Max B asked:


Does anyone know roughly how much my insurance will rise if I buy a hot tub? I should add we have a two year old child in the house too. Any one have experience this rise?

What is Homeowners Insurance?

Homeowners Insurance provides you with the coverage in case of a disaster. In the event of a disaster your homeowners insurance will provide you with financial protection. A homeowners insurance policy insures the home in which you live along with the possessions you keep in it.

Home Insurance is a Package Policy

Homeowners insurance is purchased in a package policy. A package policy means that it covers both damage to your property and your liability or legal responsibility for any injuries and property damage you or a member of your household cause to other people. Homeowners insurance also covers damage caused by household pets.

A homeowner’s insurance policy covers most disasters, however there are some exceptions such as floods, earthquakes and poor maintenance (Also known as wear and tear). If you want coverage for floods or earthquakes, you will have to purchase separate policies. However, maintenance related problems are the homeowner’s responsibility to take care of. In fact, keeping up with the maintenance of your home will help to reduce the likelihood of a loss in the future. A good example of this is the replacement of a roof that is showing signs of wear.

Overall it is very important to have homeowners insurance coverage that suits your specific needs. You never know when a loss is going to occur and you are going to need the money to fix it. Take Hurricane Katrina for example; there were many of people that were without homes because they didn’t have flood insurance. That is why it is very important that you get the proper coverage.

Remember that standard homeowner’s policies do not cover flooding so you will have to purchase that separate through your homeowner’s insurance agent. Discuss all of the possible exposures with your agent, broker, or insurance company.

Replacement Cost

Replacement cost coverage is available for the structure of your home; This allows you to repair the home to the state that it was before the damage took place. Actual cash value coverage is replacement cost less depreciation. The older your possessions are, the less you will recover from the homeowners insurance company.

Renters Insurance

Not only is insurance coverage available for homeowners it is also available for the people who rent apartments or houses. If you rent a house and you have a renters insurance policy, you will be covered in the event of a loss. The coverage for a renter is relatively inexpensive and will cover your property, your liability, and loss of use of the home due to a covered loss.

Coverage Types

The standard homeowner’s insurance policy includes four different types of coverage.

1) The coverage for the structure of your home is offered by the homeowner’s insurance company. This means that they will repair or rebuild your home in the event of a covered loss.

2) The coverage for your personal belongings that you have in your home is also covered by the homeowner’s insurance company. This means in the event of a claim that is covered by your insurance policy, your personal belongings will be able to be replaced. Note: It is a good idea to carry replacement cost coverage for your contents. This way, your items are not depreciated if there is a loss. With replacement cost coverage, your property can be replaced with items of like kind and quality.

3) Liability protection covers you in case of a law suit against bodily injury or property damage that you are your family members caused to another party.

4) Additional living expenses if you are temporarily unable to live in your home because of an insured disaster.

There can be more to a home insurance policy and there are limitations for certain types of property. It is best to discuss these options with a representative at the time your are applying for coverage.



By: Robert Lawrence

About the Author:

Kansieo.com

Are you a resident of California? Texas? Mississippi? Louisiana? Florida? If you can answer yes to any of those then you’re all too familiar with the difficulties people face obtaining homeowners insurance when they live in a high risk area. Insurance companies are often very reluctant to insure homes in an area that presents a high risk of actually having to file a claim, and as a result there are thousands of homeowners left homeless and heartbroken after a natural disaster strikes.

The government, after paying out billions of dollars in storm damages under federal disaster programs, has finally established a series of mandates intended to protect houses in high risk areas through the development of a “shared” market, a series of involuntary homeowners insurance plans and guidelines that ensure that everyone has the protection they need, regardless of where in the country they happen to live.

Voluntary Homeowners Insurance

If you’ve purchased a homeowners insurance policy through a company such as Allstate or State Farm you’re already familiar with the concept of voluntary homeowners insurance. Voluntary homeowners insurance is a booming business in the U.S., made even more so by the fact that most homeowners are required to have insurance if they are renting or have not yet paid off their mortgage.

Voluntary homeowners insurance is exactly what it sounds like-voluntary. Companies offer this type of coverage because they choose to, and because of this they have an almost limitless freedom to decide what they are and are not going to cover under their standard policies. Earthquake and flood coverage tend to fall into the “not” category, making it difficult for homeowners in high risk areas like oh, say, California or the Gulf of Mexico (earthquake and flood zones, for anyone who hasn’t had the pleasure of watching their bookshelves dance at two in the morning or taking a swim down Main Street on a summer’s afternoon) to find the coverage they need.

Involuntary Homeowners Insurance

Because most homeowners insurance providers don’t want to find themselves saddled with a property they can almost guarantee is going to cost them money in the long run the government has stepped in and established the involuntary insurance market-i.e. guidelines stating that certain individuals in certain areas are required to be covered, at a reasonable cost, and certain insurers are required to provide that coverage. This can take the form of the FAIR plans or the Beach and Windstorm plans available in some areas, along with other state funded programs, or go through FEMA (as in the case of the National Flood Insurance Program).

There are many people who don’t believe that the government has the right to force insurers to provide coverage, claiming that the costs don’t justify the returns; however, without involuntary homeowners insurance programs there are thousands of individuals from coast to coast who would find themselves without a home or any hope for their financial future after taking care of the damages. Sometimes, it’s a very good thing that big brother is watching.



By: Cliff Berman

About the Author:

Caffeinated Content for WordPress

Mr Kranky asked:


The main water leak seems to be closer to our curb by the street, but the City said it was on our property line. I’m a little skeptical, but I figured if it’s covered then it won’t be such an issue.

–Saving on Nevada Homeowners Insurance 

Increase Your Deductible:  A deductible is the amount of money you pay on a loss before your insurance company pays for a claim. The higher you set your deductible, the more money you can save off the premium. Currently insurance companies recommend a minimum deductible of $500. Ask your agent how much you would save if you went with a $1000 deductible.  A deductible is the portion of any claim that is not covered by an insurance provider. 

Rebuilding Costs:  Many times people think they need to insure their house for the amount the amount purchased.  This is not the case. If your house were to completely burn down, you would still have the land. Your agent will be able to help you calculate replacement cost of the house.

Multi-Policy Discount:  Consider purchasing auto and homeowners insurance from the same company as most companies will give a multi-line discount.

Home Security:  Many insurance companies will give a discount for smoke detectors, burglar alarms and dead-bolt locks. Some companies will also give a discount for sprinkler systems.

Good Credit Helps:  Insurance companies are using credit scoring more and more to determine premium on homeowners insurance.

Private Insurance:  If you live in a high-risk area and have been buying your insurance through a government plan, you should check with an insurance agent. You may find that there are steps you can take to buy insurance at a lower price in the private market.

Understanding Credit:  Did you know that most insurance companies today will run your credit report when calculating your premium for homeowners insurance? That’s why it’s so important to understand your credit score and how to improve it.

Search for homeowners insurance agents in Nevada for a free rate quote on your homeowners insurance today.

 



By: Daren DiSantis

About the Author:

Caffeinated Content – Members-Only Content for WordPress

nguyen_bobby81 asked:


My heating unit has not been working and I finally got someone out today to take a look at it. Basically, there’s a hole in the unit. If I replaced the whole unit, will my homeowner’s policy cover this?

gemininprecedence asked:


They provided all of the alcohol and no food. I will not expand upon many details but this was a serious situation and our neighbors are sueing us for their son falling down at our house. I do not need opinions regarding marriage/relationship. Just the possibality of receiving compensation for my injuries as well as pain and suffering?

Bipolar Birdy asked:


I have hail damage to my house and have to file a claim. Thank you.

You know you need homeowners insurance to protect your home and your belongings. But do you know how much to buy, what it covers, and how to save on your premiums?

How Much Homeowners Insurance Should You Buy?

You need to consider two major factors:

* How much it would cost to replace your home if it were completely destroyed. You can get an estimate from a local builder or real estate agent to figure out this amount.

* How much it would cost to replace your belongings. Doing an inventory and totaling up the value of everything you own will help you determine this amount.

What Does Your Homeowners Policy Protect You Against?

Your homeowners insurance policy protects your home and your belongings against damage from:

* Wind and hail

* Explosions

* Fire and lightning

* Vandalism and theft

* Smoke and plumbing leaks

It also protects you if someone is injured on your property, and it pays for your living expenses if you need to live somewhere else while your home is being repaired.

How Can You Save On Your Homeowners Insurance?

There are several ways you can help reduce your premiums:

* Keep your credit record clean. People with poor credit pay more for their policy than those with good credit.

* Get discounts. You may qualify for discounts if you’re a non-smoker or a senior citizen, or if you install smoke detectors, sprinkler systems, or deadbolts in your home. Ask your insurer about all the discounts you qualify for and include them in your policy.

* Set your deductible as high as you can afford. The higher your deductible, the lower your premium.

* Shop rates on an insurance comparison website. Homeowners rates can vary dramatically from company to company. You can get rate quotes from multiple A-rated companies just by filling out a simple form on an insurance comparison website. On the best comparison websites, you can even talk with experts online to get answers to your questions and advice on how to save money on your premiums (see link below).

Visit http://www.LowerRateQuotes.com/homeowners-insurance.html or click on the following link to get homeowners insurance rate quotes from top-rated companies and see how much you can save. You can also get more tips in their articles section.



By: ryan@thesatellitetvguide.com

About the Author:

Caffeinated Content

Sandy R asked:


I have two homes, My son lives in one and I live in the other. Is it cheaper on the one my son lives in to insure it as a second dwelling or as rental property?