Tuesday, November 2, 2010

Home Insurance Quotes

Any time you're searching for home cover it is important to look over all the options. There are three different types of insurance for your home, but whichever one you choose there are other things to consider.
Obviously you want the most cost effective policy and one of them may be the 'contents only' policy.
What is a Contents Only Policy?
Families purchase a 'contents only' policy so they can cover their assets inside the home. There are several angles you can take here, but what you include will be entirely up to your specific needs. It is also important to understand that if you take any of your assets out of the home (jewellery, gaming consoles, phones, etc.), you can make sure that the policy will cover it outside.
Standard options offer around 7,000 pounds. Best of all these things are covered no matter where you are in the world. If you find the right cover company to work with they will tailor your policy to any specification you need that is within their ability. A 'contents only' policy is geared for families who have to stay on a budget, but can't afford to get covered in other areas.
What is a Buildings Only Policy?
When you purchase a 'buildings only' policy you will be insuring the building itself and some of the surroundings. If someone does occur to your home then you will benefit from both the buildings sum insured, as well as the temporary accommodation cover. The latter is if you need to stay elsewhere due to the damage done to your home.
When you look for home insurance quotes there are plenty of other benefits as well. For instance; sometimes there is damage done to windows, solar panels, or even bathroom fixtures and fittings. Buildings only insurance will cover this for you. Ever had a water-main break? This policy offers additional advantages for underground drains and pipes as well.
So is Contents Only better than Buildings Only?
Well, one is not any better than the other. The point here is that they cover different parts to the home. If you're looking to save money and feel you do not need 'contents only' cover or 'buildings only' cover, then you get a policy with what you do need. It can save you tons money and you will see this when you start looking at quotes.
The best way to do this is online so you can get several different home insurance quotes and compare them. If you feel that you need both contents only and buildings only cover you can get them in the combined policy.
Even though it may cost a bit more to have both, there are several types of discounts you can obtain online. The majority of the companies out there that offer cover through home insurance quotes on the Internet want to give you additional savings. All you have to do is take the time to find them.

How to Pick a Good Home Insurance Policy

Choosing a home insurance policy is one of the most important decisions you will ever make in the course of your lifetime. Your home is your most valuable asset, and you want to be sure that you are protected in case of a fire, flood or other natural disaster. However, it can be difficult to sort through all of the advertisements and claims you hear from local insurance companies, and determine the best policy for your lifestyle and needs. There are a number of ways to make the process less confusing so that you can choose a homeowners insurance policy with confidence.
One of the best resources for researching home insurance policies is reviewing the findings of independent research companies. These groups are impartial and not industry-funded, so they can provide you with a wealth of clear, unbiased information. The digital age has made this task remarkably easy, since the internet offers you a great deal of information right at your fingertips. Simply entering "homeowners insurance company ratings" into any major search engine will bring up information on the best and worst home insurance policies. There are also likely to be customer reviews and forums that you can browse at your convenience.
Each state has different laws about the ways that insurance companies can operate. There are a number of independent firms in each state that research insurance companies and make sure they are operating in compliance with individual state laws. These firms will give all of the companies in your state a rating of A, B, C, or D. Obviously, you should look for a company with a rating of an A or a B to get a quality home insurance policy. Also, make sure that the insurance company you choose is licensed to insure a house in your state. If it is not, your policy will be null and void.
Home insurance companies often distribute informational booklets in order to educate customers about the workings of the business. These give you some inside information into the way a specific company works, and will also give you an idea of their financial stability, which is a major factor in shopping for home insurance. Consider looking at these booklets as a way to determine what companies are reliable and credible.
Once you settle on a quality insurance company, several factors will come into consideration when deciding on a policy.
1. You want to make sure that your policy fully covers everything you need. Read the fine print to figure out exactly what you're getting, and don't be afraid to ask questions.
2. You'll want to have an idea of the weather in your region, to determine what sort of natural disasters you should be prepared for.
3. You want to consider the efficiency of their claim service; how much time goes by before the insurance company covers the cost of damages to your home. You want to pick a company that won't balk at giving you the money you need when you need it.
4. Affordable rates are another very important factor to be considered. You need to know that you are getting a fair price for the amount of coverage you are receiving, and also that you can afford to cover the cost of the deductible and monthly payments.
Insuring your home is a major decision, but it doesn't have to be a complicated one. Doing some research into companies and policies in your area will give you an idea of what policy is right for you. Finding a policy that gives you the coverage you need, at a fair and affordable price, will definitely be worth it in the end.

The Importance of Home Insurance

mportant. Without home insurance you could easily lose everything you care about through flood, fire, theft, or even possibly freak accidents or some sort of structural damage.
You're going to be surprised at the cost of home insurance, it's not as expensive as you may think. Many people become overwhelmed with all of the different types of insurance they need to have in order to keep the assets in their life safe but don't worry, you can compare home insurance quotes and get an idea of what it costs easily and quickly.
The fear of the unknown often stops us because we you're already so overwhelmed with financial woes. But think about it, if you don't have homeowners insurance, everything that you care about including your furniture, entertainment system, home computer, laptop, jewelry, and antiques can all be gone in a heartbeat.
Once you've gotten a couple of homeowners insurance quotes you'll be surprised that it's not that expensive. Also, you'll be given several different options including listing those items you want protected. Your inventory is one of the most important aspects of your home insurance. Make sure that you list everything you care about, everything that is considered an asset, and those items that you consider irreplaceable.
Along with this inventory you do not have to list those items that you do not want replaced or included on your insurance. By choosing carefully those items you would like replaced, you'll find that you can reduce the insurance premium. In other words, list those things that are going to cost a lot to replace, are often stolen, or are easily damaged.
There are several different types of home owners insurance, and don't let ignorance keep you from making sure that your personal artifacts are protected, get a few home insurance quotes and find out that it's not quite as expensive as thought was.

Home Insurance For Low Income Households

Low income households may struggle to afford home insurance leaving their properties at risk from theft, fire and flooding. However, now a new scheme has been introduced aimed at providing low-cost contents cover to those living in social housing.
The scheme is the brainchild of the Association of British Insurers (ABI), which has teamed with insurer Aviva and broker Aon to discuss with London-based local authorities and housing associations the idea of developing tenants' insurance schemes.
What is the point of low-income home insurance?
According to the ABI's findings, 750,000 people in England's capital city live in either social or local authority housing. Unfortunately this places them at even greater risk of crime - these households are twice as likely to be burgled and a third more likely to suffer arson-related damage.
Unfortunately most of the tenants do not have cover for their belongings with four out of 10 local authority and housing associations in the capital currently unprotected.
The ABI hopes that by providing tenants insurance many unprotected Londoners will be able to gain some financial protection.
What if you don't qualify for the scheme?
Even if implemented the scheme is currently only aimed at London - so what if you live outside this area?
In this case, you shouldn't give up your pursuit of cheap home insurance. Insurers assess risk on a case-by-case basis and so even if a neighbour or friend has received a high quote from an insurer it doesn't mean that you will. Be prepared to listen to the insurer's advice and to shop around.
There are many ways to secure a cheap policy. You could cut down the policy options you choose to just provide basic cover, or you could take steps to improve the security of your home.

Home Insurance For Flood-Risk Properties

With another flood season on the horizon, what should property owners look for from a home insurance policy to ensure they are covered?
If you're looking to safeguard your home against the threat of flooding, home insurance cover is vital but you must be careful with the policies you choose. Many providers litter their policies with flood-related exclusions to reflect the increased risk that comes with living in a flood-risk zone.
Those with existing home insurance policies should check its terms and conditions and look for caveats and exclusions. In particular, check the sum insured and that you are sufficiently covering the value of your home and its contents as under-insurance may even invalidate your policy. Check the single item limits on individual contents too, so that you're not left out of pocket attempting to replace a high value commodity.
Check that your home insurance policy offers new for old coverage on items - this will be needed if you want to replace any damaged goods with brand new versions rather than like-for-like items with similar wear and tear.
If you're unsure whether you live in a flood risk area use the Environmental Protection Agency's flood maps and enter your postcode. If you are in a flood-risk zone then premiums are likely to be high so it's worth shopping around with a comparison website and using specialist insurers to find quotes.
To keep your home insurance premiums manageable, take steps to protect your property. Keep it in a good state of repair with gutters and drainpipes cleared regularly so that you don't invalidate a claim. Consider investing in sandbags to place around windows, doors and airbricks.

Home Insurance - Rebuilding Costs

I have contacts that suggest I could rebuild my home for a lower figure than you suggest. Why can't I insure at that level?
The rebuilding costs used for insurance purposes have to allow for the cost of demolitions and debris removal. If you built or have re-built your home, you may not have included this within your calculations.
Equally, if your home is listed, it can often be very expensive and time-consuming to record, photograph and even label the fabric of the building to ensure the correct reconstruction.
Similarly, special offers and discounts that were available when you first built, renovated, decorated or refurbished your home are not usually available the second time around. Indeed, when an insurance company is settling a claim, all the evidence shows that suppliers are far less likely to 'strike a deal' or charge discounted rates. Moreover, your contacts and connections may have changed or gone out of business, leaving you unable to secure the same prices for goods or services following a loss.
Even if you are in the building trade and have bought items in bulk, using the majority for other projects and retaining some for your own home, it's clear from the evidence associated with losses that, where one has to refurbish or rebuild in isolation, unit costs can increase significantly.
Lastly, if you have personally project-managed the construction or major refurbishment of your home, you will have saved a lot of money by giving up your time free of charge and not employing others to do this on your behalf. You may not be in a position to - or even want to - take on this responsibility following a loss. Most people, faced with having to rebuild their home, usually opt for having the rebuilding professionally project-managed. This results in additional contractors' overheads and profit, as well as professional fees.
In summary, we have to recommend that our clients insure for values that are suitable for their homes and subject to normal tender processes, because there is no guarantee that deals and discounts that were previously available will still be available in the event of a major claim.
How do you arrive at a reinstatement assessment?
Costing data is obtained from a variety of sources but suggested rates are not used without referring to other evidence found on site. Building rates applied take into consideration a range of factors starting with the type, size and quality of materials found at your home. Allowance is made for special features found in each property, for vernacular materials where relevant, and for architectural details.
Outbuildings and hard landscaping are also included in the assessment. If particular features, such as a conservatory or tennis court, have been added, these costs will be factored in.
Other points, including the specific location of the building, will also be factored into the cost analysis. If, for example, your home is in a rural location and some distance from key suppliers, or if access is restricted in some other way, there will be an increase in materials delivery costs, which will have to be taken into consideration.

Texas Landlord Home Insurance Information

Texas landlord home insurance is different from a standard homeowner's policy in several ways. Because of this a landlord will usually get a specialized type of homeowners insurance. This is sometimes called a dwelling policy.
Personal property (contents) is not usually standard with a landlord home policy. There is often an option to get this at extra cost. That is a good idea if the home is furnished with appliances and or furniture. You will probably be able to select the dollar amount of this coverage that you want. Personal property theft is normally excluded from coverage.
Personal liability and medical payments to others coverage will probably by optional with a landlord's home insurance policy. There will probably be an option to have liability coverage added with extra cost. This is usually inexpensive and I recommend getting liability coverage.
Texas has standardized packages of coverage and most landlords get a Texas Dwelling Policy (TDP1, TDP2, or TDP3 package.) TDP1 is the least expensive and covers basic risks. TDP2 covers some additional perils including rupture or bursting of water pipes, fall of trees, glass breakage, and collapse of building. TDP3 includes TDP2 plus trees, shrubs, plants, special form (broader coverage) on the building, and additional living expenses. (Please note that your actual policy may vary from my description and you should ask your agent to explain all details of any policy that you get)
In many cases I suggest the TDP3 policy because it has better coverage for only slightly more than a TDP1 plan. Then ask about your options to upgrade by adding things like some content coverage, personal liability, and medical payments to others coverage.
Your agent should discuss all available discounts with you. This can include things like an alarm system, newer home, updated electrical or plumbing, claims free, good credit, and senior citizen discounts.
Flood coverage will not be included with your policy. If you are in a high risk area this is essential. If the home is not at high risk the cost will be very low. I usually suggest getting at least some flood coverage.
Another consideration for landlords is a renter's insurance package for the tenants. This is important for them and you. You want their property to be covered to reduce the possibility of a claim against you if they have a loss. For example, if there is a fire and they have $50,000 in property destroyed, they might claim it was your fault because the home had an issue with the electrical system. You could also have exposure for a liability claim in the event of an injury. I suggest requiring the tennant to have a high level of liability coverage. A renter's package policy is usually inexpensive and is typically in the $100 to $300 per year range. Consider making renters insurance a requirement in your lease. You may want to require proof of a 1 year paid-up policy at move in time. Ask your agent to advise you about how much coverage is sufficient.