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Home Insurance TipsRead these 100 Home Insurance Tips in 10 categories ranging from Buying Homeowners Insurance Online to Understanding the Basics of Homeowners Insurance. Each tip is approved by our Editors and created by expert writers so great we call them Gurus. LifeTips is the place to go when you need to know about Home Insurance tips and hundreds of other topics. Become a Guru or Become an Advertiser. Sewage Backup CoverageIf you live in an area where floods are a major concern each year, then you know that they bring another potential threat with them: sewage backups. Often severe floods will cause sewage systems to back up into the pipes in your home. Everything from your kitchen sink to toilet and washing machine can be seriously damaged, not to mention the smell and clean up. There are types of homeowners insurance that can cover this, but they are not offered by every provider. It is also not usually covered under flood protection policies provided by the federal government or private agencies. So you will have to assess the likelihood of flood and sewage backups in your area to determine whether or not you want to seek out this type of home insurance coverage. The damage to your home from sewage backups could be severe and very expensive to repair. Talk to your neighbors, friends and family to see what they go with, and get some recommendations from your state Department of Insurance. Extended & Guaranteed Replacement Cost CoverageIf your home needs to be completely rebuilt after a natural disaster, the last thing you want to hear is that your insurance won't cover the full cost. So how can you avoid this? Well, there are two options available to people who want to sidestep this problem: extended and guaranteed replacement cost coverage. These types of homeowners insurance policies account for inflation, changes in property values, and cost of construction materials and labor at the time of rebuilding. Extended replacement cost coverage will pay up to a preset amount above the policy limit to rebuild a damaged or destroyed home. Usually it is not more than 120 to 125 percent. Guaranteed replacement cost coverage has no limits, so you will not be held to a specific preset figure. These policies are primarily beneficial to victims of major natural disasters like earthquakes or hurricanes because the sudden increase in labor and materials can drive prices up. Endorsements & RidersTwo common terms you may here in the home insurance industry from time to time are endorsement and rider. Fortunately they are not hard to remember because essentially they are the same thing. These are written forms that are attached to your insurance policy. They are there to modify terms and policies or add/remove certain types of homeowners insurance to your existing plan. For example, if you want to add hurricane coverage to your homeowners insurance, a form would be attached to your policy that adds this coverage along with the appropriate cost and terms and conditions. Simple. Obviously, endorsements or riders are mainly used when you want to augment your insurance to cover something that you feel is necessary but was not part of your original policy. This way, you can alter your insurance at any time without having to wait until the current policy expires before adding something else you need. jobs by
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Hurrican CoverageHurricane protection is another type of home insurance that is not automatically included in your basic policies. If you add this to your plan, it will either add a specific dollar amount or percentage to the cost of your policy. You may also find that your deductibles will be higher when opting for hurricane coverage if you live in areas deemed to be at high risk. So you will notice these higher deductibles more the closer you get to coastal areas of the United States like Florida and the Gulf areas. The exact details of these types of home insurance plans will be slightly different from company to company. They will also vary between states, since certain states tend to get hit with hurricanes more often than others. Check with your state Department of Insurance to find out what risk level your area is considered to be in and how that will affect your insurance rates. You may then want to start requesting free home insurance quotes. Flood ProtectionYour basic types of homeowners insurance do not usually cover flood damage. Policies that can protect you from this are usually either offered through the federal government or through select private companies. If you live in an area that is prone to flooding and want to insure your home against such damage, ask your current provider if they offer such coverage. If they do not, you can always obtain free home insurance quotes online from companies that do offer flood protection and consider switching your coverage to that provider. The other option would be to purchase a policy from the federal government. Contact your state's Department of Insurance for more information on this. It is also a good idea to have flood detectors installed in basements. This can help you prepare and avoid flood damage, but it may also reduce the cost of that type of coverage, just like security alarms and smoke detectors help reduce other types of home insurance. Insuring Part-Time & Vacation HomesIf you own more than one home and will be away from either for an extended period of time, make sure that you choose a policy that covers you while you are away. Some types of homeowners insurance will not cover you for the entire year if you are only living in a house for three months out of the year in the summer. Make sure you specify that a house is a vacation home or if it will be used year-round. Free home insurance quotes for full-time homes would be different from part-time dwellings. The main reason is that no one would be there for large stretches of time at a vacation home to keep up with regular maintenance, prevent fire damage or theft, etc. If you fail to specify that a house will only be occupied for a small amount of time each year you could run into trouble. If something were to happen that would require you to file a claim while away from the house, you could have difficulty settling the claim. |
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