It does not matter whether you are the owner of the house or a tenant, every one needs to have their home insured to protect from any disasters. There are few basic things which you must know before you buy a home insurance to protect your living.
- Area Crime Rate : For the calculation of your house risk, your neighborhood crime rates will also be evaluated. This is done based on the post codes. To adverse the effects of crime rates it would be helpful if you install safety features such as security alarms or dead locks and get discounts on your premium.
- Fire Hazards and Prevention : Try to check for the fire hazards and reduce risk from it. Update the faulty electrical wiring. You will be offered discounts if you have installed smoke alarms inside your house, but make sure that is working correctly by carrying regular checks.
- The Quality of Your Home : Your premium rate mainly depends on the age of house and the kind of material used for building the house. A brand new house will cost you less when compared to old house. If your house is built with light materials which can catch fire easily or which can easily get damaged by storm, then it would cost you more than the house built of sturdy materials. Do not buy cheap houses when you are looking for one, later you may end up paying more for your home insurance.
- Claims History : You will be branded as high risk customer by the insurance companies if you frequently make small claims. Evaluate each claim very carefully before filing and too many claims can rise your annual premiums.
Fresh and clean with all the correct amenities, the condominiums will provide residents tight spaces in fine living. So it is highly necessary to cover your condo with insurance. You cannot predict when a disasters might hit your home. If your not willing to spend money on all those costly repairs, then condo homeowner’s insurance is very necessary for you. A condo home insurance policy usually depends on whether your living on rent or you own a condo.
Benefits of Condo Insurance
- Possessions like clothing, furniture, electronics, appliances and art can be replaced or repaired
- Liability coverages in case suffers a loss while visiting or someone is injured
- Coverage for changes or additions made to the actual condo structure
- Cleaning-up to take place after disaster
Affecting Factors of Condo Insurance
- Credit score – Usually, condo home insurance agents can check for your credit score and report before giving you a condo home insurance quote. To ensure whether you are responsible or otherwise the is of client high-risk potential .
- Location – You will be eligible for a low condo home insurance if your condo is near to the fire station within 5-10mins or is very near to the fire hydrant.
- Crime rate in neighborhood – Check within the near by police station just to find the statistics of the neighborhood’s theft/crime/vandalism. The area with highest vandalism and crime rate will in the increase condo home insurance rates.
- Security and safety– The security and safety features can higher or lower your condo home insurance. Including, security system, deadbolts, heat detectors and smoke detectors, will sum a point of extra safety to your house that will reduce the condo home insurance rates.
- Building types– The condo home insurance rates will also be affected by the type of material your condo home is built. If your condo is built of brick, it will cost you less to insure, as the brick can withstand a fire very easily than a frame-building.
- Living responsibly– Higher condo home insurance rates will be offered for smokers, because only smokers are very much tend to leave a lit cigarette out which can cause a home on fire.
If you are found to have a suspicious claim, then watch out for a burning hole your pocket as you will have to pay high car insurance premiums. The rates are growing drastically. Many car insurance companies are being notified upon the fraud occurring in the state. People blame it on financial crisis. They believe this is an easy way to beat the crisis. Be it Ohioan or any citizen of U.S, being deprived of such necessities and feels bounded by the economy. The recession has its mark on fraud. The claims made were suspicious and had raised to 25% in the just last two years nationwide and had an increase from 74,147 to 91,798 between 2008 to 2010 as per National Insurance Crime Bureau’s latest reports.
Highlights on Fraud
There are few major scenarios lined up as fraud. Inflated towing, storage bills and fraud on auto glass which are found to be occurring regularly at higher rates. An investigation set up in order to bring such crime to highlight proved that many car insurance companies have faced false claims. In many instances even the policy holder will not be aware of the fraud.
A special investigation manager reported an incident where there was a scam on auto glass. Vendors were involved in the scam where they had a shop nearby gas stations and would approach motorists to offer a help in fixing their windshields damaged. Though the windshields were not found damaged, the vendor just filled up the crack or faked to fix the chip and a bill was sent to owner’s insurance company. The percentage of such claims is soaring high and has reached its heights. The car insurance industry has also been facing problems with the inflated towing and storage bills from towing companies for quite some time now. The count is growing and suspicious claims are being made. This intact is causing a burden by increasing premium rates. Make sure you are aware of such incidents and clearly assess your insurance claims.
Relocating is always stressful, and one thing you don’t want to be worrying about when you move is your vehicle insurance. Though vehicle insurance rates don’t always change when you relocate, oftentimes they can be lower or higher, depending on where you’re moving to.
Make Sure You Have Adequate Vehicle Coverage
It’s important to understand that each state has its own requirements for minimum insurance rates, and if you’re relocating to another state, you’re best advised to make sure your policy meets the legal requirements for your new location. For example, if you have the minimum vehicle insurance coverage while you’re living in California and you move to Connecticut, chances are you’ll need more vehicle coverage. The easiest way to find out if you need to adjust your vehicle insurance is to contact your insurance carrier as soon as you know where you’ll be relocating, and ask what the consequences will be for your vehicle coverage and rates.
Crime Rates Affect Vehicle Insurance Rates
If you’re not moving out of state, you might still find your vehicle insurance rates change. If you move from a city with a high crime rate to a rural area without adding a large amount of miles to your weekly drive, you can be sure your vehicle insurance rates will drop. But if you move from the suburbs to an inner city apartment building with only street parking, you’re probably looking at a significant rate hike because your vehicle is more at risk of being damaged or stolen.