home insurance: Surprising Facts About Flood Insurance
- 04/27/17 06:30 PM
Myth #1: Hurricanes, not floods, are the No. 1 natural disaster and cause the biggest economic losses in the United States.
Hurricanes grab the headlines, but because floods happen in virtually every part of the country, they cause more losses than any other type of natural disaster. Homeowners insurance doesn’t cover floods. Only flood insurance covers flood damage to your home.
What causes floods?
Rising rivers Storms Early snowmelts Manmade problems from the construction of roads, shopping malls, homes, and industrial complexes Hurricanes Myth #2: Everyone who lives in a flood zone has to buy flood insurance.
Nope. You must buy flood insurance only if you … (0 comments)
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home insurance: What You Need to Know About Excess Flood Insurance
- 04/25/17 06:30 PM
Most homeowners who need flood insurance buy it from the federal government’s National Flood Insurance Program. But NFIP policies max out at $250,000. If your lender wants you to have insurance coverage beyond that, you have to purchase at least some of your flood insurance in the private sector.
That means buying:
A federal policy worth $250,000 and An excess flood insurance policy for the additional coverage you need. An excess flood policy mimics an NFIP policy, so whatever your federal flood policy covers, your excess policy should also cover.
Who Offers Excess Flood Insurance?Only a handful of companies sell it, says Bill … (0 comments)
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home insurance: Are You Prepared to Evacuate in an Emergency?
- 04/21/17 07:25 PM
If there comes a time when you have to abandon your house, an emergency probably won't give you enough time to gather essentials and take steps to limit property damage.
Getting all of your ducks in a row before disaster strikes is the best course of action.
How to Get Ready NowEvacuations in the U.S. are more common than most people realize, according to FEMA. Natural disasters aside, people are forced to leave their homes hundreds of time a year because of transportation and industrial accidents.
Here’s a list of things you can prepare now in case your home is ever in harm’s way:
Have a grab-and-go … (0 comments)
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home insurance: Big Flood Insurance Price Hikes Rescinded
- 04/10/17 06:02 PM
Imagine getting an annual insurance bill in the mail that rose from a few thousand dollars to tens of thousands of dollars. That’s what happened to some homeowners across the country after Congress passed flood insurance reform legislation two years ago that raised premiums by more than 25% in a single year.
Thankfully, Congress and the President just rescinded big parts of that law and decided homeowners and businesses shouldn’t face annual flood insurance bills that rise more than 18%-25% a year. (Here’s what we wrote about that rate increase.)
What’s the Takeaway for Homeowners?
1. Relief for those who purchased a property under the … (0 comments)
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home insurance: What's Covered by Umbrella Insurance?
- 03/19/17 06:24 PM
Homeowners insurance protects you if, say, a fire burns your house to the ground. That's a start. But you also need to think about protecting your home against something equally dangerous: a lawsuit. If a houseguest slips in the bathtub, you could get sued. Lose the lawsuit and you could lose all of your assets, including your home.
Umbrella insurance is designed to take over when your homeowners insurance reaches its liability limits. The key to making a decision about whether to purchase an umbrella policy is understanding what's covered by umbrella insurance and, equally importantly, what isn't.
Umbrella Insurance: What's CoveredIncreasing the … (0 comments)
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home insurance: Is Your Home Kindling for Wildfires?
- 02/22/17 05:09 PM
How do most homes ignite during a wildfire? A floating ember or piece of burning wood touches down on a roof, gutter, in a vent, under a deck, or on a porch and ignites leaves and debris, says the National Fire Protection Association. Or else, a surface fire simply takes the fast lane to your home via dry vegetation.
With that in mind, fortify your home like the castle it is with these 14 wildfire-repelling steps. But keep in mind that no product or technique is a failsafe against a raging fire.
Keep the Basics Handy1. If you don’t already have working smoke detectors or … (0 comments)
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home insurance: Homeowners Insurance: Time for an Annual Check-Up
- 02/14/17 05:22 PM
It’s time for your annual check-up. The good news is that for this one, you won’t have to don one of those revealing hospital gowns -- and you may walk away with a healthier pocketbook.
We’re talking about a homeowners insurance check-up, a task you should complete once a year, ideally around renewal time. This will ensure your policy still provides the right level of coverage for your family, and your premium isn’t costing you more than it should.
Remember, homeowners insurance is essential. The coverage is designed to protect your home and its contents, as well as shield you from liability for … (0 comments)
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home insurance: Create an Evacuation and Communication Plan
- 02/13/17 05:35 PM
Let's face it — contemplating catastrophe can be stressful. Some people even feel like they're courting a disaster by planning for one. That's a natural response, but it's not in your best interest as a homeowner.
"Denial is a pretty strong emotional mechanism for trying to put yourself at ease," says Rick Bissell, Ph.D., a professor of emergency health services at the University of Maryland, Baltimore. But, he cautions, "if you deny that a crisis will ever occur, you won't invest the time or energy in preparing to respond and protect yourself, and you'll likely be out of luck." Part of that … (0 comments)
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home insurance: Portable Generators: Backup Power at a Lower Cost
- 02/12/17 05:10 PM
A storm has knocked out power to your neighborhood, but you need to use your computer for work today. A portable generator might be the fastest way to whirl back into action.
Unlike a large, permanently installed standby generator, a portable backup unit requires less money up front — about $500 to $2,000, versus $4,000 and up for standby power. It's also easier to get up and running. You can purchase one online, from a local lawn-equipment dealer, or at a big-box store. Then simply drive it home and store it in the garage or shed.
In an emergency, wheel it out, gas … (0 comments)
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home insurance: Should You File a Home Insurance Claim?
- 02/08/17 05:30 PM
It's that age-old conundrum: You pay for homeowners insurance to protect yourself from financial ruin, yet filing a claim when disaster does strike puts you at risk of seeing your annual premiums increase by hundreds of dollars. Worse, either a major claim or too many claims in a given period, no matter how legitimate, could lead to losing your house's coverage altogether.
While it can be a fine calculation to make, every time there's damage to your property or an accident on it, you need to consider carefully whether it makes financial sense to file a claim or absorb the losses yourself. … (0 comments)
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home insurance: Homeowners Insurance: Are You Over- or Underinsured?
- 02/07/17 05:16 PM
Trying to get just the right amount of homeowners insurance for your house and possessions may leave you feeling a bit like Goldilocks searching for a chair, a bed, and porridge that are just right. If you underinsure your home and suffer a devastating loss — flood, fire, theft — then you risk not being able to return to the lifestyle you've worked hard to achieve. Yet if you overinsure, you're throwing money away every year on unnecessarily high premiums.
What you need is coverage that's just right. Here's how to get it, and it shouldn't take more than 4 or 5 … (0 comments)
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home insurance: Understand Disaster Insurance Claims
- 02/05/17 05:47 PM
"Be prepared" is a motto that rings true for homeowners as much as Boy Scouts, especially when it comes to disaster insurance claims. Hurricanes, floods, earthquakes, and tornadoes strike with little warning. The aftermath can be devastating. The time to get your insurance in order is before one of these calamities ravages your house and ruins your possessions.
By doing so you can have everything you need in a safe place and know exactly what steps to take to restore your life to normal as quickly as possible. Keeping detailed records and important policy information ready and accessible can make a big … (0 comments)
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home insurance: Improve Your Insurance Score
- 01/10/17 05:49 PM
Most people expect the cost of homeowners insurance to go up after a claim is filed. But it may surprise you to know that how good you are at managing your finances can have just as big an effect on your premium as the tree that fell on your house.
Insurers look to your credit history to calculate an insurance score that's used to judge how much of a financial risk you are. The lower the score, the higher the risk—and the higher the premium you'll likely pay on your homeowners insurance. Don't despair. There are strategies, including paying bills on time, … (0 comments)
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home insurance: What to Do in the First 24 Hours After a Flood
- 12/28/16 06:59 PM
Whether a flood is caused by ground water, falling water, or home water system malfunction, there are some best practices you'll need to employ within the first 24 hours after the flood to ensure the safety of your home and family and give you the best outcome possible with your insurance company.
Avoid Additional RisksIf the flood was serious enough for you to leave your home, be sure you stay safe upon your return. The Federal Emergency Management Agency warns that you should check for any visible structural damage, such as warping, loosened or cracked foundation elements, cracks, and holes before entering the home … (0 comments)
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home insurance: Compile a Home Inventory with the Right Tools
- 11/24/16 05:21 PM
Creating a home inventory for insurance doesn't need to be complicated. All you really need is a pencil and paper. The key is to have a record of your possessions in the event you experience a theft or casualty loss from flood, fire, or other disaster.
But the more thorough the documentation of your belongings, the less likely you are to run into problems when you file an insurance claim. That's why you should consider using a digital camera, fireproof safes, and other equipment to create and store your home inventory. Devote a full day to the task.
Take pictures of your belongings
Photos … (0 comments)
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home insurance: Create a Home Inventory for Insurance
- 11/22/16 04:38 PM
Experiencing a theft, flood, fire, or other casualty loss is devastating enough. Now imagine trying to list from memory for your insurance claim every single item that was damaged or destroyed. The task becomes less daunting if you create a home inventory in advance and keep it in a safe place.
Creating a home inventory can be done with pencil and paper alone, but a digital camera and camcorder make the job easier. Set aside enough time to review your insurance policies, dig up receipts, document your possessions, and figure out where you'll store your records. One day should be sufficient.
A home … (0 comments)
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home insurance: Home Inventory: Value Your Possessions After a Loss
- 11/20/16 09:17 AM
Despite your best intentions, you never got around to creating a home inventory, a detailed list of your belongings, for insurance purposes. Now that you've suffered a theft or casualty loss, you're kicking yourself. All isn't lost: There are strategies you can use to approximate a home inventory after the fact and assign value to your damaged or destroyed possessions.
Lita Epstein, co-author of "The Complete Idiot's Guide to Accounting," suggests first checking your insurance policy to see what's covered and to what degree. Ideally, you should have replacement cost coverage, which reimburses at full price for a comparable item rather than … (0 comments)
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home insurance: Home Office Security Check
- 11/04/16 11:44 AM
More and more people are working from home these days, which means home offices are bulging with pricey equipment -- computers, printers, digital cameras -- in need of protection. More precious even than the actual hardware is your irreplaceable personal data, whether stored digitally on your computer and hard drives or in the form of hard-copy documents.
A professional home security system can help reduce your losses, but not taking a few extra steps is asking for trouble. This home-office security check is designed to highlight the hot spots and help you protect valuable home-office equipment and information.
Make sure you're insured
Take a … (0 comments)
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home insurance: The Cost of Umbrella Insurance for Homeowners
- 11/03/16 11:22 AM
Homeowners insurance offers liability protection, but only up to policy limits. Ditto for auto insurance. Umbrella insurance provides additional liability coverage beyond those policy limits. That added protection could mean the difference between preserving and losing all of your assets, including your home, as a result of a lawsuit.
A $1 million umbrella policy can typically be purchased for about $300, though numerous factors affect annual premiums. Surprisingly, your driving record can influence the cost of umbrella insurance as much, if not more, than your record as a homeowner.
Umbrella insurance premiums, deductibles
Consider $300 per year a ballpark figure to get you started … (0 comments)
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home insurance: Home Security Systems: Make the Smart Choice
- 11/02/16 10:53 AM
A house is burgled every 15 seconds in the United States, according to the Federal Bureau of Investigation, costing homeowners an average of $1,900 in personal goods and possessions with each break-in.
Home security systems can provide a powerful deterrent. They send the message that yours isn't the weakest house on the block and give crooks a strong incentive to target another place.
You'll pay about $35 to $75 a month in monitoring fees for that peace of mind, but home security systems also save you money: Insurers will shave 5% to 20% off your premiums every year you own your home. With … (0 comments)
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Myth #1: Hurricanes, not floods, are the No. 1 natural disaster and cause the biggest economic losses in the United States.
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