SmartHome Essential

By editor | Published: December 10, 2010

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SmartHome Essential is one tool you can use to give your home and your family the protection they need. Your home is the shelter and security of your family. Providing it with protection is not a luxury but a practical investment. It does not matter whether you are a homeowner, the landlord or even just a tenant, there is still a need for you to protect your home. For only 15 cents a day, SmartHome Essential can give you and your family basic coverage like theft, fire, lightning and explosion. As additional benefits, you can also have protection from family personal accident, loss of money, temporary removal among others.

Source

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Keeping your policy up-to-date

By editor | Published: November 10, 2010

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When you buy a satisfactory policy, see to it that the cover remains adequate and up to date. Most insurers index-link your insured sum automatically to account for changes in rebuilding costs. But to make sure, double check if yours do.

Tell your insurer if you have done changes in your home like installing central heating, building an extension, or placing a swimming pool. The insured sum may be increased. When your policy is due for renewal, shop for alternative quotes to find a better deal. You never know if there’s a better deal elsewhere unless you seek for one.

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Subsidence

By editor | Published: October 10, 2010

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Subsidence is when the soil supporting the house sinks. It is caused by certain soils, vegetations, leaking drains, mines, heave (upward movement of the ground) and landslip (downward movement of the ground). If your house is subsidence-prone, your premiums will be higher because the risk is higher. But you could be able to insure if repair work is done and you mimize the risks:

If diagonal cracks wider than the edge of a 10p piece appear on your wall, contact your insurer.

Planting trees but consider the variety, the soil type and stay away from shallow-rooted trees. Plant them at a distance of their expected mature height.

Don’t remove trees especially if they’re planted on clay soil, because the soil could swell.

Prune trees and shrubs and clear gutters, check for pipe leaks.

Have a full structural survey of your house to identify potential problems.

Sources:

http://www.thisismoney.co.uk/help-and-advice/advice-banks/article.html?in_advicepage_id=101&in_article_id=394211&in_page_id=90

http://www.coverdirect.co.uk/home-insurance/subsidence.aspx

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The Biggest Home Insurance Mistakes

By editor | Published: September 10, 2010

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Normally, homeowners spend time to go with their real estate agent looking for the perfect home. At the same time, they also meet with a mortgage professional regarding their options financially. Unfortunately, they tend to overlook the importance of meeting an insurance agent for coverage discussion. In the process, they are not able to insure the home properly. It is common notion for them that the market value is the same with that of the replacement value which is not true because the price which you purchased the home is not actually the same amount you will get to rebuild the home. That is why it is vital to discuss policy coverage.

Source

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Tips on Buildings and Contents Insurance (Part 2)

By editor | Published: August 10, 2010

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Be careful of blanket cover packages that some insurers offer. The insurance is based on the number of rooms that is in your house. You may pay them more than what is necessary.

Research for better quotes. You could do this by checking online sites, talking with people, your relatives, your friends or those in the know. By arming yourself with knowledge, you could choose a better option and save thousands of dollars.

Remember this: don’t underinsure but don’t overinsure. Also, get insurance that’s relevant to your needs.

If you want a quote, click on the link provided below. http://www.mortgagesorter.co.uk/home_mortgages_insurances.html

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Tips on Buildings and Contents Insurance (Part 1)

By editor | Published: July 10, 2010

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Does rebuilding your house cost the same as its market value? Of course not! It must be less than half, but if you’re not careful, you’ll pay a higher price. Talk with your insurer and know the facts. Do not underinsure your possessions and contents. Even the oldest of your furniture is expensive to be replaced. It is a sad fact that many people miscalculate the things they have and regret the things that they should have insured for. Go through your things and list them. Set a realistic replacement costs. For high value items like jewelry and antiques, get an independent evaluation.

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Liability Insurance

By editor | Published: June 10, 2010

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Liability insurance is insurance that pays for the damage that you do to others or that others do to themselves on your property. Example: you are held responsible for a car accident in which somebody is paralyzed. If you are insured, you will not pay for that person’s medical expenses, lost income and care. If you’re not, or you’re carrying too little, the things you own will be put at risk. You could be sued and pay for that person’s injury for the rest of your life. To prevent this, get enough liability coverage at least to equal your net worth. Imagine the difference that a little extra payment can make!

Source

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Green Home Insurance

By editor | Published: May 10, 2010

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Having a green home insurance used to be just a thought. Not anymore because Fireman’s Fund Insurance Company made it possible by offering two types of Green-Gard home insurance. The company will cover the cost of replacement for insurers whose buildings are already green-certified or with particular green features. As added attraction, the company is willing to hire a LEED-certified expert to supervise the repairs. In the event of a loss, the insurance provider is willing to replace standard systems and materials with green features which include non-toxic paints and carpeting, energy saving lighting system and water effective inside plumbing.

Source

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Getting Proper Coverage (part 2)

By Administrator | Published: April 10, 2010

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Continued from Getting Proper Coverage (part 1)

Get these types of important coverage, too:

Inflation guard

This option annually increases your premium at the rate of local building-cost inflation.

Ordinance-and-law coverage

This rider, which covers the costs of bringing your home into compliance with current building codes, is a must if your home is more than a few years old.

Limit your liability

Your homeowners policy protects against lawsuits for accidents that happen on your property. It also covers you if your dog bites someone.

You might also consider umbrella liability coverage, which is additional coverage over and above your regular homeowners liability limits.

Consider these options:

Displacement

Your homeowners policy also provides for living expenses if you’re displaced; replacement of structures such as garages and sheds; and limited medical coverage for someone injured on your property. Don’t buy more than the minimum offered. Depending on your situation, however, several other types of coverage may be worthwhile:

Floods

Floods aren’t covered by ordinary homeowners insurance. Flood insurance is available through the Federal Emergency Management Agency. In California, you may need earthquake coverage; check with the California Earthquake Authority.

Home business coverage

Business property worth more than $2,500 isn’t covered by a homeowners policy, so buy a separate policy – also known as a rider – to fill the gap. Business liability coverage must be purchased separately, too.

Riders for valuables

A standard policy provides only minimal coverage for antiques, collectibles, furs, silver, jewels, cameras, computers, musical instruments, and firearms. For these, you need separate coverage.

Source

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Getting Proper Coverage (part 1)

By Administrator | Published: March 10, 2010

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Just as there are different home styles, insurers offer a menu of different policies. For the majority of single-family homeowners, the most appropriate policy is the HO-3, sometimes called the special policy (in Texas, for some reason, it’s known as the HO-B). It insures all major perils, except flood, earthquake, war, and nuclear accident.

You’ll need deep coverage, up to and including 100 percent of your home’s replacement cost. By insuring at, say, 90 percent, you’re making the reasonable bet that your home won’t ever be a complete loss. That may be a reasonable bet. The basement usually remains intact almost regardless of what happens to the rest of the house. Still, victims of the devastating Oakland Hills, Calif. fire in 1991 witnessed the destruction of even their basements. If you want to play it safe, insure at 100 percent.

Insurers generally cover a home’s contents up to between 50 and 75 percent of the home’s value. Make a list of your home’s contents for a more exact estimate of your needs. That also provides a written record that’s useful when you file a claim. The industry-sponsored Insurance Information Institute provides useful instructions on how to put together an inventory.

You’ll also have to pick a deductible, which is the amount you pay yourself before the insurance kicks in. The higher you go, the more you’ll save.

Buy the guarantees

Traditional guaranteed replacement cost coverage promises to pay whatever it takes to rebuild your home, even if it costs more than the original limits you purchased. That’s crucial in the event that labor and building costs balloon after a major disaster. In many states, large insurers now cap the guarantee at 120 to 125 percent of purchased limits.

Your safest bet is to seek a company with no cap. However, if you’ve properly valued your home’s replacement cost, the caps shouldn’t scare you. It’s unlikely that building and labor costs will go up to more than 120 percent of your home’s insured value.

If it’s not built into your policy, ask for replacement cost coverage for your home’s contents. Without it, you’ll end up with just the depreciated value of any object that’s damaged or stolen.

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