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You’re paying for the service, but they hold all the cards. What home insurance companies aren’t going to tell you is that you’re paying too much for the premium or that they could drop your coverage arbitrarily if you file one too many claims.
Five Things you’ll Never Hear Insurer’s Say:
The terms of your home insurance coverage may change at renewal time if you’ve filed more than the average number of claims within a short time period.
The insurer will offer this new coverage so that they can continue to cover you even though your risk profile has increased. All insurers slot clients based on a variety of factors including where customers live, credit history, and occupation.
Even if a customer’s risk category doesn’t change significantly, they might still be moved from “preferred” status to a more expensive one.
Tip: If you’re no longer in the “preferred” category, ask them, “Why?” The insurance provider may be able to move you back to “preferred” status, or you might decide at that point to shop around at other companies. Remember that while your home might be considered “high risk” to one carrier, another might see you as a “preferred” customer.
It’s common knowledge that if you live near the water or in an earthquake riddled area; insurers won’t be climbing all over each other to get to you. While regulations can’t force an insurer to work with you, some insurers use illegal underwriting guidelines that immediately redline or discriminate against groups or specific locations.
Agents have admitted that they get memos from corporate identifying “undesirable” zip codes or tips on how to avoid people going through traumatic times such as divorce or separation.
Tip: Don’t be afraid to complain if you think you’re the victim of discrimination. An elderly woman felt she was denied coverage because she applied for insurance with “an additional non-relative listed as the name insured.” She felt all other information was acceptable to the insurer except for her buying the home with a companion. The woman hired an attorney and with the help of the American Civil Liberties Union was suddenly insurable.
Insurance providers seem to be tightening the proverbial belt, narrowing the kinds of claims they’ll cover. You may find yourself in a situation where you file just one claim and get dropped. In some cases insurers don’t wait for a claim to drop clients. The trouble is, once you’ve been dropped, you’re less desirable to other insurance companies.
Tip: Insurance companies don’t make it personal. They crunch the numbers and know that if you get hit with disaster once, you might more easily get hit again.
In an age of informational overload, you might feel that nothing about you is sacred to anyone. Home insurance companies have access to a version of your credit report that gives them insight into your current and past behavior patterns. Insurers say these kinds of reports help them eliminate unwanted customers who might try to falsify their claims history.
Insurers see customers as guilty until proven innocent. Once an individual is categorized as a “high-risk” applicant and rejected by one insurer, another is not likely to provide coverage.
Try this experiment. Call your provider and ask them how many claims you would have to file in order to be categorized as “risky.” You’ll probably find that they won’t give you a straight answer. Despite any written guidelines, insurers are not charged to share that kind of information with you.
Tip: Be careful. If a provider doesn’t have written guidelines, they can make decisions much more subjectively.
Simulations of natural disasters and severe weather can demonstrate how reinforced construction can benefit homeowners in the face of damage from wind, fire, rain, hail, and storm debris.
We’re all familiar with how crash-test dummies contribute to car safety and now; home-insurance companies are educating people through weather simulations that do the same for residential construction.
Through their sponsorship of test chambers that imitate harmful weather conditions, insurance companies are able to see the extent of the damage caused on “crash dummy” homes.
“Crash tests” inflict the most severe weather Mother Nature can dish out in the form of gale-force winds, heavy downpours, fire, hail, and storm debris.
Insurers use these kinds of simulations to gain knowledge about new-disaster proof construction methods and new insight into how to disaster-proof new construction.
The IBHS lab inflicts category two or category three hurricane conditions in a contained space on subject model homes. Test-chamber conditions reflect the realities of a category two or three storm: 140 to 175 mph winds produced by 100 independent fans, up to eight inches of rain per hour (done with sprinklers), hail (frozen bits of water), blazing embers (mulch whipped about by fans), live gas lines, and smoldering trees and shrubs.
The IBHS test debuted in October 2010 at a test facility showcasing nearly identical houses. The 1,300 square-foot houses were built by codes common in the Midwest. The only difference between the two homes was that one was reinforced with more durable materials.
So what were the results of the test? The reinforced house withstood the 100mph winds with only cosmetic damage, while the standard build collapsed within minutes of the simulated storm.
The case study sends a clear message- reinforced construction pays off. The reinforced house in the IBHS study suffered minor damage because of the additional structural support and higher-end construction materials used to built it.
Another simulation demonstrated that certain construction upgrades can even prevent a house from collapse. Key improvements builders can make to keep the house from crumbling in the face of a severe storm include:
Compared to the potential damage a homeowner could accrue without the construction reinforcement, the cost of building with these key elements in mind is insignificant. The cost of reinforcing the crash test homes were $5,000 and $3,000 respectively.
Existing homes may be retrofitted with some of the recommended upgrades- installing a reinforced door is feasible whereas replacing current nails with reinforced nails would be impossible.
A home insurance is an insurance policy that provides financial protection to a home against peril or lawsuit. In the insurance lingo, peril is defined as explicit threat or grounds of loss of covered property that may be caused by windstorm, smoke, hail, fire damage or theft.
Your home might be your biggest investment in your lifetime; hence you couldn’t just afford not to secure it. With the current natural disasters randomly happening in different countries plus the high risk of getting household damage, losing your home could be as easy as 1-2-3. However, when your home is covered, you are protected from any financial or property loss should something happens to your home.
The economic recession did not only result to massive streamlining in various industries but also losing homes. Since many people are no longer able to pay their mortgage, even regular maintenance, many ended losing their homes. With the continuing downturn in the global economy, getting your valuables and big investments, like home and vehicles, insured is the wisest decision to make. That being said, a home insurance policy can be expensive, too.
The insurance policy is not standard for every home. You pay for certain coverage and that determines the amount of your insurance policy. The best way to get the most appropriate coverage for your home is to compare quotes. Do not settle yet with the first insurance company you find in Colorado.
Just like any state in America, insurance companies vary in their approaches and business tactics. But, what would be the normal home insurance coverage that you would get? There are multiple home insurance coverages that can be included in the policy. For example:
Some of the most common home insurance coverage includes:
Since it can be expensive having home insurance policy in Colorado, disaster-proofing your home will help you save money as you don’t have to pay for every coverage you think are necessary. You can add shatterproof glass or storm windows to your home. You may also renovate your old plumbing, heating and electric system at home. Finally, if you raise your deductible to at least $500, your payment for premium is lowered.
Americans are scrambling to be more resourceful in a tough economy and more people are finding ways to work from home according to the Insurance Information Institute.
What many Americans don’t know is that home-businesses need to be insured. The Independent Insurance Agents and Brokers of America (IIABA) say that about 60-percent of at home business aren’t sufficiently covered.
A significant reason for this high percentage is that many home business owners don’t know that their business needs coverage. The IIABA study discovered that 30-percent of business owners think their business is too small to be insurable whereas 40-percent think their business is covered by insurance policies they already have- such as homeowner’s insurance.
Existing home insurance may cover a fraction of your business. According to the IIABA, if business tools such as high dollar electronic equipment or anything else that is used to earn an income are covered by existing insurance, chances are that the policy will cover around $2,500 of the actual value.
Liability: If you invite customers into your home you’ll want to protect yourself against any injuries sustained by individuals as a result of their visit to your business.
Loss of equipment/records: If your home is leveled by a natural disaster, your home insurance policy will not cover loss of income arising from damage or loss of computers, files, records, or other documentation.
Employee injuries: If you employ one or more individuals, it’s essential for you to offer worker’s compensation coverage. When employees incur injuries at work, you’ll need proper insurance to cover medical costs and your employee’s wages until he or she can work again.
You have two options. Depending on the kind of business you’re running from your home, you’ll either want enhanced coverage under your home insurance or invest in a separate business insurance policy.
If your insurer provides a business-specific endorsement that you can add to your existing policy. The Insurance Information Institute says a home-based daycare is a good example of the kind of business eligible for this kind of endorsement. Another reason a home insurance policy might be enough- when business earnings are low enough for the home insurance company to offer liability coverage.
The great thing about business insurance is that providers will customize the policy based on your specific needs. The IIABA says there are special policies that best fit small businesses and home-based businesses.
Once you’ve decided on the right home insurance policy or business policy, you might want an umbrella policy on top of what you now have. Umbrellas do for insurance policies what they do in the rain- it places a “tent” over all of your business assets. This umbrella encompasses your house, business assets (cars, equipment, etc), and more. The IIABA says if one of your clients gets injured on your property and the medical expenses exceed what your current insurance provides; the umbrella will unfold and cover everything else.
Home insurance isn’t a cookie cutter, which is why adequate protection for your house in the State of Oklahoma might vary a great deal from insurance requirements for homes in Texas or Missouri. But you can still save $$$, while sleeping peacefully in your protected home. Simply compare no obligation quotes online. Its easy and secure! Go on, see how much you can save.
Some insurance laws remain consistent across state lines, but each state faces its own special considerations. Laws may vary, because of local politics and politicians. Other reasons states have unique standards: the geography of the state itself or the weather patterns typical to the area.
In Oklahoma, twisters are a major concern whereas some states seldom see a tornado. “Peril” as defined by homeowner’s insurance regulations in the Sooner State are what homeowners there face when disaster strikes. The word, “peril” in Oklahoma references incidents like fire, burglary, and hailstorms whereas other states may call those occurrences “damage”.
Another difference between insurance regulations in Oklahoma from other states; what they call the policy itself. While many others call the protection of their home “homeowners insurance” Oklahomans call protection against peril, “home insurance.”
No ostentatious names or long, flowery titles on home insurance policies for Oklahomans. Unlike many states, Oklahoma keeps it simple. There are four kinds of insurance and four code numbers to reference them. The four codes are: HO-1, HO-2, HO-3, and HO-8.
The other codes; HO-4 and HO-6 reference home insurance for apartments (HO-4) and condos and cooperatives (HO-6).
The explanation of insurance codes and how the codes cover a homeowner’s investment are below. Remember that in Oklahoma, “peril” is in reference to damage caused to a home:
HO-1: The foundation of all codes, this is the most basic of the four home insurance policies. The plan covers the home owner’s house, any buildings around the premises, and additional property inside or outside the insured property.
The state insurance department defines the eleven primary perils covered by HO-1 as:
HO-2: This level covers the eleven perils listed in HO-1 and covers six additional perils.
HO-3: This level gives the most protection out of the three codes for the average homeowner. HO-3 provides coverage against the perils covered in HO-1 and HO-2 and on top of the specific coverage noted on the policy; HO-3 goes a step beyond by covering any additional perils not specified. The only exceptions are: flood, earthquake, war, and nuclear accidents.
HO-8: This policy provides the same amount of coverage as the HO-1, but carries a higher price tag, because it replaces damages at higher values. HO-8 covers heritage or historic homes. Homes with unique architectural features or homes that offer significant historical value might carry this kind of policy.
The other unique feature of the HO-8 policy is that homeowners may replace the house (as covered in HO-1), or opt to collect the cash value of the house minus the rebuilding fees instead. If homeowners decide to replace rather than cash out, the allowance for replacement is higher for HO-8 homes than HO-1 homes.
It would appear almost irresponsible for Arkansans to neglect purchasing home insurance coverage. However, protecting your home should not be a reason for bankruptcy. See how easy is to save up to 30%! Simply by comparing quotes from top rated US insurance companies. Use our 2-minutes online form and receive no-obligation quotes.
Homeowners in Arkansas have unique characteristics to consider before purchasing home insurance in that state. Each state requires homeowners to carry different kinds of coverage, because the circumstances in each state vary so much. In Arkansas, natural disasters hit on a seemingly regular basis, causing significant damage to homes and properties.
Location, location, location! A major factor in the kind of coverage Arkansans need is the type of risk to which they are exposed. Just as living in a neighborhood with a higher than average crime rate may raise the cost to insure your home, so does living in an area that is visited by tumultuous weather on a regular basis. Home insurance in Arkansas will probably cost more than policies in other states because of weather related risks. In the end, because of the frequent damage homeowners there endure, the high cost of insurance may pale in comparison to the expense of repairing or rebuilding without insurance.
Tornados are prevalent in the Midwestern states and they pose the greatest risk to homeowners in Arkansas. Wind speeds here can reach 100 miles per hour potentially paving a path of damage in the thousands of dollars to hundreds of residents in a matter of minutes. Tornado warnings are more effective today than in the past, but there is no way to accurately predict a tornado’s behavior 100% of the time. The good news for homeowners is that policies in Arkansas cover damage caused by tornados. If there is doubt regarding coverage, contact the insurance provider. The policy may refer to tornados as “wind.”
With tornados comes flash flooding another common peril residents in Arkansas experience. Most standard home insurance policies do not include flood damage. However, homeowners may be able to purchase flood insurance coverage as part of a special insurance package. If the home appears vulnerable to floods, it might cost the homeowner less to purchase the additional coverage than it does to repair the home without the aid of flood insurance after disaster strikes.
The cost to cover these kinds of perils adds a significant amount of cost to a home insurance policy but residents of the Razorback state may benefit from the initial sacrifice in the end. Disasters are always unexpected and the cost to clean up after them is consistently expensive. In a state riddled with unique disasters- from an accidental explosion at a missile site in 1980 to significant earthquakes through the 1900s, buying as much protection as possible may behoove residents of this state.
Discover if buying home insurance from Allstate is your cheapest option. Over 60% of homeowners pay too much on home insurance. Are you one of them? Comparing quotes is the only guaranteed way to find the best policy for you and save money. Use our 2-mintes online form and see how much you could save today.
Allstate is an absolutely huge American insurance company, headquartered in Northfield Township, Illinois. They are the second biggest insurer in the United States, and they also operate in Canada.
While Allstate offer a huge range of insurance products, the vast bulk of their revenue comes from home insurance and other types of personal liability insurance.
Allstate was originally a division of Sears, Roebuck and Co, and started selling auto insurance by direct mail and in a section of the Sears catalog. Allstate began making huge profits when auto insurance slowly became a compulsory purchase for drivers across the United States, beginning in 1941.
This inspired Sears to start adding other products into the Allstate insurance lineup. They have been selling home insurance products since 1957.
In 1985, Allstate agents started to move out of Sears retail locations. They began instead running their sales operations out of independent offices. The company went public in 1993, and Sears sold their remaining 80% stake in the company in 1995. Allstate is now completely independent and 100% publically owned.
The American public best knows Allstate for their famous advertising slogan “You’re in good hands”, as well as their sponsorship of high profile sporting events. Their sponsorship efforts are particularly focused on college football.
AM Best rates Allstate’s financial strength as A+, which is their “superior” rating. That means that the analysts at AM Best have a very high opinion of Allstate’s ability to continue to meet its financial obligations. AM Best try to predict the future performance of an insurer, so their superior rating is a very good indication of the future financial strength of Allstate.
Standard and Poor’s judge Allstate to have a great deal of financial strength, as evidenced by their AA- rating. This is a very good rating for an insurance company, and demonstrates a formidable cash flow and debt to asset ratio.
Moody’s also rate Allstate highly, giving them an AA3 (excellent) rating.
Allstate has had an unfortunate time with customer satisfaction surveys in the last few years, with the American Association for Justice rating Allstate the worst insurance company in America. The AAJ claim that Allstate agents were told to lie to policyholders in order to keep claim amounts low. They have also been accused of unnecessarily delaying claims.
A FreeAdvice.com survey found that almost half of Allstate’s customers were very unsatisfied with the company and their practices. However, 25% of customers were very satisfied or extremely satisfied. There have been lots of reports online of dissatisfied customers, with many long time policyholders being treated badly when it comes time to make a claim.
Before you purchase home insurance from Allstate you should look into other options on the marketplace. The best way to do this is to get as many home insurance quotes as possible. If you want to get the best deal possible then you should try to get quotes from at least three insurers before you make your final decision.
Saving money on home insurance in Wyoming has never been easier. Yet, most people still pay too much. Why? Because they don’t compare quotes. You can save time, effort and money by using our simple online form. Make the insurers compete for your business and see what discount you can get.
Home insurance becomes more important if you have a lot of high priced items in your house or if you are not in a position to replace whatever it is that you have. It is not just the contents your home that you need to insure but also the structure as the cost to replace and repair can be astronomical. By and large when buying the two policies from the same company there will often be the chance of a discount.
One of the main concerns when you live in Wyoming will be the risk of losing your home to fire or losing a lot of your possessions to fire damage. There are such vast areas of grassland that this is always a possibility and so it will be advisable to take out extra insurance to allow for this risk.
There are various types of home coverage and a good company will explain all the options and allow you to decide what is best for you. In Wyoming there are the following options:
There are plenty of different things that can determine how much you will need to pay when it comes to home insurance and by not being accurate and honest when filling in the forms you may find you lose out at a later date. One thing that will not matter is your credit rating so there is no need to worry about that it is the house and contents that matters.
It may be a concern that they will charge too much but the companies realise that they have to be competitive so will always try to match or beat the competition. You will have to expect to pay more if you have made a number of previous claims or live in an area that will be likely to suffer damage or crime more than others.
There is a technical system used and it has the acronym C.O.P.E. and this means construction, occupancy, protection and, exposure.
This covers how the house is built as a wooden home will cost more to insure than one made of bricks. This is because a brick house is less likely to burn. The heating system is also considered so an open fire will push the premium up.
This will often refer to a second home or a property that is not used daily due to the owner working away. An empty house is a prime target for burglaries or internal damage that will not be noticed for a while. This can be countered by a lower medical premium as less time there means less time to get hurt. Landlords may pay less as they will not always be responsible for the contents
There will be a lower payment needed if you take precautions such as installing smoke detectors, fire alarms, fire extinguishers and sprinkler systems. It will also depend on whereabouts you live as a home near to a fire station will receive a fire engines visit much more quickly than a home out in the wilds.
This will be judged by how likely you are to be affected by the sea or run the risk of hurricane damage. Often this means the more inland you are the better price you will be quoted.
The best way to do this is to shop around when your policy is due for renewal. Many companies offer a discount to new companies and while this may make them an attractive company it will normally be to make you buy from them.
By the time you have been with a company for three years it is very likely that you will be able to get a better deal elsewhere. Using an Independent Insurance Agent will make sure that you get the best deal.
Looking for affordable home insurance in NJ? Do you know that most people pay too much? Avoid paying more than you have to by comparing quotes from different insurance companies. Our quick online form can help you get quotes and give you the freedom to choose the right policy for you. Save time, effort and money too!
Why You Need Home Insurance
Home owners need insurance to protect their homes and personal property and to protect against liability for injuring third persons on damaging their property.
Home owners insurance is needed to be protected from claims brought against you by others.
Home owners need insurance to cover such disasters as theft, vandalism, falling objects, smoke, wind, fire, hail,
vehicle, frozen pipes, water heaters, sudden cracking, aircraft.
Home owners policies provide coverage for the contents in your home such as TV’s, clothes and furniture, and jewelry.
The most common types of home owners insurance in New Jersey are HO-2 and HO-3 policies.
HO-2 is a broad policy that offers protection from 11 basic perils plus six more. Some of which includes fire and smoke, wind storm and hail, riot and civil misconduct, falling objects, weight of snow or ice and accident water leakage from home appliances.
HO-3 is an extended policy for special home owner items. It provides protection from 17 perils not cited in your policy with the exception of earthquake, war and nuclear accidents.
There are other forms of insurance available if types HO-2 and HO-3 does not suit your needs.
Flood Insurance Coverage
New Jersey home owners are eligible for a National Flood insurance policy. Coverage is available for buildings and personal property. The cost of coverage depends on your flood zone risk area.
Content coverage for New Jersey home owners includes the following:
Clothing and furniture, portable or window-type air conditioning units, portable microwaves and portable dishwashers, carpets over finished flooring located above ground, carpets, not permanently installed over finished flooring, “cook-out” grills, food freezers, clothes washers, dryers and food freezers are only covered by contents coverage, whether they are located above ground, or below ground in a basement.
Coverage is offered up to $100,000 for contents with a standard flood policy and up to $100,000 for contents
with a preferred risk policy.
The average New Jersey home insurance rate was $638 in september 2011. These rates reflect average premiums on new sold policies by Home Insurance.com.
New Jersey home owners insurance premiums have increased. The most common policy in 2012 will cost on average $1,004. Rates increased due to last year’s storms. But historically, New Jersey’s home owner premiums have trailed U.S. average.
Spokespeople from the state’s top insurers said it’s too early to tell how last year’s storms will impact rates in New Jersey.
You can save by taking advantage of a home-auto discount premium which could save you about 20% on a New Jersey policy. If you have a burglar alarm or deadbolt lock, other discounts may be offered.
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