Home Insurance Daily Guide

Home insurance is definitely very high on the list of priorities of the financial requirements in life. Increasing rates of burglary and chances of natural catastrophes pose a treat to one of life�s most valuable investments. Aside from the danger that these represents on the actual home, it also places all our valuables inside the house in danger which may also prove to be costly to replace. All of these dangers and mishaps can be easily taken cared of by home insurance.

Many companies are now offering low cost home insurance in order to diffuse the connotation that home insurance are costly which is mainly the reason why many property owners are not availing of home insurance. Low cost insurance provides quality protection and security for your most valued possessions and the structure of your home as a whole.

Every state has an assigned chief insurance regulatory officer and also in U.S. territories. These insurance regulatory officers make up the non-profit National Association of Insurance Commissioners or NAIC. They are tasked primarily to look after the interest of insurance policyholders in a different number of ways. This is of course without prejudice to the insurance companies.

The NAIC can provide education, forum for formulation of a common policy when uniformity is required. Instruments for public policy of the NAIC are regulations and guidelines and other model laws. These laws, guidelines and regulations may be adopted by the States either wholly or modified and tailor fitted to their needs and conditions.

What would you do when you buy a condo unit that has a contract that specifies the size as 24 square meters but when you get the title, it states that the area is only 23 square meters? The Housing and Land Use Regulatory Board in the Philippines have been receiving various similar complaints from many condo unit owners. The actual size and the size specified on the title will make a difference when it comes to buying your home insurance because the discrepancy can make a difference.

The HLURB advises condo unit buyers and owners to refute these discrepancies and take the necessary steps when they encounter this problem. Some of these steps include demanding the developer to correct the size or to ask for a refund of the excess payment based on the title size.

by: Christine Zafra

Rats surely are a big problem to home insurance. These rodents do gnaw on the wood finishing of the house, sometimes, making a certain part of the house hollow and unstable. They can even chew on cloth, wiring systems and of course, bring germs to all parts of your house. However, these are only small problems caused by rats. Some of them do bigger damages to houses. An 80 year old woman died when her house exploded due to gas leakage. Upon further investigation, it was found out that rodents gnawed on her gas piping that caused the explosion. It is sad to say that most insurance companies do not cover property damage (like deteriorating wall) due to rat infestation, however, fires caused by it might be covered—you just to find it out with your insurance company.

Photo taken from http://www.becomingdomestic.co.uk

by: Christine Zafra

Not quite. Thames Water, a local utility firm in UK has been offering people “free” insurance for the first three months of their subscription. Of course, you can be assured that the first three months are free, however, after the third month, what happens next? Well, a lot of complaints have been received that the company billed them for 2.82 pounds per month after the third month of subscription. There is nothing wrong with it, in fact, that was what written in the terms and conditions (that the first three months is free), however, a lot of people just wanted to have the free part and they don’t want to pay for the extra month. Thames Water automatically bills the person after the third month (considering that most subscribers will forget after the 3rd month that they have an active subscription), not unless they will cancel it.

Photo taken from http://www.ricotech.co.uk

by: Christine Zafra

When getting a new insurance policy for your personal belongings, make sure that you do not undervalue your things. You have to declare the true value of the objects found inside your home like expensive jewelry, china wares and others, because if hypothetically, it gets destroyed in a fire or gets stolen, your insurance company can cover the real value of it. You also have to invest on door locks and other security system so as not to keep the burglars coming back. Your windows and doors should have the proper locks because if the insurance catches you with a not so secure entry pathway, you might have a hard time claiming your lost belongings (in case of burglary).

Photo taken from http://www.dasecurity.co.uk

by: Christine Zafra

How will you not get fooled by insurance companies? That is the big question everyone has on their minds right now. Everyone is in a state of economic set-back and not all are open to the idea of splurging money on insurance policies that are not needed. But what do policy holders have to do so as not to expend on damages in their homes not covered by their policies? They have to make sure that their houses are maintained well. Repair damaged walls or parts of the house instantly because this will come out cheaper in the long run. Some insurance companies only cover those that are damaged by fire, storm etc. Also, for those who do not have insurances, you have to remember that if your house is situated in a flooded area, you will definitely have a hard time getting one.

Photo taken from http://www.galvininsurance.com

g)Don’t take the first offer. Even if it seems tempting what with everything that has just happened, think carefully if the offer is not. If you are not satisfied, go higher. A company doesn’t want state insurance department people breathing own on their necks after a disaster filed report.

h)Consider alternatives. It may be that you do not wish to stay in the same place in the same exact house. Many policies offer different routes. Fish out.

i)Get help. Hire a public licensed adjuster to help you with any other paperwork for a commission of 10% of the claim.

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4. List down all the items that you suspect are missing or damaged. Inspect one room after another and remember every single item that was in there before. If your insurance policy includes replacement coverage on personal items, a whole lot of your personal property must be replaced anew, regardless if the old item cost less than the new one.

5. Be patient in waiting for our claim. If there was a disaster that hit your area and the area is in total wreck, families experiencing more damage will most probably be attended first. Just keep the communication line open between you and your insurance agent.

Here is list of guidelines in interviewing a prospect agent, just be cautious that you don’t interview agents coming from the same insurance company:

• Ask how long the prospect agent has been in the insurance company. Young agents with little experience do not always mean they are not valuable. But they can focus their time on you.
• Know the agent’s list-price-to-sales-price average ratio. A good agent of a buyer can negotiate sales price lower than the list price.
• Ask how much the agent will charge. Never ask if it is negotiable. All fees regarding real estate transactions are negotiable.

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