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Posts Tagged ‘insurance’

What is Homeowners Insurance and Do I Need It?

September 24th, 2010

Homeowners insurance is recommended for any one who is considering purchasing or leasing a home or anyone who has a mortgage or considering a mortgage. This insurance works like any other insurance, it protects your investment. Insurance companies make it as easy as possible for homeowners to acquire affordable insurance for their home and property. Mortgage lenders depend on homeowners insurance to protect their interests. If a homeowner defaults on mortgage payments the insurance protects the lender’s investment. Previous insurance companies are the best source of information and will generally give discounts if customers purchase more than one product from their company. Real estate agents are also a great source of information when seeking to acquire homeowners insurance. They have insight into the latest laws and rules concerning homeowner?s investments, insurance and other valuable protection that individuals need.

It is wise for homeowners to talk to several insurance companies before they make a final decision. It is relevant to the insurer to purchase the right kind of insurance at the right price. Not having enough insurance can be devastating in times of emergency disasters. Injuries happen everyday and if someone is injured on personal property belonging to the insurer he or she can be sued, by the injured party or / and their representative. Homeowners insurance protects not only the insurer but others as well.

How much insurance coverage the homeowner needs can be easily calculated into several factors. Making a analysis of how much the home is worth (value) and how much it will cost to replace or rebuild, is essential when seeking to purchase homeowners insurance. Not being properly insured is the same as being under insured. If a $150, 000 house and it contents is destroyed by fire and the insurer only has$100,000 worth of insurance the insurer would have to pay the remainder of the house’s value and replace the contents, all out of pocket. By having the proper amount of insurance this scenario would only be a scenario. Homeowners are encouraged to protect their investment by insuring their property and contents for what they are worth.

What is Renters Insurance and Do I Need it

September 22nd, 2010

photo credit: Editor B

Renters Insurance

Let?s face it; the word insurance tends to make people feel bored and fidgety. Most of us do not like the word and would probably do anything to avoid it if we could. We live in a world where there seems to be insurance for just about everything and in some cases it is required by law. This may be why if we are a renter, we completely overlook renters insurance. This may not be a good idea. Many people tend to think the renter already has insurance covering the property. This may or may not be the case. In any case getting ones own insurance is never a bad idea.

Even if your landlord has insurance, it will in most cases only cover physical damage to the building. After that the renter is left to him or her self. If there are any natural disasters or theft done to the building then the landlord may not be covered. By getting renters insurance it will cover any sort of accident or injury that may happen to you or a visitor. In some situations it will also cover loss of residence for any reason. In most cases this type of insurance is relatively cheap.

Generally there are 2 different types of renters insurance. They are, actual cash value and replacement cost. Actual cash value will cover the depreciated value of any goods that are damaged or stolen. Naturally this means you will get paid less than the item was bought for. This may not sound like such a great deal but on the bright side it is the cheaper of the 2. Replacement insurance on the other hand will give a full refund on your lost or damaged possessions. On the down side the premiums will be higher.

No matter which one you choose, the good news is that renters insurance is cheap. It should not cost more than a few hundred dollars a year. If you take into consideration the coverage you are getting it is a very good deal. Most people tend to think of it as something too expensive to get. This may be why many people do not bother getting it.

What is Flood Insurance and Do I Need it?

August 20th, 2010

photo credit: suburbanbloke

Flood insurance is a type of insurance that isn’t usually included in rental or home owners insurance. Many times when you rent or buy it is not included in basic insurance.

Most insurance companies offer flood insurance as an additional cost or protection. Some companies offer it to you without an additional cost, but you have to request to have the coverage added on.

Many people don’t understand why they need insurance think they don’t need it. The truth is everyone should have flood insurance regardless if they are renting, leasing or buying. At any time a down pour of rain or a storm could occur and cause damage to all of your furnishings inside your home. Even if you live near the mountains and don’t get much rain fall if a heat wave comes through it can melt the snow on the mountain and flood your home. There have also been many cases when a hurricane decides to turn and hit inland further than expected. You might think you are safe but at anytime the weather can change and you can get flooded.

Basic flood insurance covers up to $20,000 dollars in damage. You can upgrade to a higher amount for an extra cost. If you feel you have more than that in property in the home than it is a good idea to upgrade to a higher amount.

Relying just on federal aid won’t be enough neither. They are limited on what each family will get. They are also limited on the number of families or homes they can cover. They will only cover a certain amount, or just the ones that are out of a home completely.

Flood insurance is actually more affordable than many people think. The price will vary on your location, and age of your home. Different insurance companies will give you different quotes. Go with the one that offers the most with the best deal. Many times your home owners insurance company will give you a discount if you add on the flood insurance. In this case it is better to be safe than sorry, because once you get flooded it might be too late to add it on.

Current Bank Failures and Related Issues

August 7th, 2008

photo credit: TheTruthAboutMortgage.comIf you are keeping up with the current economic problems, you are well aware that many banks are in deep trouble. In fact, the Federal Deposit Insurance Corp. has reported a huge leap in problem banks. They have identified 76 banks that are in trouble. As you can imagine, this has a lot of people scared. Not only those who have their money in these institutions, but also those who are worried that their bank is next in line.
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Should You Have Renter’s Insurance

June 20th, 2008

photo credit: blakespot

If you’re renting a home and you don’t have renter’s insurance then you’ll want to pick up the phone right now and make a call to your local insurance agent. Renter’s insurance is an incredible bargain and can save you thousands of dollars and is actually pretty cheap. (more…)

Insuring Your Rental Property

May 24th, 2008

photo credit: G & A Sattler

Being a landlord is fraught with perils and you’ll want to be properly insured against such catastrophes. Surprisingly enough, your existing homeowners policy may cover your rental properties to a degree. Check with your real estate agent to see if the policy does cover rental units and what sized properties.

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Basic Types of Real Estate Insurance

April 4th, 2008

credit: VisitMyLuxuryHome.com

If you’re going to make the sometimes-risky investment in real estate, you should make sure that you protect your purchase and your new property with the right type of insurance. The type of insurance that you’ll get depends on what your involvement is with the home (whether it’s your primary residence or a rental property) and whether you desire any additional or extended insurance.

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Insurance for your Rental Properties

March 19th, 2008

credit: drewsaundersEvery property owner knows that insurance is important, whether you own a single unit or if you own multiple units. But a good property owner will stay on top of their insurance and make sure that they are covered for all possible situations, especially if that property owner is a landlord as well.

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