Health Insurance Tips 101 Training

Health Insurance Tips 101 Training – Homeowners insurance (also known as home insurance) is not a luxury; It is a necessity. Not only because it protects your home and property from damage or theft. Virtually all mortgage companies require borrowers to have insurance coverage for the full or fair value of a property (usually the purchase price) and will not finance a loan or residential real estate transaction without proof of that.

You don’t even have to own your home to need insurance. Most landlords require their tenants to maintain renters insurance, but whether it’s required or not, it’s smart to have this type of protection. We’ll walk you through the basics of homeowner’s insurance policies.

Health Insurance Tips 101 Training

Health Insurance Tips 101 Training

Although they are infinitely customizable, a homeowner’s insurance policy has certain standard features that provide for the costs covered by the insurer.

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In the event of damage from fire, hurricanes, lightning, vandalism or other covered disasters, your insurer will provide you with compensation so that your home can be repaired or completely rebuilt. Damage or mutilation from floods, earthquakes and poor home maintenance is not usually covered and you may need separate riders if you need such protection. Detached garages, sheds or other structures on the property may also need to be covered separately using the guidelines for the main house.

Clothing, furniture, appliances and many other things in your home are covered if they are destroyed in an insured catastrophe. You can even get “off-premises” cover, so you can make a claim for lost jewelry, say, no matter where in the world you lose it. However, there may be a limit to the amount your insurer will reimburse you. According to the Insurance Information Institute, most insurance companies offer coverage of 50% to 70% of the amount insured on your home’s structure. For example, if your home is insured for $200,000, you would have coverage worth about $140,000 for your property.

If you have high-priced possessions (fine art or antiques, fine jewelry, designer clothing), you may want to pay extra to put them on an itemized schedule, buy a rider to cover them, or buy a separate policy. .

Liability coverage protects you from lawsuits filed by others. This section even includes your pets! So, if your dog bites your neighbor Doris, your insurer will pay her medical expenses, whether the bite happened at your place or hers. Or, if your child breaks her potty, you can file a claim to reimburse her. If Doris slips on broken pot shards and successfully sues for pain and suffering or lost wages, you’ll be covered just as if someone were injured on your property.

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According to the Insurance Information Institute, policies can provide as little as $100,000 in coverage, and experts recommend getting at least $300,000 in coverage. For added protection, you can purchase an additional million dollars or more through an umbrella policy with premiums of just a few hundred dollars more.

It’s unlikely, but if you’re forced to move out of your home for a period of time, it will be the best cover you’ll ever buy. This portion of insurance coverage, known as additional living expenses, will reimburse you for rent, hotel room, restaurant meals, and other incidental expenses while you wait for your home to be habitable again. However, before you reserve a suite at the Ritz-Carlton and order caviar from room service, remember that policies impose strict daily and total limits. Of course, you can expand those daily limits if you’re willing to pay more in coverage.

Not all insurance is necessarily equal. The least expensive homeowners insurance will give you the least coverage, and vice versa.

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There are several types of homeowner’s insurance that have become industry standard in the United States; They are designated HO-1 through HO-8 and provide varying levels of protection depending on the needs of the homeowner and the dwelling being covered.

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Actual cash value covers your belongings after deducting home costs and depreciation (that is, what the items are worth now, not what you paid for them).

Deduct for depreciation, so you can repair or rebuild your home to its original value.

The most comprehensive, this inflation-protection policy pays for any costs to repair or rebuild your home, even if it exceeds your policy limit. Some insurers offer extended replacement, which means more cover than you bought but with a ceiling; Usually, it is 20% to 25% more than the limit.

Because you don’t need enough insurance to cover the value of your home, you need enough insurance to rebuild your home, preferably at current prices (which have probably gone up since you bought or built. ) “Most buyers “It’s a mistake to insure [a home] enough to cover the mortgage, but that’s usually equal to 90% of your home’s value,” says Adam Johnson, home insurance product manager at policy comparison website Due to a fluctuating market, it’s always a good idea to have more coverage than your home.” Guaranteed replacement value policies absorb increased replacement costs and give the homeowner a cushion if construction costs increase.

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While homeowner’s insurance covers many situations in which a loss may occur, some events are generally excluded from policies such as natural disasters or other “acts of God” and acts of war.

What if you live in a flood or hurricane? Or an area with a history of earthquakes? You will need riders for these or an additional policy for earthquake insurance or flood insurance. There’s also sewer and drain backup coverage you can add and identity recovery coverage that reimburses you for expenses related to being a victim of identity theft.

So what is the driving force behind the rates? According to Noah J. Banks, vice president and insurance consultant at HUB International, the likelihood that a homeowner will file a claim is the insurer’s “risk.” To determine risk, home insurance companies consider past home insurance claims submitted by the homeowner as well as claims related to the property and the homeowner’s credit. “Frequency of claims and severity of claims play a significant role in determining rates, especially if there are more than one claim related to the same issue, such as water damage, wind storms,” ​​the bank said.

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While insurers are there to pay claims, they are also there to make money. Insuring a home that has had multiple claims in the past three to seven years, even if a previous owner filed a claim, can make your home insurance premium higher. The bank notes that you are not eligible for home insurance based on the number of claims you have filed in the recent past.

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Neighborhood, crime rate and availability of building materials will also play a part in determining rates. Of course, coverage options like deductibles or added riders for art, wine, jewelry, etc. — and the desired coverage amount — also factor into the size of the annuity.

“Pricing and eligibility for home insurance may also vary based on the insurer’s preference for certain building construction, type of roof, condition or age of the home, type of heating (if an oil tank is on-premises or underground), proximity to the coast. , swimming pool, trampoline, security systems and much more,” says the bank.

What else affects your rates?“The condition of your home can make a home insurance company less willing to provide coverage,” says BillVan Jura, an insurance planning consultant in Poughkeepsie, NY. Damages will be paid on a claim. Even having a puppy living in your home can raise your home insurance premiums. Some dogs can do a lot of damage depending on the breed.

With coverage it never pays to play cheap, there are ways to cut insurance premiums.

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A burglar alarm monitored from a central location or tied directly to a local police station can help reduce a homeowner’s annual premiums, perhaps by 5% or more. To receive the discount, the homeowner must provide proof of central supervision, usually in the form of a bill or contract to the insurance company.

Smoke alarms are another big deal. Although standard in most modern homes, installing them in older homes can save a homeowner 10% or more on annual premiums. CO detectors, dead-bolt locks, sprinkler systems, and in some cases even weatherproofing can help.

Like health insurance or car insurance, the higher the deductibles the homeowner chooses, the lower the annual premiums. The problem with choosing a high deductible, however, is that claims/problems that would normally cost only a few hundred dollars to repair – like broken windows or sheets damaged by a leaky pipe – will often be absorbed by the homeowner. And these can add up.

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Many insurance companies offer discounts of 10% or more to customers who hold other insurance contracts under the same roof (such as auto).

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