Can My Home Be Insured If I’m Not Living There?

Can My Home Be Insured If I’m Not Living There?

Personal belongings inside the house are all secured in homeowners insurance such as appliances, furniture, clothes, jewelries, and personal items. 50 – 70 percent value of the amount of the house structure can be covered by the home owners insurance. Even if your belongings are outside the house and was stolen, it could still be covered by the insurance policy. But a plant outside the house that was landscaped is not included in the insurance. Only personal belongings and the home structure is covered. It is good to conduct a household inventory of your belongings to be able to know if something is missing.

If no one is living in the house, is the address entitled for the homeowners insurance? There are assumptions to consider in this policy. You must be living in the house or it must not be unoccupied for 30 consecutive days so as to be covered. If you have this policy then you must see to it that you or someone else is occupying the house. If the house is not occupied then there is a reason that your personal belongings have the tendency to be stolen. If that’s the case then it is now negligence in the part of the owner. If no one will take care of the house then this will lead to higher possibilities of damage to the structure.

The assumptions made by many homeowners insurance also include stipulations that the house should also not be used for any business as well. It should only be residential for it to be covered. The house should also be kept and maintained in good condition. The structure should be made  of slate, tile, metal or asphalt to pass the standards of homeowners insurance. This is their way of knowing that your home was built to stand the rigors of time and will not be prone to damage caused by the weather or the changing climate.

But there are some instances wherein one has to move to a certain place due to climate change like winter or summer. The insurance company should be informed of your leaving. If that’s the case they could give you 30 days but the house should be properly locked and all personal belongings are secured. Ask someone to look after the house and all things should be in place. Check bath tubs and pools they might be filled with water, which could then cause accidents to people who will go and check the house.

The garage door and windows should be locked properly. If it is during the winter, make sure that the heaters are on at 58 degree, or depending on the place or region of the address. This is to avoid the freezing of the pipes, which are one of the things being covered by homeowners insurance. For security purposes, you could put an alarm so that the neighbors will be able to take notice if somebody will try to enter the house.

These are just some of the things that a homeowner can keep in mind in order to retain coverage of his home insurance in case he needs to be away for a long time. You can consult with  your insurer for more information on whether they can allow a special arrangement in regards to insuring an unoccupied home or property.

What is Renter’s Insurance?

What is Renter’s Insurance?

Are you currently renting a house or an apartment? Have you asked your landlord if your belongings are covered by his or her insurance policy? If he or she said “yes”, DON’T believe it. Your belongings are NOT protected—by your landlord’s home or association’s insurance policy—from such perils as theft, vandalism, fire, falling objects, and more. You need a renter’s insurance for it.

Most people, when transferring residence to a new apartment or condominium, are too engrossed with such to-dos as setting up a telephone line and cable service, informing friends and colleagues of their new address, arranging their rooms, and a lot more. The last thing they would think of is purchasing renter’s insurance, which is an unjustifiable act of negligence or ignorance.

What are the important things you need to know about renter’s insurance?

One thing that you should ask from your renter’s insurance provider is whether their coverage is an “actual cash value” or “replacement cost coverage”. Actual cost value coverage pays the worth of the property at the time it was damaged or stolen; while replacement cost coverage pays the actual cost to replace the damaged or stolen property. However, most insurance companies would ask you to use your own money to replace your damaged or stolen items, and submit the receipts for reimbursement. Although replacement cost coverage costs you more in premiums, it does pay out more if in case you need to file a claim.

The second important thing that you should do is to inform your insurance provider of the valuable items that you have. Items like jewelry, antiques and electronics may be covered to a certain amount; but unusually expensive ones like a diamond ring will require you to purchase a separate rider.

What does renter’s insurance cover?

Apart from the replacement or reimbursement of such stolen or damaged items as jewelry, antiques, and electronics, your renter’s insurance also covers your “additional living expenses” when need be. One scenario, where such an additional coverage is applicable, is when your apartment is unlivable due to a fire. In such case, the renter’s insurance policy will cover for your rent in another apartment that is in the same range as your original place. However, this policy has a limit of about 30 to 40 percent of its total value. Also, some providers would only continue to pay for your additional living expenses for a maximum of 12 months; while others limit such coverage to what they call as a “reasonable length of time”.

Another additional coverage applies to such special case as a waterbed that burst and flooded the apartment below yours. Your renter’s insurance covers the damages caused by your busted waterbed.

Liability protection is also covered by most renter’s insurance policies. This means that you are covered up to your liability limit if someone slips or falls in your apartment. Should this person sue you, the insurance would cover for what that person wins in a court judgment, along with your legal expenses; but only up to your policy’s limit.

So the next time your landlord misinforms you of such false notion as your belongings are protected by his homeowner’s insurance policy, proceed right away to an insurance company for your renter’s insurance policy.

Property Coverage While Traveling

Property Coverage While Traveling

Home insurance, also known as hazard insurance is designed to protect private homes. This comes with different types of personal insurance protections that can protect a homeowner from loss or damage of property and its contents due to theft, vandalism, natural calamities and other named perils. It can also be combined with liability insurance for instances where damage or loss occurs at home or through the hands of the home owner.

There are two general types of home insurance policies.

The “All Risk Insurance” covers your home and its contents from loss unless otherwise specified in your coverage. It is important to understand the terms of the home insurance policy and the language used in the said policy. The second type is the “Named Peril Insurance” which specifies the causes of loss the insurance company will cover. You need to be very thorough in discussing these terms with your agent, have him/her specify the named perils so you can come with an understanding.

What are named perils?  It is a list of causes that you can be protected from. Examples would be anywhere from, theft, vandalism, damages due to aircraft or other vehicles, varied effects of temperatures on home and property and sometimes, natural calamities. I mentioned “sometimes” since some policies would have exclusions on the coverage.

The question often asked by homeowners is; will my home and property be protected while I am on vacation or traveling? The answer is YES.

This is called an Away From Home cover. This often comes with an additional premium and you would need to check your policy schedule as well. An Away from Home cover only protects the homeowner from certain causes or perils.

The nature of a home insurance is to aid homeowners with the financial difficulties that they might face due to effects of unforeseen and sudden events to their homes. This however, does not cover loss or damage due to predictable events. This is often termed as uninsurable perils.

An example would be damage due to freezing of indoor plumbing. The homeowner needs to take precautions prior to traveling. If damage occurs despite these arrangements then it is possible that the policy will cover the expenses.

Another would be if you left your clothes in the dryer and the clothes shrunk. This will not be covered by the policy. However, if through this a fire spreads through the home, then the damages and loss due to the fire will be covered.

An Away from Home policy will cover your home and other personal property that you own or use while traveling. This comes with the clause that the said property is something you normally keep at home. If you own a storage unit, your property can be covered from theft without any time limit. Coverage from other perils will depend on the terms of your policy. Be sure to inform or notify your insurer when leaving your home, there are certain timelines that insurance companies follow to determine whether your property can still be covered or not. The usual time frame would be 30 days.

Your house and everything in it is valuable to you and your family and knowledge to protect your property is essential!

Will the Insurance Company Raise My Coverage Without My Consent?

Will the Insurance Company Raise My Coverage Without My Consent?

You must calculate correctly and precisely the amount of home insurance that you want to purchase for your home. The value involved should not be the “market value” but the “total replacement value” of the house in case for some unpredicted reason your house was destroyed or damage. The value of the land though is not carried together with your house. Let’s say, you can sell your house for $400,000 but it only costs around $350,000 to rebuild it. So it’s more logical to say that you should insure your house at $400,000. Factors such as inflation and depreciation will affect the total replacement cost as time goes by and this is very important.

It would be very wise to insure your house at a hundred percent of its replacement cost. Even though it’s very expensive to do that, it is well worth it in case bad fortune befalls on it. Well, you can always have a choice to just insure it around eighty percent of the total replacement cost in case it would be very hard for you to pay for the premiums. It is more likely that only a certain portion of your house would be damaged in case an accident occurs but you’re still going to receive the full amount of replacement cost for it. At eighty percent you are just receiving the actual cost of your house but at a hundred percent you get the actual cost of the house and some additional cash which you can use for other things. Make sure also that all your material possessions inside the house is also insured so that you can ask for reimbursement for it. It would really help if you had a home inventory for that.

In cases like these, we should be aware that our insurance company can raise the coverage of our home insurance to a certain percentage if ever we applied for what we call an inflation guard endorsement. This automatically adjusts the coverage that we have purchased as inflation hits the economy. It is only in this situation that our coverage will have an increase otherwise it will remain the same as we bought it.

Despite the fact that insurance companies can increase our coverage during inflation without our consent, we must also understand that they can void our insurance without our consent too.

This is very important because in case we are stricken by an untoward accident and didn’t know that we are no longer insured, them we might be facing a very bad deal of bankruptcy and a very large debt.

Factors that can actually force the insurance companies to cancel or terminate our contracts are determined solely by them. An example of an action that would surely merit a termination of contract would be falsification of the application data. This is really common especially for those who have preexisting conditions. They hide their sickness just to be able to get the insurance.

Other Insurance companies terminate also the contracts of those who are deliberately “trying” to get their insurance by initiating a premeditated accident or murder. Once you are found guilty of trying to act out on an accident just to get your insurance then the insurance company will not hesitate to terminate your contract.

Will My Insurance Cover The Theft Of a Laptop?

Will My Insurance Cover The Theft Of a Laptop?

If it is stated in your policy that you are covered for theft, then it is possible that your home insurance can cover you for that. Any personal property that has been stolen is covered, no matter what property it may be. There are some limits to this, for example, the laptop is mainly used for business purpose, but the laptop was stolen from your home. You’ll have to check in your policy in the section for “Personal Property”. Keep in mind that theft claims can have an adverse effect on your record. Several claims due to theft can make your policy non-renewable.

There are some people who do not give enough thought of protecting their homes from theft. Some think that purchasing homeowner’s insurance is just a waste of money and that security can not really be bought. There’s a false feeling of security, living in a safe neighborhood and that crime only happens to other people. However, people have been beginning to be careful since incidents like theft and unexpected disasters can occur anytime.

Take note of theft prone items from your home, in case an unexpected incident happens you know which valuable items are missing. Evaluate the contents of your home, in case of loss or theft; this will determine the replacement costs.

Electronics are one of the most stolen items. Electronics are easily pawned or sold, that’s why thieves think of them as hot commodities. Some electronics that are usually stolen are television, DVD players, music components, personal computers like laptops and other gadgets. These items are also considered high priced; trying to replace them could cost you a lot of money.

In your list of electronics, highlight the most expensive ones. Place the model name and serial numbers, and don’t forget to record the date of purchase. Receipts are also essential.

Make sure that the homeowner’s insurance you purchase will cover for all of your items, in case it has been damaged or lost. Replacing these items can cost you a lot of money, better to be sure that your policy can cover this.

At the moment, laptop insurance is being sold by various insurance companies. Laptop insurance is a special insurance and is only made to protect your laptop or any other devices associated with it, in case something unexpected happens. Coverage includes printers, software and other external devices. Insurance companies are very strict regarding coverage for laptop insurance policies. Most insurance companies will only pay for the laptop if it is due to accidental damages. For example, the laptop was inside your car and the door was locked. Insurance companies should be able to cover for it, since precautionary measures have been taken by the insured. But if the car was unlocked, then insurance companies have the right to deny the claim. Accidental damages mean that you did everything to protect your laptop, but it was still stolen.

Both a homeowner’s insurance and laptop insurance can cover for your laptop, in case it has been stolen.

Will Insurance Cover Hidden Structural Damage?

Will Insurance Cover Hidden Structural Damage?

Hidden structural damage may or may not be covered. This is solely dependent upon your policy. If the policy you purchased is the “all risk” policy, there is a chance that you might be covered. Unless there are known exclusions related to the damage. Some factors should be considered before filing a claim to your insurance company regarding structural damage. First is, you need to know what caused the structural damage. Second is the amount of money it will cost to repair against your deductible.

If the source of the structural damaged is identifiable and correctable, then your claim might be rejected. For example, if your home suffers from visible leaks around your windows and pipes, your insurance provider may not cover you for your claims and state that you have been negligent in maintaining your personal property. This is a violation against your obligations stated in the policy. In addition to that, your insurance coverage might not be renewed if such judgment has been made. This will leave you paying for the expenses needed for repairing the structural damage and looking for another insurance provider as well.

Before you decide to file a claim, check whether the numbers of doing so will be favorable to you. If the expense for repairing is just a little bit more than your deductible, then it is advisable to repair the damages yourself rather than file a claim from your insurance company. Remember that filing a lot of claims makes you a greater risk. Thus, making your premiums cost more. Furthermore, if you’ve had several claims against insurance companies, it will be harder and more expensive to obtain a new insurance policy.

Once you’ve discovered hidden structural damage, try to assess whether filing a claim or repairing it yourself will be beneficial to you. Always remember that filing claims makes you a risk to insurance companies. As soon as you’ve discovered such damages, try to protect the property from further damage by making reasonable and necessary repairs. Otherwise, your insurance company can report that you have been negligent in your own property. This will be another factor for an insurance company to deny renewability of your insurance coverage or increase your premiums. If your insurance agent has observed that you have been providing poor maintenance of your personal property he may submit your claim in an Underwriting Review and your policy might become non-renewable.

It is best to inspect your home if you have hidden structural damages. There are damages, like water leaks, that can’t be noticed right away. These water leaks can cause severe damage, not just to your home, but your health as well. Water leaks can cause molds and molds are very harmful to a person’s health. Therefore, have this taken care of your insurance company right away, if you do not have the capacity to cover for this. There are some insurance companies that do not cover damages caused by molds. But remember that you and your family’s health should always come first.

Will Bankruptcy Affect My Ability To Get Insurance?

Will Bankruptcy Affect My Ability To Get Insurance?

Having debts is part of everyone’s life but if you borrow money and are beyond your control and when the time comes that you won’t have the ability to pay for it then filing for bankruptcy is your only way out. Before considering that option, there are many things that you should think about especially when it comes to your home insurance premiums.

If you have an existing home insurance it is generally untouched by the court in order to protect your dependents or the people that are in it. If your home insurance is permanent they would be allowing you to retain a portion of the value that you have paid and accumulated for it. The amount that they are allowing you to save depends on the city or town that you are living because they follow different rules in each state.

Filing for bankruptcy can be very useful because it takes away all your debts and you can start all over again. It is standard that your home insurance rates can be affected. Here are some things you should to know about bankruptcy on home insurance rates.

It’s reasonable that you file for bankruptcy when you are not capable of paying and your debts are out of control. You should also know that when you try to buy a home insurance plan with bad credit histories is not advisable because you will be ordered to pay more on your premium which makes your situation a lot worse. If you have already filed bankruptcy it’s better that you apply for home insurance for awhile.

Some home insurance based your bankruptcy on negligence on your part and you are not a good in paying. They will have doubts if you can pay your premiums on time and without delays. It’s too long but you need to wait seven to ten years so that your bankruptcy will not show on your report credit.

Home insurance is not something that you have to wait after ten years to apply.  The best thing you can do is buy a ten year home insurance package. You get to pay higher and it could be a burden but it is better that you have to get your home insured because a lot of things can happen that you may not be able to control. Don’t put your family’s life at risk. You also need to understand that you will be paying higher because they are very careful in terms of approving policies.

Bankruptcy is one of the hardest things that your family can encounter. It takes a while to get the home insurance you would like to have. Remember to inform your home insurance company if your bankruptcy is not in your credit report anymore. In this way you would get to pay lower than you used to.  You should decide which ways would work for you. Learn to decide properly to avoid getting bankrupt and you can get the best home insurance that your family should have.

Once I Have Had a Claim For a Kitchen Fire, Will My Rates Increase?

Once I Have Had a Claim For a Kitchen Fire, Will My Rates Increase?

To avoid having your insurance rates increase, make lesser home insurance claims. Home insurance is something that everyone needs, and hope they won’t need to use it. Keep in mind that the more insurance claims you file, the more you need to pay for your premium, the harder it will be for you to look for affordable insurance coverage.

To reduce your chances of filing for a claim, the best thing to do is take necessary precautions. Insurance companies are here to help you once an accident has happened, but it’s better to take safety measures as well. This way insurance claims are also reduced, which makes the homeowner a “low risk” and it will be easier to look for affordable insurance policies.

One of the most common causes for insurance claims is due to home fires. Yes, even small kitchen fires can increase your premium. If negligence was the cause of the fire, your damages might not be covered by your insurer and you might pay for all expenses. If it has been proven that you have been negligent and did not provide enough protection to lessen the possibility of having a kitchen fire, then this might cause for your insurance policy to be non – renewable. This will also make it difficult for you to look for an affordable insurer.

To avoid having to deal with these kinds of problems, better take precautionary measures and prevent the start of a fire in your home. To reduce the amount of damage a fire can do to your home, take note of these following tips.

First, clear away any material that can add fuel to fire, such as trees, firewood, or gas. These things can add to the damage and insurance claims. Having these things near your home can cause a greater risk of damage. Looking for a cheap insurance quote might become difficult as well.

Second, have fire extinguishers all over your home. Keep in mind that when a fire occurs, you won’t have the time to run around the house and look for a fire extinguisher. By the time you come back, the fire might have spread. Investing in fire extinguishers can prevent serious claims.

Third, don’t overload your electrical sockets. It is suggested that homeowner’s use one appliance for each socket, and don’t forget to unplug appliances when it is not in use. Fire that started from electrical sockets can also cause insurance claims.

Fourth, install smoke alarms. Having smoke alarms all over the house will alert you whenever you are not in the room, where fire is starting to build.

Talk to your agent regarding your insurance policies. They will be able to tell you which preventive measures you can take to lower the risk of insurance claims. Remember that the fewer minor insurance claims you have, the lower your premiums will be. In addition to that, renewing your policy or looking for another insurer will not be that difficult. Even if it is just a small kitchen fire, this can cause for your premium to increase. So, take preventive measures in your home.

Home Insurance – Is Smoke Damage Covered by Insurance?

Home Insurance – Is Smoke Damage Covered by Insurance?

What if after a fire some parts of or your entire house was damaged by smoke? Does your home insurance policy offer coverage for such damage?

There is no other best way to be fully knowledgeable of your insurance policy coverage, but to ask your insurance policy provider. This article, however, offers valuable and general information with regards to home insurance coverage on smoke damage.

Most insurance policies list two categories of perils: those that are covered and those that are not. If you live in a neighborhood, where one of the perils excluded is a common event, naturally, you will have to pay a corresponding additional fee on your policy to have it covered.

Homeowner’s insurance policies typically include such perils as fire and lightning, wind and hail, explosion, aircraft, riot or civil commotion, ice and snow, theft and vandalism, water damage, and—as this article concentrates on—smoke.

What happens before smoke is fire, which could originate from a tiny flame produced by a matchstick to a major explosion. Most people would say that they do not need insurance for their house in case of fire, because they are very careful whenever they perform activities that make use of fire. This is not an acceptable line of thought, because accidents happen anytime, anywhere, and to anyone. It happens even to the most careful individuals. A lighted candle that is left unattended on a wooden floor could burn down an entire house, or worse, an entire block of buildings. If you don’t have an insurance policy that could cover for such damage, you could be left either homeless or broke from paying a large sum of amount for repair. Such worst cases could be avoided with the help of a home insurance policy.

Smoke may damage a part of or your entire house even if the fire has been quickly put off. In worst scenarios, such damage could force the homeowner to vacate his or her house while it is being sanitized or repainted. Smoke damage is covered by a home insurance policy. Home insurance policies also include smoke damage in their coverage even if it originated from other sources outside the house. Some of the common things that smoke could damage are your furniture and house walls. Your home insurance policy will cover for the cleaning and repainting of such damages.

Although you are now aware that smoke damage is covered by home insurance policies, it is still better to double-check on it with your insurance provider.

Is It Possible To Get Coverage After You Have Filed Three Claims?

Is It Possible To Get Coverage After You Have Filed Three Claims?

Having been through a disastrous incident, filing for a claim from your insurance company is a simple decision to make. But filing for a claim due to other reasons will be a risky situation and might have you registered in a database that will make it difficult for you to obtain future insurance coverage.

There are two types of major databases that register homeowner’s claims. These are “The Claim Loss Underwriting Exchange or CLUE” and “Automated Property Loss Underwriting System (A-PLUS). There are three types of claims that can have you registered in one of these databases. These are Water damage claims, Dog Bite claims and Slips and fall claims.

First is the water damage claims. These are smaller leaks that can cause mold in your home. A mold is not a good thing for insurers. For one, it can cause all sorts of illness, and a lot of insurance companies have removed it from their policies. Water leaks or water damages are either caused by poor construction or inadequate maintenance practices. These can cause more problems for your home in the future.

Second claim to avoid is the dog bite claims. One – third of all homeowner’s claims are because of dog bites, according to Insurance Information Institute. In 2008, $387.20 million was spent due to 800,000 bites that needed medical attention. Most of the incident occurred in the insured’s property.

Insurance companies have a list of breeds that are most likely to hurt somebody else, and if your dog is one of them, then it’s possible that your insurance rates will increase. Even if you only have a single claim due to dog bite, your premium is sure to increase. You can, however, lessen this insurance rate increase by hiring an animal trainer. Other than that, consider giving your dog to a new home.

Lastly, the slip and fall claims. This is one of the reasons people are in the emergency room, and this is something that can be prevented. If another person slipped on your front steps and filed a claim against your insurance company, your premiums will definitely increase.

Insurance companies are right to increase your premiums, if the above-mentioned were the reason for your claims. Most of these claims are preventable, not totally, but can be. Water damage can be avoided by proper maintenance of your house or having a reputable construction build your home. Dog bites are avoided by having your dog socially trained. While slips and falls can be avoided by installing handrails or rubber rags.

After filing for three consecutive claims, you can still acquire new coverage. However, it’s either your premium will be a lot higher, it will be difficult for you to find other insurers or your coverage will be a lot lesser, depending on the nature of your previous claims. If one of your claims is caused by water damage, dog bites or slips and falls, chances are it will be harder for you to get covered. Be sure to prevent such accidents.