Home Insurance Discounts Harder To Get

I-Team: Home Insurance Discounts Harder To Get - CBS 4
http://cbs4.com/local/insurance.rates.homes.2.1940997.html

Insurance insiders said homeowners could see as much as an 80% rate hike on the windstorm portion of their premiums when their homes are re-inspected under the new guidelines.

(via Instapaper)

Changes in the regulation of house insurance inspections could mean big increases for some Florida homeowners.

Good Question: Why Isn't Flooding Covered?

Something to consider with flood protection is that it may not cover the contents of your basement.  Even if your house insurance includes flood coverage, you may not be covered for the furnishings of a basement, even if finished.  

Good Question: Why Isn't Flooding Covered? - WCCO

http://wcco.com/local/flooding.covered.insurance.2.1934370.html

while flood insurance covers a lot of things, “flood insurance does not cover many things in your basement. If you have a finished basement, flood insurance does not cover any of the furnishings there,”

(via Instapaper)

...something really scary

A sobering warning to folks who may encourage a little too much indulgence at parties they host.  If one of your guests injures themselves or another, you may be liable and your house insurance liability coverage may not protect you.

Now for something really scary ... - Bankrate.com
http://www.bankrate.com/financing/insurance/now-for-something-really-scary/

“Depending on the jurisdiction, violations of social host laws can lead to civil or criminal fines, imprisonment and monetary damages awards,” says Loretta Worters, vice president of the III.

What does all of this buzzkill have to do with your homeowners insurance?

“Your insurance may not be enough to cover a judgment against you as a social host,” says Worters. “If you are also charged criminally, then it is possible that your policy will not cover the civil judgment.”

(via Instapaper)

Sent from my iPhone

Study: home insurance satisfaction declines

An interesting study suggests that homeowners are losing faith in their insurance companies.  A recent J.D. Power study found that satisfaction rates are on the decline and it seems to have a lot to do with aggressive advertising for products without educating homeowners on the fundamentals of house insurance and house insurance quotes.  Many discount companies are promising rock bottom prices, but it is important to know what those policies cover (and more importantly what they don't).  Be your own advocate when getting a house insurance quote.


Overall customer satisfaction with homeowners insurance companies has declined to the lowest level in five years. J.D. Power and Associates found the biggest complaints involved policy offerings and service.
 
The study suggested the issues may stem from an abundance of advertising from insurers promoting discounts on auto insurance and homeowners not understanding insurance policies and how home premiums are determined. The study also found that customers who bundle auto and homeowners insurance policies are notably more satisfied. (INT) 

Senate Passes Flood Insurance Bill

The national flood insurance program was set to expire on September 30, 2010, but the US Senate recently passed a bill that would extend the program for a year.

The federal flood insurance program, which lapsed three times this year for lack of congressional action, would get a one-year extension under a bill the Senate approved by voice vote Tuesday night.

The measure still needs an OK from the House of Representatives.

Millions of people depend upon the flood protection provided by the government-sponsored program.  Because flood insurance is such a costly line of business for private insurers, the government operates the program which provides flood insurance for homes, even those at risk.  There are serious problems with the program, which is deeply in debt.  Failing to pass an extension, though, could cause millions of people to have no access to this house insurance coverage.  The measure now returns to the House of Representatives for a vote.

Value of flood insurance debated | ajc.com

Just another article about house insurance that talks about the risk of flooding and the value of a flood insurance policy on your home.  Unless you specifically included flooding in your homeowners policy or purchased a separate policy from the National Flood Insurance Program, you probably are not covered in the event of damage to your home by flooding.

Nationally, the average flood insurance claim is about $28,000, and 20 to 25 percent of claims are filed by people in low-to-moderate risk zones.

And don't think that FEMA or disaster recovery agencies will take care of you in the event of a major flood.  They may provide assistance, but more often than not, this is in the form of loans...with interest.  

So, even if you are in a low risk area, it might be time for a house insurance quote that includes flood protection.  Don't be caught unprepared.

House Insurance: Price Comparison Tables for NY

Check out this really great site that gives some price comparison tables for house insurance in the state of New York.  You'll still need to get some house insurance quotes to hammer out the specifics of your policy, but this is really great information for folks evaluating their house insurance needs.

Link: http://www.ins.state.ny.us/homeown/html/homesg96.htm (sent via Shareaholic)

Travelers Finds Water Damage Ten Times More Likely Than Fire

Flooding and water damage are some of the most common sources of house insurance claims.  Make sure that you're covered and that you've reviewed your policy.  If you're not covered, now is a great time to get a new house insurance quote with all the appropriate coverage that you need.  

Additionally, there are some simple routine maintenance tasks that will make your risk of these events significantly lower.  Check out this article about a recent Travelers Insurance study which analyzed recent claims and suggests simple tasks to reduce your risk. 

Travelers recently analyzed its homeowners insurance claims in North Carolina, excluding claims related to catastrophes, and found that damage caused by water accounted for 28 percent of its property claims in the state, compared to three percent for fire. Furthermore, of those water damage claims, weather accounted for only five percent, meaning that proper maintenance within the home may help homeowners avoid some of these problems.