Depending on where you live, your foundation could be at risk. The soil under the foundation could erode, there could be cracks from tree roots or the foundation could collapse. Having homeowners’ insurance should make you breathe easier, right? Well, don’t get too comfortable.Read More
Having homeowners insurance is important, but is your home really safe and sound with your homeowners’ insurance policy? Homeowners insurance is supposed to protect your home from property damage and other losses. It should also include a liability provision in case someone is injured while on your property. While this sounds good, there are some things that may not be covered:Read More
You operate your own startup business from your home office or garage. Over the past year, you have experienced great success and are starting to struggle to keep up with orders. Whether you are crafting furniture, producing a delicious line of jellies, or providing consulting services for professionals downtown, you need a vehicle to get work done. Should you just keep using your standard auto insurance, or should you be looking at a commercial auto policy?Read More
Do you live in an area that has high home insurance premiums? This is due to the crime rate, population density, and the likelihood that you will suffer a break-in or vandalism. Some insurance providers offer discounts to customers when they add security upgrades to their property. Which ones are most recommended to help fight crime and lower rates?Read More
A home is one of the most valuable purchases that you are ever going to make. In addition to being a location where you are going to make a bunch of memories, it is also a valuable financial investment. If something were to happen to your home, would you be able to cover the value of your home with cash? The likely answer is no. That is why it is important to find home insurance. At the same time, is home insurance actually required by law? There are a few important points you should keep in mind.Read More
Your home is one of the most valuable investments you will ever make. Of course, you are going to make a lot of great memories in your home. At the same time, you probably expect the value of your home to go up with time. Therefore, if your home increases in value, do you need to purchase more home insurance? The answer is that it depends.
But let’s start with this question: Why did your home increase in value?Read More
Homeowners understand the challenge of finding the right balance of insurance protection and risk management. It is a struggle every homeowner faces. Those who own high-value homes (typically those valued at $750,000 or greater) often have different insurance needs than homeowners with less valuable homes.
Insuring a High-Value Home
When it comes to insuring a high-value home the challenge isn’t always about insuring the home for the right amount. Sometimes it is about the additional insurance products you need to protect the value, structure, integrity, and value of your home.
After all, your home is an investment. One that most people purchase with the intention of growing value over time. Getting the right amount of homeowners insurance is only half the battle. You must also continue the following types of insurance protection to supplement your coverage and have the robust insurance protection you require. This includes the following types of insurance products:
- General liability insurance. While some general liability insurance is included with your home insurance, you may wish to consider additional protection for general liability. If you have pets, swimming pools, treehouses, trampolines, or other “risky” structures on your property you will certainly benefit by considering higher general liability plan limits.
- Umbrella insurance. This is a different type of liability insurance that offers protection should you exceed the limit of your general liability insurance.
- Flood insurance. If the value of your home is $250,000 or more, you will want to explore private flood insurance options rather than insuring your home with the National Flood Insurance Program. The maximum value with this program is $250,000 which will be completely insufficient for your needs.
- High-value item riders. If you have costly collections, art, expensive electronics, antiques, furs, and jewelry, you should also consider additional riders for these items that are high value as your “contents” or “possessions” coverage may be insufficient to repair or replace these costlier items.
- Identity theft insurance. Identity theft is a growing problem. A problem homeowners need to be watchful of and protected against. Look for insurance coverage that provides some degree of protection against identity theft as well as some assistance in recovering should someone attempt to defraud you by assuming your identity.
- Employment practices liability insurance. If you employ household staff or in-home employees, this is another type of insurance people who own a high-value home can’t afford to live without. It offers protection against claims of discrimination, wrongful termination, and more.
Sufficiently insuring your high-value home is about much more than getting the right dollar amount of protection for covered losses. It’s about having protection and coverage in all the right places. InsuranceHub can help you with all your homeowners’ insurance needs. Contact InsuranceHub today by calling 770.497.1200 and let us help make sure you have coverage where you need it most.
For those buying a new home, they may feel like they have recently finished a marathon. There is a lot to do if you are looking for a home. Between meeting with real estate agents, securing a home loan, and completing all of the paperwork, new homeowners are usually tired by the time they get the keys to their new home. At the same time, even if you have your keys in hand, there are still other steps you need to take to make sure that your home is ready for new occupants.
Hook Up the Utilities
There is a good chance that your home does not have any utilities hooked up when you move into it. Therefore, it is important to contact local utility companies and get everything turned on. Some of these utilities may require people to come to your home. A few utilities that you need to activate include:
- Contact a local electrical company and make sure the electricity is turned on
- Give a call to the local water company and make sure your home’s plumbing system is running
- If your home has a gas line, you need to get the gas turned on as well
- You should research local cable and internet providers to make sure that you have internet, cable, and a landline if you need one
We’re guessing that you probably do not want to live in a house without utilities. Therefore, you need to make sure that these bills are switched over to your name as soon as possible.
Change Your Locks
You do not know if the previous homeowner has made copies of the keys. Therefore, to make sure your home is safe, you may want to change your locks. You also need to make sure that you reset the security code to your garage if you have one. Finally, if your home does not already have an alarm or a security system, you may want to get one installed. This may help you qualify for discounts on home insurance premiums.
Secure Home Insurance
If you did not already get home insurance through your lender, then you need to make sure that you protect this valuable asset. Many people purchase home insurance based on the value of the home they now own; however, this is usually not enough coverage. Remember that home insurance is designed to not only protect the structure of your home but also its contents. Therefore, you may want to schedule a home insurance inspection to make sure that you get enough coverage to protect your house. Remember that your home is a valuable investment. You need to make sure that you protect it with the right home insurance policy.
Say Hi to the New Neighbors
Finally, take a few minutes to say hi to your new neighbors as well. Even though some of your neighbors might swing by and welcome you to the neighborhood, some people might be too busy to do so. Try to take a few minutes and introduce yourself to your neighbors. If you go on vacation one day and want someone to watch your house, you want to make sure you have a positive relationship with the homeowners around you. They might even give you a welcome gift after you buy a new home!
Having home insurance is a must, to protect your most valuable asset, your belongings and your financial future. While most people have home insurance coverage, many make costly errors when it comes to filing claims. Some of the most common home insurance claims mistakes are detailed below — along with some tips for avoiding these expensive errors.
Not understanding your policy
You should know what your policy covers, who your provider is and what your claims process is. Your policy is a long and wordy document, but it is a good idea to read it and understand what is covered.
Failing to get flood coverage: This is an incredibly costly error, and many homeowners don’t discover it until it is too late. Even though your home insurance policy covers “water” damage, it may not cover floods — you need a separate policy for that in most cases. If you live near water, in a storm-prone area or along the coast, you likely need a separate policy for flood damage just in case.
Not updating coverage
If you only looked at your homeowner’s coverage when you purchased your policy, it could be out of date. If you’re paying the bill, the coverage is still in place, but if your family has grown, you’ve made home improvements, purchased expensive items (that would be covered) or made other changes, then your coverage may not be as complete as it should. Unless you review your policy annually, you would only discover a problem after a damaging event, which is too late to add that new artwork, upgraded flooring, or expensive electronics.
Not keeping an inventory
You may be able to name the larger covered items in your home — the electronics, appliances, and other big-ticket things, but do you know their model numbers, value and other specifics? A full home inventory you update annually ensures that any upgrades are included and that you are reimbursed properly in the event of a loss. If the items in question have been destroyed, you may end up relying on your memory to list what you had. In a stressful time, this could result in a far lower claim amount than you are truly entitled to.
Failing to document damage
Extensive damage from a storm or fire could leave your home exposed to the elements – and you’ll naturally want to start cleaning and repairing the damage to your property. You should take photos and document damage before cleanup begins. Saying a tree limb fell on your roof is open to interpretation; images of that same tree in your living room after crashing through the roof clearly shows the issue and extent of the problem.
Familiarizing yourself with your policy, updating it as needed and keeping good records will all help you protect your home, your family and your belongings if you need to make a claim. Choosing the right policy for your needs and covering these details will ensure you are covered when you need it most.
You did it — you finally paid off a credit card or made some serious strides with your finances. After this work has been accomplished, you may be awarded with a credit score increase. While this means it’s time to celebrate, you should also consider shopping around for better insurance rates.
Many factors impact our insurance premiums. Whether it’s a boat, auto, renter’s, or home insurance, many aspects play a role in determining our premiums. However, your credit score holds a lot of weight. If you experience a credit score increase, you could be entitled to a better deal.
Tips for Shopping Insurance Rates
After you see your score increase, it may be smart to shop around for cheaper rates. Here are some tips on how to do this effectively:
Car insurance is one area where it is typically beneficial to have multiple drivers on one policy. And since you now have a credit score increase, the savings can be substantial. That said, ask your car insurance provider how much you can save if you add a new driver. Another option is to shop around with other insurance companies to find the best quote. Combining different policies under one provider is another tactic to consider. For example, you may have a home insurance policy and car insurance policy under one provider. This will often lead to savings. By combining policies with an improved credit score, discounts are sure to follow.
Know the Numbers
When shopping around for insurance rates, many shoppers don’t even have a target number. This can lead to paying far more than you should. When getting quotes from providers, you should know what’s average, what’s cheap, and what’s far too pricey. Do research ahead of time to understand what’s a good rate for someone with your credit score.
Consider High Deductibles
Whether you’re dealing with car insurance or home insurance, you may consider raising your deductible for a better premium. However, not many insurance providers will tell you about this trick. And if you had a credit score increase, you could save even more. No matter what insurance policy you have, it may be possible to raise the deductible. Contact your insurance agent for assistance.
Only Get What You Need
If you just had a credit score increase, that might mean you’re doing better financially. While you may feel inclined to increase your premiums with better coverages, doing so might not be the smartest move. You may have more money to spend, but you should always only pay for what you need. To help in this regard, review your policies line-by-line and remove anything that isn’t necessary. When you do this after a credit score increase, the savings could be extensive.
Surprisingly, insurance companies sometimes have tons of deals they can give to their customers. However, not everyone takes advantage of them. While you can always ask your insurance agent if they have any specials, it’s more common when you have a credit score increase. You may get a lower premium, more extensive coverages, or discounts on other policies.
If you saw a boost in your credit score, following these tips can be the smartest move for your financial well-being.