What All Homeowners Need to Know About Home Insurance - Sorting Through The Myths by Nick DAlleva

The following was taking from various surveys and random samplings of homeowners across the country:
If you are leaving your house empty or unoccupied, having a friend or relative drop by to look in on the house every Tuesday for example, will not satisfy the terms of your existing homeowners insurance. If they would normally deny a claim because the house is vacant or unoccupied, the fact that you demonstrate a neighbor was there to look in on things will not change the situation! We think having someone look in on the house is important, but it will not help keep coverage on the home.

Homeowners outside of an earthquake zone such as California, generally did not know they do not have earthquake insurance protection in their homeowners insurance policy. (Earthquake protection away from the West Coast is generally easy to add onto a insurance policy as a rider, and the cost is low.)

More than two thirds of homeowners did not understand they eventually lost coverage on the home if the house becomes vacant or empty.

Almost half of the homeowners did not realize they do not have “flood insurance” included in their standard HO3 or HO5 insurance policy. (damage from rising waters is almost never covered in a standard home insurance policy. Some insurance companies will add back in flood coverage for additional premium. For those that live in a “flood zone” and the insurance company is unwilling to provide the coverage, the U.S. National Flood Insurance Program is available).

Over 80% of homeowners did not understand there is a provision in the insurance policy that allows the owner to take action and spend money (that will later be reimbursed) just after a claim in order to avoid additional loss. (The best example of this would be a $200 expense to buy tarps to lay over a hole in the roof to keep the house from getting wet in a rainstorm).

Over 80% of homeowners do not understand the liability insurance attached to the homeowners insurance policy and how it protects the homeowner’s financial net worth and that of the policyholder’s family.

Over 80% of homeowners do not understand what a valuable article is, and that items with a high worth, or unique nature (like jewelry, art, or antiques) need to be declared in value with an appraisal or the full value will not be reimbursed by the insurance company in the event of loss.

Over 70% did not know they needed to do anything regarding their insurance coverage if they were having a friend or relative live in the house while the family was away. (In these cases a landlord, or a landlord / tenant policy is almost always necessary).

About the Author
Vacant Home Insurance Now is a provider of vacant home insurance and landlord tenant insurance policies. Whatever your vacant home situation, we offer the correct vacant homeowners insurance package and coverage. We have vacant condo insurance programs that offer the highest degree of affordable coverage.

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Points to Consider When You Compare Travel Insurance
By Kym Chambers

If you’re going on holiday this year then getting solid travel insurance isn’t just a good idea, it’s essential. Medical bills abroad can be extremely costly and it’s simply not worth taking the risk. You needn’t break the bank though, provided you’re prepared to compare travel insurance quotes and shop around a bit to find the best deal. Here are some points to consider:

Annual cover
If you’re overwhelmed each time you look online to compare travel insurance and find the process irritating and repetitive, it can be easier to get annual cover and then not worry about travelling for a whole 12 months. Especially if you’re going to take three or more trips abroad in a year, annual cover is definitely the way to go, as you can often save yourself money as well as time.

Ski trip extras
If winter sports are your thing, make sure that your travel insurance covers you specifically for skiing and snowboarding. A normal travel insurance policy will not be sufficient on the slopes and will not be valid for a claim if you injure yourself. It’s worth taking the time to compare travel insurance quotes from sports specialists who deal specifically in winter holidays for the best prices.

Excess charges
When you compare travel insurance you need to have a look at how much excess you will have to pay should you get injured, require medicines, lose your luggage or have your money stolen. Some insurance companies charge as much as £200 for excesses, which is fine for a large medical bill but not so good if you lost your£60 handbag. Excess charges can be as low as £30, which can make a big difference to your claims.

Cover limits
Not only do you need to check the excess limit, your cover limit is essential when you compare travel insurance. No policy worth its salt will have a cover limit of less than £1 million. This should be the absolute minimum, but you can get much higher limits. Again, particularly if you are skiing, a much higher cover limit is recommended, between £3 million and £5 million should be fine.

Don’t rely on EHIC
You need to find a comprehensive travel insurance cover for your travels abroad. Whilst the European Health Insurance Card (EHIC) can help reduce the costs of medical treatments in Europe, the only way to make sure you are going to get adequate medical treatment abroad is to compare travel insurance and get a decent policy.

Kim has 2 years experience in the car insurance industry. She enjoys writing articles on various topics.

Article Source: http://EzineArticles.com/?expert=Kym_Chambers

Get Out of Debt by Practicing Frugality - Save on Home and Auto Insurance
By Albertina Belmont

If you have a home, you must be paying home insurance and if you own an automobile, you must be paying auto insurance. In most states, it is mandatory for you to carry the minimum amount of insurance policies for both these assets. If your debt load seems insurmountable and you are working out on a plan to get out of debt, it is important for you to increase your income and practice frugality so that you could also save a decent amount of money and make extra payments towards the high rate debts. In this series, you should also be very careful while signing up for a home or auto insurance policy. Here is a brief rundown on how to save on insurance.

Shop Around

Whether it is about getting a new policy or renewing an existing policy, it always pays to shop around a bit. Do a thorough comparison-shopping by requesting free quotes from different companies. Compare these quotes and sign up with the one that offers you the lowest rates.

You Can Get Better Rates By Raising Your Deductibles

If you don’t make claims very often, raising your deductibles can be a great idea, as it can help you get insurance policies at much better rates. For example, you can easily save at least 25% on your insurance by raising your deductibles to $1000. This strategy can thus significantly reduce your monthly premium payments. Since this is a stage when your focus is mainly on the process to get out of debt, it is definitely worth saving on insurance by raising your deductibles.

Package Deal Can Also Save You Big Bucks

You can also save big bucks by opting for a package deal. Try to get both home as well as auto insurance policies from the same company. This way, you may qualify for some specific discount. I did this a few years ago and I was surprised to see that my overall premiums dropped about 18%. So, think about it.

Install Safety Equipment

You can qualify for an additional discount by installing safety equipment in your home as well as vehicle. Installing security systems, anti-theft systems, smoke detectors, and deadbolts does not cost you much, but once installed, they can substantially reduce your monthly premiums.

Don’t Switch To A Different Insurer Every Year

It has been found that if you continue with a specific insurer for more than three years, they offer you a special discount. Last year, my insurer reduced my premium by 5%. Therefore, if you are happy with the terms and rates offered by your insurer, you had better continue with them.

In order to evaluate the above points, all you have to do is make a few phone calls or visit a couple of websites. You will only have to spend an hour or so and you can easily trim your insurance expenses by at least 10%. Even if you save only $25 a month, you are actually saving a whopping $300 a year, that too, for just an hour of work. You can use this amount towards debt repayment and thus can speed up the process to get out of debt. Tomorrow, we will see how to save on housing. Meanwhile, do visit my website debt consolidation payday loan for detailed information on credit counseling and how to repay debts and enjoy a debt free life.

Article Source: http://EzineArticles.com/?expert=Albertina_Belmont

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Fix Your Insurance Score - 10 Tips
By Carson Koziol

Ever heard of an insurance score? Most people haven’t. Let me explain what it is and give you some ideas on how to improve this number.

Naturally it has to do with tickets and accidents and unlike the DMV (tickets fall off every year), some companies go back as far as ten years, some seven or five, even as short as three. An insurance score includes: payment history, bankruptcy, foreclosures and collection activity, length of credit history, amount of outstanding debt in relation to credit limits, types of credit in use, and number of new applications for credit.

Your insurance score also has a relation to your credit. The argument being that insurance is a form of credit as the consumer pays a monthly premium and can end up with multiple large bills after proven liable.

Something you do today can follow you for the next five years (or longer) as many of us already know.

With insurance scoring it only goes to show, an individual, as well as the industry, can benefit from everyone driving slower and having compassion for fellow commuters.

Lower premiums are an option but the consumer has to take the initial steps. Remember, insurance companies are pooling risks. That’s me, you, and the neighbor: if the rating class we’re in has substantial losses we’re all in for a rate increase.

Lets slow down a little and pay a more attention to driving instead of the phone or make up or whatever it might be. You could find yourself with a lower premium as a result.

TEN TIPS FOR IMPROVING YOUR INSURANCE SCORE:

PAY YOUR BILLS ON TIME. Paying your bills on time improves your score.
MANAGE YOUR OUTSTANDING BALANCES. As a rule of thumb, maintain account balances at least 75% below your available credit.
AVOID EXCESSIVE INQUIRIES TO YOUR CREDIT REPORT Too many inquiries may negatively impact your score.
LIMIT THE NUMBER OF CREDIT ACCOUNTS. Your access to excessive unused credit could result in too much debt.
REVIEW YOUR CREDIT REPORT REGULARLY. Know what is on your credit report and take necessary steps to dispute any inaccuracies.
AVOID “QUICK” CREDIT FIXES. Good credit is built over time.
MANAGE YOUR DEBT CONSOLIDATION. Consider how to effectively pay down your debt without generating more credit activity.
LIMIT THE AMOUNT OF NEW DEBT YOU TAKE ON. Too many new loans or credit accounts opened in a short amount of time can negatively affect your credit rating.
ESTABLISH CREDIT IF YOU DO NOT HAVE A LONG TRACK RECORD. A longer credit history has a positive impact on your score.
WORK WITH YOUR CREDITORS. Resolve outstanding balances before they are turned over to a debt collector.

Carson E. Koziol
http://www.insurancegoose.com
I am a licensed insurance agency owner in Nevada

Article Source: http://EzineArticles.com/?expert=Carson_Koziol