Homeowners insurance exists to cover a variety of claims. These include liability claims like dog bites or property loss claims like those sustained after a burglary. However the biggest claim any homeowner hopes they’ll never have to deal with is that of damage to their home after a disaster. This can come in many forms from fire to flood or other circumstance. Whatever the disaster, it’s important to always keep in mind that you can recover. Let’s look at how to recover after a disaster and key steps of the process.
Sometimes your current insurance company doesn’t end up being the best option for you going forward. It’s natural for consumers to switch insurance companies a few times in their lives, if not more. There are several reasons consumers switch. Their previous insurer may not offer all the coverage options they now need, or the customer may move to an area where their previous coverage isn’t applicable. Other times it’s as simple as dissatisfaction with the insurer’s service or a simple matter of price. Whatever your reasons, you should never feel like you’re locked into your insurance coverage. Let’s take a look at the steps required to switch insurance companies.
Insurance claims are an inevitable part of owning a home, and part of evaluating homeowners coverage is determining how often on average you can expect to file a claim. While we certainly don’t have a crystal ball when it comes to claim frequency, we do have the history of previous claims to draw upon. These estimates can give you a rough idea of how often you can expect potential claims to arise. This in turn can help you determine your ideal insurance deductible. It can also be helpful in long term financial planning and help you avoid future claims altogether. So if you haven’t already, it’s time to ask – how often are homeowners claims filed on average?
In recent years, insurance customers have been bombarded with countless insurance ads about how they should switch companies and how much they can save when they do. In light of this oversaturation, it can be hard to know exactly what to value in the insurance coverage you shop for. Sure savings are great, but they’re just part of the picture. Overall coverage can vary from company to company, and sometimes restrictions and limitations exist with one company that may not with another. Homeowners insurance is a particularly important coverage to comparison shop because it represents one of the larger investments an insurance customer makes. It only follows that you should carefully comparison shop homeowners insurance when you first buy a home or when your existing policy comes due. Here are some tips on how to know exactly what you’re getting as you shop.
There are several insurance coverage options that make up a typical portfolio for any Colorado resident. These include homeowners insurance or renters insurance, auto insurance and umbrella insurance. However many Colorado residents may be overlooking an important insurance option that could effect the way they earn income. Those that choose to drive for Rideshare companies like Lyft or Uber absolutely need to make sure this type of coverage is added to their insurance portfolio. It is called Rideshare insurance, and if anyone who drives for rideshare companies is skipping it, they need to think again. Let’s take a closer look at why.
For any home buyer, be it first time or experienced, homeowners insurance is considered an essential part of the equation. Indeed if a home is purchased with a mortgage, homeowners insurance is a required part of the transaction that must be maintained through the life of the loan. Other homeowners acquire property via different means, be it inheritance or buying the home outright. For individuals in this circumstance, homeowners insurance is not expressly required, and they can opt out of the coverage if they so choose. The thing is anyone who decides to “opt out” of homeowners insurance, be it the coverage entirely or certain key elements of the coverage, is taking a risk by waiving this important insurance option. Let’s investigate why often it’s more expensive to skip homeowners insurance.
If you live in Colorado, the news around homeowners insurance premiums isn’t good. Most homeowners customers are seeing their rates rise again in 2018, and there are several reasons why. Colorado has been hit with some pretty severe natural disasters in the past few years including floods, forest fires, tornadoes and hail storms. It’s no secret that Colorado weather can be pretty wild, but there are other reasons why rates are rising as well. Let’s take a closer look at homeowners insurance rates rising in Colorado and what you can do about it.
Most homeowners think about flood insurance at some point, be it before they buy a home, during the closing process or after a big storm. For those that aren’t familiar, floods are not covered by a standard homeowners policy. This means that if a large flood hits your neighborhood, think Act of God type flood, you won’t be covered by your homeowners insurance. (Note: this is different than a “man made” flood where your washer fails and floods your basement. That -is- covered by a homeowners policy). The thing is, if your insurance broker or real estate agent says you’re in a low flood risk area, most homeowners pass on flood insurance. However, you may need to re-think your decision on low risk flood insurance, especially during the spring months. Let’s take a closer look at why low risk flood insurance may be a prudent investment.
It seems like a rare and often accidental occurrence – your dog bites someone else. However, dog bites rack up plenty of insurance claims each year, and much more than you’d expect. Dog bite claims are so common that they’ve risen again last year and cost almost $700 million per year now. Even if your family pet is well behaved and has no history of biting others before, sometimes the unthinkable happens and suddenly you’re liable for a dog bite. Worse yet, you may not think about a dog bite claim as part of your overall insurance plan, but pet owners should absolutely consider it as part of their overall coverage. Let’s take a closer look at how dog bite claims can impact your insurance and how you can prepare for it.
Most insurance customers have heard about umbrella coverage, but often the need for it is clouded in “what if” scenarios. Commonly umbrella insurance is sold with claims like “you never know when you’ll need it,” and “it only costs a little bit per day,” which makes it an easy choice for most insurance customers. Even so, the real need for umbrella insurance is pretty cloudy for most customers. Worse yet, if you get into court over a liability claim, you could be looking at $1 million or more in damages. Umbrella coverage only helps in circumstances like this if you have it before the liability claim. In order to help customers visualize just what umbrella insurance covers, we’d like to look at some real life umbrella insurance claims.