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Nationwide Drops 60,000 Florida Homeowners Policies

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October 12th, 2009
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Some Florida homeowners may soon be out of insurance coverage as one of the state’s largest providers has given some policyholders the ax. On Wednesday, October 7, 2009, Nationwide Insurance Co. announced that it will be dropping 60,000 of its Florida homeowners policies, which makes up almost half of its residential policies. The action won’t actually start until July 2010 when many of the homeowners policies are set to renew.

According to Nationwide, it’s been scaling back on homeowners policies for several years. In this case, the decision was made to help maintain viability and manage the risk in the area. Florida is known for being a high-risk area when it comes to windstorms and as a result, many Florida insurers assume a great deal more liability than insurers in other parts of the country. Nationwide hopes that by making this decision, it will be able to remain a viable provider for all types of coverage in the state.

As for those policyholders who will be losing their coverage, Tower Hill Insurance Group has agreed to take over the policies for the majority of the homeowners. However, if you are covered by Nationwide and live in the area, now is the time to begin shopping around for alternative coverage options. You may be one of the policyholders not getting covered by Tower Group Hill. Or you simply may not like the coverage options and prices they offer.

What is Home Insurance?

Posted in Compare Home Insurance , Home Insurance , Home Insurance Claims , Home Insurance Companies , Home Insurance Quotes

April 21st, 2009
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Purchasing a home comes with a lot of responsibilities, one of which is to make sure you buy home insurance. What is home insurance, you ask? In short, it is a form of protection for your property. But before you go out and buy some, lets take a closer look at just what it is and why you need it.

Understanding Home Insurance

When purchasing a home, the need to also buy home insurance is rather prevalent. But not just because your mortgage company may require it; instead, its a way to make sure that you and your property are protected in the event that a tragedy beyond your control occurs.

Home insurance is also known in the insurance world as a package policy. This means that not only is your property and your belongings protected, but also, you are not financially liable for any injuries caused to others in your house. It even covers your household pets.

What Does Home Insurance Not Cover?

While buying home insurance after purchasing a home can protect your property if it is damaged, there are some exceptions to what is covered in your policy. For instance, if there is an earthquake that damages your property, or a flood sweeps through and causes damage to your basement, your coverage will not protect your property. So if you live on a fault, or your house sits at the bottom of a hill where you know flooding may occur, you will need to purchase separate policies to make sure your property is financially protected.

Also, its good to remember that home insurance doesnt cover basic maintenance needs. So if your outer deck needs repairs as a result of everyday wear and tear, it will be your responsibility to pay out of pocket.

So now that you know a little bit about it, its time to start shopping for a home insurance policy. It doesnt hurt to do so even before purchasing a home to have an idea of just how much you can afford in overall monthly payments.

Documenting for Home Insurance Claims

Posted in Home Insurance , Home Insurance Claims , Home Insurance Companies

April 17th, 2009
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Documenting for home insurance claims is critical. If you’re a home owner, then you need to make sure you’ve got all the paper work you need in order to file a claim properly, quickly and expeditiously. Getting your home repaired in a timely fashion will be critical in so many ways, especially if you are forced to vacate your home during the repair process. Having the proper documentation required for the prompt processing of your home insurance claim is plain old common sense.

Preparing for Your Home Insurance Claim

As part of your home insurance documentation, the first order of business has nothing to do with filing or saving, and everything to do with understanding. Read your home insurance policy very carefully, from start to finish. This document will spell out what you’re entitled to and when you’re entitled to it, and what is excluded. Additionally, keep all receipts pertaining to the objects covered by your home insurance policy. This would include such things as clothes, furniture, appliances and other electronic equipment (such as televisions), jewelry and other sundry possessions that you keep in your home.

Methods of Documenting for Your Claim

Proper and effective documentation would also include videotaping your home and the possessions in it. Nothing is more effective than pure visual “proof” of the condition of your home and the things in it. If a fire starts in your kitchen and sweeps through the downstairs area before being extinguished, and you have a thorough visual representation of what it was like before the fire, then there will be a far lower risk of any problems encountered with your home insurance claim. If they estimate that your stainless-steel stove was less than you think, you’ll have strong support in your dispute.

Documenting for home insurance claims is just common sense. If you think that a piece of paper might be needed at some later date, keep it. And be sure to keep your documentation somewhere safe, like a bank safety deposit box. For more ideas on documenting for home insurance claims, be sure to consult with a representative of your home insurance provider.

Does Home Insurance Cover Natural Disasters?

Posted in Compare Home Insurance , Home Insurance , Home Insurance Claims , Home Insurance Companies

April 15th, 2009
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Home insurance is a critical aspect of owning a home. With it, you’re protected in the event of major damages. Without it you’re responsible for repairing or rebuilding your home yourself if any damages occur. If you can’t afford that – and most people can’t – you’re still responsible for the demolition of your home. So home insurance makes perfect sense, especially if you live in an area that is prone to natural disasters. If that’s you, you’ll probably have to pay extra for protection from natural disasters.

Home Insurance Insures Against Natural Disasters

Let’s say you buy a home in Homestead, Florida. It’s a wonderful community, and like the rest of Florida, it’s known for its wonderful climate and easy-going way of life. But it’s also known for the damage it has suffered from major hurricanes. Hurricane Andrew, for example, resulted in billions of dollars in storm-related damage. Because of this regional propensity for damaging hurricanes, home insurance providers will charge you more for hurricane and storm protection. It will most likely not be a part of your basic, comprehensive home insurance. Conversely, Homestead is not known for its earthquakes. Due to the low risk of earthquake damage, most home insurance providers won’t have a problem offering earthquake insurance as part of their basic home insurance coverage. Not so if you are a home owner in Los Angeles, California. This is an area that has a well-known record of earthquake activity, and insurance companies will cover their financial bottom line by charging more for earthquake insurance. The real estate saying “location, location, location” is equally applicable to the home insurance industry.

Consult with a Home Insurance Expert

If you’re wondering whether your home insurance covers natural disasters, be sure to consult with a representative of your insurance provider. Additionally, a very smart resource for home insurance coverage in your area is your state’s department of insurance website. There you can learn all about the various guidelines specific to your state’s home insurance rules and regulations.

Can I Afford Home Insurance?

Posted in Compare Home Insurance , Home Insurance , Home Insurance Companies , Home Insurance Quotes , Save on Home Insurance

April 10th, 2009
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Concerned about affordable home insurance? Wondering if you can afford coverage that can protect your property and family? Don’t worry. There is something out there for everyone, meaning you can find great coverage also.

The Average Cost of Home Insurance

You’re probably wondering what the average cost of home insurance is. In general, yearly coverage can cost around $800; however, this price can vary significantly depending on your home value, any additions that need to be covered, as well as your deductible amount. The best way to determine how much yours will cost is to begin shopping around for rates.

Ways to Make Home Insurance More Affordable

If you have started shopping around and are still considered about the cost of your home insurance, here are a few ways that you can make it more affordable:

• Seek discounts. One great way to make your home insurance more affordable is to seek discounts. If you work for a corporation, it may offer some great discounts that can lower the price significantly.
• Repair your credit. Another great way to make your coverage more affordable is to make sure you have great credit. Why? The lower your credit score, the higher your premium will be. So before finding a policy, take a look at your credit report and what you can repair, if needed.
• Don’t include rebuilding costs. When seeking a policy and including the price of your house, don’t include rebuilding costs since the land under your house isn’t at risk of fire, theft, or any of the issues that will be covered in your policy.

Still wondering whether you can afford home insurance? Dont waste another second. Get out there and find the policy that will protect you, your home and your family.

Home Insurance Basic Facts

Posted in Compare Home Insurance , Home Insurance , Home Insurance Companies , Home Insurance Quotes , Save on Home Insurance

April 9th, 2009
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If purchasing home insurance is on your agenda then its good to first learn some basic facts about it so that you’ll be prepared when the time comes to spend your hard-earned money. Luckily, it’s not hard to understand this type of coverage. So let’s take a look at some basic facts about home insurance.

Home Insurance Basics

• It Insures Your Home and Everything in It. What’s great about purchasing home insurance when you buy a home is that it is considered to be a package policy. In other words, it was created to financially protect multiple aspects of your home, including your property, personal belongings, and even injuries to people and household pets.
• Not Everything is Covered. While home insurance covers damaged property and injuries that have resulted from most instances such as accidents, natural disasters and fires, earthquakes and floods are typically not included. To make sure your home is covered for these two natural disasters, you must purchase separate policies. Also, everyday maintenance issues are not covered – you must pay for repairs in this category out of pocket.
• Home Insurance Quotes Are Free. What’s great about searching for home insurance is that quotes are free. By entering a few details about your home – or the home you would like to buy ‘ including purchase price, age, construction type, distance from hydrant and fire department, and security features, you can receive an instant quote to determine how much you can expect to pay monthly.

Now that you know a few basic facts about home insurance, hopefully you feel more comfortable about getting out there to purchase some. You definitely want to make sure that you have narrowed down your options so that you don’t buy a home with no coverage to protect your property. Home insurance is essential to every home, so don’t get caught without it.