May 29, 2009
Happy Hurricane Season!
May 29, 2009 | By: Gina | Comments (1) | Posted in: Homeowners
Officially, hurricane season is from June 1 to November 30. But tell that to a storm with 75 MPH winds traveling towards your home in May. Just today the first tropical depression of the season formed in the Atlantic. It is time to get prepared for hurricanes, so this week is Hurricane Preparedness Week.
May 27, 2009
If Your Dog Bites the Mailman, You'd Better Have Home Insurance
May 27, 2009 | By: Robert | Comments (0) | Posted in: Homeowners
No animal loves the warmer months more than a playful dog. Leisurely walks around the neighborhood, visits to the park, playing with the sprinkler in the front yard--they're all a blast for our four-legged friends.
But man's best friend isn't always--well--friendly, and if your dog bites someone and you're lacking adequate home insurance coverage, you'll be left footing the bill for damages beyond your policy limit.
Continue reading " If Your Dog Bites the Mailman, You'd Better Have Home Insurance " »
May 22, 2009
Home Insurance for a Pineapple?
May 22, 2009 | By: Gina | Comments (0) | Posted in: Homeowners
Here's some Friday nonsense for everyone: How much home insurance does someone need on an underwater pineapple? But, who lives in a pineapple under the sea? SpongeBob SquarePants!
May 21, 2009
Bike to Work and Save on Car Insurance
May 21, 2009 | By: Gina | Comments (0) | Posted in: Homeowners
While our office bicycling expert and fellow blogger Matt is away on other business (congrats!), I've decided to attempt a short bicycling article.
Continue reading " Bike to Work and Save on Car Insurance " »
May 18, 2009
Dog Bite Prevention Week
May 18, 2009 | By: Gina | Comments (0) | Posted in: Homeowners
It's National Dog Bite Prevention Week. Each year over 4.7 million people are bitten by dogs in the U.S. The US Postal Service takes dog bites very seriously since after children and the elderly, postal workers receive the most dog bites. More than 3000 USPS mail carriers were attacked by dogs last year. Houston, Texas had the most dog bites to mail carriers with 103 followed by 86 in Santa Ana, CA; 82 in Sacramento, CA; 71 in Los Angeles, CA; and the Big Valley District with 69 dog bites.
April 24, 2009
Plant a Tree this Arbor Day and Save Energy
April 24, 2009 | By: Gina | Comments (0) | Posted in: Homeowners
The majestic oak, the giant redwood, the classic magnolia. Fruit trees, nut trees, flowering trees. Trees are homes to birds, give us clean air, and add to the beauty of any local. This Arbor Day, plant a tree to beautify your neighborhood--you'll save energy and save money.
Continue reading " Plant a Tree this Arbor Day and Save Energy " »
April 23, 2009
5 Ways to Save Water
April 23, 2009 | By: Gina | Comments (0) | Posted in: Homeowners
California is having a water crisis. So is Texas. But conserving water is important no matter where we live. Every gallon of water saved is money in your bank account. Here are 5 simple things you can do to save water, and save money on your water bill.
April 21, 2009
Green Snobbery: Be Seen Being Green
April 21, 2009 | By: Gina | Comments (0) | Posted in: Homeowners
Ever noticed how some people seem to have a holier-then-thou attitude about their "green" contributions to the Earth. I'm not talking about your typical citizen doing their part to keep the Earth clean and habitable for the next generation. I'm talking about eco-snobs.
Green Recession Gardens Can Save $500 a Year
April 21, 2009 | By: Gina | Comments (0) | Posted in: Homeowners
Put your money where your mouth is--plant a recession garden. First Lady Michelle Obama planted a recession garden at the White House. Maria Shriver's planted one in California. Around the country people are reviving the "victory garden" movement of WWII by planting recession gardens, and are saving as much as $500 a year.
Continue reading " Green Recession Gardens Can Save $500 a Year " »
April 20, 2009
5 Home Energy Saving Tips
April 20, 2009 | By: Gina | Comments (1) | Posted in: Homeowners
In honor of Earth Week, here are 5 quick tips for saving energy and lowering home energy costs.
April 13, 2009
Insurance Needs of the First Family Part II - Home/Renters Insurance
April 13, 2009 | By: Robert | Comments (3) | Posted in: Homeowners
We've already calculated that President Obama would pay roughly $120 per month to insure his Ford Escape Hybrid--not factoring in a hybrid vehicle discount.
But how much would President Obama and his family pay for home insurance? As it turns out, quite a bit.
Continue reading " Insurance Needs of the First Family Part II - Home/Renters Insurance " »
March 31, 2009
Thousands Without Flood Insurance in Red River Flood Zone
March 31, 2009 | By: Robert | Comments (0) | Posted in: Homeowners
According to documents obtained by The Associated Press, fewer than 800 homeowners threatened by a rising Red River have flood insurance.
Continue reading " Thousands Without Flood Insurance in Red River Flood Zone " »
March 23, 2009
Thar She Blows! Alaska Volcano Erupts
March 23, 2009 | By: Gina | Comments (0) | Posted in: Homeowners
It was a little longer than "a couple of hours," but Alaska volcano Mount Redoubt erupted late Sunday night and continued to shoot ash into the sky. Lucky for residents, damage to homes from volcanoes is covered by homeowners insurance.
Continue reading " Thar She Blows! Alaska Volcano Erupts " »
March 6, 2009
Spring Forward and Check Smoke Detectors
March 6, 2009 | By: Gina | Comments (0) | Posted in: Homeowners
Saturday night when you go to bed, make sure to set your clock ahead 1 hour. It is Daylight Saving Time again. Daylight saving time was enacted during World War II to help us conserve fuel, and today it is just as helpful.
Continue reading " Spring Forward and Check Smoke Detectors " »
March 4, 2009
Oregon Home Insurance Rates Now Third Lowest in the Nation
March 4, 2009 | By: Robert | Comments (0) | Posted in: Homeowners
A new survey shows that home insurance rates in Oregon are the third cheapest in the nation.
The Oregon Insurance Division reports that the average cost of home insurance in Oregon is $502 per year, well below the national average of $804. That translates to $42 per month.
Continue reading " Oregon Home Insurance Rates Now Third Lowest in the Nation " »
February 25, 2009
Obama's Choose Portuguese Water Dog as First Pet
February 25, 2009 | By: Matt | Comments (1) | Posted in: Homeowners
First Lady Michelle Obama told People Magazine that the family wants to find a rescue Portuguese Water dog. While she has not commented on what the name will be, this will be the breed they go with. Lucky for the Obama's, the Portuguese Water Dog is not likely to increase their homeowners insurance like a Doberman or Pit Bull would.
Continue reading " Obama's Choose Portuguese Water Dog as First Pet " »
February 18, 2009
Oscar Night Jewelry Fashion
February 18, 2009 | By: Gina | Comments (0) | Posted in: Homeowners
Seeing what your favorite celebrity wears on Oscar night can be more fun than watching the awards show. What classic style will Kate Winslet wear this year? Will it be Prada or Valentino for Anne Hathaway? Gowns will swirl and expensive jewelry will sparkle as the actors walk down the red carpet.
February 10, 2009
Valentine's Day and Homeowners Insurance
February 10, 2009 | By: Matt | Comments (0) | Posted in: Homeowners
Valentine's Day is upon us, again. I know I will be scrambling on February 13th to find a box of chocolates for my fiancée. However, some women may be surprised with engagement rings or other valuable jewelry. When I bought the engagement ring for my fiancée, I purchased a small insurance policy from the jeweler. But to fully protect your high price jewels, it is important to make sure you update your homeowners insurance policy.
Continue reading " Valentine's Day and Homeowners Insurance " »
January 30, 2009
InsWeb's Home Insurance Marketplace Recognized in the New York Times
January 30, 2009 | By: Robert | Comments (1) | Posted in: Homeowners
This week, InsWeb was recognized by the New York Times as a destination site for consumers searching for free home insurance quotes.
The article, "Home Insurance: What You Need to Know," appeared in the January 26, 2009 edition.
Continue reading " InsWeb's Home Insurance Marketplace Recognized in the New York Times " »
Volcanoes Covered by Most Homeowners Insurance Policies
January 30, 2009 | By: Gina | Comments (0) | Posted in: Homeowners
People in Anchorage, Alaska, are bracing for the possible volcanic eruption of Mount Redoubt, which scientists from the Alaska Volcano Observatory say could happen "within hours." But the residents shouldn't worry too much--if they have homeowners insurance, their home is most likely covered for volcanoes.
Continue reading " Volcanoes Covered by Most Homeowners Insurance Policies " »
January 27, 2009
Does Banning a Dog Breed Reduce Dog Bites?
January 27, 2009 | By: Gina | Comments (0) | Posted in: Homeowners
You see a large Dalmatian/Rottweiler mix lying next to a little toy poodle with a bow in her hair. Which dog do you pet? If you're like most people you keep 10 feet between you and the big dog, and reach out to pet the little one. But you'd be wrong! Turns out you've just put your hand out to the snappiest little bugger of a dog and avoided the nice one.
Continue reading " Does Banning a Dog Breed Reduce Dog Bites? " »
January 23, 2009
Homeowners Insurance Needs after Getting Divorced
January 23, 2009 | By: Matt | Comments (0) | Posted in: Homeowners
In part three of the series of how getting divorced changes your insurance needs, this post will focus on how a divorce affects your homeowners insurance needs.
Continue reading " Homeowners Insurance Needs after Getting Divorced " »
January 15, 2009
Portuguese Water Dog or Labradoodle?
January 15, 2009 | By: Matt | Comments (0) | Posted in: Homeowners
Not only is the Presidential inauguration next week, but we also get to find out if the Obama family went with a Labradoodle or Portuguese Water Dog for the first pet. The suspense is almost too much for me to handle.
January 13, 2009
High Home Energy Costs: Sign of Tough Economy
January 13, 2009 | By: Gina | Comments (0) | Posted in: Homeowners
High home energy costs are just one more example of our fluctuating economy. Average home heating costs are higher than average this year: $971 for this winter season compared to $807 average for 2002-2007. Because of the increase in home energy costs, more and more people are turning to government assistance to heat their homes. The Low Income Home Energy Assistance Program (LIHEAP) had a record number of applicants and is expected to reach approximately 7.3 million households--800,000 more than the record set in 1985.
Continue reading " High Home Energy Costs: Sign of Tough Economy " »
January 7, 2009
Insurance Bills Still Paid by Cash-Strapped Consumers
January 7, 2009 | By: Gina | Comments (0) | Posted in: Homeowners
With the state of the economy today, more people admit to dipping into their savings to pay for everyday living expenses. Paying the bills is still very important to most people, but some bills end up being more important to pay than others. In a recent survey by Online Resources of more than 1,000 American households, consumers ranked the bills most important to pay--the insurance bill is the number 2 priority.
Continue reading " Insurance Bills Still Paid by Cash-Strapped Consumers " »
December 17, 2008
Money Saving Tips: Holiday Savings
December 17, 2008 | By: Gina | Comments (1) | Posted in: Homeowners
What puts you in the Holiday Spirit? For me it's a sparkling Christmas tree, watching A Charlie Brown Christmas, and my mom's fruitcake (oh yeah, it's wonderful--the family fights over who gets the last piece!). For some people it is the lavish Christmas dinner, or hearing the Salvation Army bell. Maybe it's seeing your kids tell Santa what they'd like him to bring. Or maybe it's hearing The Chipmunk Song. Whatever your Holiday traditions, when some are missing, it just doesn't feel right.
December 16, 2008
During a Recession, Don't Skimp on Home Insurance
December 16, 2008 | By: Robert | Comments (0) | Posted in: Homeowners
In these trying economic times, consumers may feel tempted to reduce their home or renters insurance coverage to save money--but it's a disastrous idea.
Continue reading " During a Recession, Don't Skimp on Home Insurance " »
December 10, 2008
10 Holiday Fire Safety Tips
December 10, 2008 | By: Gina | Comments (0) | Posted in: Homeowners
Lighting the Yule log is one thing, but having the Christmas tree go up in flames isn't anyone's idea of a festive Holiday. But unfortunately, Christmas trees and other holiday decorations contribute to over 300 home fires and 14 deaths a year, according to the National Fire Protection Association. Here are 10 tips to make sure the only fires this holiday are in your fireplace for roasting chestnuts.
December 9, 2008
Carbon Monoxide Poisoning
December 9, 2008 | By: Gina | Comments (0) | Posted in: Homeowners
The silent killer. That is what many call carbon monoxide (CO) poisoning. You can't smell it, or see it, but if you are exposed to carbon monoxide you could be dead in minutes. CO poisoning from malfunctioning fuel burning appliances kills hundreds of people every year.
December 8, 2008
High Price of Heating Oil and Ways to Cut Costs
December 8, 2008 | By: Gina | Comments (0) | Posted in: Homeowners
When oil prices skyrocketed this past summer, many people predicted a tough and expensive winter for people who rely on heating oil to heat their homes. The fear was that prices could go as high as $6 a gallon in the winter! Because of this fear many homeowners locked in rates in July. But now with oil prices dipping to 4-year lows, homeowners who locked in $4.00 a gallon prices are paying as much as double the actual value.
Continue reading " High Price of Heating Oil and Ways to Cut Costs " »
December 1, 2008
Venice Sees Highest Flood Waters in 20 Years
December 1, 2008 | By: Gina | Comments (0) | Posted in: Homeowners
The City of Water, Venice, Italy, is seeing its highest flood waters in over 20 years. The so called 'acqua alta' (high water) reached 5 feet above normal this weekend. Nearly all of Venice has been flooded, including popular tourist spots such as the famous Piazza San Marco. The city's mayor, Massimo Cacciari, has warned tourists not to come to Venice, and has warned residents to stay in their homes.
Continue reading " Venice Sees Highest Flood Waters in 20 Years " »
November 25, 2008
Money Saving Tips Part 5: Black Friday Savings Tips
November 25, 2008 | By: Gina | Comments (1) | Posted in: Homeowners
With our tummies full of turkey, Black Friday gives us the chance to work off the extra Thanksgiving calories by fighting our fellow shoppers for great deals. Black Friday, the day after Thanksgiving, is the busiest shopping day of the year, a day that retailers relish even though they slash prices and in some cases give products away for free. Black Friday is mostly associated with Holiday presents, but why not take advantage of this mad shopping day to pick up some needed items for your home like insulation, weather stripping or a programmable thermostat?
Continue reading " Money Saving Tips Part 5: Black Friday Savings Tips " »
November 20, 2008
Money Saving Tips Part 4: The Farmer's Market
November 20, 2008 | By: Gina | Comments (0) | Posted in: Homeowners
In this series about ways to save money around the house we have explored the coupon phenomenon and saving money at the discount and dollar stores. This installment is all about ways to save at the local famer's market.
The trend to find organic and farm fresh foods has lead many to check out their local farmer's markets. Not only are you helping support the local economy, but farmers markets can be a great way to save on your produce bill. This week I went to the farmers market to see how the prices and quality compare to the grocery store.
Continue reading " Money Saving Tips Part 4: The Farmer's Market " »
November 18, 2008
Southern California Wildfires
November 18, 2008 | By: Matt | Comments (0) | Posted in: Homeowners
Over the last couple of days, California wildfires have destroyed nearly 1,000 homes and apartments while scorching 42,000 acres. The three fires, Sayre Fire in Los Angeles, Tea Fire in Santa Barbara, and the Freeway Complex Fire in Orange County threatened 3,500 structures at one point. Calmer weather in the affected areas should help slow the fires and let the firefighters gain the upper hand.
Deep Fried Turkey--Is it Worth the Danger?
November 18, 2008 | By: Gina | Comments (3) | Posted in: Homeowners
On Thanksgiving more and more people attempt to make a deep fried turkey. And though a deep fried turkey is very delicious, and not as greasy as it sounds, the actual frying can be extremely dangerous. According to the U.S. Fire Administration (USFA), nearly 4,300 fires occur on Thanksgiving causing 15 deaths and almost $27 million in property damage, many of them due to deep frying accidents.
Continue reading " Deep Fried Turkey--Is it Worth the Danger? " »
November 17, 2008
Get Your Home Ready for Winter
November 17, 2008 | By: Gina | Comments (0) | Posted in: Homeowners
There is one tree in my yard that always turns colors before the others. The flaming red leaves of that tree signal that Autumn has arrived, and that Winter isn't far behind. The Fall is the perfect time to get your home and yard ready for all the rain, snow, sleet, and ice swirling right around the corner.
November 13, 2008
Money Saving Tips Part 3: The Dollar Store
November 13, 2008 | By: Gina | Comments (1) | Posted in: Homeowners
In today's slumping economy we are all trying to find ways to stretch our dollars. So far in this series, we've explored some easy ways to save money around the house, and the savings from clipping coupons and discount stores. Another way we can save is by trying the local dollar store.
Continue reading " Money Saving Tips Part 3: The Dollar Store " »
October 31, 2008
Housing: McCain vs. Obama
October 31, 2008 | By: Gina | Comments (0) | Posted in: Homeowners
There are only a few days left to decide who to vote for in the upcoming presidential election: Barack Obama or John McCain? Let's see how the candidates stand on housing issues:
October 28, 2008
Safe and Spooky Halloween Home
October 28, 2008 | By: Gina | Comments (0) | Posted in: Homeowners
Witches on broomsticks, mummies and ghosts--not to mention Spiderman and Sleeping Beauty--will soon come knocking at our doors. Halloween is the second most popular holiday in the U.S., and can be great fun for young and old. If you are partaking of this night of frolic, here are some tips to make your home a safe place for all the neighborhood ghouls and boys (sorry, I just had to say it!).
October 13, 2008
Money Saving Tips Part 2: The Coupon Phenomenon and the Discount Grocery Store
October 13, 2008 | By: Gina | Comments (2) | Posted in: Homeowners
It seems lately everyone is trying to save money. One way that has been around for quite awhile is clipping coupons. The Coupon Council says 89% of consumers clip coupons to reduce their grocery bill. So in my quest to save money, I decided to see how much I could save clipping coupons.
October 9, 2008
Fire Prevention Week
October 9, 2008 | By: Gina | Comments (0) | Posted in: Homeowners
Today is the 137th anniversary of the Great Chicago Fire of 1871. The Great Fire destroyed more than 17,400 structures, left over 100,000 people homeless, and killed more than 250 people. Because of this great fire, the week of October 9th is remembered as Fire Prevention Week, and is the best time to think about home fire safety.
October 1, 2008
Going Green Around the House
October 1, 2008 | By: Matt | Comments (1) | Posted in: Homeowners
With all the "green" talk about how hybrid cars are going to save the environment, I thought I would switch gears and focus on how to green your house. I am all for saving the environment and keep ice at the poles, but unless they start making affordable hybrid cars I will not be purchasing one. But what is more feasible to me is to maybe green up my home.
September 18, 2008
Money Saving Tips Part 1: Saving at Home
September 18, 2008 | By: Gina | Comments (3) | Posted in: Homeowners
With the economy being what it is, I decided to find some ways to save a little cash while still trying to live life to the fullest. Turns out there are lots of things we can do even in our own homes to cut back but still do the things we enjoy the most.
Continue reading " Money Saving Tips Part 1: Saving at Home " »
June 16, 2008
How to Determine if Your Home is Underinsured
June 16, 2008 | By: Matt | Comments (5) | Posted in: Homeowners
If you were to lose your home in a fire, would you have enough homeowners insurance coverage to rebuild your home and replace your possessions? You'd also need a place to live while your home is being rebuilt.
Continue reading " How to Determine if Your Home is Underinsured " »
May 29, 2008
Create Your Own Home Insurance Stimulus Plan in 6 Easy Steps
May 29, 2008 | By: Matt | Comments (1) | Posted in: Homeowners
Beginning this month, 130 million American households will begin receiving their economic stimulus payments. This is particularly good news for homeowners. In addition to the tax rebates of $600 for individuals and $1,200 for working couples, Americans with more expensive homes will now be able to refinance their homes at cheaper rates. While this economic plan will provide much needed relief for many borrowers, homeowners can experience long-term benefits by creating their own Home Insurance Stimulus Plan.
Continue reading " Create Your Own Home Insurance Stimulus Plan in 6 Easy Steps " »
January 24, 2008
5 Tips to Lowering Your Homeowners in 2008
January 24, 2008 | By: Matt | Comments (1) | Posted in: Homeowners
Continuing our focus on using the New Year to put financial matters in order, we turn our focus to saving on homeowners insurance. You should review your homeowners policy at least every 12 months, or more often if your needs change. Significant discounts and savings may have become available since your last policy review. Homeowners insurance premiums can vary by hundreds of dollars from one company to another for the same coverage.
Continue reading " 5 Tips to Lowering Your Homeowners in 2008 " »
December 13, 2007
3 Days in December that Devastate Homeowners
December 13, 2007 | By: Matt | Comments (0) | Posted in: Homeowners
December is usually a time for families to come together and enjoy one another's company. However, there are extra risks associated with the Holiday season. The yearly estimated fire loss for December 24, 25, and 26 is estimated at over $80 million*. Each year, these losses result from an estimated 11,600 fires that required a fire department response.
The first thing you should do to protect your home is to have the proper homeowners insurance coverage. If a Holiday disaster does happen to you, a homeowners insurance policy can help you get back to normal more quickly then if you are uninsured.
More Decorations Means Higher Fire Risk December is the deadliest month for home fires. In fact, Christmas Eve, Christmas Day, and New Year's Eve are the top three days for home fires. Although unattended cooking and heating are the primary causes of such fires, almost half (48%) were attributed to Christmas trees, which were caused by some type of electrical failure or malfunction. December is the peak time of year for home candle fires. In December, 13% of home candle fires began with decorations compared to 4% the rest of the year.The Deadly Side of Christmas Trees
The NFPA also warns us about Christmas tree fires, as they contribute to over 300 home fires and 14 deaths every year. Christmas tree fires are generally caused by malfunctioning tree lights, and by the tree being too close to a heat source (fireplace, heater, candle, etc.) When decorating your tree, you should never use lights with worn cords or loose bulb connections, and always unplug the lights before going to bed or leaving the house
10 Tips For Holiday Fire Safety
1) Use Caution With Holiday Decorations
Try to choose decorations that are flame-resistant, non-combustible, or made from flame retardant material.
2) Watch Where You Place Candles
Keep candles away from decorations and other combustible materials. Also, don't use candles to decorate your Christmas tree.
3) Buy Lights that have been Tested
When purchasing your Holiday lights and electrical decorations, buy those that have a label that they were tested by an independent research lab. Make sure you follow the instructions that come with the decorations.
4) Inspect Your Lights
Inspect new and used light strands and replace damaged items before plugging them in. Also make sure you don't overload extension cords.
5) Unplug Your Lights When Changing Bulbs
If you have to replace a bulb, make sure you unplug the strand of lights before you change the bulb. Also, if you blew a fuse trying to get Rudolph's nose brighter, unplug the decoration before checking the fuse box.
6) Check the Number of Strands You Need
Check to see how many strands of lights need to be connected. Make sure you don't connect more than three strands of push-in-bulbs and a maximum of 50 screw-in-bulbs.
7) Carefully Hang Your Lights
When hanging your lights, make sure you do so in a way that won't damage the cords wire insulation. An example would be using clips instead of nails.
8) Keep Children and Pets Away From Lights
Make sure that children and pets can't get to electrical decorations and strands of lights.
9) Turn Off Decorations When Going to Bed
Make sure you unplug and turn off your Holiday decorations when you turn in.
10) Watch the Stove
The number one cause of home fires is unattended cooking. Make sure you don't lose track of what you're cooking when spending time with your family or guests.
With all the joys that come with the Holidays, make sure you take the extra precautions to make your Holiday season as safe and joyous as possible. And as the New Year approaches, it's a good time to start thinking about updating your homeowners insurance policy.
*Content provided by the National Fire Protection Association (NFPA.org)
November 19, 2007
What Every Homeowner Should Learn From the Southern California Wildfires
November 19, 2007 | By: Matt | Comments (0) | Posted in: Homeowners
Many people are under the assumption that nothing bad will ever happen to them. However, oftentimes this turns out to be just wishful thinking. The truth is nobody can be certain of what the future holds in store for them. That's why it's important to mitigate risks against potential perils whenever possible. As a homeowner, it's imperative that you not only have homeowners insurance, but the right amount of coverage that best suits your needs.
Disasters are Never Planned
Devastating wildfires ripped through Southern California in late October and burned into November. The fires scorched over 800 square miles, charring 2,768 buildings, including over 2,100 homes. In addition to the loss of homes and businesses, another 430 some buildings were damaged by the flames. In all, over 14,000 buildings were threatened by the fires, which caused an estimated $1.6 billion in damages.
Holiday Season and Home Fire Prevention
With Halloween behind us, many of us have begun decorating our homes for the upcoming holiday season. As we begin preheating our ovens to cook our Thanksgiving turkeys and decking the halls with boughs of holly, we're also unwittingly increasing the likelihood of becoming victim to a home fire. Cooking fires are more likely to happen on Thanksgiving than any other day of the year. In 2005, cooking fires were involved in roughly 1,300 reported home structure fires on Thanksgiving - that's almost three times the daily average. And the threat of home fires doesn't end on Thanksgiving. Holiday lights (or other decorative lighting with live voltage) were involved in 16% of the home Christmas tree structure fires. (NFPA)
What's Covered in a Homeowners Insurance Policy
The typical homeowners policy has two primary sections: Section I covers your property, and Section II provides personal liability coverage to help protect you from lawsuits arising from incidents that occur on your property. Almost anyone who owns or leases property should have this type of insurance. Often, homeowners insurance is required by lenders as a requirement to obtain a mortgage. Simply put, Section I covers damages that happen to your home (and property), while Section II covers injuries that happen to your guests while in your home or on your property (Insurance Information Institute).
Typical Disasters That are Covered with Homeowners Insurance
Typical hazards and perils covered in most homeowners insurance policies include fire, smoke, lightning, windstorm (excluded in certain areas of the country), hail, vandalism/theft, falling objects (such as a tree), water damage from bursting or frozen pipes, weight of snow or ice, a vehicle causing damage to the home, building collapse and structural damage from an electrical surge (not from electronics, such as your stereo, inside your home).
Nobody ever thinks that a fire will burn down their home or apartment. The Southern California wildfires serve as a tragic reminder that anybody can become a disaster victim. As you prepare for the holidays, consider the peace of mind a homeowners policy can provide.
October 25, 2007
Why Both Homeowners and Renters Need a Home Inventory
October 25, 2007 | By: Matt | Comments (1) | Posted in: Homeowners
When most people shop for homeowners or renters insurance, they erroneously guess a value for all their possessions and focus solely on controlling the cost of what seems like just another bill. Can you accurately list from memory everything in your house? How many necklaces and rings do you have, DVDs in your movie library, and exactly what type of digital camera is it? Most people struggle to answer such questions, let alone in a situation of post-traumatic anguish. This is why the need for creating a home inventory is so prominent.
A Basic Home Inventory
If you haven't created a home inventory, thinking of starting one can seem like a monumental task, especially if you've been living in your home for a long time. While the best time to start your list is when you're just starting out in your first home or apartment, or have just moved to a new home, it can still be an achievable task in that home you've lived in for several years. Just go through your house or apartment one room at a time.
Try to get serial numbers for the big ticket items, and write down when, where, and for what price you purchased each item. Make sure you remember to go into closets, cupboards, and storage areas and write down the items in these as well. While some items you own have depreciated in replacement price (televisions, electronics, furniture, etc.), some items may have increased in value (such as art, jewelry, and collectibles). You may need to insure these items separately; check with your insurance agent and find out if your current policy adequately covers these valuables.
Take Pictures or a Video of Your Belongings
It is a good idea to take pictures or make a video of the items in your home. If you take pictures, write the details of the items on the pack of the picture. If you make a video, narrate as you walk from room to room (what items are in the room, when and where you bought them and for how much). Photographing or videotaping your home's inventory can be especially helpful if items are hard to describe on paper, or for items you do not have receipts for.
Store Your List in a Safe Spot
Make sure you store your list, pictures, and/or DVD or video tape in a safe spot. While it's a good idea to have a copy at home, make sure you have at least one additional copy outside your home. If you only have one copy inside your home (or on your home computer) and your home burns down, that list won't do you any good. If your inventory is on your computer, make a disk or CD and store it elsewhere, and/or send your list to yourself at work or to your web-based email account so you can access it in places other than your home.
Keep Those Receipts!
Many of us are not great at keeping our receipts for the purchases we make. Now that you've read this article, make sure you keep receipts from now on, especially for those big ticket items. These receipts will help you settle your homeowners or renters insurance claim as quickly as possible. And remember; keep receipts (or copies of them) in a place besides your home, along with a copy of your home inventory.
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September 24, 2007
Identity Theft Protection: Find Protection With a Standard Homeowners Insurance Policy
September 24, 2007 | By: Matt | Comments (0) | Posted in: Homeowners
The FTC estimates that as many as 9 million Americans have their identities stolen each year. In fact, the risk of identity theft has become so prevalent that most major insurance carriers now offer Identity Theft insurance protection through their standard homeowners and renters insurance policies.
What is Identity Theft Insurance?
Identity Theft insurance reimburses victims for the cost of restoring their identity and repairing the damage to their personal financial information (e.g. credit reports). Insurance reimbursement can include lost wages, administrative expenses such as phone bills, certified mailing and notary costs, and even attorney fees if necessary.
Increasingly, insurance carriers are including identity theft insurance in their standard homeowners insurance policies; otherwise offering it as a stand-alone policy or as optional coverage to their homeowners and renters insurance policies.
The Insurance Information Institute reports that these policies generally cost between $25 and $50 a month for $15,000 to $25,000 worth of coverage.
What Identity Theft Protection is Right for You?
As with any insurance product, it is important to shop around for the best Identity Theft insurance coverage as rates and protection levels vary from company to company. When considering the appropriate policy deductible, consider the various costs associated with the crime.
The Cost of a Stolen Identity
According to the Identity Theft Resource Center, an independent non-profit organization, the average identity theft victim spends over $800 on administrative expenses alone (phone, postage, notary, etc.). This cost does not include the potential threat of lost wages, compromised work performance and elevated stress levels. The average victim spends over 170 hours trying to repair the damage done to their personal financial information. This laborious and frustrating time can include removing negative marks on credit reports and reapplying for credit accounts and loans. Further compounding the nightmare, many of these stressful tasks can only be conducted during working/business hours.
Protect Your Identity: Simple Steps Could Save You a BIG Headache
With online shopping becoming increasingly popular, you should make sure your computers security settings are up to date. This means updating anti-virus software, make sure your firewall settings are set, and that your operating system is updated. It is always a good idea to use caution when dealing with unknown pop-ups or attachments in e-mails.
It is also a good idea not to store personal information, such as your social security number or credit information on your computer. For non-electronic files, such as bank statements and credit card info, either shred them before throwing them away or tear them into as many little pieces as you can before disposing them. This will prevent would be identity thieves from finding important financial information when going through your garbage.
If you ever suspect that your identity has been stolen, it is critical that you contact your bank and credit card companies immediately. These financial institutions should be able to help you with alerting the credit bureaus and directing you to the appropriate resources. Having Identity Theft insurance can help you get your life back on track more quickly in the event your identity is stolen.
August 21, 2007
Leaving the Nest for College and Homeowners Insurance
August 21, 2007 | By: Matt | Comments (0) | Posted in: Homeowners
Over the next month, 13 million young adults will make their migration to college. Leaving the sanctuary of the nest with almost $10,000 in electronics, computers, and clothing in hand, the average college freshmen becomes prey to the natural events of property loss. In fact, nearly 30,000 unsuspecting students will become victims of burglaries on college campuses this year. Soon enough, both parents and students will become distracted by the challenges of lugging overloaded boxes and homesickness; therefore, take 5 minutes now to analyze your homeowners insurance policy. Clarify the coverage your policy affords for your student, and identify new areas for saving -- considering the cost of text books now.
Living on Campus: What Your Policy Covers
Dorm room living is a traditional rite-of-passage for many young adults. An environment of adolescent roommates and unlocked doors, on-campus living is a risky environment that requires the attention of your homeowners policy. Generally a student's possessions are protected by his/her parent's homeowners insurance polices; however, there will may be limits on some items such as stereos, computers, and bikes, so additional coverage might need to be purchased.
Lesson #1: Not a Fix-All Magic Wand
Of course, planning for this is a wonderful time to explain the magic of homeowners insurance to your young adult, as it's not intended to be a "fix-all" savings account, but rather a financial tool that returns one's life to an original state -- should a major loss happen. Furthermore, the cost of deductibles and the future impacts of making claims can be as financially debilitating as a late payment on one of the high-interest rate credit card offers your student will be bombarded with. Side note: Teach your student the power of "NO!"
Living Off-Campus: A Bigger Challenge
On the other hand, if your student attends college by living in an off-campus arrangement, be aware they are most likely not protected by your homeowners insurance policy. A much more uncontrolled and independent environment to insurance companies, living off-campus requires a separate policy -- perhaps renters insurance if applicable. Similar to a homeowners policy, you can get a quote online and discuss your needs with an experienced agent.
Before You Leave the Nest: Take an Inventory
Filing a homeowners insurance claim is the same process as figuring out exactly how much insurance coverage is needed. You have to take an inventory of all your possessions and assign a value. As your students packs boxes with computer equipment and invaluable personal effects that inspire their individuality, take the time to itemize an inventory and complement it with supporting pictures, serial numbers, and receipts if possible. Having this supporting documentation supports your efforts should you file a claim in the future, not to mention, an updated total value affords you the ability to get new pricing for your homeowners protection.
July 24, 2007
Homeowners Insurance: Offset Your Rising Mortgage By Saving On Homeowners Insurance
July 24, 2007 | By: Matt | Comments (0) | Posted in: Homeowners
We hear and read about it in the news every day: rising interest rates are punishing homeowners that participated in the adjustable-rate home loan phenomenon over the past half-decade. Adustable-rate home loans account for almost 25%, or roughly 10 million of all mortgages, according to a 2006 USAToday Study. Attracting consumers with low down payments, and interest-only payment options, risky adjustable-rate loans gave millions of people the means to purchase a home that was otherwise out of their financial reach. In fact, RealtyTrac.com reported that there were 164,644 foreclosure notices filed in June 2007, up 87% from June of last year.
In the struggle to escape foreclosure, some homeowners will make simple adjustments in their daily lives by conserving energy and vacationing closer to home to save some money. Others, however, will be forced to drastically scale back their expenditures on not only frivolous items, but on necessities as well. Unbeknownst to many homeowners, comparing homeowners insurance quotes is an effective way to find savings that can alleviate the financial stresses of owning a home.
Homeowners Insurance and Mortgages
As far as many new home buyers have been concerned, their homeowners insurance policies are bundled into their mortgage payment. Satisfying the lender's prerequisite that the premium be paid for the first year at closing, shopping around for the best rate may not have been a reasonable option at the time. Given the current state of rising interest rates though, the need for shopping for a new homeowners insurance policy has never been more justifiable. It's easier than shopping for a mortgage and there are numerous ways for homeowners to save, easing the pinch created by skyrocketing mortgages.
Consider Raising Your Deductible
Increasing your deductible by just a few hundred dollars can make a significant difference to your premium. Most deductibles start at $250, therefore, if you raise your deductible from that to $1,000, you may to save nearly 25% on your premium.
Look for Multi-Policy Insurance
Most insurance companies that sell insurance products other than homeowners insurance will offer consumers discounts for buying more than one product from them. For example, if your auto insurance company also sells homeowners insurance, you might get a discount of up to 15% off your premium for buying both products.
Only Buy the Homeowners Coverage You Need
Homeowners insurance policy limits should be revisited every year to reevaluate any major purchases and additions. On the other hand, many of the possessions that homeowners insure depreciate significantly over the course of a year. Homeowners should update their home inventory, and reevaluate policy limits for possible savings. Further, homeowners shouldn't spend money for coverage they don't need. For example, if you don't live in a flood-prone area, you may not need costly flood insurance.
Look For Discounts That May Apply to You
There are a myriad of homeowners discounts that go unrecognized by many consumers. For example, even though they seem ordinary, you may be able get a lower premium if your home has safety features such as dead-bolt locks, smoke detectors, an alarm system, storm shutters or fire retardant roofing material.
Insure Your House, Not the Land Under It
Consumers often overpay for homeowners insurance by including the value of the land that their home resides. Remember that you only need to insure the home itself and your possessions, not the land. Should something unfortunate occur, the land will most likely remain. If you do not subtract the value of the land when deciding how much homeowners insurance to buy, you will most likely pay more than you should.
Homeowners insurance premiums can vary by hundreds of dollars from one company to another. Using InsWeb.com's online quote form, you can easily shop for and compare multiple homeowners insurance quotes from the comfort of your home.
June 19, 2007
Homeowners Insurance and the Family Dog
June 19, 2007 | By: | Comments (0) | Posted in: Homeowners
Dogs have become an important part of the American family; considering that 63% of all households have at least one dog. Although dogs bring priceless memories and convenient protection, the costs of owning one are certainly no secret: food, veterinary bills, treats and even kennels. Dogs however, have a classic hidden cost to home owners though; they can affect the cost of a homeowners insurance policy.
Just like adding a swimming pool to your homeowner's policy, owning a dog is a policy underwriting factor that insurance companies take very serious. Carriers aren't concerned that Fido will necessarily flood the house by chewing a garden hose or suddenly break every window in the house without cause, but rather that they will inevitably bite somebody. Simply put: dogs are liability risks to homeowners policies.
According to the Centers for Disease Control and Prevention, there were approximately 4.7 million dog bites in 2005 accounting for roughly $317.2 million in insurance claims. Who would know this more than the mail carrier? In 2004, the US Postal Service reported over 3,400 dog-related injuries -- that's an average of 11 mail carrier injuries every day!
Homeowners and renters insurance policies typically cover dog bite liability, as long as your dog is disclosed to your insurance company. Insurers may charge more or even deny your application if you own specific types of dogs. These are determined by the frequency of dog bites for the breed, whether they are large dogs that can inflict a lot of damage, and the breed's general reputation. Some of the breeds that raise red flags for insurers are Pit Bulls, Rottweilers, German Shepherds, Siberian Huskies, Malamutes, Doberman Pinschers, Chow Chows, Great Danes, Saint Bernards, and Wolf Hybrids.
Adequately insuring a home with a dog is a common oversight by many homeowners. Some try to save money by omitting the information from the application, and others simply neglect to report the pet since they're already committed to an affordable policy. Don't be foolish, the only decision you can make is to disclose the dog to your homeowners insurance company since any claim will most likely be denied if you don't. Knowingly omitting relevant liabilities to your insurance company constitutes grounds for policy cancellation, which is certainly not in your financial interests.
You may find that adding a dog to your homeowners policy will be negligible to your premium, however, if the opposite is true, it's time to shop around for new coverage. Homeowners insurance rates can vary by hundreds of dollars between carriers, as extra charges for dogs can also differ dramatically from company to company.
May 29, 2007
Spring Home Improvements: Adjusting Your Homeowners Insurance Accordingly
May 29, 2007 | By: | Comments (0) | Posted in: Homeowners
With the first warm days of the year upon us, spring always brings a renewed motivation for making improvements to one's home. Whether you're a "Hardware Store Warrior" building a new deck yourself, or if you're simply hiring a contractor to add a patio, don't forget to check what impact such improvements may have on your homeowners insurance policy -- before you begin!
Home improvements can quickly add to a home's value. Accordingly, you should do a quick comparison of the difference in homeowners insurance quotes with the improvements. It is not until a disaster strikes that many homeowners realize they haven't reevaluated their coverage to include any improvements made to the house.
After undergoing the tragedy of losing your home, you don't want to also find out that your insurance policy covers only the pre-improvement value of your home. The difference in replacement value can be very significant. Trusted Choice® reports that nearly 40% of homeowners who make improvements to their homes do not update their homeowners policies to reflect these changes.
As the value of your home increases, you may experience a modest increase in your homeowners insurance as a result. There are many discounts available to you that may help offset any such increase. Have you added any new security devices to your home in the last year; perhaps deadbolt locks, window locks, a burglar alarm, or even smoke detectors? Insurance companies highly value the protection afforded by these types of safety devices and are known to reduce premiums by as much as 20% as a result. In the same fashion, you may also experience additional savings on your policy if you upgrade your home's heating, plumbing, or electrical systems.
There are additional benefits to comparing homeowners quotes before any renovation. If you adjust your policy before the work even begins, you may be covered for any building materials you have in your house during the course of the project. With the increased heavy duty labor, you may be exposed to an increased level of liability and risk of home disasters. Incidentally, it's a good idea to take "before, during, and after" pictures throughout the renovation. In the event of a claim, you may be required to provide justifiable proof. Likewise, it is also imperative that you make sure any contractors are properly licensed and insured with all corresponding documentation.
Beyond the home improvements at hand, comparing multiple homeowners quotes is an exercise that can uncover new discounts and savings. You should review your homeowners insurance policy at least every 12 months, or more often if your needs change. Significant discounts and savings may have become available since your last policy review. Even if nothing changed on your end, many insurance companies may have reduced homeowners insurance rates since your last review.
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April 17, 2007
Making Small Homeowners Insurance Claims
April 17, 2007 | By: | Comments (0) | Posted in: Homeowners
Beyond using homeowners insurance as financial protection against disasters, many use it like a checking account to alleviate the small "fix-it" burdens of owning a home. Although you promptly paid your premium, and your claim is completely legitimate, be aware that filing a claim can affect how much you may pay for insurance in the future and can severely limit the selection of companies that will be willing to cover you.
Continue reading " Making Small Homeowners Insurance Claims " »
February 9, 2007
Burglary and Your Homeowners Insurance
February 9, 2007 | By: | Comments (0) | Posted in: Homeowners
After leaving your home, do you worry that you forgot to lock the door or if you left a light on to make your home appear occupied? Gone are the days when your parents trusted the world with an unlocked front door, as evidenced by the fact that burglaries affected 1out of every 39 homes last year. It's an unfortunate event that ravishes a family's sense of security and frequently frustrates victims as they fight to replace the possessions that were stolen or damaged.
Most burglary victims will testify that making a claim on your homeowners insurance policy after a burglary is a process that is very similar to shopping for a new quote. You need to determine what you once had and accurately assign it a value. Unfortunately, when most people shop for homeowners insurance, they erroneously guess a value for all their possessions and focus solely on controlling the cost of what seems like just another bill. Can you accurately list from memory everything in your house? How many necklaces and rings do you have; DVDs in your movie library; and exactly what type of digital camera is it? Most people struggle to answer such questions, let alone in a situation of post-traumatic burglary anguish.
Creating an inventory of your personal property is a habit that should coincide with your annual review of your homeowners policy. Before you even compare new homeowners rates, simply go room to room and document every item. Try to get serial numbers when possible and gather as much detail as you can: when, where, and for what price you purchased each item. Previous victims will tell you that pictures and videos of the larger ticket items and any supporting receipts are invaluable in the process of making a theft claim on your policy.
According to the Insurance Information Institute, standard homeowners insurance policies generally value personal property at 50% to 70% of the coverage on the structure of the home. Of course, as we mentioned above, a home inventory will make determining the value much easier and absolute. The more valuable possessions like jewelry, collectables, and antiques are protected by a standard policy, but there are usually limits to what a company will pay for these. To insure these items to their full replacement value, consider adding a personal property rider to your policy. Although this will add to the cost of your premium, the extra coverage will be much broader for these items. For example, a diamond engagement ring would be covered in the event of a burglary or even if you lost it during a vacation. Riders can be added during the quoting process, or at any time thereafter, but they generally require an appraisal to underwrite.
As you review your homeowners insurance policy this year, spend some time on your personal possessions with the same attention to detail that you might if your home was burglarized. You are certain to uncover areas where you are under covered and will most likely discover opportunities for potential savings.
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December 8, 2006
Protecting Your Home During the Holiday Season
December 8, 2006 | By: | Comments (2) | Posted in: Homeowners
December is simply one of the most dangerous times for homeowners. Celebrations with cooking, candles, Christmas trees, holiday lights and alcohol foster conditions for a plethora of unfortunate events. Even more, burglars are looking to take advantage of easy targets: households that are clearly on vacation, or better yet, decorations that scream "WE HAVE GIFTS INSIDE!" Ensure your joyous holiday memories by recognizing such dangers and preparing accordingly.
December is the deadliest month for home fires. In fact, Christmas Eve, Christmas Day, and New Year's Eve are the top three days for home fires. Although unattended cooking and heating are the primary causes, the National Fire Protection Association (NFPA) reports that candle fires triple during the holiday season.
The NFPA also warns us about Christmas tree fires as they contribute to over 300 home fires and 14 deaths every year. Christmas tree fires are generally caused by malfunctioning tree lights, and by the tree being too close to a heat source (fireplace, heater, candle, etc.) When decorating your tree, you should never use lights with worn chords or loose bulb connections, and always unplug the lights before going to bed or leaving the house.
During the holiday season, many homeowners unknowingly make their absence obvious to burglars -- even failing at the simplest steps of locking doors and windows. Take two minutes to review these simple, yet often overlooked home safety practices that will make your home appear to be lived in, whether you are away for only a weekend or for weeks at a time.
Make Your Home Appear to be Lived-in
Install automatic timers to turn lights and radios on and off at appropriate times. Ask a friend or neighbor to pick up your mail and newspaper, or have it forwarded it to the post office. Lower the sound of your telephone and answering machine so they cannot be heard from outside and make sure your voicemail message does not imply that you are away.
Give a Neighbor a Spare Key
Leave a key with a trusted neighbor in case anything happens to your house while you are away, or in case you get locked out. It's usually not a good idea to leave a key hidden outside your house, especially in more urban areas.
Protect Your House Keys
Don't give repairmen a key, and don't give people fixing your car your entire set of keys. Your house keys can be easily duplicated and your address could be obtained from your license plate number.
Change Your Locks
It is usually a good idea to change the locks on your new home when you move in as you never know who might have keys to your house. If your home does not have deadbolt locks on all ground-level doors, consider installing them. If a sliding glass door is easily accessible, it is a good idea to put a strip of wood in the lower tract.
Consider Installing an Alarm
You may also want to install an alarm if the house doesn't already have one. If you move into a new house with an alarm, make sure you get accurate (written) directions on how to operate it.
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November 14, 2006
Do You Winterize Your Home?
November 14, 2006 | By: | Comments (0) | Posted in: Homeowners
Winter officially begins on December 21, but shorter days and dropping temperatures have already started. Simply ask residents of Buffalo, New York who witnessed an unseasonably early snowfall in mid-October. Interestingly, meteorologists at the NOAA Climate Prediction Center expect a winter that is 8% cooler than last year's. Although the outlook does not warn of disaster-like conditions, history has demonstrated that even normal seasonal rains, snowfall, ice and winds can devastate homes. Autumn is the time for home owners to winterize their homes and prepare for the imminent elements of winter that threaten both the safety and value of homes.
Winterizing a home begins with protecting against freezing temperatures. Heating systems, including fireplaces, wood-burning stoves, and furnaces should receive their annual servicing to ensure reliability and safety. Ideally, these heating systems should keep the home's internal temperature above 65 degrees to conserve the energy required to maintain livable comfort and prevent water pipes from freezing.
For water pipes that are not naturally protected by the home's insulated walls (e.g. garage, outside sprinklers), owners should protect the pipes with either heating tape or insulating foam, which are both readily available at most hardware stores. To keep cold air or moisture outside, weather stripping and caulking should also be checked around any structural openings including doors, windows, and faucets.
The Insurance Information Institute reports that water damage and freezing account for approximately 17% of all homeowners insurance claims, while wind and hail account for close to 50%. The average claim for water damage and freezing is $5,095. Standard homeowners insurance policies protect homes against most types of damage caused by freezing, such as a water pipe bursting, or in situations where ice forms in a rain gutter and causes water to backup and seep into the house. Most importantly, home owners must understand that most homeowners insurance policies do not cover against flooding. Unfortunately, many learned too late after their homes were destroyed by the floods that followed Hurricane Katrina. Home owners should consider a separate flood insurance policy to complement their protection, depending on their proximity to possible flooding, because even flood damage caused by storm drain backups are a separate and extra endorsement to a standard policy.
Regardless of the season, the most common mistake people make with regards to their homeowners policy is to undervalue their home and possessions. In fact, experts estimate that 60% of homes in the U.S. are not adequately insured to cover their full replacement cost value. Remember, the full replacement cost value is how much it would cost to rebuild the house on the land it sits on now -- not the value for which you could sell your house today. Be sure to also report any recent home improvements to your insurance agent and keep an up-to-date home inventory list so that you can accurately adjust your coverage to protect these items.
Winterizing your home is a convenient time to perform an annual review of your homeowners insurance policy to ensure adequate coverage levels, and to identify any potential discounts. If you have any questions about what is covered in your policy, take the time to contact your homeowners insurance company or agent. And always remember that you may be able to save a significant amount of money by shopping for new coverage as rates are always changing.
* To find out more about the NOAA Climate Prediction Center winter report visit http://www.noaa.go
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October 18, 2006
Declining Home Values and Homeowners Insurance
October 18, 2006 | By: | Comments (3) | Posted in: Homeowners
As the housing market slows, and home prices begin to drop, homeowners should not be fooled into thinking that they should automatically reduce their current amount of homeowners insurance coverage. The amount of coverage a home owner needs is based on the replacement value of the home, not its fair market value; therefore, fluctuations in the housing market do not always correlate with changes in one's homeowners insurance coverage.
A standard homeowners insurance policy provides four fundamental types of coverage, all of which are not affected by fluctuating home prices: 1.) rebuilding the structure of the home, 2.) replacing personal possessions, 3.) liability protection, and 4.) additional living expenses in the event you are displaced from your home.
Those who consider making adjustments to their homeowners insurance policies, nonetheless, are on the right path to optimizing their homeowners insurance to meet their changing financial position. Reviewing the policy every year affords a home owner the ability to make necessary adjustments to their policy limits, be it, adding additional coverage for recent home improvements, or removing extra policy riders for valuable possessions that may have been sold. Rates continually fluctuate, and can vary by hundreds of dollars from company to company, therefore, an annual review also gives home owners the opportunity to realize significant savings by simply getting a couple quotes.
As home prices begin to drop, and the cost of mortgage payments increase, homeowners insurance can offer some financial flexibility that can help offset the increase. In such a case, home owners should look for multi-policy insurance. For example, if your auto insurance company also sells homeowners insurance, you may be eligible to receive discounts of up to 15% off your premium for buying both products. Additionally, increasing the deductible by just a few hundred dollars can make a significant difference to the cost of the premium. Most deductibles start at $250, therefore, if you raise your deductible from that to $1,000 you may save nearly 25% on your premium. Even further, there are dozens of homeowners insurance discounts that go unrecognized by many consumers. Even though they seem ordinary, you may be able get a lower premium if your home has safety features such as dead-bolt locks, smoke detectors, an alarm system, storm shutters or fire retardant roofing material.
Fluctuating housing markets can distort reality, and often times are blown out of proportion by the polarized opinions that informally define them. In the confusion and uncertainty, home owners should not overreact and automatically change their homeowners insurance coverage. Instead, homeowners insurance policies should be evaluated as a whole, taking into consideration the cost of rebuilding the structure, replacing possessions, and protecting against liability lawsuits that threaten the home owners.
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September 19, 2006
Why It's Critical To Maintain A Current Home Inventory
September 19, 2006 | By: | Comments (1) | Posted in: Homeowners
Nobody ever thinks a fire is going to burn down their home, and with any luck, it won't. But we can't count on that. That is why we need to take certain precautions to make sure we are as prepared as possible for those "just in case" disasters. For example, make sure your family has an evacuation plan in place just in case a fire ever starts in your home. Also, make sure you have properly installed and working smoke alarms and fire extinguishers in your house; again, just in case. What's another important thing you should do to make sure you are fully prepared? Keep an up-to-date home inventory in a safe spot.
As previously mentioned, most people do not think of preparing for fires in their homes, or if they do, it's to ensure safety measures are planned out. While a well-thought-out safety plan is definitely the most critical thing to do, it's also very important to make sure you can get reimbursed for your personal possessions from your homeowners or renters insurance company as quickly and easily as possible. Think about it; can you accurately list from memory everything in your house? Most people cannot, and that is why it's important to have a list, and, if possible, receipts and purchase information.
A Basic Home Inventory
If you don't yet have a home inventory, thinking of starting one can seem like a monumental task, especially if you've been living in your home for a long time. While the best time to start your list is when you're just starting out in your first home or apartment, or have just moved to a new home, it can still be an achievable task in that home you've lived in for several years. Just start one room at a time. Remember, a partial inventory is better than no inventory at all.
Go room to room and note down every item you see in that room. Try to get serial numbers for the big ticket items, and write down when, where, and for what price you purchased each item. Make sure you remember to go into closets, cupboards, and storage areas and write down the items in these as well.
While some items you own have depreciated in replacement price (televisions, electronics, furniture, etc.), some items may have increased in value (such as art, jewelry, and collectibles). You may need to insure these items separately; check with your insurance agent and find out if your current policy adequately covers these valuables.
Take Pictures Or A Video
It is a good idea to take pictures or make a video of the items in your home. If you take pictures, write on the back the details of the items in the pictures. If you take a video, narrate as you walk from room to room (what items are in the room, when and where you bought them and for how much). Photographing or videotaping your home's inventory can be especially helpful if items are hard to describe on paper or for items you do not have receipts for.
Store Your List In A Safe Spot
Make sure you store your list, pictures, and/or DVD or video tape in a safe spot. While it's a good idea to have a copy at home, make sure you have at least one additional copy outside your home. If you only have one copy inside your home (or on your home computer) and your home burns down, that list won't do you any good. Store extra copies at a friend or family member's house, in a safe deposit box, or at work. If your inventory is on your computer, make a disk or CD and store it elsewhere, and/or send your list to yourself at work or to your web-based email account so you can access it in places other than your home.
Keep Those Receipts!
Many of us are not great at keeping our receipts for purchases. Now that you've read this article, make sure you keep receipts from now on, especially for those big ticket items. These receipts will help you settle your homeowners or renters insurance claim as quickly as possible. And remember, keep receipts (or copies of them) in a place besides your home, along with a copy of your home inventory.
September 13, 2006
Insuring Personal Computers With Homeowners and Renters Insurance
September 13, 2006 | By: Inszo | Comments (0) | Posted in: Homeowners
For many people, their personal computer is a major investment; trailing only behind purchasing a home and car in terms of expense. Accordingly, it is just as important to know how to insure your computer. Coverage for computers and related accessories such as software and peripheral equipment (hard drive, monitor, etc.) can vary from company to company, so call your insurance agent or carrier for guidance.
If you have a homeowners or renters policy, your personal computer would be covered, in the home, against all of the basic disasters listed in the policy. For example, if your computer is stolen or destroyed in a fire, you would be covered.
Be aware that some insurance carriers, however, have dollar limits for electronic equipment. This means your computer equiptment would be covered only for the amount (generally $5,000) listed in your policy. If you need additional coverage, you can usually raise the dollar amount by paying a little more.
Replacement Cost Versus Actual Cash Value
Consider getting a replacement cost rather than an actual cash value policy for your personal belongings. Replacement cost insurance would reimburse you for the current cost of your computer and other personal possessions, while an actual cash value policy would pay the depreciated cost. Replacement cost insurance is approximately 10% more expensive than an actual cash value policy, but since most items depreciate quickly this can be a very smart investment.
Coverage for Your Computer Away from Home
If you plan to regularly take your laptop or portable computer out of your home, find out how much coverage you have on your homeowners or renters policy for your personal possessions away from home. In fact, some insurers offer complete coverage for possessions away from home. Other companies have a dollar limit for personal possessions that are stolen away from home. In most instances it would be 10% of your personal possessions coverage. This means that if you have $40,000 worth of coverage for your personal belongings, you would have $4,000 worth of theft protection away from home.
Policy Floaters
Consider getting a floater on your homeowners or renters policy, for your portable computer. This policy would cover your computer for its full value anywhere in the world on an all-risk basis.
Special Computer Insurance Policy
Believe it or not, there are a number of companies that offer individual insurance policies for computers. They have a number of different insurance plans and you would not need an underlying homeowners/renters policy.
When you purchase a computer, it is very important to keep the receipt. Also, remember to keep receipts for related items including software, additional memory and other the other peripheral items that computer aficionado's buy over time. This information should be kept in a safe place, along with your inventory of personal items and insurance papers.
Related InsWeb Blog Postings:
- Homeowner Commonsense: Obvious Ways to Protect Against Theft
- Protecting Possessions in College
- Dorm Rooms and Homeowners Insurance
September 8, 2006
My Home Warranty Nightmare
September 8, 2006 | By: Inszo | Comments (1) | Posted in: Homeowners
In 2004, I purchased a home built in 1989, and over the past two years I have learned some very hard lessons about what a home warranty policy actually covers when things go wrong. I started out with Fidelity Home Warranty and after a year of getting claims denied, I changed to American Home Shield, which turned out to be even worse.
Most recently, I realized my air conditioner was leaking water in my house. The first person who was sent by American Home Shield claimed the leak was from the air conditioning being overused. I complained to the company that I was 7 months pregnant and needed to be able to use my air conditioning without it freezing over, and that I was concerned that the leak would lead to mold in the house. It took three calls for them to send a new company out, and it was discovered that a pipe off the air conditioning had cracked. A few days later, the company that discovered the crack came to fix the problem, and when the wall was opened to get to the pipe, it was discovered that the true cause of the problem was a nail in the pipe. The nail had been hammered through the drywall into the pipe when the house was built 17 years ago and the suspicion is that it rusted over time. At that point, American Home Shield claimed it was a pre-existing condition and would not cover the damage.
I thought that a home warranty was supposed to offer protection for those unexpected little surprises that might come up when you buy a resale home, but instead there has always been some loophole or reason why the claim is not covered. Prior to this, my previous requests for help resulted in frustration, including:
- Right after moving into my home, I was told that my constantly clogged toilets were not covered because they happened to be the first generation low-flow toilets and they were never known to work very well.- With each season change since moving into my house, I have had to call to repair my air conditioner in the summer and heater in the winter. They've always done the minimum necessary to get it hobbling along again, but it has clearly outlived its lifespan and doesn't actually heat or cool the house efficiently (however, the increase in our electricity bills in the summer would make you think something was being cooled).
- When our pool filter was not doing its job and our pool was in a constant state of green sludge, we learned that the previous owners who had installed the pool chose to cut corners and install a pool filter that was underpowered for the size pool that was installed. However, the filter replacement was not covered by the home warranty company because they are not responsible for improper installations of underpowered equipment.
I do realize that a home warranty company would soon go out of business if every claim resulted in a replaced item, particularly in the case of large-expense items such as air conditioning systems. I also take responsibility for not reading the "fine print" closely and not having the proper expectations when I first bought my house and made the first few claims. However, with each denied claim, I felt more and more the victim of a scam.
I wonder why home warranties companies are not required to at least factor in the reasonable expected lifespan of an item before refusing to replace it. In addition, I don't know if a person buying a resale home can ever truly feel protected because most things that might be missed by a home inspection and uncovered after the sale will end up being classified as a pre-existing condition and not covered. How was the man who inspected my home supposed to be able to tell that somewhere inside the walls, a drywall nail was embedded in a water pipe?
After this latest experience, I got fed up and canceled my policy. I was completely baffled to find that after paying $610 for a one-year policy (not to mention the $55 service call co-pay for each complaint), that my pro-rated refund for what amounted to less than one month's coverage was only $356.16. How can that even be possible? Needless to say, my experiences with home warranty companies have left a very bad taste in my mouth and I hope that by sharing my story I will help someone not make the same costly mistakes I have made.
September 7, 2006
Protecting Against Bike Theft
September 7, 2006 | By: Inszo | Comments (1) | Posted in: Homeowners
Bicycles are generally covered by homeowners or renters insurance policies. But you usually are required to pay a deductible that can be a few hundred dollars. Your best bet is to prevent theft in the first place.
1. Purchase a quality bike lock and use it correctly. Use the lock to secure both the wheels and the frame to an immovable object such as a pole or bike rack.
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3. Keep the receipt for the bike and any accessories, along with a photo of the bike, in a safe place.
4. Register the bike's make, model, color and serial number with your local police. It might seem silly, until the moment it gets stolen. You can also register it with the National Bike Registry, a database that helps recover stolen bikes.
5. If the bike is very expensive to replace, consider a "policy rider" to insure it adequately (additional pieces of coverage for specific valuable items).
National Bike Registry: http://www.nationalbikeregistry.com
InsWeb Homeowners Insurance Center
September 6, 2006
Homeowner Commonsense: Obvious Ways to Protect Against Theft
September 6, 2006 | By: | Comments (1) | Posted in: Homeowners
I am shocked and amazed when I walk around my suburban neighborhood. Garage doors left wide open without a homeowner in sight. Bikes are left in yards unattended too. I wonder, "Why would someone invite one to steal?" Maybe it's naiveté. Maybe they are among the many people who subscribe to "it won't happen to me." Or, maybe it's just that they have never been a victim of theft.
Continue reading " Homeowner Commonsense: Obvious Ways to Protect Against Theft " »
August 30, 2006
Protecting Possessions in College
August 30, 2006 | By: Inszo | Comments (1) | Posted in: Homeowners
As a follow-up to our recent discussion of students heading off to college and taking their valuable possessions with them, here are six time-tested tips that should be practiced by the young adults:
August 29, 2006
One Year After Hurricane Katrina
August 29, 2006 | By: | Comments (0) | Posted in: Homeowners
I was just reading a special report conducted by the Red Cross to commemorate the one year "anniversary" (for lack of a better term, as anniversary usually has positive connotations) of Hurricane Katrina. Everywhere in the news today you will find then and now pictures, and it's amazing how much the City of New Orleans and other areas devastated by this act of nature have recovered in just one short year. Homes have been rebuilt, lives have been resumed, and commerce has bounced back admirably. And so much of that is thanks to all of us who donated our time, money and resources.
August 28, 2006
Dorm Rooms and Homeowners Insurance
August 28, 2006 | By: Inszo | Comments (2) | Posted in: Homeowners
Students heading off to college this year are taking more stuff with them than ever before: computers, cell phones, MP3 players, bicycles, clothing, sports equipment, and most likely a car. Interestingly, the campuses where they're heading may pose an unusually high rate of theft. It's normal though, as theft affects an estimated 1 in 10 college students. Given this, how do you protect your investment?
August 25, 2006
Better News For Atlantic Hurricane Region Homeowners: Forecasters Downgrade Hurricane Season Threats
August 25, 2006 | By: Inszo | Comments (0) | Posted in: Homeowners
Good news for homeowners that live in the Atlantic hurricane region: As a follow-up to our May InsWeb Blog post "2006 Hurricane Season Alert: 4 to 6 Major Hurricanes Predicted," the same government agency that issued the alert at the end of May recently downgraded the threat, as this year's hurricane season won't be as bad as predicted.
August 24, 2006
Home Energy Costs On The Rise
August 24, 2006 | By: | Comments (0) | Posted in: Homeowners
After struggling to come to terms with my astronomically high energy bill last month, I knew I had to look into finding ways to cut my usage. I came across an article on the Federal Trade Commission's (FTC) website that may help people in my situation. Here are some of the tips they provided:
August 18, 2006
What's Really Covered by Homeowners Insurance
August 18, 2006 | By: Inszo | Comments (5) | Posted in: Homeowners
Attention fellow homeowners! We all know that most mortgage companies require that we purchase homeowners insurance, but do any of us really know exactly what is covered in a basic homeowners insurance policy? This article breaks down the basics of a typical homeowners insurance policy from a real-world perspective.
Continue reading " What's Really Covered by Homeowners Insurance " »
August 2, 2006
Remodeling Your Home? Be Sure To Adjust Your Homeowners Insurance
August 2, 2006 | By: Inszo | Comments (3) | Posted in: Homeowners
Home remodeling quickly adds to a houses value, but many homeowners fail to increase their homeowners insurance coverage accordingly. It is not until a disaster strikes that many homeowners realize that they haven't reevaluated their coverage to include any work done on the house. After already undergoing the tragedy of losing your home, you don't want to also find out that your insurance policy only covers what your house used to be rather than what you have made it into. Imagine that you renovated a small one bedroom fixer-upper into a modern 3 bedroom home with a new yard or deck - the difference in replacement value would be considerable.
Continue reading " Remodeling Your Home? Be Sure To Adjust Your Homeowners Insurance " »
July 17, 2006
Identity Theft and Homeowners Insurance Protection
July 17, 2006 | By: Inszo | Comments (5) | Posted in: Homeowners
Did you know that Americans are more afraid of having their identity stolen than they are of losing their jobs? According to a study by USAToday, this is indeed the case as the real world statistics are justifying the concern. In fact, in 2005 the FTC received 686,683 identity theft complaints, up from 542,656 in 2003. The risk of identity theft has become such a reality that many of the major insurance carriers are now including "Identity Theft Insurance" protection in homeowners and renters insurance policies.
Continue reading " Identity Theft and Homeowners Insurance Protection " »
June 20, 2006
Offset Your Rising Mortgage by Saving on Homeowners Insurance
June 20, 2006 | By: Inszo | Comments (1) | Posted in: Homeowners
We hear and read about it in the news every day: Rising interest rates are punishing home owners that participated in the adjustable-rate home loan phenomenon over the past half-decade. According to a study performed by USAToday, almost 25% of mortgages (10 million) carry adjustable interest rates. Attracting consumers with low down payments, and interest-only payment options, adjustable-rate loans afforded millions of borrowers the opportunity to refinance their existing homes at historically low rates, and even qualified them for homes that were otherwise beyond their financial means.
Today, many borrowers are sinking in these very mortgages as their loans are resetting to higher rates. In fact, experts estimate that the number of homeowners in financial trouble, specifically those facing foreclosure, will increase over the next two years, peaking in 2008.
In the struggle to escape foreclosure, some will make simple adjustments in their daily lives by conserving energy and vacationing closer to home. Others, unfortunately, will be forced to sacrifice on grocery spending -- going as far as surrendering essential healthcare expenditures just to make ends meet. Surprisingly, homeowners insurance policies are a common bill that many borrowers fail to save on; instead accepting insurance as just another cost of owning a home.
Continue reading " Offset Your Rising Mortgage by Saving on Homeowners Insurance " »
June 14, 2006
Oh, No!!! Dog Bites and Homeowners Insurance Protection
June 14, 2006 | By: | Comments (1) | Posted in: Homeowners
That was my reaction after I saw my dog chase my neighbor into their house and their guest around his car twice, just two weeks after getting my dog. After rounding up my dog, I apologized to the neighbors profusely and immediately began scouring the "Net" to look for obedience training classes/techniques.
Australian Shepherds are known to be a very intelligent breed and was told that training them would be very easy prior to taking ownership. After trying different obedience training techniques and getting some positive results to getting my dog to sit/stay/come, as well as getting him acclimated to my neighborhood, I thought that it would be ok to let him roam in front of my house (off leash) while I was doing yard work. Needless to say, he found himself getting into a situation where he nipped at another neighbor. Nipping enough to break the skin and leading to my neighbor to go to the local Urgent Care to get treated for a "dog bite".
Continue reading " Oh, No!!! Dog Bites and Homeowners Insurance Protection " »
May 30, 2006
2006 Hurricane Season Alert: 4 to 6 Major Hurricanes Predicted
May 30, 2006 | By: | Comments (0) | Posted in: Homeowners
The 2006 hurricane season officially commences June 1 and the National Oceanic and Atmospheric Administration (NOAA) expects another above-normal tropical storm season in the Atlantic Ocean and Gulf of Mexico this year. NOAA is predicting 13 to 16 named storms, with 8 to10 becoming hurricanes, of which 4 to 6 could escalate to hurricanes of Category 3 strength or higher.
As we are still recovering as a nation from the devastation that Hurricane Katrina brought us, homeowners must learn from history and prepare accordingly to ensure they are adequately insured against the immediate and secondary threats caused by natural disasters.
Homeowners Insurance and Natural Disasters
The most common mistakes homeowners make with regard to their is to undervalue their home and possessions. Experts estimate that 60 percent of homes in the U.S. are underinsured. Many people do not insure their home to its full replacement cost value. Remember, the full replacement cost value is how much it would cost to rebuild the house on the land it sits on now -- not the value for which you could sell your house today.
Continue reading " 2006 Hurricane Season Alert: 4 to 6 Major Hurricanes Predicted " »
May 24, 2006
Planning a Summer Vacation? Burglarproof Your Home Before You Travel
May 24, 2006 | By: | Comments (0) | Posted in: Homeowners
As the summer vacation months return, and you plan your next vacation, take five minutes to review these simple, yet often overlooked home safety practices that deter burglars from breaking into your house. Your home will appear to be lived in whether you are away for only a weekend or for weeks at a time.
Make Your Home Appear to be Lived-in
Install automatic timers to turn lights and radios on and off at appropriate times. Ask a friend or neighbor to pick up your mail, or have it forwarded it to the post office. Contact your local newspaper to stop delivery and consider having someone mow your lawn and water the flowers. Lower the sound of your telephone and answering machine so they cannot be heard from outside and make sure your voicemail message does not imply that you are away.
Continue reading " Planning a Summer Vacation? Burglarproof Your Home Before You Travel " »
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