Understanding the four essential protections provided by your homeowners policy
Homeowners coverage provides financial protection against loss due to disasters, theft and accidents. Most standard policies include four essential types of coverage: Coverage for the structure of your home; Coverage for your personal belongings; Liability protection; Coverage for Additional Living Expenses
Your homeowners policy pays to repair or rebuild your home if it is damaged or destroyed by fire, hurricane, hail, lightning or other disasters listed in your policy. Most policies also cover detached structures such as a garage, tool shed or gazebo—generally for about 10 percent of the amount of insurance you have on the structure of the house.
A standard policy will not pay for damage caused by a flood, earthquake or routine wear and tear.
When purchasing coverage for the structure of your home, remember this simple guideline: Purchase enough coverage to rebuild your home.
Your furniture, clothes, sports equipment and other personal items are covered if they are stolen or destroyed by fire, hurricane or other insured disasters. The coverage is generally 50 to 70 percent of the insurance you have on the structure of the house.
Liability covers you against lawsuits for bodily injury or property damage that you or family members cause to other people. It also pays for damage caused by your pets. So, if your son, daughter (or even your dog) accidentally ruins a neighbor’s expensive rug, you are covered. (However, if they destroy your rug, you’re out of luck.)
The liability portion of your policy pays for both the cost of defending you in court and any court awards—up to the limit stated in your policy documents.
Liability limits generally start at about $100,000, however, it’s a good idea to discuss whether you should purchase a higher level of protection with your insurance professional. If you have significant assets and want more coverage than is available under your homeowners policy, consider purchasing an umbrella policy, which provides broader coverage and higher liability limits.
Your policy also provides no-fault medical coverage, so if a friend or neighbor is injured in your home, he or she can simply submit medical bills to your insurance company. This way, expenses can be paid without a liability claim being filed against you. It does not, however, pay the medical bills for your own family or your pet.
Additional living expenses
ALE pays the additional costs of living away from home if you cannot live there due to damage from a an insured disaster. It covers hotel bills, restaurant meals and other costs, over and above your usual living expenses, incurred while your home is being rebuilt.
Keep in mind that the ALE coverage in your homeowners policy has limits—and some policies include a time limitation. However, these limits are separate from the amount available to rebuild or repair your home. Even if you use up your ALE your insurance company will still pay the full cost of rebuilding your home up to the policy limit.
If you rent out part of your house, ALE also covers you for the rent that you would have collected from your tenant if your home had not been destroyed.
When it comes down to getting good home insurance the best way to make sure that you not only get the least expensive deal but also the most comprehensive, is to let us quote multiple companies for you. Insurance is a complicated matter and getting the best cover can be an absolute nightmare and for this reason you should consider going with an independent and specialist broker.
Good deals in home insurance can be found, but you have to know what to look for, what you need and also what is involved in a policy. All polices have exclusions within them and it is important to know what you are covered for and what you are not covered for. Never just take it for granted that because its in your home and you have insurance, then it will be covered.
This applies in particular to any usual or very expensive items which you have in your home, if you have items such as these then you might have to take out extra cover. Again this is where the expertise of a specialist broker can come in handy; by talking over your requirements they can look around and make suggestions that can in the long run save you money while making sure you have adequate cover.
While it is important that you get cheap home insurance you don’t want a poor quality policy, a poor quality policy will have many exclusions within it, which means that if you haven’t read it thoroughly you could find if it comes to claiming you are turned down, which could be very costly.
Before taking out insurance you should have made an inventory of all your belongings and will have an overall value should they need to be totally replaced if the worst came to the worst. Of course, while none of us likes to think of losing our belongings and home completely it could happen. Along with the inventory of your belongings you will also have to come to a price when it comes to the actual building itself if it should be destroyed. Only then can a broker get you comprehensive and fully covered cheap home insurance. Call us for more information at 508-540-2601.
If you have built up your home and have pride in it then you will of course want to do everything possible to insure it against all possibilities. Home insurance comes in many different forms including taking out insurance to guard against fire and theft, and protection of all your contents and possessions along with the structure of the building and outer buildings and garden equipment. You can safeguard against all types of possibilities but home insurance can work out expensive unless you go to a specialist online broker to find cheap home insurance on your behalf.
When it comes to safeguarding your possessions then you can take out home contents insurance. This type of insurance is taken to protect your belongings against such as fire and theft and all possessions can be taken into account in the home. When deciding how much cover you need then go around and make an inventory of all the items you have, it can be surprising how much they add up to. If you have any expensive items such as jewellery then you might have to insure these separately so don’t just assume that a policy covers everything and you should always ask your broker for advice.
The outside of your home is at risk too and as such should be insured against natural disasters which could cause structural damage caused by storm, fire, flood, subsidence etc. You should also take into account any patio furniture, garden furniture, shed and contents and insure these against damage or theft. There are many different types of home insurance and a specialist broker will be able to give you the details to make sure that you get what you need along with securing you cheap home insurance quickly and easily.
A specialist broker will know where to look to find the best deals when it comes to cheap home insurance and buying online is quick and easy not only when it comes to getting the lowest premiums, but also when it comes to applying for the cover itself.
We have all heard about the impact that we are having on the world and the changes that are set to happen and indeed are happening, including changes to the weather. With more claims on home insurance policies being related to weather, it is now more than ever imperative to have home insurance in order to protect yourself from whatever Mother Nature throws our way.
While there is nothing we can do to prevent Mother Nature from doing her worse there are many things which homeowners can do to prepare for what she offers and the damage it can do to the home. Making sure that your roof tiles are in good order, the chimney and roofing is in good order and cutting back any large and overhanging trees can all go towards getting cheaper home insurance cover and reducing the risk if making a claim.
Even if you have adequate insurance to cover damage done to your home, in the majority of cases claims take time to pay out. Therefore it is essential that you have savings in order to pay for any major repairs that cannot wait until the insurance pays out. Of course you will eventually be able to reclaim any money you pay out for repairs providing the insurance company agrees to the work and damage and that it is covered under the policy. It is also essential that you keep any receipts for any work done.
Another factor to take into account is if you have had major home improvements made to your home, this can add value to your property so should be included in your policy when you renew it.
By shopping online or using a specialist independent broker to find your home insurance are the easiest and cheapest ways to protect yourself against what Mother Nature has to bring your way.
When getting home insurance quotes, always compare policy terms and conditions and not just the premiums. And when comparing policies make sure that you check out at least four or five different companies and compare not only the cost of the premium but also what the policy entails. Some will ask that you pay up front for repairs and then reclaim, while others will provide you with a 24 hour emergency number and certain companies to complete the work needed in the quickest time possible.
In 2004, the insurance industry estimated that about 45% of their settled claims were for damages caused by weather. This past January, that percentage climbed as high as 60%, with a possible £300 million worth of damages being claimed by homeowners for weather related incidents.
Is your home covered against damage from high winds? Will your insurance company pay out to repair damage caused when your plumbing freezes? How much will you have to pay out of pocket for repairs if heavy snow takes out your rain gutters or damages your roof?
If you’re not sure of the answers to those questions, it might prove enlightening to pull out your home insurance policy and have a read. According to an industry spokesman, too many homeowners find out what their buildings insurance does and doesn’t cover after they have incurred a loss and submitted a claim. That’s the case for many homeowners who suffered damage to their homes during the high winds of the past January who found, to their shock, that they’d be bearing the brunt of the repair bills from their own pockets.
In fact, the most recent figures suggest that over one third of homeowners have no home insurance at all, and many more are paying out for policies that don’t adequately cover the damages that they might face from adverse weather.
Home insurance policies vary widely on precisely what weather damage they cover, and how much you’re expected to pay out before the insurance company will pay its share. That’s why it’s important to sit down with your policy or your broker – or both – to discuss precisely how much coverage you have for weather-related damages, and if there are limits and exclusions to that cover. Some of the most common exclusions and limits include:
Damage from floods
If you live in an area with a high possibility of flooding, you may need to purchase separate cover to deal with damage from flooding. It’s vital that you not neglect this, say insurance spokesmen. The cost of repairing damage after a flood can easily run to £30,000 or more. Compare that to the average weather related claim of about £500.
Water damage from burst pipes
Watch for limits on the amount of damages you can claim if your pipes freeze and burst. A burst pipe in your loft can quickly damage walls and ceilings, and result in unhealthy growth of mold and mildew if not cleaned properly. The cost of all those repairs can easily and quickly mount above typical limits on damages.
If you only have buildings insurance, you may find yourself out of luck when damage to your roof results in the destruction of your expensive draperies, carpets and furnishings. Even if you carry cover for your home contents, you may want to carry extra insurance if you own expensive items like Oriental rugs or fine artwork.
Outdoor and garden items
Many policies only cover items inside your home from weather damage, while other policies will even pay to replace plants damaged by storms in severe weather. If you’re an avid gardener, or have outdoor patio and yard equipment, consider a policy that includes garden cover.
Be sure to review your policy periodically to be certain that you’ve kept it up to date, especially when you make new purchases or add an extension to your home.
You may think that buying Florida home owner insurance is an easy task, but if you really get down to the details you may find out that this is not true.
The fact of the matter is that there are many details that go into Florida home owner insurance that you may not even be aware of. You want to make sure that you do not make the mistake of buying Florida home owner insurance before you know what it is all about.
If you do make a quick purchase you could end up regretting it in the end. This should not scare you away from buying Florida home owner insurance; it should instead make you want to get the best possible policy.
The biggest misconception about Florida home owner insurance is that it covers every natural disaster known to man.
If you live in Florida you are probably aware of the fact that hurricanes are going to hit your area sooner or later.
Of course you hope that you are spared time and time again, but you cannot always be so lucky.
So knowing that these hurricanes are coming is a good thing. But what are you going to do if your home is damaged in the process?
You need to know what your Florida home owner insurance policy is going to cover.
For instance, in most cases you will need to buy flood insurance in addition to your home owner insurance policy. There is a very good chance that a hurricane will cause your home to flood, and if it does you will definitely want to have insurance that you can rely on.
In order to get details on all coverage levels make sure that you speak with a Florida home owner insurance company in depth before you make a purchase.
Tell them what you are concerned about, as well as what you are looking to receive.
They should then be able to tell you about every policy that you could possibly buy. Remember, you are not the only one who knows about the hurricane season in Florida. The companies that sell Florida home owner insurance know this as well.
Overall, buying Florida home owner insurance can be a difficult process if you do not take the time to look into all of the details. It is very important that you know what is available, as well as what you should buy.
Call (508)540-2601 for your Affordable Alternative to MPIUA 'Fair Plan' Home Insurance - Save More
It doesn't matter how many times you crawl the Internet for information. When looking for tips on taking out a mortgage, you will always be given this advice: compare mortgage quotes. This is the first and most important rule for would-be homeowners. Always compare mortgage quotes. Unless you do, you cannot distinguish the good offer from the bad. Only when you compare mortgage quotes can you assure yourself that you are getting the best possible deal there is.
You need to make plans for deductibles. Yes, they are usually different from state to state. And the rule of thumb is that the more predominant a peril is in a state, the higher the deductibles such a peril will attract in that state. To give you an example, earthquakes are common perils in California and the deductibles for earthquakes are far higher in California than Florida which is more prone to wind and water damages.
Well again it depends on the lawyer's experience and specialty. My recommendation would be to find a lawyer who focuses and specializes in personal injury law. Get the lawyers personal track record for success in dealing with insurance companies and has experience and success in the courtroom. Inquire about the law firm's ability to cover the costs of the case as they arise. And, from a personal point of view make sure that your lawyer is approachable and communicates well and regularly with you.
Life insurance is no doubt the most important insurance policy that you need to take care of. On the other hand there are many other Factors such as Home Insurance card insurance and insurance on other assets. When you were married you probably didn't even think twice about who would make these insurance payments month after month. But when you are separated you need to be aware of where you have taken the responsibility to make the payments. You need to stop payments on assets that have not come you're away after the divorce and realize where you do have to make payments. Take a day off to work this one out.
Get on the internet and use an auto insurance quote comparison website. It is literally a 1-2 minute process and then you can get insurance quotes from a lot of companies. After you found some that are in your price range, just call them and see what's the deal. Is it that hard? Does it seem hard? It takes you 2 damn minutes.
To do this, you need to install a lightning detector and protector. Use surge protectors in all your appliances. Don't plug too many gadget in one socket, and when leaving home unplug appliances and put off switches and sockets.
I hope that this step by step guide has helped you a little bit, but like I said at the beginning of this article I am no professional expert on this. I know from my own personal experience what my husband and I had to go through and that is what I wrote on. Nothing more, nothing less. Please always get a second opinion and research this topic more because this is one of the most biggest purchases you will ever have to go through in your entire life! Good Luck!
If you have been thinking about buying a security system, you have probably been trying to figure out if such a thing is really worth it. You have probably been trying to decide if you want to pay the money every month. It does not sound like much money, but people will often pass on a security system because their home has never been broken into before and they hope that streak will continue. If you keep reading, however, you will see that there are a few reasons that having a system is a good idea. You will even find that it can even affect your home insurance in Florida.
You need to make provision for deductibles. The amount you would have to pay for each peril is not the same in all states. The more probable it is for a peril to happen in a state, the higher the deductible it will demand.
Philadelphia home insurance: You can make your shopping much more fruitful by studying consumer guides. They will give you an idea of average rates. This is not counting the fact that they will give you a few tips that will make it easy get adequate coverage at the lowest price.
Make sure your motor home has the latest in not only door locks and security but in window locks as well. Making your motor home less attractive to burglars can save you money every month.
It's best to choose an insurance company that's built a strong reputation in Home Insurance. You won't like it if you settle for a company that will leave you stranded midway.
A clear explanation of your coverage. Once you put in a claim, you should get a clear, up front explanation of your coverages. Your policy limits, deductibles and benefits should be told to you right away by your claims adjuster. If you can't get this information from anyone, it's time to file a complaint and change insurance companies.
Sometimes you can save money just by customizing an individual family plan to fit your family's needs. You may not always get a chance to do that if the plan is too generic, but there should be some flexibility in there. If you need other forms of coverage like dental or eye care, you will need to add that to your policy. This will only cover doctor's visits and things of that nature. You can talk to an insurance agent about specific savings that may be in store for you based on your family's medical history. Just expect to pay more if you have people in your family with severe medical conditions.
Call (508)540-2601 for the best alternative to the Massachusetts Property Insurance Underwriting Association, better known as the 'Fair Plan.'
The Massachusetts Property Insurance Underwriting Association (MPIUA) is a residual market insurance association in which all companies writing basic property insurance in the Commonwealth are required to participate with losses shared among the member companies on a premium volume basis. Responding to Federal Legislation, the Massachusetts Legislature in 1968 called for an urban area insurance placement facility and thereby gave rise to MPIUA. MPIUA is also known as FAIR Plan (Fair Access to Insurance Requirements).
The FAIR Plan operates similar to that of a normal insurance company in that it underwrites and inspects risks, accepts premium, issues policies and adjusts claims. It has a seasoned professional staff, which provides exceptional service to its clientele. FAIR Plans are the outgrowth of the national emergency created by three years of rioting in American cities, beginning with the Watts outbreak in 1965. When the rioting of the 1960s suddenly mushroomed to disastrous proportions, the companies found themselves in the position of having to pay losses in excess of $100 million, on which they had collected no specific premium. Although the companies paid these losses, their capacity was severely taxed and their normal riot reinsurance market had dried up. It became obvious that emergency revisions of underwriting and reinsurance procedures were necessary for the future protection of urban property and urban existence.
Is there such a thing as best home insurance? There may be a better question. Is home insurance really that expensive? Homeowner’s insurance may very well be the consumer’s best buy when it comes to insurance. There are multiple benefits and features that make the home policy unique. Most everything that the homeowner owns including the dwelling can be covered in some way by homeowner’s insurance. When you think of the magnitude of the coverage afforded by homeowner’s insurance versus the premium paid then you would have to agree that homeowner’s insurance is a very good buy. The rates on property insurance in general, have increased over the last ten years. Much of that has to with increased catastrophes like the hurricanes in Florida. The toxic mold problem that originated out west has also caused premiums to increase on a national basis. The home insurance buyer really needs to focus on a few areas to get the most for the premium dollars paid.
Accurate Dwelling Amount – This is the first most critical decision that you will make. The square footage of your dwelling has to be correct in establishing the replacement value of your home. The market value is of little use to you when you purchase insurance to rebuild the structure. Replacement cost is better for homes that have been built within the last 40 years. Check with your insurance company underwriting guidelines.
Replacement Cost or Actual Cash Value – This facet of your home insurance policy should be clearly understood. Replacement cost insurance on both your dwelling and its contents means that the insurance company will rebuild or replace your loss with like kind and quality. Actual Cash Value will calculate the replacement cost and then subtract for depreciation. The actual cash value policy is cheaper but you will have to come up with the depreciate amount out of your own pocket.
Deductible – Higher deductibles bring your premium down substantially. $500 to $1000 deductibles are common. This is a huge savings to you over the years and is your most valuable tool in lowering the cost.
The best homeowner insurance is the insurance that best meets your needs. The insurance shopper that takes the time to understand the basic elements of home insurance will have much more confidence and sense of satisfaction when making an insurance purchase. The homeowner policy has been around for a long time and so most of us have a general concept on how the policy works. The more you know about the market value of your home and the approximate cost to rebuild it the better off you will be when shopping for the homeowner policy.
This kind of knowledge is the foundation for determining what kind of policy to purchase. The age of your home has a direct bearing on the market value. The older homes built in the 1900’s have much lower market values today because most of them have depreciated. The market value for an older Victorian style home may be $50,000 but the actual cost to rebuild that home may be $200,000. The older homes that depreciate in market value are insured with actual cash value policies. They are often called market value policies. These policies will reimburse you for the market value of your home when there is a total loss. The market value policy is the best homeowner policy for the older home that has depreciated.
The replacement cost policy is better designed for newer homes or homes under construction. The replacement cost of a home and the market value are almost the same. Replacement cost is applied to the dwelling and most often to the contents of the dwelling. Replacement cost will repair or replace any loss with like kind and quality of materials without depreciation.
The best homeowner insurance for you will be determined by the age and market value of your home. The discounts for older and newer homes are the same. The protective device discount for deadbolt locks, smoke detectors, and fire extinguisher apply to both types of policies. Fire and burglar alarm systems are additional discounts that could be applied to both older and newer homes. Check our recommended insurers for more details.
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Davidson Calfee is the Owner and President of Operations, overseeing overall portfolio management, agency relations and new business generation. He has a natural ability to manage complex situations and achieve outstanding results for his clients.
Calfee is constantly looking for ways to improve professionally and has worked diligently to revamp his team’s handling of the needs and expectations of his clients.
Calfee specializes in developing, designing and implementing complex property catastrophe insurance programs for his clients. His market knowledge and client service skills have made Calfee a sought-after property resource for Massachusetts coastal residents.
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