11 Feb
Posted by: Admin in: Home Insurance
After the “snow-nami” has walloped the East Coast over the last week, many homeowners have been concerned with damage caused by snow – and they should be since the Insurance Information Institute (I.I.I.) says winter storms cause $1 billion in annual property damage. What’s interesting, however, is that depending on the type of damage a storm causes, you may or may not be covered by your homeowners insurance policy.
While your homeowners insurance policy covers a lot, it doesn’t cover everything. For instance, earthquakes are not covered in a standard homeowners policy, and neither are floods.
Cheap home insurance can mean limited coverage for yourself, your family, your house and your other possessions, so before accepting a cheap insurance policy, examine first what it covers and know why your premiums are low.
The adage too-good-to-be-true also applies in home insurance. An insurer cannot sell you a very low-cost policy and at the same time offer you complete coverage. There has to be some provisions in the standard house insurance coverage that were removed or revised so that they can reduce their liability and also reduce your premium.
One of these ways is through your insurance deductible. Your premium may have been reduced by 20 or 25 percent, but your deductible has been raised from $500 to $1,200. Read more…
08 Feb
Posted by: Admin in: Home Insurance
Due to the current instability of the U.S. housing market, more Americans are choosing to rent the roofs over their heads. Nearly one-third of the nation’s population rent their homes. According to a survey conducted by insurance provider Allstate, of the 87 million renters (2008) only about 40 percent of them have a renter’s insurance policy.
Like homeowners, renters are at risk of having their property destroyed, damaged or stolen. Renters insurance can not only mitigate financial loss but also provide overall peace of mind. Standard rental insurance is relatively inexpensive, costing about $12 a month.
03 Feb
Posted by: Admin in: Home Insurance
When it comes to vacant home insurance, a good low cost solution does not exist in the United States. Vacant home insurance is 3 times to 5 times as expensive as regular homeowners insurance in most instances, and there is no way around this if you want a good policy.
Even “fire only” policies may be more expensive for vacant homeowners insurance than regular homeowners insurance and what are you getting, fire only!
There are certain factors that can get you the best rates possible for your vacant or empty home during the vacant home underwriting process. These are listed below
27 Jan
Posted by: Admin in: Home Insurance
Landlords that are keen on avoiding have to claim on their landlords insurance policy because of leaks caused by a burst pipes should read the advice given by landlord insurance broker Hamilton Fraser.
Steve Barnes, Property and Claims Manager, said:
“Escaping water from burst pipes can cause considerable damage and inconvenience. By taking some simple precautions property owners can reduce the risk of a claim, and whilst much of it is common sense or indeed standard practice to the experienced landlord the following actions could make a difference!”
Hamilton Fraser has issued the following advice:
• Make sure you and your tenants know where your main stop tap is and check that it turns easily.
• Make sure pipes and tanks in your roof space are lagged. Where t Read more…
Southern California residents were recently hit with new expectations to purchase flood insurance due to FEMA’s new floodplain map, and it appears that now some Michigan residents will be on the hook as well. While some of the resident in California were able to fight FEMA’s requirements and excuse themselves from this new expectation, it looks like residents in Michigan’s Fenton Township area are just beginning their fight.
Many residents who have received notice of their requirement to purchase flood insurance have turned to their townships and city halls for advice on what to do.