What Is Homeowners Insurance Coverage?Written by Tim Gorman
Before attempting to find best homeowners insurance coverage you should make sure that you are familiar with what homeowners insurance is and what it can do for you. A standard policy provides financial coverage to your house and property within house. Natural disasters, theft and other maladies that can occur are usually covered in your policy. Some exceptions include flood and earthquake protection, which require additional coverage. Another feature that home insurance covers is damage caused by household pets and any legal liabilities to anyone caused harm by yourself or family members on your property. The amount of house insurance you may require is based on 4 areas: Home structure, personal property, liability for protection to others and some additional costs associated with repairs to your home. House Structure – Always make sure you obtain enough insurance to cover cost incurred to rebuild your current home at today’s market prices in event a natural disaster should take place. You don’t really need to include cost of land and you shouldn’t base amount on price you paid for your house as cost of rebuilding fluctuates. Personal Property – As much as you value your personal possessions many insurance policies will only provide coverage between 50% and 70% based on your current homeowners insurance coverage. You play a big part in making sure your property is properly covered so make sure to do an inventory listing all of your possessions. Try to be as detailed as possible, after all this is your property and you deserve to be reimbursed if anything bas happens. You’ll have to be careful in this area. If you own expensive jewelry or furs then you should seek out additional coverage through a floater or endorsement policy. In most cases an insurance company will only compensate you $1000 to $2000 for jewelry or furs that are stolen or lost in a fire. I can relate a true story to you where my wife and I had $12,000 worth of jewelry stolen and were only reimbursed $1000 because we didn’t have additional coverage for her jewelry collection with a floater. The lesson learned was always to make sure our possessions were accurately and correctly insured against future losses.
| | Save on your insurance by improving your credit score.Written by Tim Gorman
Did you know that you could make sure to get best rates on your auto and homeowners insurance simply by having a good credit score. Additionally a great credit score will allow you to get best interest rates on your credit cards, car loans and even your home mortgage. With interest rates as low and as favorable as they current are why shouldn’t you take advantage of them?What to do – Probably most important first step you can take would be to order your credit report in order to view its accuracy and check for any glaring errors that could cause you problems or lower your credit score. A good credit score generally speaking is above 750. There are 3 companies that offer credit reports. TransUnion, Equifax and Experian. There is a slight cost however a new law allows consumers right to one free credit report every year. As of this writing only consumers on West Coast can enjoy this benefit. Mid-west states can start receiving their free credit reports around 1st of March 2005. For those of you that live in South expect to be able to order your free report starting 1 June 2005 and if you’re on East Coast you’ll unfortunately have to wait until beginning of September 2005 in order to claim your free report. Please don’t take this lightly - your credit score is very important to your financial success in life. Even
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