Moving to a new home typically brings great excitement to a family and it should. There are few life events that carry the impact of adapting an established lifestyle to new accommodations and new surroundings. It is a time of great discovery for all of you and especially for your children; this is where and how dreams are made and memories are formed. For adults, that discovery is tempered with the necessities of protecting that investment and preserving your family’s dreams. Even as you are unpacking your things and settling in, thoughts need to begin about the whole of your insurance needs.

The purchase of a home involves more than just considerations about Homeowners Insurance coverage. Here are some types of insurance that need to be reviewed and adapted to the needs of your recent move:

Homeowners Insurance

Insurance to protect this most sizable of assets is a must. The simple act of procuring a mortgage on your new home carries with it the necessity of purchasing adequate Homeowners Insurance; the mortgage company typically mandates it, as their stake in the property is as true as is yours. While this is typically a tough time to lay out more cash and accept additional financial obligations, you need to make sure that the amount of coverage that you procure will adequately protect you for all possible losses, and you need to do it immediately; unforeseen circumstances can come at any time and cause significant damage and loss from which it would be very tough to recover.

It all starts with procuring adequate “replacement cost” coverage on your property, and to ensure that damage or loss caused by calamities such as earthquakes, storms, wind and natural and man-made disasters of many kinds is covered. In the insurance industry, “replacement cost” is the computed value of an insured item. It is not tied to “market value”, but is instead the cost to replace an item or the structure itself at its pre-loss condition. A proper assessment of replacement costs will be suggested by your insurance company and you should feel comfortable that it will be adequate for your needs from the start.

In addition to purchasing enough Homeowners Insurance to cover the replacement costs of the home itself and the land on which it sits, Homeowners policies will also include coverage, with limits, for specific items (e.g. furniture, paintings, jewelry, etc.). If your possessions are of greater value to you than what is offered in the basic policy, you should consider purchasing a separate policy (a “floater” policy), in order to increase that coverage.

One more thing, don’t forget that the amount of replacement cost coverage you have is the amount that your insurer would have to pay, at the present time, to replace any one of its assets. Thus, it makes sense to conduct periodic reviews of the assessed value of your structure and personal possessions of value.

Flood Insurance

One common misconception for home owners is that their Homeowners insurance covers their home and personal possessions for flood damage. Also, it is commonly believed that only people living near rivers, streams or oceans warrant flood protection. The reality is that any residence in a low-lying area is subject to flooding at some point and, for peace of mind, those home owners need to consider purchasing Flood Insurance. Most companies that sell Homeowners Insurance also sell Flood Insurance, and discounts are typically available with the purchase of two or more lines of coverage.

Health Insurance and Disability Insurance

Typically, when thoughts turn to how to properly insure one’s home, considerations are often centered on damage caused by fire, theft, vandalism, storms, earthquakes, etc. It is a natural progression to think how you and your family will recover from damages such as these and Homeowners Insurance is specifically tailored to afford you such protection. However, there is another side to home ownership that has nothing to do with your home suffering structural damage or the loss of valuable possessions and that is how to best protect your ability to remain in the home, even in the face of unforeseen personal injury. The question for all homeowners is, how will you make your monthly mortgage and utility payments if you were unable to work due to an accident or illness? A Health Insurance policy with an endorsement for Disability Insurance will cover medical costs and pay you a monthly benefit to replace a portion of your income until you are able to work again. Many employers provide health & disability insurance for their employees. However, if your employer does not offer it or if you are self-employed, you should discuss with your local insurance provider how and where you can purchase an individual Health & Disability Insurance policy. Again, to preserve the lifestyle you worked so hard to give your family, a full range of protection is necessary.

Life insurance

Likewise, what if you were to die before your mortgage was paid off? How would your family be able to keep up with the remaining mortgage payments and remain in their family home? If at all possible, the tragic loss of life should never be exacerbated by the need to have your surviving family members uprooted and forced from the house and neighborhood it calls home, because it can no longer afford to remain. Life Insurance can provide your family with the funds to pay off their mortgage debt, and enable them to remain in their home relatively debt free. While many employers offer some level of life insurance coverage to their employees, the amount of company-provided coverage is typically not enough to preserve the home and provide financial security to your family. It is definitely a good idea to consult an insurance professional to help you assess your family’s life insurance needs.

Auto insurance

Finally, a home owner should positively understand the relationship between home ownership and being adequately protected for damages, injuries and death potentially caused through the use of one’s automobile. In the event of an auto accident caused by your negligence or impairment of any kind, all of your assets (including your home) could be subject to claims if the claim amounts exceed the liability limits of your auto insurance policy. It is a very good idea to assess the existing liability limits on your auto insurance policy and ensure that you have adequate coverage to protect your home. It is a good idea (and relatively inexpensive) to consider procuring a separate liability policy that would provide additional protections and which would specifically pay for damages that exceed the coverage limits on your auto and/or homeowners insurance policy.

By: Lenny Diwilliams

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kcdude asked:


How long after the accident do you have to file a claim? I’d appreciate if you knew the answer to State Farm’s Homeowners policy, but any will do. Thanks.

ariabrian asked:

This video gives you homeowners insurance advice on what you should know about homeowners insurance and how to get the best deals.

char s asked:


We got the house sheeted and then tarped before it started to rain. BUT now it wont stop raining and we have had 2 ceilings fall down and numerous leaks. Do we have a chance at turning this in to our insurance company?

Alize asked:


I am with a home improvement magazine which specializes in advertisements and we are interested in finding an underwriter that would be willing to brand a product – a home insurance policy. The underwriter will handle all daily operations regarding the insurance in itself, and in turn, we would divert all applicable traffic to you via our publications. Our magazine has an extremely large following, and is trusted and well respected. I am interested in names and phone numbers from probable companies which may be able to assist us. Please, valid answers only. Thanks!
We distribute to over 4 million homes per month, with franchises in 26 cities and growing. The people who recieve our magazine are pre-screened and meet certain qualifications and all own their own homes. We have been in business for the past 6 years.

Homeowners insurance company rankings can tell you a lot about insurance companies. Here’s where to find insurance company rankings that will help you determine which company is best for your homeowners insurance needs.

Consumer Rankings

The best place I’ve found to get homeowners insurance consumer rankings is at J.D. Power & Associates. They are an independent information company that conducts customer surveys and provides unbiased customer reviews and ratings on a variety of products and services.

J.D. Power ranks insurance companies based on their policy prices, policy options, claims handling, and customer service. Their ratings go from five circles (the best companies) to two circles (the worst). I recommend purchasing your homeowners insurance with a company that has a rating of three circles or higher.

Insurance Department Rankings

Every state has a department of insurance that oversees insurance companies, and most states have a website that provides insurance statistics. One of the most useful statistics they provide is a list of complaints made against insurance companies by their customers. These complaints are a good way to find out how reliable a company is, and how it treats its customers.

If your state insurance department doesn’t list insurance company complaints, you can get this information at the California Department of Insurance website (http://www.insurance.ca.gov/).

All major companies have had complaints filed against them, so I recommend going with a company that has a lower than average number of complaints.

Financial Rankings

Financial rankings are a good way to determine an insurance company’s ability to pay its claims. A.M. Best (ambest.com) rates insurance companies based on their financial strength. A high rating means a company has enough financial assets to pay it’s claims.

A.M. Best rates companies from A++ (their highest rating) to D (their lowest). I recommend purchasing insurance through a company with a B+ rating or higher.

Getting Low Cost Insurance With A-Rated Companies

The best place to get low cost homeowners insurance is at an insurance comparison website. Some of these sites provide an online chat service so you can get answers to your homeowners insurance questions from an insurance expert, and get help in lowering your insurance cost. (see link below).

By: Brian Stevens

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happyhaus asked:


How can I find out who my landlords home insurance carrier is

cesar asked:


Looking to buy a new insurance policy for my house

Kayleigh & James asked:


I am just trying to sort out some house insurance as we think somone tried breaking in last night but luckily our dog scared them off. Anyways i dont have recipts for most of our things (Tv, computer, playstation etc)
so if anyone did ever break in how could i proove we had these things, maybe photos?

Thanks
Kay

How will having a dog affect your homeowners insurance rates? What kind of dogs will cause your home insurance rates to increase or even possibly cause you to be ineligible for coverage? Is it possible to find cheap homeowners insurance even with a dog?Across the U.S. owners of certain breeds of dogs are being told by homeowners insurance carriers that they need to give up their dogs or risk having their homeowners insurance policy canceled or not renewed at the end of their contract period.

In most states it is also legal for homeowners insurance companies to charge higher premiums based on the breed of the dog. While there is no standard list of ‘high risk’ dogs among different insurance carriers, some of the breeds that are most often targeted are Rottweilers, German Shepherds, Doberman Pinschers, Pit Bulls, Huskies, Malamutes, Chow Chows, Great Danes, and Saint Bernards.

With one third of all homeowners liability insurance claims being filed as a result of dog bites, insurance carriers are becoming increasingly reluctant to insure owners who have breeds that statistics have shown to cause the most personal injury. In 2006 insurers spent 35.14 million to cover the costs of dog bites alone.

STATISTICS CONCERNING DOG BITES

- Of all childhood hospital emergency room visits, dog bites rank second as the most common cause of injuries.

- 60% of all dog bites involve children. This includes the family dog as well as dogs not known to the child.

- Annually, the number of Americans that suffer dog bites exceeds 4.7 million.

- Rottweilers and Pit Bulls account for over 50% of all dog attacks. (A male dog is 80% more likely to bite than a female dog.)

- Surveys show that about 40% of households own a dog or dogs, and that the majority of dog bites occur in or near the house where the dog lives.

WHAT CAN I EXPECT TO FIND AMONG VARIOUS HOMEOWNERS INSURANCE COMPANIES IF I’M AN OWNER OF A ‘DANGEROUS BREED’?

Some home insurers will have a list of breeds and cross breeds that are banned from coverage and you will not be able to get a homeowners policy from them as long as you own that breed of dog. This is their policy regardless of how long you’ve owned the dog or how sweet its temperament.

Some insurance carriers will consider dogs on a case by case basis and not automatically ban insuring a dog based on its breed. Their homeowners insurance questionnaire may include questions such as, “Has your dog bitten anyone?” or “Has your dog been trained to bite or attack?” Also, the issue of whether a dog was provoked into biting or attacking may be taken into consideration. If in the past a dog has had an incident of attacking someone unprovoked, most insurers will not offer coverage and in many cases not renew a policy.

Some insurers will offer liability insurance coverage but require higher premiums if you are the owner of a ‘high risk’ dog. With liability claims sky rocketing in the area of injuries incurred by dog bites and by “dangerous breeds”, insurers have increased their premiums to offset the cost in much the same way as homeowners are being required to pay higher premiums in areas where wind has caused so much damage.

Some home insurers will require those seeking a homeowners policy with them to sign a liability waiver for dog bites. All of which means that if the homeowner desires liability coverage for his dog he will have to purchase a separate policy, and of course, that means more money paid out in premiums.

WHAT IS GOING ON IN LEGISLATION CONCERNING “DANGEROUS DOGS”? Laws on dangerous dogs and homeowners insurance differ from state to state. In the state of Illinois Bill, H184 established a definition for “dangerous dogs’ and ‘vicious’ dogs. It also outlines certain requirements for owning these dogs and lays out the penalties for violating these standards. In addition, all dogs are now required to be vaccinated against rabies. Inside the bill H184, certain jurisdiction was also given to county governments that they did not formerly have. This bill now allows counties to require micro chipping dogs, and they are also given the power to require animal and litter registration fees.

In Palos Heights, a city in Cook County, Illinois a micro chipping requirement was put into place. The City Council approved an ordinance that not only required owners with dogs classified as “dangerous” to micro chip their dogs, but in addition they are required to take out a $100,000 liability insurance policy for their pet. Under their definition, a “dangerous dog is one that “Exhibits extremely aggressive menacing behavior toward humans or domestic pets and must be confined to prevent injury or death to human or pets.” As a result of this definition, ‘dangerous dogs “must be kept in their home or in a secure enclosure. Outside trips are banned, unless a veterinary visit needs to be made. A muzzle is also a requirement for the dog to visit the vet.

On the insurance end, legislation is pending that would prohibit insurers form canceling or denying coverage based solely on the breed of a dog. Several others states, New Jersey, New York, South Carolina, Vermont, and Washington also have similar legislation in the works. Michigan and Pennsylvania already have a law in place that makes it illegal for homeowner insurance companies to deny coverage based on breed.

HOW DO I FIND HOMEOWNERS INSURANCE TO COVER MY DOG?

Call around. This will take some diligence on your part, but there are still some insurance carriers that offer coverage on a case to case basis and do not discriminate against a breed. These would seem to hold to the American Kennel Association position of “Punish the deed, not the breed.” Shopping around is key to finding cheap homeowners insurance.

If your dog has completed some kind of obedience training program, make that documentation available to the insurers. If your dog has not participated in an obedience program, as if that would help you obtain liability insurance or even give you a better rate.

Finally, if your dog has less than a stellar dog history, you might have to purchase a separate liability policy to cover your dog.

Whatever you decide to do – be sure that you shop around and compare homeowners insurance quotes from multiple companies. Shopping around is key to not only find the coverage for your pet and home that you need but also to save money in the process.

By: James J. Robinson

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