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You are here: Home / Archives for insurance

insurance

Homeowner’s insurance: to claim or not to claim?

August 27, 2014 by khproperties 4 Comments

Homeowner's Insurance

Should I Claim it on My Homeowner’s Insurance?

Like the attorney Marco D. Flores says, every good thing comes with risk. Homeowner’s insurance is a risk assessment business and definitely something that you’ll want to have if anything goes wrong with your house. According to ERISA claims lawyers, if you get a loan for your home, your lender will require it, so that they can protect their investment as much as you do and with cash purchases, it is not required, but highly recommended. But not everything that goes wrong with your house should be filed with the insurance carrier.

The most common homeowner’s insurance claims are for theft, residential or commercial roof replacement (hail damage in Texas), and water damage from busted plumbing. However, there are a multitude of potential claims that people make on a regular basis. While every insurance coverage is different, and every policy unique, here are some fast and easy pointers to remember:

  • Insurance costs are based on risk. The age, condition, and features of your home can make a difference in what you pay as a premium. Which is more likely to need replacement, a twenty five year old roof or a two year old one? Brand new plumbing or plumbing that is fifty years old?
  • Don’t forget about your deductible. The deductible is the amount you have to come out of pocket with before the insurance company starts chipping in their portion for the damage. If you have a $10,000 claim and a $4,000 deductible, the insurance company will only cut you a check for $6,000 to replace that $10,000 repair. Raise your deductible and your rate could go down. Lower your deductible and your rate could go up.
  • Every claim called in direct to the insurance carrier, whether money is paid out or not, gets reported on your insurance file and could have implications for renewal rates or for new buyers when you go to sell. If your window gets busted by a runaway baseball, and you have a $2,000 deductible, chances are it’s not worth the call to insurance over a $250 window. But if the roof blows off your house and requires a $10,000 fix, that $2,000 deductible seems like it could be worth it.
  • You could actually save up to 30% on homeowner’s insurance rates by bundling them with an auto policy by the same provider.
  • Credit scores can impact insurance rates, particularly on auto, but also potentially on homeowner’s insurance too.
  • Let your insurance company know about security features that could lower your rates or when major changes or updates are done to the home (plumbing, electrical, etc.). Other features to note are security system, fire hydrant location nearby, etc.
  • If you have a special collection; art, guns, jewelry, fine furs, etc.; make sure to let your insurance carrier know so they can get the right kind and amount of coverage for those valuables.
  • One of the best things you can do is find an insurance agent you trust to help walk you through all of these items. They’re a great resource and also a good point of contact on those “should I claim or not” moments before your account gets flagged.image courtesy of Dan Diemer

Filed Under: Homeowner Tips Tagged With: homeowners insurance, insurance

Homeowners Insurance – Great Tips For Homeowners

February 6, 2013 by khproperties 15 Comments

Homeowners Insurance - Rainy Day

Homeowners insurance is one of those thing you never think about…until the rainy day comes when you need it. Insurance can be confusing at times – how much do I need, what do I need, am I covered – all valid questions that you should ask of your insurance agent especially if its a highly recommended home insurance agency. As a homeowner, experts from Utility Saving Expert say that you need to be proactive with your homeowners insurance and stay on top of it. Your insurance agent shouldn’t just be someone you call when there is an issue, but someone you work with to find the best solutions for your needs. And after the purchase, you should review your homeowners insurance regularly to be sure you’re getting maximum coverage at minimum prices. Make sure you’re not caught on a rainy day without an umbrella.

A Few Tips About Homeowners Insurance

  • Check your premiums annually. Don’t just stick with one insurer because it’s convenient. By shopping around at comparison sites like moneyexpert.com, you can often save yourself hundreds of dollars and get better coverage.
  • If you belong to any trade organizations, see if there are any discounts through insurance carriers for being a member. You may be surprised at what you may find.
  • If you own any jewelry like gold link charm bracelets, make sure you speak with the insurer about getting it covered. My wife and I were burglarized one summer and we lost a lot of valuable jewelry. We received nothing for it, because we had never thought about making sure it was insured. No amount of begging and pleading (or receipts) will convince your insurer that they should reimburse the value of these items.
  • Get to know your insurance agent. Most of us never think of them until we need them. By maintaining a relationship with them you will probably be top of mind with them when they hear about new insurance products or ways to save you money. Insurance agents are much like real estate agents – we love repeat business.
  • As your home appreciates in value over time or you add new items to the house, make sure you review your insurance needs. If you bought a house and insured it for $200,000 and many years later it is worth $250,000 and suddenly it is destroyed in a fire, you don’t want to realize that the insurance payout won’t even begin to cover the cost to buy a new home in your neighborhood because of the appreciation in home values that has occurred.

image courtesy of aubergene

Filed Under: Homeowner Tips Tagged With: insurance, advice, homeowners insurance

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