Your home warranty?s worth depends greatly on the statement in the insurance contract. There are two kinds of warranties. It is the new home warranty and the existing home warranty. In a new home, many builders will offer a homebuyer a warranty, which is usually good for ten years coverage on the home structure. Some have their own warranties while still others use a third party company. Whichever you choose, the home warranty defines items that are covered and outlines a method for repair requests should there be problems.
A buyer or seller of an existing home may buy a one-year warranty that is the same as an extended contract of service. Read more…
One of the very important insurance policies that a homeowner must be familiar with is the homeowners? insurance. Even if several banks require it when you avail a mortgage, this insurance policy will truly protect homeowners from being caught in trouble in the future.
The standard homeowners? plans take charge of the damages done by disasters like falling trees, broken pipes and other unexpected circumstances. Strong winds are covers unless the house is situated in an area that is normally hit by winds. Homes in coastal areas are good example of this. If you are staying in these places, you will have a homeowners? policy that can protect you and you need to get another plan for this. Read more…
A number of homeowners are suing insurance companies over inadequate Chinese drywall claims.
The drywall issues, which were found nation-wide, resulted in corroded plumbing and sick home dwellers. While thousands of homeowners are known to have been affected by the defective drywall, so far over 700 homeowners have filed a federal lawsuit, seeking indemnification for their losses.
A New York-based law firm, Anderson Kill & Olick, P.C., is representing homeowners who feel that they’ve been mistreated by their insurance companies. According to the complaint, the plaintiffs seek “a declaratory judgment that the insurance companies and the subcontractor insurance companies are obligated to indemnify the losses arising from claims against WCI Communities Inc.
12 Jan
Posted by: Admin in: Home Insurance
Last week it was revealed that according to FEMA’s new flood map, a few thousand in Southern California would be required to acquire flood insurance; however, FEMA has now announcedthat some of those residents don’t live in risky areas after all. The news comes as a relief to many residents who would have been on the hook for an additional insurance policy effective immediately.
According to the new flood map that FEMA drew up recently, thousands in the Southern California area would said to suddenly live in flood-prone area – even those who lived no where near water.
In total, residents in over 150 cities and unincorporated areas would have to purchase flood insurance in addition to their homeowners insurance in case a flood hit the area, which could have added as much as $500 to $1,700 to their policies per year.
This did not sit well with many homeowners, some of whom decided to fight the new flood map designations.
After FEMA decided to review its new topographic data, it decided to remove 876 parcels in the Parks Mesa Heights neighborhood.
12 Jan
Posted by: Admin in: Home Insurance
The intent of homeowners insurance is a form of protection of your dwelling and personal items from total disaster and loss. Anyone who has ever gotten a mortgage knows that presenting proof of homeowners insurance is one the requirements at closing. The borrower is at the very least required to purchase insurance for the value of the mortgage loan.
Nevertheless, you cannot make a decision as to how much homeowners insurance you are going to need simply based on the amount of the mortgage. You are going to need insurance that is adequate enough to protect you, your family and your possessions.
Should your home be totally destroyed, you are going to have to rebuild it or get a comparable home. Read more…
Sainsbury’s Home Insurance is bracing itself for a spike in claims now that the festive season is over. Christmas and New Year can prove costly for insurance companies, with figures suggesting that over £25 million could be paid out in Jan 2010. Last year, in the first week of Jan, the number of claims handled by Sainsbury’s was more than a third higher than a normal week and the amount paid out per claim was higher on average too by about one sixth.
All sorts of reasons have been advanced for the increase in claims. If homeowners are entertaining on Christmas Day, Boxing Day or New Year’s Eve their freezers can be stacked to the gills and if a power cut strikes the costs of ruined food can easily run into hundreds of pounds.