Home Insurance Daily

Image Source: aboutfirehazardinsurance.com

The fire insurance policy has been changed to Standard Fire and Special Perils Policy. The risks covered are as follows:

Dwellings, Offices, Shops, Hospitals(Located outer the compounds of industrial/manufacturing risks) Industrial / Manufacturing Risks Utilities positioned outside industrial/manufacturing risks Machinery and Accessories Storage Risks outside the compound of industrial risks Tank farms / Gas holders located outside the compound of industrial risks

Perils Covered- Cause of Loss

Fire Lightning Explosion/Implosion Aircraft damage Riot, Strike, Terrorism, Storm, Flood, inundation Impact damage Subsidence , landslide Bursting or overflowing of tanks Bush fire etc.
Claims In the event of a fire loss covered under the fire insurance policy, the Insured shall immediately give notice there of to the insurance company. Within 15 days of the occurrence of such loss the Insured should present a claim in writing giving the details of damages and their predictable values. Details of other insurances on the same property should also be declared.

by: Christine Zafra

The III or the Insurance Information Institute said that they have received a lot of queries from policy holders regarding the current state of their insurance coverage. Since storms and tornadoes are common nowadays, some people ask if insurance companies will cover damages concerned with trees. Yes, Good ol’ trees.

So, what is III’s answer to that? Of course, insurance companies do cover these. Even though the cause is not due to a storm or any kind of turbulent phenomenon, insurance companies will cover houses or even detached buildings (provided that it is insured) if a tree hits it. It doesn’t even matter whether the tree is located at your backyard; As long as it damaged any part of your house, you can file for repair costs.

It is also called hazard or homeowners insurance (HOI). It is a type of insurance that combines protection of various personal insurance and private homes. It provides protection coverage for losses of one’s home contents, personal possessions of the owner and other accidents that may happen at the home.

Coverage of home insurance varies depending on the amount of premium pain and type of coverage desired. The cost of replacement of house and additional items that would be insured is attached to the policy and helps determines the actual cost of the premium. Home insurance policy is a term contract in effect for a specific period

In auto insurance claim, the worst thing that can happen is that insurance company may increase your premium by the time you renew. However, according to insurance companies, nothing happens when you file your homeowner’s insurance claim for the first time. So your fear of premium price skyrocketing is not true at all and spokespersons of many large homeowners companies have stressed this out already. That no single claim will increase premiums no matter what size or type. According to Bob Hunter, an insurance expert from Consumer Federation of America, this claim of many insurance companies appears to be true in practice especially if the claim is caused by the forces of nature.

Nowadays, home-based businesses are getting popular. For some, there is no amount of joy can be offered in having business right at your very own home. There are various benefits one can have working from home. No rent is one, office politics can also be avoided, less travel allowance also and no irritating traffic to consider. At the rate the technology is advancing, the number of home-based businesses is growing fast. If it is not on top of your priorities, at least be aware that there are areas of concerns that need protection. Liability insurance will protect you in all your business related activities, property insurance will protect all your business properties and lastly, life and disability insurance will protect yourself and protecting the income in the process.

You may not be aware but your insurance coverage may have several catches. Natural disasters may not be covered by your insurance policy. When your house will be damaged by the forces of nature like hurricane and lighting, the insurance company is not going to pay. Another issue is the rental value of your property. It may be included in the coverage alright but check it out because the value of a lease that was cancelled may no t be covered and that is a totally different thing. The coverage may not include structures used for business purposes be it as a whole or in part like storage. What you can do is to always take time to read the fine prints.

The landlord’s investment is protected by the landlord insurance policy. Obviously, the most common investment which a landlord would want to be protected is the building or property for rent that is providing him his needed income. An income lost from a tenant or income lost due to a lawsuit is protected with another policy. Normally, there are two basic types of policies that a landlord can consider. One is the peril policy which covers only those that are specifically stated or listed in the policy. Another type is the open peril policy or most commonly called comprehensive policy. This type practically covers everything unless specifically stated excluded from being covered.

Many companies are now open to the idea of customizing policies that conforms to the requirement of customers and these policies are being offered at a much lower premium costs much to the benefit of the consumers. Premium cost is a very significant factor in choosing an insurance coverage. Good news to those who have homes that are well-maintained, there is no irregularity or damage in the physical appearance of the house and the wiring and plumbing are updated, then they have a better chances of getting lower premiums. However if the problem is minimal and yet did not meet the standards of the insurer, a no frills insurance coverage is applicable.

More than anything else, reassurance and peace of mind are the things that a home insurance can offer. Despite the fact that this would really cost an additional expense, still a lot of people do not fail to cover their homes and their valuable contents as well. There are a few who do not have home insurance and their valuables covered, and the bad thing about it is that they will be held liable in times of disaster, rebuilding their homes could cost them really huge amount and replacing their valuable possessions is worth a fortune. So it is always a good idea to get the right policy at the best value for your own protection and peace of mind.

Heres some insurance tips.

1. Be aware of the single-item limit.
From the word itself, it is the utmost the insurer will pay on one item. Mostly these options were to protect the valuable belongings.

2. Are you entitled to accidental damage?
This option doesn’t include in most insurance policies. You may need a different policy. It will cover up the possessions that are damaged by mistake.

3. Keep in mind the ‘reasonable care’ clause
Keep your valuable in a safe place.

4 Update content policy
As time goes by, house will be filled with new and expensive gadgets, furnitures and appliances, so make sure to update the policy. In that case making claims wont be compromise.