myhouseinsurancequotes's posterous http://myhouseinsurancequotes.posterous.com Most recent posts at myhouseinsurancequotes's posterous posterous.com Wed, 03 Nov 2010 06:11:36 -0700 Home Insurance Discounts Harder To Get http://myhouseinsurancequotes.posterous.com/home-insurance-discounts-harder-to-get http://myhouseinsurancequotes.posterous.com/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.

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Tue, 02 Nov 2010 16:22:11 -0700 Bedbugs? Don't look for house insurance to cover it. http://myhouseinsurancequotes.posterous.com/bedbugs-dont-look-for-house-insurance-to-cove http://myhouseinsurancequotes.posterous.com/bedbugs-dont-look-for-house-insurance-to-cove

An interesting question in light of the recent problems with bedbug infestation in NY and around the globe.  The bad news is that most house insurance policies specifically exclude such claims.  

Sent from my iPhone

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Tue, 02 Nov 2010 15:10:00 -0700 Good Question: Why Isn't Flooding Covered? http://myhouseinsurancequotes.posterous.com/good-question-why-isnt-flooding-covered http://myhouseinsurancequotes.posterous.com/good-question-why-isnt-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)

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Mon, 01 Nov 2010 22:41:19 -0700 ...something really scary http://myhouseinsurancequotes.posterous.com/something-really-scary http://myhouseinsurancequotes.posterous.com/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)

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Mon, 18 Oct 2010 22:02:57 -0700 Study: home insurance satisfaction declines http://myhouseinsurancequotes.posterous.com/study-home-insurance-satisfaction-declines http://myhouseinsurancequotes.posterous.com/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) 

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Sat, 09 Oct 2010 21:16:48 -0700 An Actuary Can Be Your Hero http://myhouseinsurancequotes.posterous.com/an-actuary-can-be-your-hero http://myhouseinsurancequotes.posterous.com/an-actuary-can-be-your-hero This makes me laugh.  A song on YouTube about actuaries..."An Actuary Can Be Your Hero."

For house insurance companies, actuaries are an important part of system.  They are the math folks who determine the risk factors and how much the insurance company should charge in premiums.

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Thu, 23 Sep 2010 19:35:51 -0700 Senate Passes Flood Insurance Bill http://myhouseinsurancequotes.posterous.com/senate-passes-flood-insurance-bill http://myhouseinsurancequotes.posterous.com/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.

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Tue, 21 Sep 2010 20:36:15 -0700 Value of flood insurance debated | ajc.com http://myhouseinsurancequotes.posterous.com/value-of-flood-insurance-debated-ajccom http://myhouseinsurancequotes.posterous.com/value-of-flood-insurance-debated-ajccom
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.

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Mon, 20 Sep 2010 20:19:51 -0700 House Insurance: Price Comparison Tables for NY http://myhouseinsurancequotes.posterous.com/house-insurance-price-comparison-tables-for-n http://myhouseinsurancequotes.posterous.com/house-insurance-price-comparison-tables-for-n
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)

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Sat, 18 Sep 2010 20:59:18 -0700 Travelers Finds Water Damage Ten Times More Likely Than Fire http://myhouseinsurancequotes.posterous.com/travelers-finds-water-damage-ten-times-more-l http://myhouseinsurancequotes.posterous.com/travelers-finds-water-damage-ten-times-more-l 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.

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Thu, 16 Sep 2010 15:14:47 -0700 Homeowner's Insurance - Do You Have Enough? http://myhouseinsurancequotes.posterous.com/homeowners-insurance-do-you-have-enough http://myhouseinsurancequotes.posterous.com/homeowners-insurance-do-you-have-enough Do you have enough house insurance?  Recent statistics show that more and more homeowners don't adequately insure their home.  If you haven't evaluated this recently, you may benefit greatly from digging out your house insurance policy and looking seriously at how much you're covered for.  It might be a great time to get several quick and easy house insurance quotes.  When you have a catastrophic loss, you don't want to be stuck rebuilding 80% of your house.

Sixty-four percent of U.S. homes in 2008 were undervalued for insurance purposes, according to a Marshall & Swift/Boeckh survey. That’s an improvement from 73% in 2002, but the average homeowner still has only enough insurance to rebuild about 81% of his or her home. Complicating matters for homeowners is that 31% don’t know how much their home is insured for and 46% don’t know what coverage their homes’ contents have, according to an August survey by MetLife.

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Tue, 14 Sep 2010 20:48:35 -0700 6 Common (and very expensive) House Insurance Mistakes http://myhouseinsurancequotes.posterous.com/6-common-and-very-expensive-house-insurance-m http://myhouseinsurancequotes.posterous.com/6-common-and-very-expensive-house-insurance-m
Know what you're house insurance covers?  More importantly, do you know what is NOT covered.  Here's a really good article about common exclusions that many people think are included in their house insurance policy.  Make sure you review your policies on a regular basis and every so often get several house insurance quotes just to re-evaluated your coverage and your premiums.  
 
Earthquakes, unexpected deductibles, and flooding are just a few of the costs your homeowners policy might not cover. But if you’re like most Americans, you probably don’t realize it. According to the MetLife Auto & Home Insurance Literacy Survey, many homeowners are clueless about the ins and outs of their policies, which means they could easily end up paying a lot more money than they expected after damage to their home.

(sent via Shareaholic) 

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Fri, 10 Sep 2010 18:51:54 -0700 You live in a flood zone! http://myhouseinsurancequotes.posterous.com/you-live-in-a-flood-zone http://myhouseinsurancequotes.posterous.com/you-live-in-a-flood-zone
Interesting article on flood insurance from the Fort Morgan City Times.  Of particular note were the clarifications that were spelled out regarding flood insurance
 
In fact, everyone lives in a flood zone, said FEMA insurance specialist Norm Ashford — the only differences are whether their homes or properties are located in what are considered low-risk or high-risk flood zones.

You may not know it, but you live in a flood zone.  Insurance companies will assess your risk as high-risk or low-risk based upon flood hazard maps.  But, no matter where you live, you should consider flood insurance when getting a house insurance quote.  More often than not, this is not included in your standard house insurance policy.

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Tue, 07 Sep 2010 17:01:22 -0700 American Excess Announces 100 Percent Retention http://myhouseinsurancequotes.posterous.com/american-excess-announces-100-percent-retenti http://myhouseinsurancequotes.posterous.com/american-excess-announces-100-percent-retenti Anybody that can keep 100% of their customers for 5 years running is definitely doing something right.

via Insurance Journal on 9/7/10

The American Excess Insurance Exchange has achieved 100 percent renewal retention for the fifth year in a row. Managed by Charlotte, N.C.-based Premier Insurance Management Services Inc. , AEIX ...

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Tue, 07 Sep 2010 16:33:55 -0700 House Insurance for Vacant Properties http://myhouseinsurancequotes.posterous.com/house-insurance-for-vacant-properties http://myhouseinsurancequotes.posterous.com/house-insurance-for-vacant-properties Insurance companies don't like to write policies on vacant properties.  In fact your policy may specifically exclude coverage if you home is vacant for a specified number of days, often 30 or 60 days.  If there is no one in your home, the risk increase for the company.  If damage occurs to the house, there will be no one there to report and mitigate the damage.  

"A typical insurance company would not issue a policy at all knowing that it's [the property] vacant," said Chris Hackett, director of personal lines for the Property Casualty Insurers Association of America. Unoccupied homes present a greater risk for theft, vandalism, malicious mischief and fire, among other concerns.

"From an insurer's perspective, vacancy is considered a substantial increase in risk," said Hackett. "If, for example, a pipe breaks and it's vacant, it can be days or weeks before it's discovered."

from article:  As Number of Vacant Homes Rises, Insurers See Opportunities at InsuranceNews.net

If you find yourself needing to insure a home that has been on the market for a long time, or for another reason you anticipate may be vacant for a while, you should investigate getting house insurance quotes from companies that specializes in vacant property insurance.

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Fri, 03 Sep 2010 21:33:43 -0700 What should my house insurance deductible be? http://myhouseinsurancequotes.posterous.com/what-should-my-house-insurance-deductible-be http://myhouseinsurancequotes.posterous.com/what-should-my-house-insurance-deductible-be
In his book, Insurance for Dummies, Jack Hungelmann says this:
 
It’s been my experience that the average home property claim occurs once every seven to ten years. My advice is to pick the deductible that has a seven- or eight-year payback period. You determine that by dividing the extra risk of a higher deductible by the annual savings. If you can recoup, in premium savings, the added risk in eight years or less, pick the higher deductible. Remember the payback period is the result of dividing the difference in deductibles by the difference in premiums.

So, if you could save $200 per year on your house insurance premium by raising your deductible by $1,000 then it is probably worth it to go ahead and take the higher deductible.  If, however, you were to only save $50 per year then it would not be a good decision to go with the higher deductible.  It would take you 20 years to recoup the difference in deductibles with the premium you would be saving.  Chances are, you'll have some claim between now and then, and you'll wish that you had been paying the extra couple of bucks a month.  

The key really is - How much would it hurt?  If you drove in your driveway to a completely demolished house and you had to pay a certain amount out of pocket, what could you afford?  Could you afford $250 out of pocket? $1000...$5000?  Everyone is different, but your deductible should be as high as your could tolerate, but no more.  When you're getting house insurance quotes, be sure that you don't under or over-insure yourself.

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Thu, 26 Aug 2010 18:30:04 -0700 Homeowner's Insurance and Your Pet http://myhouseinsurancequotes.posterous.com/homeowners-insurance-and-your-pet http://myhouseinsurancequotes.posterous.com/homeowners-insurance-and-your-pet
One issue to look for when you're getting a house insurance quote is the effect that you pet may have on your premium or even your insurability.  The Insurance Information Institute released a study stating that:
 
Dog bites account for more than one-third of all homeowners insurance liability claims, costing $412 million in 2009, up 6.40 percent from 2008, according to the Insurance Information Institute (I.I.I.). An analysis of homeowners insurance data by the I.I.I. found that the average cost of dog bite claims was $24,840 in 2009, up slightly from $24,461 in 2008. Since 2003 the cost of these claims has risen nearly 30 percent. Additionally, the number of claims has increased 4.8 percent to 16,586 in 2009 from 15,823 in 2008.

Insurance companies want to keep their payouts low in dog bite claims, so your coverage may be limited in the case that your dog bites someone.  Be sure that you know the liability limits on your policy.  And, if you own certain breeds of dogs, you may face higher premiums or be asked to sign a liability waiver that would specifically excluded dog-related claims from your policy.  

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