If emergency officials in your community issued a mandatory evacuation order to get out of the path of a wildfire, hurricane or other natural disaster, would you know what to take with you, the evacuation route you would take and where you would go until it was safe to return home? A recent survey shows that many homeowners are not prepared for an emergency - learn how to make your own plan by reading the full Medium article here.
Your home is the most significant investment for almost every American. Do you know how to choose the right coverage for you and your family? Here's tips how.
How to pick the right homeowners insurance
(BPT) - If you're like many Americans, your home may be your most valuable asset. That's why it's so important to protect it with homeowners insurance. Plus, it's probably a requirement of your mortgage. Setting up your coverage the right way starts with understanding the major parts of a homeowners policy.
Consider the following information and tips from the USAA Home Learning Center:
This protection covers the cost of repairing or rebuilding your home if it's damaged or destroyed. When you select the amount, keep in mind the cost to rebuild your home is different from its market value.
It's important to get the dwelling coverage right and to monitor it over time to make sure it keeps up with construction costs to rebuild. Under most homeowners policies, if you file a claim and have underinsured your home, your payout may be reduced.
Some insurers will help you estimate the rebuilding cost. They take into account the features, materials and finishes that make your home unique.
Personal property protection
This protection covers your furniture, clothing and pretty much everything else inside your home. Most policies set the amount of personal property protection as a percentage of the dwelling coverage.
It may not be enough, though. Homeowners plans set limits on certain high-value items. If you own expensive jewelry, art, guns, stamps, furs, cameras, computers, silver or collectibles, you'll want to consider buying valuable personal property insurance. This is sometimes called a "personal articles floater."
When you set up your homeowners policy, you may have to make an important choice about how to reimburse losses. There are two approaches:
To make your recovery from a loss as smooth as possible, replacement cost coverage is recommended.
This is one of the most important and least appreciated forms of protection offered through homeowners coverage. It protects you if you're found to be at fault for someone's injury or property damage. It even covers you for non-automobile incidents away from your home. Generally, it also covers your legal costs associated with such claims against you.
As a rule, your liability coverage should at least be equal to the total value of your assets for both your homeowners and auto insurance. If your assets are higher than the maximum coverage allowed under the policy, consider purchasing umbrella insurance to cover the difference. This is important to protect the savings and other assets you've worked hard to acquire.
As with other types of insurance, a deductible is the part of a loss that you're responsible for covering out of your own pocket. The higher your deductible, the lower your monthly premium.
Choosing a higher deductible can save you money with a lower monthly premium but increases the risk you take. Consider the amount of cash you typically have on hand in your emergency fund or checking and savings accounts. Make sure you can cover the deductible amount comfortably.
What may not be covered
Your policy's basic coverage won't cover some special risks.
For additional information on protecting your home, visit USAA.com/Homeowners.
If your homeowner insurance rates are creeping up even though you haven’t filed any claims, it may be time to take a look at how you can bring those prices back down. Research, smart shopping and even some home upgrades can make a noticeable difference in your insurance premiums. Explore the cost-savings potential with these tips.
Save Your Way to Lower Home Insurance
(Family Features) If your homeowner insurance rates are creeping up even though you haven’t filed any claims, it may be time to take a look at how you can bring those prices back down.
Research, smart shopping and even some home upgrades can make a noticeable difference in your insurance premiums. Explore the cost-savings potential with these tips from the experts at CertainTeed, a leading manufacturer of exterior and interior building products:
Shop for the best rates. It’s easy to be complacent when you’ve used the same insurance company for years, but if getting the best rate is your objective, it’s a good idea to shop around. To do effective comparison shopping, have a copy of your current policy ready and contact a handful of competitors. Provide them the exact same coverage details so you can compare like rates, but also be ready to listen to information about additional coverage options that may suit your needs.
Combine homeowner insurance with other policies. Most insurance carriers offer multiple policy discounts, which they apply when you insure more than one item. For example, if your homeowner insurance carrier also insures your cars, you’re likely to save money on the rates for protecting both your home and automobiles.
Update your home’s first line of defense. Many homeowners focus on aesthetics when it’s time to make upgrades, but there are some important functional improvements that can make a difference when it comes to your insurance premiums. For example, as extreme weather becomes more commonplace, the first line of defense is often the type of roofing material chosen. Many insurance companies even offer discounts for using impact-resistant shingles. Check with your insurance provider before making a final selection, but in general, look for products that include “impact-resistant” in their name and specs, and “Class IV Impact Resistance,” the highest rating available for roofing materials.
For example, NorthGate Class IV impact-resistant shingles from CertainTeed are engineered to have a higher probability of resisting hail. These shingles are made using rubber-like polymers that offer flexibility and impact resistance, as well as crack and shrink resistance, even in cold weather. So when severe weather strikes, your home can be protected and stay looking good.
Install a home security system. An intruder alarm can provide more than peace of mind. Insurance companies often reward homeowners who take steps to minimize the chances of burglary or vandalism. After all, a well-protected home is less likely to result in a claim for losses. Some companies offer varying degrees of discounts on insurance rates depending on the type of system you install, so be sure to thoroughly research the options. For example, a system that simply emits a loud noise when triggered may generate one level of discount, while a system that dispatches emergency personnel when activated can lead to an even better rate.
Insurance rates are one place to save money on your home costs. Learn more about impact-resistant shingles and how they can save your home and wallet at certainteed.com.SOURCE:
Don’t fall victim to the financial risks and mental stresses associated with owning a home. Appliances have set lifespans, breakdowns are inevitable and repairs and replacements are costly. Make sure your home is covered, so you and your wallet can rest assured that your home is taken care of.
(BPT) - Nobody bats an eyelash when it comes to buying homeowner's insurance, but many homeowners don’t apply that same logic to planning for home repairs — not what might happen, but what will happen.
Only a fraction of the 120 million U.S. households today are protected by a home services plan, also known as a home warranty.
That number is growing, as homeowners recognize the value of coverage when appliances go on the fritz, hot water heaters run cold in the middle of winter or a leaky faucet drives up their water bill. Perhaps one reason more homeowners don’t have home service plans is because they think they are covered through their homeowner's insurance policy.
Homeowner's insurance doesn’t protect you from the natural home aging process.
Insurance kicks in when damage occurs from an outside force, like a busted sewer line or roof damage due to a major storm. While insurance covers you when Mother Nature strikes, it doesn’t protect you from the natural wear and tear that your home’s major systems and appliances go through during the aging process. Understanding how home service plans work and how they fit into your financial and risk-planning strategy allows you to be prepared for covered breakdowns, without breaking the bank.
Let’s start at the beginning. What is a home service plan?
Home service plans typically cover the repair or replacement of major home appliances, including refrigerators, washers, dryers, ovens or cooktops, and components of major systems like plumbing, HVAC and electrical.
When your air conditioning system breaks, or your washer or dryer stops spinning, you want the confidence of having a home services plan in place that will help protect your budget.
This is where the true value of a home service plan comes in. Home service providers such as American Home Shield accept service requests and assign professionals to diagnose the problem and offer a solution through its vast network of skilled and trusted contractors, which includes more than 15,000 licensed and qualified pros throughout all 50 states.
What’s the bottom line?
With a home service plan, you won’t pay the full cost of repairing or replacing items covered by your plan. Regardless of age, make or model, your contract helps cover the repair or replacement of items covered in your plan. For example, if your refrigerator malfunctions, your service provider will connect you to a quality contractor to diagnose and repair the problem. This can help reduce the hassle of repairing it yourself and help protect your budget.
Think about your home’s future (and yours).
Service plans can come in handy when selling a home. The appeal speaks for itself: When buyers are making that final decision around one of the biggest investments in their lives, having a home service plan in place gives the new homeowner confidence that the home’s systems and appliances are protected, and they won’t bear the entire financial impact of repairing or replacing it if it breaks down.
The choice seems obvious: Don’t fall victim to the financial risks and mental stresses associated with owning a home. Appliances have set lifespans, breakdowns are inevitable and repairs and replacements are costly. Make sure your home is covered, so you and your wallet can rest assured that your home is taken care of.
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