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Homeowners Insurance Coverage
Along with owning a home comes the task of obtaining homeowners insurance on your home. This coverage protects the home from such things as fire, natural disaster, robbery, among others. A homeowners policy pretty much covers the home itself and everything inside.
Now that all is said, the question is what policy do you choose and where do you start? The following is a breakdown of various forms of homeowners insurance policies. Choose the one tailored for your particular needs.
HO1 – This policy protects a homeowner from 11 perils including fire or lightning, vandalism or malicious theft, windstorm or hail, damage from vehicle or aircraft, glass breakage, smoke, civil commotion, personal liability and volcanic eruption.
HO2 – This is a more advanced and in depth policy which protects the home from the above named 11 perils and 6 others. All perils must be named in the policy.
HO3 – This policy is the most comprehensive and most popular among the homeowners policies for single family homes. It provides all-risk coverage but excludes earthquake and flood.
HO4 – This policy protects a tenant who is renting a home or apartment from the same perils as H02 and H03.
HO5 – This policy covers the same perils listed in HO3, but they are covered on an open basis.
HO6 – This policy protects condominium owners and is similar to a rental policy covering the interior of the dwelling and its contents.
HO7 – This policy is for the owner of an older home whose replacement cost of the home would exceed the market value.
Call your local insurance agent with any questions.
Posted in Homeowners Insurance, How Does Insurance Work
Tagged coverage, homeowners policy, owning a home
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What Makes Auto Insurance so Expensive?
Liability protection is a big chunk of your premium on your auto insurance policy. It consists of property protection and bodily injury protection. It is important to have coverage in these areas. The minimum coverage you should obtain is $100,000 per person, another $100,000 for property and $300,000 per accident. It is also suggested that you purchase uninsured motorist coverage. This will protect you in the event of an accident involving a driver with no insurance.
Now that you have the coverage you need to adequately protect you, consider these options to obtain discounts: take the defensive driving class. Most companies give discounts for completing the course. Raise your deductible. Pushing your deductible to $500 or higher can significantly cut your premiums. If you are a student still in school and obtaining good grades, most companies will cut premiums. Having your auto insurance and homeowners insurance with the same company is also a way to receive a hefty discount. Ask you local insurance agent how to take advantage of these discounts. Obtain a quote today!
SAVE YOUR LIFE BY NOT TEXTING WHILE DRIVING
We’re in the days of modern technology with the luxury and convenience of cell phones. Try going to a mall and finding no one using their cell phone. It won’t happen! Now try looking around while driving to find no one using their cell phone. It won’t happen either.
Unfortunately, people are still disobeying the law. What is even worse is texting while behind the wheel. Did you know texting while driving increases the risk of an accident 23.2 times over unimpaired driving?
Here are some more interesting facts and statistics:
Although 95 percent of drivers surveyed believe texting while driving is unsafe and unacceptable, at least 21 percent admit they do it anyway.
Texting while behind the wheel requires a longer response time than drunken driving. An unimpaired driver can respond quickly to changes in traffic and begin braking within half a second, a legally drunk driver needs four additional feet to begin braking. A driver who is texting while driving needs 70 additional feet to begin braking.
Texting while driving is generational: 37 percent of drivers 18 to 27 years of age admit to texting while driving, compared to 14 percent of 28 to 44 years of age, and 2 percent of 45 to 60 year olds.
So you might ask yourself. Is that text message or cell phone call that important to risk your life and maybe someone elses?
Call your local insurance agent for any questions regarding your auto insurance policy and its coverages.
Steps to Take When Involved In an Accident
It’s a busy world out there – cars on the road everywhere. Auto accidents are common sites every day. Therefore, it is important to have the proper auto insurance coverage.
If you are involved in an unfortunate event such as an accident, try to remain calm. If needed, seek immediate medical assistance by calling 911. If, at all possible, try to pull your car off the road.
Contact the police immediately if the accident is serious. Gathering insurance information and such things as vehicle identification numbers, names and addresses of parties involved and any witness statements and contact numbers are important.
After making sure everyone one has received the proper medical aid and completing the formalities, your next step would be to notify your auto insurance company. It is best to be honest when giving the facts of the accident as you could be denied the claim if caught lying about the facts. Any pictures of the accident site, damaged vehicle and injured passengers (including yourself) taken with your cell phone at the time of the accident should be included with your other supporting documents. The insurance company requires receipts of any expenses pertaining to your claim. It is suggested that you keep a copy for your records.
If you have any questions pertaining to your claim, your independent insurance agent would be happy to assist you. Call today for a free quote on auto insurance.
Types of Homeowners Insurance Policies
If you own your own home, it is important that you have homeowners insurance to cover your investment.
In most states, home policies are referred to as HO1, HO2, HO3, H05, and H08. HO6 refers to condo owners and HO4 refers to Renters Insurance. There is no HO7. Keep in mind, some states will use different classifications.
HO1 form: A basic form providing limited property coverage against perils such as fire, lightning, windstorm, hail, explosion etc. (not all perils are included)
HO2 form: A form which includes coverage for the above basic perils on HO1 form, but also additional perils such as falling objects, weight of ice, sleet or snow, accidental discharge or overflow of water or stream etc. (again limited)
HO3 form: The home insurance form provides coverage for almost all perils (hence call All Risk policy) on the structure of the house or the dwelling, but only broad coverage (as in HO2) on the content of the house, or the personal property. This is the form most often used for homeowners insurance. (Again this has certain exclusions)
HO5 form: Full open peril, all risks policy. This form provides coverage for the dwelling and the content of the home on all risk basis.
HO4 form: This is a renters insurance policy. This is a named peril (limited to the coverages in HO2) that cover the personal property of the people renting a premise and their liability. No coverage is offered for the structure of the residence.
HO6 form: Is for insurance coverage on a condo. Similar protection is provided as in HO3 except when it pertains to the dwelling coverage.
HO8 form: With this coverage, the value of insurance coverage is set at the market value of the property.
Call your local insurance agent for more a more detailed description and what form would be appropriate coverage for your personal needs.
Posted in Homeowners Insurance, How Does Insurance Work, Renters Insurance
Tagged HO1, HO2, HO3, HO4, HO5, HO6, HO8
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Buying Auto Insurance For the First Time
Understanding how it all works will help you get through your first purchase of auto insurance. You can expect your auto insurance to be higher in the beginning due to the fact you represent an unknown entity for the auto insurance provider.
A good credit history, a clean driving record and making no claims can lower your rates as time goes on. Shop around for an insurance company that you trust and will offer discounts for family sedans, which are the safest cars to drive and also the most inexpensive when it comes to repairs.
There are also other discounts available to lower your insurance premiums. Our suggestion would be to purchase your auto insurance with whom you may have another insurance policy with, such as your homeowners insurance policy. Discounts are given for multiple policies within the same company. If still living at home with your parents, you may try being added on your parents or siblings policy. This may help you in lowering the rate of your premium.
Last, but not least, check the track record of an insurance provider from the customer forums. Some insurance providers have a better track record than others for being timely in terms of compensating claims.
INSURANCE COVERAGE FOR YOUR HOME
Buying a home is an important investment. Some people save for years and years to finally pursue their dream of being a home owner. Therefore, it is also important to protect your home.
Purchasing homeowners insurance can be confusing and a stressful task. To help take some of this stress away, we suggest the following:
Although the choice is yours, we recommend that you purchase an amount of coverage at least equal to the estimated replacement cost of your home. By determing the estimated replacement cost of your home, you will be able to see exactly what policy options are available to you. Keep in mind, you will never be able to predict the exact cost of replacement of your home. Therefore, an important guideline would be to have enough coverage to account for unforeseen circumstances.
Not only do you want to make sure you have enough insurance coverage for your house, but insuring your personal property for enough is also just as important. We suggest in order to do this, you should prepare a detailed list of all your personal property and its value. Keep any receipts for valuable items and when possible, take pictures of your valuables. This will provide the insurance company the necessary information when making a claim.
Posted in Homeowners Insurance, How Does Insurance Work
Tagged detailed list, inventory, valuables
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TIPS FOR PURCHASING AUTO INSURANCE
When purchasing auto insurance, how do we know we are getting the best value for our money?
An important factor to know when shopping for auto insurance is that different states have different requirements when it comes to what kind of insurance is needed. Therefore, it is best to call your state department for the coverage requirements in your area. Once you have determined what your state requirements are, you will then need to decide what your personal needs are. Are you prone to accidents? Have you had prior accidents? Do you drive for pleasure or long routes for business?
It is important to review your current policy if you already have auto insurance. Check with your local insurance agent and go over the details of the policy. Such things as what your yearly premium is, whether you are paying by the month, how much the service fee is, etc.
If you have a bad driving history, sometimes it is best to stay with your current company until your slate is clean. Bad driving records can drive up insurance fees. There are some insurance companies that will not issue a policy depending on how bad your driving record is.
Be sure to ask for any discounts the insurance company may offer. Having your homeowners insurance policy with the same company normally generates a lower quote for your auto insurance.
Interesting Facts About Auto Insurance
Auto insurance comes hand-in-hand when purchasing a car. That is why it is important to do your homework and shop around. You want the best coverage for your particular needs at the best price. Auto insurance varies by company as well as by state so it is important that you know what kind of coverage you need.
The following is a list of some interesting facts on auto insurance:
Most Expensive Cities for Auto Insurance: Los Angeles, California; Hempstead, New York; Newark, New Jersey; Detroit, Michigan; Philidelphia, Pennsylvania
Least Expensive Cities for Auto Insurance: Sioux Falls, South Dakota; Raleigh, North Carolina; Eau Claire, Wisconsin; Norfolk, Virginia; Burlington, Vermont
Most Expenisve States for Auto Coverage: Nevada, Connecticut, Delaware, Massachusetts, Rhode Island, New York, Florida, Louisiana, New Jersey, Washington D.C.
Least expensive States for Auto Coverage: Indiana, Maine, North Carolina, Nebraska, Wisconsin, Kansas, South Dakota, Idaho, Iowa, North Dakota
YOUR INSURANCE RATES CAN BE AFFECTED BY THE FOLLOWING: Violations, accidents, insurance history (includes all past claims), motor vehicle records, credit history.
For more information, call your local insurance agent.
STILL TIME TO WINTERIZE YOUR HOME
Most people will agree, winter seems delayed this year. The average snowfall in most areas is well below normal. This means there is still time to take advantage during the warmer days to winterize your home. Here are a few tips:
Any exposed pipes in your basement, attic or crawl spaces should have added insulation around them. When the forecast is calling for extremely cold temperatures, be sure to let water drip in hot and cold faucets overnight to protect the pipes from freezing.
Don’t forget to winterize the outside of your home. Make sure tree and shrub ranches are well away from the house and windows. Icy conditions can cause branches to break and damage your home. It is also important to walk around your house to inspect your roof. Make sure there isn’t any ice buildup that may cause damage to your roof. If you don’t feel you can remove it safely, call a professional to do the job. Call for a homeowners quote today!