Home Insurance: Are You Really Covered?

pioneer (1)Floods, fire, and strong wind or hail storms are some of the natural disasters that can play havoc to our homes.  When flooding occurs and you want to call the insurance company, you need to make sure that:

 1. You have insurance coverage and that there hasn’t been a lapse in your      policy.

2. And that you have flood coverage.

Many people believe that because they have home or renters insurance, they will automatically have flood insurance coverage as well, and that is not the case.  You need to specifically ask your insurance company for it, and pay the extra charge to have it, otherwise you are not covered in the case of flooding.
For more about this and other topics, follow the links below.


Revealed: What You Don’t Know About Home Insurance Coverage

Buying a house is one of the biggest investment you can make if you are into real estate. A house increases in value overtime when properly taken care of.

And if you are a homeowner be it in California or anywhere else, you need a home insurance.

So why do you need a home insurance?

Home insurance will help protect your house against unforeseen occurrences such as fire, theft, natural disasters etc. Having a decent home insurance is not as hard as it seems considering the fact that this could be your only lifesaver when you least expected it.

The problem most people have with choosing a home insurance company is finding a balance between competitive rates and effectiveness.

For home owners in California, for example, the average premium cost varies by the geographical location of the house. The most expensive locations are in Los Angeles area and the least expensive locations are in Orange County area.


Ask the Contractor: Insurance: Make sure you’re covered

Q: Our homeowners insurance just went up $100 per month. What is the cost per square foot to rebuild so we know that we are covered correctly?

Marge and Bill, Prescott

My phone has been ringing off the hook with this very question. There is no standard cost per square foot amount and there are many key factors that have an impact on what it would cost to rebuild your home. Costs to rebuild your home often differ from market values, mortgage requirements, tax assessments and real estate appraisals because of current building code changes, current labor and materials costs and specialized workers required

Square foot pricing is a ratio of the total costs of a project components divided by the size of the livable portion of a house in most instances. Since the components that make up a project can be so different from project to project it is impossible to predict a price per square foot with any accuracy.

Most of the calls coming in are coming from homeowners questioning their homeowner insurance coverage. We know that homeowner’s insurance is deceptively simple, it is the coverage you need in the event of significant loss, and not all policies or claim situations are the same and coverage comes in as many forms as there are flavors of ice cream.


10 events homeowners insurance doesn’t always cover

If you own a home, you most likely have homeowners insurance (it’s typically required to secure a mortgage). You know your insurance policy covers your home and the possessions inside it in the event of a fire or theft, but you may not realize there are many things which are not covered by your homeowners insurance.

Before you have a claim, it is important to know what your insurance provider will and will not cover so you can alter your policy or budget accordingly.

1. Flooding

Flooding is usually not covered under a standard homeowners insurance policy. If you live in an area prone to flooding, you may have already secured flood insurance. However, many people who do not live in this type of area do not have this additional coverage. You can visit the National Flood Insurance program to learn more about adding this to your insurance line up.

2. Earthquakes

If you haven’t experienced an earthquake in your area, you probably feel you do not need to worry about earthquake coverage. However, there have been more instances of this in less typical parts of the country, like the one that hit Oklahoma recently.


 

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