Home Insurance Daily

by: Christine Zafra

Some aspects of the policies are just hard to understand. You can’t actually comprehend everything in just one sitting.

In home insurance for example, even though companies say that they cover flood insurance, and say, you live in Central America, don’t rejoice and sign that contract instantly. There are things to consider before the insurance company gets that signature of yours. The best thing to do is for the broker to define what flood is. Also, if he or she says it’s something water related, then ask if mudslides caused by the softening of the land due to heavy rains and flood are covered by it. If he says no, then might as well turn your back and walk away.

by: Christine Zafra

For an insurance policy holder, I am sure most of you are familiar with how your policies can such be a pain in the neck. There are a lot of things to review in your policies and if you missed even one, chances are, you might suffer the consequences later on.

You have to be really specific with your insurance person. Always communicate with him or her and update your policy oftentimes. If you don’t understand something on the contract, then ask. Don’t hesitate to fire question at him or her. If he or she can answer your questions without a sweat, then congratulations, you’ve found a trustworthy company for your insurance.

by: Christine Zafra

A lot of old homes are in peril of losing their insurance if they don’t comply with the insurance company’s will. It is a common misconception that old homes have higher insurance since they have a higher market value, but the reality is, it’s the other way around. Old homes are fond of using aluminum for their electrical wirings. Insurance companies claim that these electrical wirings can overheat and if not spliced correctly. A short can also occur when these wires trip. There are some ways to distinguish a faulty aluminum wiring system and that is, if the box of the main switch has burn stains around it (the walls). You also have to smell if there is a trace of “burning electricity” in your homes. If these things are discovered by your insurance company, chances are, your insurance can go lower than expected.

by: Christine Zafra

Your insurance coverage does not end with your signature on paper. It actually goes a long mile. What you can do is to write down everything you have or possess, complete with the date of the purchase. I know this is a very tedious thing to do, but this will come handy when you move in to another house or if you burned a part of your home.

You can file for a claim against the moving company in case you lost something while transferring your things to your new home. Perhaps, writing down is not enough since they could always deny things. Get a good documentation of your whole house by taking pictures or videos of your possessions.

by: Christine Zafra

If you think fireplaces are relaxing, then by all means, have one. But, you have to consider the consequences of it.

Insurance companies are quite wary about houses with fireplaces since this is a wood burning “appliance” (you can get electric if you want to). Chances are, insurance companies think that there is a greater risk in your house – more so if the fireplace was not properly installed. There is a building permit to work on before you could install your own fireplace. A lot of considerations should be made before you can work out in installing one (i.e. if your house is too old or is made of old wood, then you might as well think twice in installing this appliance). If you want warmth during Christmas, might as well get heater.

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.

Things to know about getting your home insured
1. Your statistic as policy holder.

Your premium are based on risk, what you do, your name, what you have, how do you live, everything anything that constitute you as a value.

2. How much your home to you?
Locate a local builder the provide the best estimate of your house

3. Insurance maker varies.
Insurance policy from different insurers may look the same on the first glance. Try to talk as much as possible into the detail of the policy and compared it.

4. Price does matter.
Don’t fall easily on which one is the cheap policy rather look which insurer have a good records in terms of claims.

by: Christine Zafra

A horrible thing happened in Key West before: hurricane Wilma brought down a lot of houses, some deem to be irreparable. There were hundreds of people affected by the said catastrophe. Recently, a certain Robert Cintron, a local lawyer, filed a case against 5 insurance companies for not doing what they are supposed to do.

Mr. Lopez, a resident of Key West, lived inside a cramped trailer provided by the government for 2 years since his insurance companies fought over who was to be responsible in the said catastrophe (whether wind or flood). Cintron is said to push through with the case so as to teach irresponsible insurance companies a lesson.

It is a must that you take good consideration of several aspects when shopping around for home insurance cover, as this form of protective cover can be very important and could give you with valuable financial protection in the coming years. Home insurance is designed to provide financial protection against damage to your home or the damage, loss, or theft of your belongings from inside the home.

Without the protection of home insurance you could find that you have to pay a great deal of money from your own pocket in the event that your property or belongings are damaged – and if you do not have the ready cash then you could hit real problems.