What Flood Insurance Covers That Your Homeowners Insurance Won’t

Having the best kind of homeowners insurance policy in place means you’re covered for a lot of things in case something happens. But do you know which ones? What kind of coverage do you have in your standard homeowners insurance? Is it enough?

Bankrate quotes executive director, Carole Walker, of the Rocky Mountain Insurance Information Association: “Many people don’t take the time to understand what is and isn’t covered and mistakenly assume insurance will pay for any type of damage.” She adds that a great number of policyholders only learn about the types of damage they aren’t covered for when they finally make a claim. By then, the damage has been done.

Flood damage

Don’t think flood damage won’t ever happen to you just because you live away from the water or are in seriously low risk areas. The National Flood Insurance Program reports that 20 percent of homeowners who file for insurance claims actually come from flood areas that have been categorized with low to moderate risk levels. And if recent trends in client changes will continue, that number is bound to soar.

What’s covered and not

Flooding can cause tremendous damage to your property and belongings. That’s why it’s prudent to be covered for flood damage in case something happens. But you wouldn’t want your homeowners insurance and flood insurance policies to overlap. Here are a few pointers from House Logic that you’ll find handy:

  1. Limited.  Examine your homeowners insurance policy. Focus on any and all coverage involving flooding. Some policies may contain limited coverage. Limited as it is, that’s still good news. In cases like this, you’ll need the services of your insurance agent to help you figure things out, from the cause of […]
By |2018-06-09T09:47:50-04:00March 31st, 2015|Insurance|0 Comments

Identifying and Fixing Problems with Your Roof Early

Leaky roof problems getting in the way of life again? Too busy to get it fixed? Put off calling a roofing specialist for the nth time?

Deal with any problems as soon as you see the signs. Don’t think it matters? Here are three good reasons why it does:

  1. Easy fix. Early detection of signs helps you nip problems in the bud. After all, the sooner you get to fixing those cracks, the lower the chances of these, or any other type of damage to your roof, turning into something much, much worse. In some cases, when left unfixed for long, the damage could create even bigger problems in the house. It could compromise more than the integrity of your roof. It could weaken your walls and even foundation.
  2. No extra cost. Worried about the cost? Fixing your roof won’t have to run you into hundreds of dollars. That is, if the problems still aren’t too severe. However, as Olshan Foundation notes, the longer you wait, the worse the situation will get.
  3. Low insurance fees. Whether you’re staying put or thinking of moving somewhere else in the future, you’ve got home insurance to think about. Good news is, a house that’s well maintained can cost less in premiums. That means lower and better insurance rates for you.

Prevention is key

The Disaster Safety Org mentions a few tips from the Insurance Institute for Business & Home Safety (IBHS) regarding a few measures you can take to stay on top of the damage. Read on for some of these tips:

  1. Do the repairs during ideal weather conditions. Summer and early spring are both great if you want some repairs done on your roof. The nice weather outside makes it […]
By |2015-03-25T08:30:56-04:00March 25th, 2015|Insurance|0 Comments

Buying a Second Home? Ask About Your Home Insurance!

Winter snarls, plummeting temperatures and the threat of snowstorms—it’s times like these you think of how wonderful it must be to own a second home. A vacation home, a getaway spot you could get up to on weekends, someplace else, where the weather is toasty all year round, the beach is just a few minutes away and there’s sand and surf and sun for miles.

According to the numbers, it’s all good

In 2014, the National Association of Realtors, or NAR, reported vacation home sales for 2013 had spiked to 29.7 percent. That translated to, more or less, 717,000 vacation second home purchases for 2013, a marked leap from the 553,000 recorded in 2012.

Lawrence Yun, Chief Economist at NAR, said that numbers for the vacation home market were expected to improve. “Growth in the equity markets has greatly benefited high net-worth households, thereby providing the wherewithal and confidence to purchase recreational property.” He did note, however, that while the market was in an upswing, the numbers were still about one third below the figures recorded at peak levels in 2006.

Still, vacation home sales made up for 13 percent of all transactions in 2014. This was the highest market share recorded since 2006. The report also mentioned that 41 percent of vacation home sales were in the South.

Moving down South

Known for its gorgeous weather, beaches and upscale communities, South Florida has long been on the list of property investors and home buyers. Whether you’re looking a second home, a rental, a retirement cottage or a first-time purchase, there’s something in the market for everyone.

But before you start looking into properties, dreaming of that big backyard space and two to three bedroom retreat, there’s one question you […]

By |2015-03-18T08:30:28-04:00March 18th, 2015|Insurance|0 Comments

Home Repair Insurance Fraud Claims: Hitting Hard in 2015

Less than 90 days into the year, and Florida is already the site of the most excessive number of home insurance fraud claims in years. These claims occur when a third party is called in to work on a major home repair and successfully coerce homeowners into signing away control of any possible insurance claim, thereby allowing the third party to charge dramatically higher prices for repair work than is completely necessary. According to the Tampa Tribune, this could result in the homeowner facing a lien on their property or even being sued for the variance in cost between what the repair service charged and what the insurance company actually owes the unscrupulous third party.

The issue was recently addressed by the Florida Chamber of Commerce at their annual Insurance Summit at the end of January, but that isn’t the end of the issue. With a legislative session in March, this plague upon the insurance sphere of Florida—and a great deal of the United States—is doubtless going to be the topic of a great deal more discussion.

While legislators and legal professionals try to find a way to fix the problem from their end, there are a few ways for you to protect yourself in the event of a home disaster.

  • Read all the fine print. This does mean absolutely all of it—be on the lookout for references to “assignment of benefits,” or the inclusion of an “AOB form.” This make insurance benefits go straight to the contractor rather than through the homeowner, which can be helpful if you want to avoid upfront payments but also allows these crooked laymen to charge double or triple the actual cost without any consequences.
  • Check the Better Business Bureau. Before […]
By |2018-06-09T09:47:50-04:00March 11th, 2015|Insurance|0 Comments

Shop for Insurance Now with These 6 Tips

Just bought a house? Looking for a home insurance policy next is a wise move. Here are a few things you should remember when you buy homeowners insurance.

  1. Find out your home’s value. In an article from CNN Money, one of the best tips for getting good home insurance is to know how much your home will go for in the market. This way, you can see if the price of the policy matches up to the value. If the rates are too high or low, consider looking elsewhere for better options.
  2. Know your choices. According to the Publications USA, rates for homeowners insurance policies differ from one to the other. This is one situation where going with the ‘one size fits all’ idea isn’t going to do you any good at all. So look around. Research if you must. Ask your friends, call up state insurance departments and read up on material from relevant sites. There are also consumer guides as well as insurance agents, like Pallant Insurance that you could ask for advice.
  3. Go for higher deductibles. The higher your deductible, the more you save on your premiums. Remember, though, that your policy might have a separate deductible for specific types of damage. This largely depends on your location. If you live in an area that often sees earthquakes happen, your earthquake policy will have a deductible. Deductibles refer to how much you have to pay or a loss before your insurance company starts to pay a claim.
  4. Disaster-resistant homes cost less. Try making your home more resistant to natural disasters. Adding on storm shutters or reinforcements to your roof and basically doing any other home improvement project that ensures your house will […]
By |2015-03-04T08:30:37-05:00March 4th, 2015|Insurance|0 Comments