Why do you need insurance owner
The largest investment most consumers make is in their house. Consumers can protect their homes, property and liability of owners with an insurance policy. The landlord insurance policy is a policy that combines more than one type of insurance coverage in a single policy. There are four types of safeguards that are contained in the owner's policy: housing and personal property, personal liability, medical payments and other living expenses.
Coverage of damage to property
Coverage of damage to property helps pay for damage to your house and personal property. Other structures such as a detached garage, a tool shed, or any other building on your property are generally covered for 10% of the coverage of your home.
From personal property coverage to pay for personal property, including household furniture, clothing and other personal effects. The amount of insurance coverage is usually 50% of the policy limit of your home. Coverage is also limited by the types of loss listed in the policy. The coverage pays only the value of destroyed, unless you buy the coverage of replacement cost. Your owner's policy also provides local out of coverage. This means that the policy covers your possessions against theft, even when they are not inside your home.
Personal liability coverage
Homeowner policies cover personal liability which applies to non-auto accidents and on the outside of your property if the injury or damage is enveloped by yourself, a member of your family or your pet. The coverage of political responsibility in your country, both for the cost to defend and you pay damages for the entire court that you have to pay. Liability insurance does not have a deductible that you should answer before your insurer begins to pay losses. The liability is usually $ 100000 for each event. You can ask for higher limits that are available for an additional cost.
Payments medical coverage
The medical coverage payment if someone pays outside your family is injured in your home, regardless of fault. This includes payment for reasonable medical expenses incurred within one year from the date of loss of a person who is injured in an accident in your home. The coverage does not apply to the YPU and members of your household. The doctor payments part of your landlord's policy will also pay if you are involved in the injury of another person away from your home in certain limited circumstances. Medical payments coverage limits are generally $ 1000 for each person.
Additional Living Expenses
If it is necessary for you to spend in a motel or an apartment temporarily because of damage caused by a peril covered in your policy, your insurance company will pay an amount up to 20% of the policy limit your home for these expenses. If you move temporarily with a friend or relative and have no extra charge, you will not be paid for living expenses addditional by your insurance company.
Home Business
If you run a business from home full or part time, you may not realize it. Many owners of home-based businesses believe their own insurance policy covers their entire business needs of origin. You should not assume that your own insurance policy will cover your home business. Your owner of the May political coverage, but probably only a maximum of $ 2,500 for office equipment at home and $ 250 outside the premises.
The price you pay for your home insurance can vary from several hundred dollars, depending on the insurance company you buy your policy. Here are some points to consider when buying insurance.
1. Shop
It will take some time, but could save you a good sum of money. Ask your friends, check the Yellow Pages or contact your State Insurance. National Association of Insurance Commissioners (www.naic.org) has information to help you choose an insurer in your state, including complaints. States often make information available on typical rates charged by major insurers and many states provide the frequency of consumer complaints by society. Also check consumer guides, insurance agents, companies and insurance quotes online. This gives you an idea of price ranges and tell you which companies have the lowest prices. But do not take account of price alone. The insurer you select should offer a fair price and provide a quality service await you if you need assistance to file a claim. So in assessing the quality of service, use the complaint information cited above and talk to a number of insurers to get a feeling for the type of service they give. Ask them what they would do to lower your costs. Check the financial stability of companies you are considering with rating companies such as AM Best (www.ambest.com) and Standard & Poor's (www.standardandpoors.com) and consult consumer magazines. When you have reduced the field to three insurers, get quotes.
2. Raise your deductible
Franchises are the amount of money you have to pay toward a loss before your insurance company starts to pay a claim, according to the terms of your policy. The higher your deductible, the more money you can save on your premiums. Today, most insurance companies recommend a deductible of at least $ 500. If you can afford to increase your deductible to $ 1,000, you save up to May 25 per cent. Remember, if you live in a disaster-prone, your insurance policy May have a deductible for certain types of damage. If you live near the coast of the East, May you have an excess of wind, if you live in a state prone to hailstorms, May you have a deductible for hail, and if you live in an earthquake prone area, your earthquake policy has a deductible.
3. Do not confuse what you paid for your house with rebuilding costs
The land under your house is not at risk of theft, wind, fire and other risks covered by your policy. It is not even account of its value in deciding how many owners buy insurance. If you do, you pay a higher premium than you should.
4. Buy your home and auto policies with the same insurer
Some companies that sell homeowners, auto and liability will take 5 to 15 percent of your premium if you buy two or more of these policies. But make certain this combined price is lower than buying the different coverages from different companies.
5. Make your home more resistant to disaster
Ask your insurance agent or company representative what steps you can take to make your home more resistant to windstorms and other natural disasters. You May be able to save on your premiums by adding storm shutters, reinforcing your roof or buying roofing materials stronger. Old houses can be modified to make them better able to withstand earthquakes. In addition, consider modernizing your heating, plumbing and electrical systems to reduce the risk of fire and water damage.
6. Improve your home security
You can usually get discounts of at least 5 percent for a smoke detector, burglar alarm or dead-bolt locks. Some companies offer to reduce your premium by at least 15 or 20 percent if you install a sprinkler system and a sophisticated fire alarm that sounds at the police, fire or other monitoring stations . These systems are not cheap and not every system will benefit from a reduction. Before buying such a system, what kind your insurer recommends, how much the device would cost and how much you want to save on premiums.
7. Search other reductions
Companies offer several types of discounts, but they are not all offer the same discount or the same amount of reduction in all States. For example, since retired people stay at home rather than assets are less likely to be burgled and May spot fires sooner, too. Retirees also have more time for maintaining their homes. If you are under 55 and retired, May you receive a rebate of up to 10 percent at some companies. Some employers and professional associations administer group insurance programs May which offers a better deal you can get elsewhere.
8. Maintaining a good credit record
Establishing a solid credit history can reduce your insurance costs. Insurers are increasingly using credit information to price homeowners insurance policies. In most states, your insurer must advise you of any adverse reaction, as a higher rate, when you should verify the accuracy of the information on which the insurer relied. To protect your credit rating, pay your bills on time, do not get more credit than you need and keep your credit balances as low as possible. Check your credit file on a regular basis and correct any errors quickly so that your file remains unchanged.
9. Stay with the same insurer
If you kept your insurance with a company for several years, May you receive a special discount to be a long-term insurance. Some insurers reduce their premiums by 5 per cent if you stay with them for three to five years and 10 percent if you remain insured for six years or more. But some periodically to compare prices with other policies.
10. Consider the limits of your policy and the value of your possessions at least once a year
You want your policy to cover major purchases or additions to your home. But you do not want to spend money for coverage you do not need. If your five years, fur coat is no longer a value of $ 5000 that you paid for it, you want to reduce or cancel your floater (insurance for items whose full value is not covered by owners policies such as expensive jewelry, high quality and valuable works of art) and pocket the difference.
11. Look for private insurance if you're in a government plan
If you live in a high-risk - for example, one that is particularly vulnerable to coastal storms, fires, or crime - and have been buying your homeowners insurance through a government plan, you should check with an insurance agent or company representative or contact your state department of insurance for the names of companies that might be interested in your business. May you find that there are steps you can take that allow you to buy insurance at a lower price on the private market.
12. When you buy a house, take into account the cost of homeowners insurance
May You pay less for insurance if you buy a house near a fire hydrant or in a community that has a professional rather than a fire department. It May also be cheaper if your home electrical, heating and plumbing systems less than 10 years. If you live in the East, consider a brick house because it is more resistant to wind. If you live in an earthquake prone area, looking for a wooden frame house because it is more likely to resist this type of disaster. Choosing wisely could cut your premium by 5 to 15 percent.
Check the index (complete loss Underwriting Exchange) report of the home you are thinking of buying. These reports contain the history of insurance claim property and can help you judge some of the problems of the house May. Remember that flood and earthquake insurance are not covered by a police standard. If you buy a house in a flood-prone area, you'll have to pay for an insurance policy of flooding which costs an average of $ 400 per year. The Federal Emergency Management Agency provides useful information on flood insurance on its Web site at www.fema.gov / NFIP. An earthquake policy is available in most insurance companies. The cost of coverage will depend on the probability of earthquakes in your area.
If you have questions about insurance for any of your property, be sure to ask your agent or company representative when you're shopping around a policy. For example, if you run a business out of your home, be sure to discuss coverage of this activity. Most homeowners policies cover office equipment at home, but only up to $ 2500 and they offer no liability insurance companies. Although you want to reduce your insurance costs, you also want to make certain you have all the protection you need.
The largest investment most consumers make is in their house. Consumers can protect their homes, property and liability of owners with an insurance policy. The landlord insurance policy is a policy that combines more than one type of insurance coverage in a single policy. There are four types of safeguards that are contained in the owner's policy: housing and personal property, personal liability, medical payments and other living expenses.
Coverage of damage to property
Coverage of damage to property helps pay for damage to your house and personal property. Other structures such as a detached garage, a tool shed, or any other building on your property are generally covered for 10% of the coverage of your home.
From personal property coverage to pay for personal property, including household furniture, clothing and other personal effects. The amount of insurance coverage is usually 50% of the policy limit of your home. Coverage is also limited by the types of loss listed in the policy. The coverage pays only the value of destroyed, unless you buy the coverage of replacement cost. Your owner's policy also provides local out of coverage. This means that the policy covers your possessions against theft, even when they are not inside your home.
Personal liability coverage
Homeowner policies cover personal liability which applies to non-auto accidents and on the outside of your property if the injury or damage is enveloped by yourself, a member of your family or your pet. The coverage of political responsibility in your country, both for the cost to defend and you pay damages for the entire court that you have to pay. Liability insurance does not have a deductible that you should answer before your insurer begins to pay losses. The liability is usually $ 100000 for each event. You can ask for higher limits that are available for an additional cost.
Payments medical coverage
The medical coverage payment if someone pays outside your family is injured in your home, regardless of fault. This includes payment for reasonable medical expenses incurred within one year from the date of loss of a person who is injured in an accident in your home. The coverage does not apply to the YPU and members of your household. The doctor payments part of your landlord's policy will also pay if you are involved in the injury of another person away from your home in certain limited circumstances. Medical payments coverage limits are generally $ 1000 for each person.
Additional Living Expenses
If it is necessary for you to spend in a motel or an apartment temporarily because of damage caused by a peril covered in your policy, your insurance company will pay an amount up to 20% of the policy limit your home for these expenses. If you move temporarily with a friend or relative and have no extra charge, you will not be paid for living expenses addditional by your insurance company.
Home Business
If you run a business from home full or part time, you may not realize it. Many owners of home-based businesses believe their own insurance policy covers their entire business needs of origin. You should not assume that your own insurance policy will cover your home business. Your owner of the May political coverage, but probably only a maximum of $ 2,500 for office equipment at home and $ 250 outside the premises.
The price you pay for your home insurance can vary from several hundred dollars, depending on the insurance company you buy your policy. Here are some points to consider when buying insurance.
1. Shop
It will take some time, but could save you a good sum of money. Ask your friends, check the Yellow Pages or contact your State Insurance. National Association of Insurance Commissioners (www.naic.org) has information to help you choose an insurer in your state, including complaints. States often make information available on typical rates charged by major insurers and many states provide the frequency of consumer complaints by society. Also check consumer guides, insurance agents, companies and insurance quotes online. This gives you an idea of price ranges and tell you which companies have the lowest prices. But do not take account of price alone. The insurer you select should offer a fair price and provide a quality service await you if you need assistance to file a claim. So in assessing the quality of service, use the complaint information cited above and talk to a number of insurers to get a feeling for the type of service they give. Ask them what they would do to lower your costs. Check the financial stability of companies you are considering with rating companies such as AM Best (www.ambest.com) and Standard & Poor's (www.standardandpoors.com) and consult consumer magazines. When you have reduced the field to three insurers, get quotes.
2. Raise your deductible
Franchises are the amount of money you have to pay toward a loss before your insurance company starts to pay a claim, according to the terms of your policy. The higher your deductible, the more money you can save on your premiums. Today, most insurance companies recommend a deductible of at least $ 500. If you can afford to increase your deductible to $ 1,000, you save up to May 25 per cent. Remember, if you live in a disaster-prone, your insurance policy May have a deductible for certain types of damage. If you live near the coast of the East, May you have an excess of wind, if you live in a state prone to hailstorms, May you have a deductible for hail, and if you live in an earthquake prone area, your earthquake policy has a deductible.
3. Do not confuse what you paid for your house with rebuilding costs
The land under your house is not at risk of theft, wind, fire and other risks covered by your policy. It is not even account of its value in deciding how many owners buy insurance. If you do, you pay a higher premium than you should.
4. Buy your home and auto policies with the same insurer
Some companies that sell homeowners, auto and liability will take 5 to 15 percent of your premium if you buy two or more of these policies. But make certain this combined price is lower than buying the different coverages from different companies.
5. Make your home more resistant to disaster
Ask your insurance agent or company representative what steps you can take to make your home more resistant to windstorms and other natural disasters. You May be able to save on your premiums by adding storm shutters, reinforcing your roof or buying roofing materials stronger. Old houses can be modified to make them better able to withstand earthquakes. In addition, consider modernizing your heating, plumbing and electrical systems to reduce the risk of fire and water damage.
6. Improve your home security
You can usually get discounts of at least 5 percent for a smoke detector, burglar alarm or dead-bolt locks. Some companies offer to reduce your premium by at least 15 or 20 percent if you install a sprinkler system and a sophisticated fire alarm that sounds at the police, fire or other monitoring stations . These systems are not cheap and not every system will benefit from a reduction. Before buying such a system, what kind your insurer recommends, how much the device would cost and how much you want to save on premiums.
7. Search other reductions
Companies offer several types of discounts, but they are not all offer the same discount or the same amount of reduction in all States. For example, since retired people stay at home rather than assets are less likely to be burgled and May spot fires sooner, too. Retirees also have more time for maintaining their homes. If you are under 55 and retired, May you receive a rebate of up to 10 percent at some companies. Some employers and professional associations administer group insurance programs May which offers a better deal you can get elsewhere.
8. Maintaining a good credit record
Establishing a solid credit history can reduce your insurance costs. Insurers are increasingly using credit information to price homeowners insurance policies. In most states, your insurer must advise you of any adverse reaction, as a higher rate, when you should verify the accuracy of the information on which the insurer relied. To protect your credit rating, pay your bills on time, do not get more credit than you need and keep your credit balances as low as possible. Check your credit file on a regular basis and correct any errors quickly so that your file remains unchanged.
9. Stay with the same insurer
If you kept your insurance with a company for several years, May you receive a special discount to be a long-term insurance. Some insurers reduce their premiums by 5 per cent if you stay with them for three to five years and 10 percent if you remain insured for six years or more. But some periodically to compare prices with other policies.
10. Consider the limits of your policy and the value of your possessions at least once a year
You want your policy to cover major purchases or additions to your home. But you do not want to spend money for coverage you do not need. If your five years, fur coat is no longer a value of $ 5000 that you paid for it, you want to reduce or cancel your floater (insurance for items whose full value is not covered by owners policies such as expensive jewelry, high quality and valuable works of art) and pocket the difference.
11. Look for private insurance if you're in a government plan
If you live in a high-risk - for example, one that is particularly vulnerable to coastal storms, fires, or crime - and have been buying your homeowners insurance through a government plan, you should check with an insurance agent or company representative or contact your state department of insurance for the names of companies that might be interested in your business. May you find that there are steps you can take that allow you to buy insurance at a lower price on the private market.
12. When you buy a house, take into account the cost of homeowners insurance
May You pay less for insurance if you buy a house near a fire hydrant or in a community that has a professional rather than a fire department. It May also be cheaper if your home electrical, heating and plumbing systems less than 10 years. If you live in the East, consider a brick house because it is more resistant to wind. If you live in an earthquake prone area, looking for a wooden frame house because it is more likely to resist this type of disaster. Choosing wisely could cut your premium by 5 to 15 percent.
Check the index (complete loss Underwriting Exchange) report of the home you are thinking of buying. These reports contain the history of insurance claim property and can help you judge some of the problems of the house May. Remember that flood and earthquake insurance are not covered by a police standard. If you buy a house in a flood-prone area, you'll have to pay for an insurance policy of flooding which costs an average of $ 400 per year. The Federal Emergency Management Agency provides useful information on flood insurance on its Web site at www.fema.gov / NFIP. An earthquake policy is available in most insurance companies. The cost of coverage will depend on the probability of earthquakes in your area.
If you have questions about insurance for any of your property, be sure to ask your agent or company representative when you're shopping around a policy. For example, if you run a business out of your home, be sure to discuss coverage of this activity. Most homeowners policies cover office equipment at home, but only up to $ 2500 and they offer no liability insurance companies. Although you want to reduce your insurance costs, you also want to make certain you have all the protection you need.
