is too late to protect your belongings.
Repossession
May
18
Home Insurance – an Absolute Necessity
Posted by: | CommentsA home has to be protected from all possible dangers. The best way to do that is to protect your home through home insurance policy. A home insurance policy can protect one from several varied situations, including fire and theft. Also, contents and possessions can be insured, along with the structure of the building and other equipments. Home insurance can be an expensive affair; this can be taken care of by deploying the services of a specialist broker.
There are a few things to be taken into consideration before taking a home insurance policy. The homeowner has to take certain precautions to ensure he does not get a raw deal. For instance, if the home has undergone some renovation work, the value increases. The current policy may not necessarily do justice to the actual value of the home. The competition in the home insurance sector is tremendous nowadays. Every new day brings about a more feasible offer. To get the best (or somewhere close to it) home insurance deal, one can undertake research of the plethora of offers that are in the market.
Should there be certain changes in the locality you are, it may lead to the increase or reduction of the home insurance policy. Generally, a customer’s insurance company contacts him should there be anything of that nature. Still, it would be foolhardy to expect your insurance company to update you on better deals from competitor companies. If the place you live in has damage or theft claims in recent history, the company will charge more. Here, the true value of the company is important. Also, of significance is the credit report.
Also, one can take steps to bring down the policy. Improving the safety measures can qualify the insured for a discount. Taking two or more policies can be helpful as well. One good advice is to shop around for the best deals.
Rent Back Fast
May
15
Home Insurance - the Importance of Shopping Around
Posted by: | CommentsThe basic idea behind home insurance is pretty simple; trying to recover from a household disaster without it however, is not.
Home insurance was designed to provide consumers with the peace of mind that if anything disastrous happens to their home or belongings then they should be eligible for a financial payout, thus easing the burden of replacing what has been lost.
The insurance is split into two categories, the first – contents cover is usually required by all consumers, both homeowners and those living in rented accommodation. The second, buildings cover, is likely to be required if you are a homeowner, but may be provide by your landlord if you are a tenant; this is something that should be checked as it is not always provided a standard.
With both types of insurance it’s vital that you do not underestimate the level of cover you require, otherwise you may find that any prospective payout(s) do not cover your losses.
It is common practice for insurers to bundle the two together – offering a discounted package if you take out contents and buildings cover from them. Although this is often the easiest option, it may not prove the most cost effective. Also, when purchasing a home, your mortgage provider will almost always insist that you have some form of buildings cover, as until you fully pay off the mortgage it is their investment too.
The specific premiums that you will be required to pay will vary considerably, depending on a number of factors, notably; the area, any past claims you have made, the age of your property and value of its contents.
Although the overall cost of home insurance hasn’t changed that much over the past decade, the breadth of cover however, tends to fluctuate. To clarify, the number of situations in which your insurer will pay out can range from accidentally breaking your TV to having a handbag stolen abroad.
For this reason it is important to go over all of the home insurance details with your insurer prior to taking out the house insurance. The internet is an excellent resource for researching and finding cheap home insurance.
Rent Back Fast
May
14
What the Bank Isn’t Telling you About your Mortgage Protection Plan
Posted by: | CommentsIf you are a new homeowner or you recently refinanced chances are you have received many advertisements in your mail box about Mortgage Protection Insurance. The letters may vary in style and wording but they all say pretty much the same thing. “You have not taken advantage of our low cost mortgage protection program, please fill in the information below and send it back as soon as possible.”
The problem is these letters or offers often leave you with a lot of unanswered questions. Who sent this letter and how did they get my information? Are they affiliated with my Bank? Do I really need Mortgage Protection? How much does it cost, and is it really a good idea?
First of all where did this letter come from? Well that depends. Sometimes a bank or lending institution may have given your name out to a third party insurance company that offers mortgage insurance and has some affiliation with the bank. On the other hand, it might just be a local insurance agent who is trying to generate business. The affiliated insurance company obviously got your information from the bank they are affiliated with but the insurance agent may have just got your information from the county clerk. You see, mortgages are a matter of public record and anyone with some time on their hands and a little know how can go down to the county court house and look up information regarding your mortgage. For some of you this may make you a bit concerned but it is perfectly legal.
So that is how those letters end up at your door but the more important question is what is mortgage protection insurance and do you really need it? Mortgage Protection insurance is just what it sounds like. It is an insurance policy designed to protect your family in the event that you are not around to pay your mortgage for them. The plan might be set up to pay off the loan if you die or if you become disabled. But to answer the question do you need it depends on a lot of other factors. Do you have dependents that are counting on you to pay the mortgage every month? If you became sick or injured and unable to work how long could you pay the mortgage without your current income coming in? Do you have other life insurance or disability insurance in place? If so is it really going to be enough now that you have taken on more obligations? When was the last time you had a professional evaluate your insurance needs? All of these questions should be taken into account before you make a decision regarding Mortgage Protection Insurance.
After considering all of these questions you still may be trying to figure out if mortgage protection insurance is a good deal for you or not. Again the answer is, it depends, and there are many things about mortgage protection insurance that you may not be aware of. Here are just a few examples.
If something looks too good to be true it usually is. For example many of the plans that are sent out from bank affiliates are very inexpensive so they may seem to be quite attractive however you need to read the fine print or find an advisor that can help you. The catch on these plans usually is that they will only pay off if your death or disability is the result of an accident. What happens if you purchase one of these plans and you have a health concern like, cancer, heart attack or stroke? They won’t pay dime one, that’s what happens! So be careful that you know what it is that you are buying. Especially if it is being sold through the mail and looks too cheap to be true. Accident plans only pay if you die in an accident, period.
One other problem with the bank sponcered plans are that most of them are set up with decreasing benefits. In other words your insurance benefit will decrease as your loan decreases. For example if you start out with a $100,000 mortgage and you pay on it for 15 years and now you only owe $72,000 your insurance contract’s death benefit will also drop to $72,000. At first this might not seem like a problem and it’s really not. But what if you could instead have a level benefit for the same price? For example what if you could have a $100,000 death benefit no matter how much you owed on the house and it didn’t cost you anymore to do it that way? Wouldn’t that be a better deal? Well that deal dose exist so you may want to be careful before you sign up for the first plan you see.
Another thing that you may want to look out for is that with almost all of the banks plans they are non-transferable. This means that if you change banks, or you refinance, or even if you just sell your home you now have to get a brand new mortgage insurance plan because the bank’s plan doesn’t carry over. What if your health changes and you don’t qualify? What if your new bank doesn’t offer mortgage protection (not all banks do)? What if a few years have gone by and now you are older and the costs have increased due to your age? If any of these things happen than you would have been better off buying a plan that was transferable from one mortgage to the next. Often you can not purchase these transferable plan through the bank but instead you need to go through an independent insurance broker.
The last thing you need to be aware of is that many mortgage protection plans are offered as a group benefit. Just like the term life insurance that you get from your employer. Group plans are offered to a group of people with the same set of circumstances and because of this they are easier to qualify for. This can work to your advantage or your disadvantage depending on your circumstances. For example if you are not so healthy and you already have a health problem like diabetes you will most likely get a very favorable rate if you purchase a plan as part of a group because the health risks are spread out amount the entire group and you are not left to bare the full cost of your illness alone. But what if you are in excelent health and you have no health issues whatsoever than you may be better off not lumping yourself in with a group of people that could verry well be less healthy than you. If you are willing to subject yourself to an easy medical exam in the comfort of your own home or office than you may just qualify for a much cheaper rate.
These are just some of the things you should take into account when considering mortgage protection insurance. But the most important thing to consider is will mortgage protection insurance by itself really protect you and your family? Even if you leave your home paid off for your loved ones will they really be able to afford to live in it without your income? Leaving your home free and clear for the ones you love is certainly a noble idea and a commendable one but have you really thought about what they would do to survive financially in that house without you to take care of them? If you really want to protect yourself, your home, and your family than perhaps you should consider talking to an advisor that can help custom tailor a plan to meet your exact needs. Is mortgage insurance a good idea for you? The only answer any qualified advisor can give without looking at your particular circumstances is, it depends. At this point one of the smartest things you can do is talk with a Registered Financial Consultant to determine exactly what you and your family need so you can make an educated buying decision.
Repossession
May
12
Tips on Avoiding Mortgage Problems
Posted by: | CommentsWhen times are good, times are very good. When times are bad, homes are repossessed. It is safe to say that the good times are over for home owners who have a mortgage to pay off and like clockwork the repossession industry is shifting up a gear.
The ability to sustain repayments on a mortgage can change rapidly. There are many home owners who have secured properties during the past few years who are now facing the prospect of losing their homes because they can’t keep up with their monthly mortgage repayments.
Property affordability has dropped considerably in the last few months as interest rates rise and lending criteria tightens. While it is easy to use hindsight to see that many home owners who are facing the prospect of losing their home should not have leapt onto the property ladder in the first place, it is more sensible to focus on the issues that they should have considered before applying for a large mortgage.
When assessing whether or not to buy a property, a prospective borrower should first look at whether or not the mortgage they wish to apply for is simply too big. It sounds so simple – and that’s because it is. Mortgage lenders offer products with income multipliers of more than five times an applicant’s salary these days which is more than twice as much as it used to be.
This raises the question – why the increase? Twenty years ago lenders assessed that borrowers could only afford a mortgage of about two to three times their annual wage. Why are they now suggesting that borrowers can sustain a mortgage of five times their salary?
Even if a borrower secures a mortgage that they can afford at present, potential future changes in the terms and conditions attached to the mortgage and potential changes to the household budget should be accounted for.
The most obvious factor that can, and probably will, change is the mortgage’s interest rate. When interest rates increase, monthly repayments on variable rate mortgages also increase. When fixed interest rate periods expire, the interest rate payable on a fixed rate mortgage may also increase. Both of these scenarios will result in an increase in the monthly repayment amount due on the mortgage and will therefore lower its affordability.
Finally, borrowers should factor in the possibility that their income may reduce. Any reduction in a household’s income will naturally lead to the mortgage, as well as other bills, becoming less affordable. There are various insurances available to mitigate reductions in income and borrowers should research this carefully when applying for a mortgage.
Borrowers who plan ahead and factor in potential changes in the variables detailed above will have a much better chance of funding their mortgage through the bad times and therefore holding on to their home.
Repossession
May
07
Cheap Home Insurance - Helpful Tips For Lower Rates
Posted by: | CommentsHere are some great steps that will help you cut down on your home insurance rates this period.
Find out from your provider the discounts they offer if you engage yourself in some precise and personal home safety practices. Be vigilant so as to know what safety practice is required of you. This will guide you in getting and installing the required safety gadgets; it will also make you understand how they place clients on risk levels. Study and note the preferred application of their chosen safety system.
If you smoke, you should endeavor to put a halt to it this New Year. You will gain low rates immediately the home insurance company sees you as a low or preferred risk customer. Preferred risk simply means that the insurance company is certain of handling your claims and make monetary gains on the service they are rendering to you.
You do not have to rush and make claims from every little occurrence, undertake some repairs yourself. You will find out that you save more money from the non-claim policy of the home cover company.
Make provisions for security operatives and / or home guards as the case may be. This will further help by giving you a preferred risk placement and lower rates.
Take note of the success and failures of your home insurance company yearly. This will make you request for your preferred service or change to a new company.
Where To Get Trusted Home Insurance Providers and Compare Their Free Quotes Online?
Here: Cheap Home Cover
Sell House Quick
May
05
What To Look For In A Home Insurance Policy
Posted by: | CommentsIf you have never had home insurance coverage before then you may feel like you need someone to explain it to you. After all, not every policy is the same. Some are very different but no prior experience in this particular field may result in all the information that specialists will throw at you going straight over your head. It can be difficult to make sense of all of the jargon associated with a home owners insurance policy, but if you know the basic features to look for in a policy then you are equipped to choose the policy that is best for you.
There are several features that you need to look for in the home insurance coverage that is offered by various companies and the list below notes several of them. This is by no means an exhaustive list but should give you an idea to get you started:
1. Exclusions - Exclusions are put in place within your home insurance coverage to limit the situations that you can claim on. For example, you would be able to claim for a stolen stereo system but not a damaged CD. These often follow common sense, but some policies have more exclusions than others so make sure you fully read the terms and conditions so that you are fully aware of what you can and can’t claim for.
2. Valuables cover - Some home owners insurance policies cover building and contents but stop short of insuring valuables such as jewelery. Others insure everything that is actually within the home. You should ask whether valuables are covered in your basic policy or not and, if not, whether you can actually add that element to your policy.
3. Excess/deductible - Most policies will stipulate that you will have to cover the first x amount of dollars on each claim. This is called a deductible or excess. You are usually liable for the first $50 to $250. This is a huge step, especially if you are looking to recoup your losses so shop around for the best value excesses.
4. Off premises cover - Home insurance coverage may or may not extend to personal property being taken out of your home. Technically it is more susceptible to damage if removed from your home, which is why some companies do not provide cover. However, some companies will as part of your policy or as an add on, so watch out for this.
5. Repair and replace - Company policies vary as far as home insurance coverage for damaged items are concerned. Some insist on having an assessor examine and attempt to repair broken items before replacing them. If you would prefer to simply replace items yourself then read the policies very closely before signing anything.
6. Claim limits and procedure - Every home owners insurance policy varies in that the monetary amount you can claim can be as low or as high as they stipulate. It may be better to request the amount of cover that you would like and then choose a policy that complies with that. Also, claims procedures can range from extremely simple to very long and drawn out. Have a look at claims policies for full details but if something sounds complicated, then it usually is!
Passive Income
Apr
30
Expunging Criminal Histories in Illinois
Posted by: | CommentsEXPUNGEMENT OF CRIMINAL CASES IN ILLINOIS
The arrest record of anyone ever arrested remains available to the public unless it is expunged. This is true even if the case is dismissed or there is a verdict of not guilty.
Expunged or Sealed: Most criminal records without convictions can be expunged or sealed and even some records with convictions may be expunged or sealed. When a record is expunged, it is erased, as if it never existed. When a record is sealed, only law enforcement may view it. Others, such as the general public, may not. A record is best expunged, but is still beneficial to have it sealed. For a record to be expunged or sealed, it must qualify.
Necessary Information: To start the process of expunging or sealing a criminal record, it is best to locate all the paperwork relating to the case or cases. The following information is needed:
· Defendant’s contact information
· Case number
· What happened in court – a guilty plea, dismissal, etc. This is called the “disposition” on the court record and it can be found at the courthouse where the case was heard.
· Date of arrest
· Agency or Police Department conducting the arrest.
Additionally, it may be necessary to obtain a criminal history. Criminal histories can be obtained from the following places:
· Illinois State Police, Bureau of Identification,
260 North Chicago Street, Joliet IL 60432, · The FBI, U.S. Department of Justice, 1000 Custer Hollow Road, Clarksburg WV 26306. · The circuit clerk of the court where your case was handled. The clerks only have records for their counties not for the entire country or the State of Illinois. Information for Illinois Circuit Clerks can be found at: http://www.state.il.us/court/CircuitCourt/CircuitCourtJudges/CCC_District.asp
Records that can be Expunged: To determine whether a record qualifies to be expunged or sealed, it is best to consult an experienced expungement attorney. Some qualifying situations are listed below:
· If the defendant was acquitted, released without conviction, found not guilty or there was a no probable cause finding, or nolle prosequi (dismissed by the State’s Attorney).
· Most cases qualify if there was *supervision ordered AND two years have passed since the successful completion of supervision. The cases listed below require five years.
· Cases in which an order of supervision or terminating probation was entered AND at least five years have passed since termination. This applies to the following:
o Uninsured motor vehicle
o Suspended registration for non-insurance
o Display of false insurance
o Reckless driving
o Retail theft
o Certain cases involving Cannabis/Marijuana and Drugs and Alcohol.
· Cases in which a conviction or sentence has been set aside and the court later determines you are factually innocent
· Cases in which the governor has issued a pardon
Records that cannot be Expunged:
· A finding of guilt, with judgment on the finding, based on either a plea or verdict resulting in a sentence. This does not apply to probation under the Cannabis, Controlled Substances, Steroid Control, or Alcohol and Drug Dependency Acts.
· Probation (except under the acts listed above)
· Supervision or conviction of a sexual offense against a minor under 18 years of age
· Conditional discharge
· DUI supervision
Records that can be Sealed: Below are some general requirements to have a record sealed. However, to make sure, it is best to consult an attorney.
· An adult or a minor prosecuted as an adult for a misdemeanor or municipal ordinance violation, and the defendant:
o Was Acquitted (Found Not Guilty)
o Was Released without being convicted
o Had a conviction was reversed either on appeal or by the trial judge
o Received supervision for a misdemeanor AND had no convictions AND was not placed on supervision for a misdemeanor for three years following the termination of the case you are seeking to seal.
o Had a case that was a qualifying Class 4 felony (possession of marijuana, possession of a controlled substance, and prostitution).
o Received a misdemeanor conviction AND had no convictions or supervisions for a felony or misdemeanor for four years following your sentence.
· Court Supervision may follow a guilty plea or a finding of guilt after trial. Supervision, if ordered by the judge and successfully completed, means there is not a record of conviction on the charge. It should be noted that while supervision does not constitute a conviction, the supervision itself will stay on your public record unless expunged or sealed. Court Supervision is like a continuance, pending the defendant’s good conduct, with dismissal of the charges upon acceptable compliance. If the conditions are complied with, there is no conviction. Supervision can be for up to two years and eliigibility for expunging or sealing does not begin until two or five years after the supervision is over.
If you have further questions about Illinois Expungement Law, please go to:
http://shestokas.com/Ask_an_Attorney.html
Only matters charged as crimes or business offenses are covered by the information on this page. Traffic tickets, divorces, or orders of protection are not covered by the rules above.
© 2008 Shestokas, Raines & Malavia
Rent Back Fast
Apr
22
Top 10 Home Insurance Myths Debunked
Posted by: | CommentsMyth #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.
Myth # 6: My home insurance covers mold and/or other issues related to lack of maintenance.
Fact: Actually, a standard home insurance policy does not cover issues related to a lack of maintenance. For example if a plumbing leak that was left unfixed caused mold to grown in the interior walls of your home- mold removal and remediation would NOT be covered in your home insurance. Remember that your home insurance only protects you from damage caused by covered perils such as wind, hail, lightening, fire and theft. Keeping your home well maintained and safe for others is your responsibility and your home insurance company will decline coverage for maintenance related claims.
Myth #7: Flood Insurance is only for people who live in a flood zone.
Fact: Lending institutions, such as the bank that holds your mortgage, will require you to obtain flood insurance if you live in a major Flood Zone. However, keep in mind that all homes are at the risk for flood and standard home insurance policies do NOT cover flood related damage to your home. Due to the recent flooding in the Midwest the importance of this type of coverage for homeowners outside of a major flood zone has become even more apparent. If your home is flooded and you do not have flood insurance you will be on your own to replace your home and its contents. Flood insurance is a wise idea for every homeowner.
Myth #8: I will have to skimp on my coverage in order to save money on my home insurance.
Fact: Saving on your home insurance does not mean that you have to give up important parts of your coverage. It is very important to always be adequately insured in the event of a loss. However, there are lots of ways that you can save money on your home insurance that do not involve changing your coverage. Home Insurance discounts are available for homeowners who use burglar alarms, smoke alarms, deadbolts and other protective devices. Want more savings? Ask your agent about combining your home insurance and your auto insurance policies- you can usually save up to 15% this way.
Myth #9: When determining my coverage, I should use the purchase price for my house as my dwelling coverage amount.
Fact: A common mistake when homeowners are getting quotes for their home insurance is that they use the purchase price of their home to determine their dwelling coverage. Yet, the purchase price of your home includes the land under your home- which does not need to be replaced in the event of a fire or other peril to your home. For this reason, your dwelling coverage should always reflect the replacement cost of your home- or how much it would cost to rebuild your home in the event of a total loss. To determine this amount, multiple the sq. footage of your home by local construction costs. You can use a http://homeinsurance.com/calculators/ home insurance calculator to help you determine the amount if necessary.
Myth #10: You can not buy a home without purchasing homeowners insurance.
Fact: This is a tricky one. Because while you actually CAN buy a home without home insurance (a lender may not require it or you may, although rare, pay cash for the home) you should still always have home insurance on any property you own. Whether a lender requires it or not, the risk is always there. It would only take one fire or lightening storm to destroy your home and leave you uncovered.
Sell House Quick
