Insuring Your Home – Replacement Cost vs. Market Value

Unfortunately, disaster can strike at any time. No one is immune to the threat of losing his or her home due to any number of possible hazards. But a recent survey found that most homeowners are seriously underinsured.  Marshall & Swift/Boekh, a leading insurance data services company, found  that 66 percent of homeowners had inadequate coverage by an average of 18 percent. That works out to $36,000 for a typical $200,000 home. While few people would willingly choose a policy with a $36,000 deductible, that is the net result of being underinsured by that much on what may well be their most valuable asset. Market Value vs. Replacement Cost The market value of what your home would sell for today 

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What Renters Need To Know About Insurance

Since most homeowners are also mortgage holders, they are required to have home insurance. However, most renters are not required to purchase renter’s insurance according to the terms of a lease. They face many of the same risks as homeowners. Although renters do not have to pay for the actual structure that is rented, they are responsible for covering their personal belongings that they bring into the structure. Most renters do not purchase insurance because they feel that it is too expensive. Average policies range between $10 and $30 per month. In comparison with the cost of replacing expensive belongings, the monthly premium is a good deal. This is especially true since renters have no control over the actions of 

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Does Homeowners Insurance Cover Water Damage?

What does my homeowners insurance cover? Water is known for penetrating structural cavities and creating growing pockets of saturation without the knowledge of the homeowner. Unfortunately, it often requires sophisticated tools and technology to find the source of such water damage. If the moisture remains undetected, it causes damages that eventually lead to an expensive restoration process. IICRC-certified restoration specialists possess the skills, knowledge and equipment needed to dry a building and stop the source of the damage. They monitor conditions carefully to help prevent future issues and problematic mold. Flood Cleanup Tips Always be sure that it is safe to enter a building that was previously flooded. Look for structural damages that create falling dangers, electrical hazards and other 

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Tips to Winterize Your Home

The chill in the air tells you it’s time to pull out the heavy clothes and brave the falling temperatures. That chill should also tell you it’s time to perform a check of your home to ensure it can withstand the rigors of the upcoming winter. Start with a top down approach by taking a good look at your roof. Inspect it for cracked or missing shingles, worn patches on shingles, missing or damaged flashing, and any other conditions that might permit water to leak through. If your shingles look haggard, try bending the corner of one – if it breaks, it is time for a new roof. Your gutters are another part of your anti-leak prevention system so they 

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High Net Worth Insurance

High Net Worth insurance is designed for policyholders with a net worth of 5 million or more. This segment represents about 5% of the population and the needs of this group are very complex. In 2015, Chubb was acquired by ACE. This acquisition was a surprise to many in the insurance industry and agents are still letting the dust settle before offering an opinion on the deal. Since the Chubb acquisition was announced several other insurance companies have started offering High Net Worth insurance or so they say. Saying you offer High Net Worth insurance and actually meeting the needs of this select group of clients are two different things. High Net Worth clients have multiple moving parts including multiple 

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5 Insurance Changes to Make When You Retire

Whether you plan to travel the world, run marathons, serve your community or spend more time with family, retirement will bring radical changes in the ways you spend your time. And whenever life changes, so do the risks you face — which means retirement is a good time to look closely at your insurance coverage. You might need more, less or different coverage, and you might also qualify for new discounts.   Here are five insurance tasks you should prioritize as you enter retirement. 1. Ask about car insurance discounts and coverage There are a couple of ways you can save money on car insurance once you retire: Tell your car insurance agent or company you’re no longer commuting. Driving 

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Insurance for a Swimming Pool

You’re having a new pool installed in your backyard, and you can’t wait to dive into a summer of swimming fun.  Of course, you may be so busy buying water wings, noodles and floats that you forgot to take care of one very important detail: your insurance. Now is the time to take a close look at your homeowner’s policy to see if you have sufficient coverage for your new pool. Your first step should be to give your insurance agent a call right away and let them know you have a new pool. If you neglect to inform them of this important fact, it could cause problems down the road if someone is injured in your pool. Your pool 

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Does a Homeowners Insurance Policy Cover a Home Business?

With the Internet and technology expanding every day, more and more people are building home businesses. However, a homeowners policy will not cover the risks of these businesses in most cases. The only hope homeowners have of receiving any compensation is if their policies have special endorsements. For example, a homeowner who has a policy to cover a home daycare facility would be covered when filing a claim for that type of business. Also, some policies have very limited coverage for items such as computers or other business property. For these reasons, it is important to have business coverage instead of making the mistake of believing homeowners insurance will suffice. Since few people set foot on their premises, many home 

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It Happens: Sewer backup

November 10, 2015 By: Christopher Barger Sometimes sewer backups happen. We look for someone to blame, but often there just isn’t blame to be found. How do we prevent it from happening? And if it does, how do we protect ourselves from the financial storm that follows? Suppose for a minute that you just spent $10,000 converting an unfinished basement into your awesome new recreation room. Somehow, the sewage backup that occurred three weeks later, ruining your new carpet, furniture and recently installed drywall didn’t factor into your vision of awesomeness. What a horrible, stench-filled mess. You’re disgusted, angry and someone’s going to have to pay for this affront. Wait until you find out that someone is you. Let’s start 

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What Does Homeowners Insurance Cover?

Dan called and said the aluminum siding on his home is worn out and needs to be replaced. He asked if the siding would be paid for by his homeowners insurance. I informed him that worn out siding is not a covered loss which preceded his next question…what does homeowners insurance cover? Homeowners Insurance Homeowners insurance is designed to cover a “sudden and accidental loss”. Homeowners insurance provides a lot of coverage but it is not a maintenance policy and does not provide coverage for damage due to “wear and tear” or “old age”. Use homeowners insurance for the “Big Event”. If your house catches on fire or a pipe bursts inside your home causing significant water damage, homeowners insurance 

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