Archive for August, 2013

Home Insurance Lincoln, CAMonday, August 19th, 2013

5 Components of Home Insurance that a Lincoln Resident Must Have

Whether you live in Lincoln or somewhere else, you have to buy home insurance when you buy a house. In the event of damage or theft, the lender wants to ensure that the home is covered. So, you buy the policy after sifting through many home insurance quotes and your copy is filled with insurance jargon and there are so many pages that you can’t possibly count them all. It is very overwhelming, to say the least. Below is a simpler explanation of your California home insurance policy to maybe help you understand it a bit better.
Dwelling Coverage
There are some components of your policy that have to stay, they are mandatory. There are other ways to reduce your costs; however, this is not one of them. The part that is really important is to make sure that you have enough coverage for these mandatory inclusions. On your policy, you will see the phrase — dwelling coverage. This offers insurance protection to your home, affixed structures, all cabinets, wiring, air conditioning, plumbing, flooring, and heating.
Separate Structures Coverage
Based on a number of other factors such as how big your home is, how many bathrooms, and the kind of roof you have, any custom features (a swimming pool, and any upgrades) will help the insurer calculate an insurance rate. This is how much they will pay to completely replace your home. Separate structures coverage will insure anything attached to or part of your home like your garage, sheds, patios, decks, sidewalks, fences, and driveways. This cost is usually reflected from your initial insurance rate and calculated from there.
Personal Property Coverage
Personal property coverage protects the contents in your home. It is always a wise decision to make sure your policy covers the replacement costs as opposed to the cash value. Cash value will replace items after considering the depreciation. Often, insurance companies will require that you have an appraisal done professionally for fine art, jewelry, and furs. Extra coverage is always available for jewelry if you believe that the coverage you are being offered is not sufficient.
Loss of Use Coverage/Personal Liability Coverage
If you do not feel comfortable with what the insurance company calculates as sufficient coverage, then you can make adjustments until you are by adding endorsements. Another mandatory component is the loss of use coverage that covers you when you are unable to dwell in your house due to repairs being made from damages or any other unforeseen event. This covers the costs of your living expenses to stay somewhere else. Personal liability coverage is also essential. This covers you in the event that someone is injured or hurt on your property and wants to sue you.
Don’t be confused about what is covered, what is not, and how long a claim might take to process. It is understandable that the legalese of insurance policies in general can be cumbersome, but take your time and read through the documents slowly. Ask questions and look up terms on the Internet. Know what is covered because a little coverage likely will not do it if a catastrophe does strike.

Home Insurance Sacramento, CAMonday, August 19th, 2013

Understanding Home Insurance in Sacramento

When you sit down and really think about what could go wrong when you are a homeowner the list may go on and on. This is something that should really be considered when it is time for you to start gathering up home insurance quotes and purchase a home insurance policy. Homeowners have to be covered on every angle from natural disasters, injury, theft, and legal problems. It is quite common to hear people say they are not sure what type of coverage they need or how much they need. The truth is that there are differences in policies.
Policies Explained
There are policies that cover catastrophes including vandalism, wind damage, theft, fire, a tree that falls on your garage, etc. This is the policy that most people end up with. There should also be a policy that offers a little more coverage and then an advanced policy that covers you for almost everything. Of course, the insurance rates will be considerably higher for each upgraded policy. These policies are called HO-1, HO2, and HO3.
Extra Protection
If you have expensive jewelry, collectables, artwork, furs, or antiques, you may want to consider extra coverage for these pieces in case they need to be replaced. In the event of a slip and fall on your property, your standard home insurance policy will cover this but the question is, will the coverage be sufficient? You may want to consider a little extra protection. And, imagine that your house simply blew up and nothing was salvageable, how much would it cost to replace every single thing?
Inflation Guarantee
This is when it starts to get a little confusing, do you want what your home’s insured value is or would you need more? Perhaps consider an inflation guarantee to add to your policy. It is also wise to separately insure expensive items just to be covered. It is really not feasible to cover every single expense so don’t even try to. And just because you have the insurance does not mean that everything requires a claim. Too many claims will boost your insurance rates in a big way and sometimes the insurer will even cancel your policy.
Assessing the Value
If at all possible, hire a builder to do a walk through and tell you how much it would cost to build your home from scratch. This at least gives you a ballpark idea of how much coverage you should buy. Mortgage lenders require home insurance so they do not suffer from a huge loss but that is the kind of thinking that you need to have too. It is true, insurance rates can be astronomical but there are ways to trim them down.
Trim the Costs
Raise your deductibles, keep a good credit standing, take advantage of multi-discount policies where you allow one insurer to underwrite all of your insurance needs, and use all possible discounts. Check around for different home insurance rates and see what is offered. The Internet makes this a fairly simple task.

Home Insurance Folsom, CAMonday, August 19th, 2013

7 Tips to Get the Most Affordable Home Insurance in Folsom

Home insurance is essential. This is one of the first things that a Folsom loan or finance company will ask for and the policy had better cover at least the fair value of the property. Unfortunately, home insurance is not cheap and people that live in areas that are considered to be higher risk are going to have even higher insurance rates. The good news is that there are ways to trim the cost and make sure that you have the coverage you need without coverage you don’t.
Security Systems & Alarms
Security systems and smoke alarms will reduce your insurance premiums by at least five percent. The insurance company will want to see that your security system is monitored by a security company. Save another minimum of ten percent if you have functioning smoke detectors located throughout your home. This is a good start to reducing those insurance rates.
Lower your Deductible
Perhaps you have noticed that the lower your deductible is the more you pay in premiums? You may very well think that this works to your benefit but consider how much extra you pay annually in premiums compared to what a minor claim may cost you such as a broken window or some slight wind damage on the side of your home. It very well may be in your best interest to take your chances and save some money.
Multi Policy Discounts
Another way to reduce home insurance costs is to ask for multi policy discounts. This means that all of your insurance needs are handled by the same insurer. These trim down costs very nicely. If you want some big savings try to pay your mortgage off. Insurers bank on the fact that total ownership of your home means you will maintain it better.
Added Luxuries
If you are planning on adding a swimming pool or a trampoline, plan on your insurance rates to soar by around ten percent. This might make a difference in whether or not the increase is worth the luxury. It might be nice to have these things but decide with the increase in mind.
Annual reviews
Homeowners should make it a point to always review your insurance policies annually. Find out if any changes have been made to your policy and gather up a few new home insurance quotes for comparison reasons. See if there have been any changes that you have made that could lower your home insurance costs. Did you get rid of a swimming pool, add an alarm system, or upgrade fire alarms, as this will reduce your premiums.
Replacement Value
Your home insurance policy should always have coverage for guaranteed replacement value. This means that if disaster strikes your home will be rebuilt and all expenses will be covered. Do not make the mistake of thinking that having insurance automatically means you are covered for this. Always make sure to document everything. Include pictures and video when possible and store them in a safety deposit box. This will hasten any payouts that you may need one day from your insurance company.

Home Insurance Rocklin, CAMonday, August 19th, 2013

Make a Rock Solid Inventory for Your Rocklin Home Insurance Policy

After a catastrophe hits it is too late to add additional property coverage to your home insurance policy. In Rocklin, when you purchase home insurance, it is crucial that you take the proper inventory of your goods so that if the time comes to make a claim you get what you need to replace your possessions. A thorough inventory also helps you purchase the right amount of insurance when you are looking for home insurance quotes.
Not taking a detailed and descriptive inventory is a common mistake that many people regrettably make. Insurance rates really do not matter if you have not protected yourself completely. A complete home inventory will also help to expedite any claims that you have to make. The list of goods must label each item, how much it is valued at, and a serial number.
Creating the List
The best method of creating your inventory list is to either take clear pictures or videotape every room and the contents in it. Be sure to open all of your drawers and closets. Remember not to forget cupboards and places where you might store some of your goods. Include the items in the garage as well. It is not enough to just take pictures or create a video; you have to prove ownership of the items you want to insure. Also, consider there is a difference between recouping from a total loss or just a few items. In the awful case that this happens, you will know that you have sufficient coverage.
Make sure that you pay special detail to special items such as art, jewelry, and collectibles. Include receipts, credit card statements, and appraisals. This inventory must be updated regularly to add new items or delete ones you no longer own. You have to safeguard your home insurance, which means you have to store it in places that have no chance of being destroyed in the event of a catastrophic loss. A copy should also be stored in a safe place like a bank safe deposit box.
Be Prepared in Advance
This is going to be quite time consuming but in the end it will be worth it. If you have to go through a devastating fire or a home invasion there is no way that you would ever be able to remember all your possessions. The sad truth is that most people do not have a complete list of their possessions and many have absolutely no inventory at all. Without an inventory there is no chance of getting anywhere close to the value of what your possessions are worth.
Whether you opt for replacement cost coverage or actual cash value, you do need to understand what the difference is and what they mean. The actual cash value pays out what you would get if you were to sell your items after depreciation whereas replacement coverage will pay out at the current market place. The latter is the more costly option. These are some of the best ways to get better home insurance quotes

Home Insurance Roseville, CAMonday, August 19th, 2013

Home Insurance in Roseville, CA

If you reside in the Roseville area and have just purchased, plan to purchase, or recently renewed a home insurance policy, this article is for you. If you were comparison shopping for home insurance quotes, you likely realized quite quickly that the number of insurance companies was a bit overwhelming. The legalese seems to go on and on and you are left with a list of price quotes and no written policy to base your final decision from.
Unfortunately, this is a common complaint of many people that are looking for home insurance or trying to trim their current insurance rates. The majority of people that are looking for home insurance quotes will shop based on two main factors, reputation and price. However, there is a lot more to consider than just that. If something happens and you need to make a claim, you will want to be sure that you are covered.
Insurers are Trimming Back
There have been many changes in the insurance arena in the past few years. Insurers have been decreasing coverage while raising deductibles and also changing restrictions. There are many reasons for these changes but the main contributor to this is that homeowners insurance generates the very least amount of profit. The tumultuous weather patterns coupled with the state of financial affairs in the U.S. are the main culprits. In fact, many insurers will no longer write home insurance policies in areas that are the hardest hit and when they do the premiums are extreme.
What is most important is to fully understand what you are covered for and what is not covered. Read your policies and find out exactly where the cuts were made. For example, people expect that if a pipe bursts that everything will be covered and in the past it likely would have been the case but two words changed that — toxic mold. Even leaky pipes may be covered but it will likely be contingent on the leak being very recent, even if it was concealed.
Additional Benefits
So, the real question is, what can you do to protect yourself? Find out what your home insurance covers and then evaluate where you may need to purchase some riders to add to that coverage. For example, if you tend to have floods and your policy does not cover them, you can buy a rider to cover floods but it these replacement benefits may be pricey. Even this type of coverage is subject to limitations.
Protect Yourself
Added coverage does not come without restrictions and policies when it is time to file a claim. It does vary per state and in California the time frame in which to use your replacement benefits or they will expire is one year. Some states offer two years and many offer six months. It cannot be stressed enough that people must read and understand their home insurance policies so that if the time ever comes to file a claim you know what is covered and what isn’t. Protect yourself!

Thank you for your time
Curtis Peterson/President
CA License # 0F96366