Sunday, October 19, 2014

How To Protect Your Houses?

Home is one of the important necessities in anyone’s life. Whether it is a rental or owned, everyone wants to come home at end of the day. However, what will happen if a fire broke out and you lose your house? What if your house is destroyed in a natural disaster? What will you do in those situations? You should be prepared for every emergency.

House insurance for owners and rental is a part of the preparation for any emergency. Buying an insurance policy for your home can provide you economical protection in the case of emergencies. There are many types of policies available for houses like:

For owners: Insurance provides economic protection in the case of many disasters like explosion, fire, smoke, theft, windstorm, hail, volcanic eruption, lightning, riots, damage caused by vehicles, and civil unrest etc. In this category, mainly HO-1, HO-2, HO-3, HO-5 and HO-8 policies are included. In these different plans, coverage is provided for the structure of building and personal belongings.

For renters –
For renters, HO-4 policy provides coverage for the structure of building and belongings inside. In this plan, coverage is provided against 16 disasters like theft, fire and natural disasters etc.

For co-op or condo owners – For condo owners, HO-6 insurance is offered. In this plan, coverage is provided against 16 disasters. Structure of home and personal belongings are covered in this policy.

In above mentioned policies, structure of building and personal property are included. In some plans, other buildings like garage etc., are also covered. These other structure should not be used for business. In personal belongings, things like clothes, furniture, jewelry, silverware, sports equipment and furs etc., are included. In some house insurances, plants or trees are also covered. Expenses for repairs, cleaning, fire department etc., are also paid by insurer.

Liability –
Liability coverage is another important category of home owner policies. In these plans, company provides economic protection if insured person or family members cause property damage or injuries to other people. Damage caused to other people by pets is also included in this category. If a person gets injured on insured person’s property, then company is liable to pay medical expenses. Different coverage plan cover liabilities of insured person.

In some plans, insurer provides additional living expenses if insured person is unable to stay in house due to damages by theft, fire etc. Expenses for meals or hotel bills are also covered. However, you can take any type of home insurance, whichever provides best protection.

Thursday, October 9, 2014

Are you getting your Home insured?

There are many people in United States, who are not aware about the insurance policies or they do not know how to go for an insurance cover. In a recent survey, it came to notice that out of the all the households, 53 million households are not aware about the above.

In the survey, it was also shared that around 6-10% can be saved by using the insurance premium.

There are few of the concerns related to the insurance, which are depicted below –

Dual Duty – If you are going for a home insurance, make sure that along with home insurance; go for auto insurance or any other insurance at the same time itself. This would result in getting a discount from the insurance company; so home insurance quotes can be as low as of 10 – 15 % or even more than that.

Score Card – The scorecard can help in a big way, the points earned can help in getting an insurance cover easily, and if you are married, then the points of your spouse can do wonders for you. The insurance agent can adjust those points and a lower insurance rate can be a possibility.

Raising the Limit – It is possible to lower the rate; the standard deductible rate is $2,500 and it is possible to expect a lower rate if the limit is above or equals to $5,000.

Choosing an apt Agent – There are agents working for a firm, a firm that is into this field from years or an independent agent, who is looking after the insurance rates and policies on his own, not confined or under any rolls of an insurance company can be a boon. It is up to you to select an appropriate agent, who can look after and present the best rates.  Therefore, it is a vital part to select an agent, who takes care of all our preferences. 

Online Insurance –
In case, you are going for an online insurance; it has its own benefits. It helps in saving time as agents don’t need to visit your place or we have to run for getting the insurance done as well as it is all possible with just a click away. Moreover, the total amount to be paid is clearly mentioned on the website and as a result, there is transparency in the transactions.