Are there Insurance Companies that Specialize Policies for Older Homes?

Finding insurance for an older home does not have to be difficult. There are many companies that specialize in older home insurance coverage for an affordable price. You should always compare quotes to find a rate that fits your budget and your needs.

Whether your home is 20 years old, or considered an historic home, the insurance needs will vary compared to new homes. Homes that were built many years ago may have out dated building materials or tile and crown molding that can no longer be found. For this reason, many home insurance companies will not insure an older home. You will need to find a plan that specializes in older properties and will give you the coverage you need.

Insurance policies are listed from HO-1 to HO-8. An HO-1 policy is basic and only covers the bare necessities. If you live in a newer home, you probably have an HO-3 plan. Most older homes, on the other hand, will require HO-8 coverage. Many insurance companies will insure an older home for the market value. Unless you live in a historic home, you probably would not want to re-build the house using all of the outdated materials anyway. By insuring the home for the value, you will pay a lower rate and you will still be able to replace the home.

Many companies may also offer a better rate by not insuring the old plumbing or electrical systems. This would mean that if a fire or flood occurred because of the plumbing or electrical, the insurance company would not take care of the damages. Although this type of policy might save you money each month, in the long run, if there was a problem, you would be left paying for the damages out of pocket.

The best plan of action is to find companies that specialize in policies for older homes. Comparing the rates of several insurance plans will help you find one that offers the protection you need for a price you can afford. People often enjoy living in their childhood home, but don’t always consider the special considerations that go into living in older homes. Make sure you are prepared for any type of disaster with a great insurance plan.

Water Damage

Water DamageMany home insurance companies will not cover for flood damage, but they will cover for other kind of damage caused by water. Insurance companies will generally pay for the damages that is caused by rain coming through hole in a window or roof, provided the hole is caused by winds or other covered exposure which has been listed in the home insurance policy. Check with the insurance company whether they will cover for water damage. If there is any indication of problem caused by water inside your home never ignore it.

Find the source for the leak and stop the leak immediately. If water keeps leaking in your property, then moisture gets collected and mold starts developing in your property. Due to mold, your property could be damaged and further lead to health problems. The health effects caused due to mold exposure are cough, running nose, nosebleeds, sinusitis, congestion and respiratory problems such as bronchitis or asthma. Your home insurance company will consider the damages caused by mold only if, this is a covered peril. Report the water damage claim immediately to the insurance company representative or insurance agent.

By chance your house is flooded with water suddenly, it is very important that you dry all the wet areas. Provide sufficient air circulation so that the wet areas dry soon. Dehumidifying and drying wet areas can minimize the occurrence of mold. Delay in cleaning up can conclude in growth of mold. If the water keeps leaking continuously for a week or more, mold would have been already developed. If you try to clean the mold at this point of time, mold spores may spread out to cause health problems and property damage. As the mold is very dangerous to health, do mold testing and mold cleanup as soon as the mold is detected. After the leakage, if you doubt presence of mold, call up your home insurance adjuster immediately.

Tips to Decide on Your Home Insurance Plan

Tips to decide your Home Insurance PlanThere are many home insurance companies giving you different types of policies. Every policy has different plans. It solemnly depends on you to choose the best policy which suits your needs and fulfills your requirements. Below are certain tips which can be useful in deciding home insurance plan to secure your house.

  • Do not jump into any conclusion and select which ever quote comes first. Do a little research on insurance companies, take as many quotes possible, talk to different agents and narrow down on search. Remember to do quote comparisons.
  • Different companies offer different discounts. Talk to the agent and find out the discounts offered in every plan, starting from safety devices, senior citizen to multiple insurance discounts. Every factor will fetch little or more discounts on your policy. Check and then proceed.
  • Depending on your location, check for perils such as earthquake, floods, hurricanes etc which occur often and hence you need to be fully covered. Not all insurance companies cover disasters due to such perils. Check with your insurance policy much before you sign on the dotted line.
  • Finding a reliable and reputable insurance company also matters. Make sure, you do a thorough research on the company and ensure it has good reviews, revenue and in business for long time now. Also check how claim process works. You can talk to your friends or relatives about their insurance companies and choose the one which is ideal for you. There are also other means such as state department of insurance, yellow pages, state library, insurance news which keeps you updated on current news in the insurance market making your search easy.
  • Any insurance company you sign a contract with, carries a good amount of your money and prized possessions. Hence, it becomes important to rely upon and feel confident about the insurance company and their policy. Be clear with all the terms and conditions listed under your policy to avoid any problems in future.

Remembering Home Insurance Companies

Remembering Home Insurance CompaniesWith many insurance companies in the market offering you best deals, there are certain things you need to remember regarding home insurance companies.

  • Your credit history. Every insurance agent will check for your credit score, its history and also your rapport with previous insurance companies. If you fail to have a good credit history or multiple car crashes, it simply means high premium.
  • If you are on a high risk, insurance companies will have to take those risk factors into consideration as they will be paying to replace the loss from risks. Hence, you will end up paying more premiums as you will need the services to be rendered by the insurance company sooner to cover those losses.
  • Basic home insurance policy will cover your home and its content for their replacement cost value. This makes the agent to delve deep and query in order to know the materials used in construction, age of appliances used, square footage, architecture of the building, updates on electrical, heating and plumbing systems, any detached structures, quality of flooring and roofing materials and many more.
  • If you try saving your money now and tend to hide the age of heating or plumbing systems, then think twice. When any loss occurs, your insurance company will pay you only for the replacement cost value of the asset as per the details given by you. Hence, being truthful and accurate becomes necessary.
  • Your prized possessions. Valuables such as jewelery, furs, silver, electronic equipments, some antiques and many more needs a separate policy. These valuables usually need a clause in the policy. It is always better to check with your home insurance company or the agent. Also, remember to cover these valuables for their replacement cost value and do not hide the correct value from the insurer.

Renovation – Improving A Structure

Improve that StructureIf the house is remodeled many of the insurance companies do not support such kind of homes. You will be surprised to know that the premium that you would be paying for the remodeled house would be very expensive. Hence many of the home insurance companies refuse to cover such houses. Very few minor repairs also cost in thousands of dollars. When you are renovating your old home be sure with what you will finally end up. It is always better to talk to the insurance company you are insured with and then later think of renovating the house.

The Importance of Renovating A House

With great excitement you would work on building your new property by renovating them. It is very easy to just look at the need of enough and appropriate insurance that will be covered. But at later point of time it will end up reaching skies. When you are renovating the house you would like to use unique sets which are usually not covered by the insurance company, because they cover usually standard buildings and standard contents. You should have good knowledge on how much insurance one should purchase to get minimum coverage. Home insurance covers and protects everything you feel is important.

Your premium rates can be lowered by the particular types of construction materials that is used for the renovation. This can be added advantage for your premium. When you insure the frame houses. The premium for the frame houses are costly when compared with the brick houses. Houses which require minor amount of renovation insurance policies will have less restrictions, as their will be less amount of work. The message here is clear, carefully check for the conditions of insurance already existing on your property and seriously consider insurance policy designed for your home.

Commonly Overlooked Insurance Discounts

Ask for DiscountsFinding Texas auto and home insurance discounts will add money to your pocket. After all, who does not like getting a raise in this economy? Give yourself one by being savvy shopper, find the right discount with a great insurance company in Texas. The savings may be with the insurance company you already have. Look for the best discounts by performing a Texas insurance comparison.

Look at the company who covers your automobile. It meets the car insurance requirements in Texas, but does it provide you the best discounts? Many companies that have the same great coverage are providing discounts for switching. Many like their insurance or do not want do deal with what they believe will be the hassle of switching, so they never compare Texas insurance companies. Let your favorite insurance fight for your business. If they want your business, they will try to woo you back with better Texas vehicle insurance rates. Many of these discounts people overlook because some companies are not telling.

Basic car insurance in Texas will get you on the road, but it may not save you money. Consider your car purchase before you buy Texas car insurance. You can get discounts if the car has an the anti-theft device, an abs system, an economy car package, and other related items. Check with your Texas auto insurance to see if they offer discounts for good students, retirement age, safe driver, and other bonuses you can earn or qualify.

Find discounts with homeowner’s insurance with a reputable company. Otherwise, you may not have much coverage. The best Texas home insurance companies will compete for your business. Here are some saving tips. Shop the top rated homeowners insurance companies online. A higher deductible can save on the monthly premium. Upgrade your home security. Better your credit rating. Make payments electronically. These ideas and more will give you discounts by searching the Texas insurance market

What’s Up With Texas Homeowner’s Insurance: Keep Premiums Down

Do Keep premiums DownThere are many factors that affect the cost of your home insurance premiums in Texas. Many of these factors can be controlled by you. Below are some easy tips to guide you.

Save some money

1. Owning a breed of dog that is considered vicious. Homeowners liability insurance can be higher because the chance of a dog bite is greater. Spike dog might be cute and be great around you, but not around others.

2. Buying a home in an area that is prone to tornados or hurricanes can really cost Texas home insurance companies and you.

3. Most homeowners, who have filed insurance claims, will see a cost increase. Those who have not, have cheaper premiums.

4. Having high deductibles will keep costs down. If a storm breaks a tree limb, it can cost $250 to get it cut down. If your homeowners premium is $250, than you will not file an insurance claim, which keeps your premiums lowered. If your deduction is $100, than you would file a claim. Insurance is security for major financial losses.

5. Buying a newly built home will lower premiums. There are less major problems with it.

6. Personal property that you own, such as furniture and jewelry, should be insured for the actual cost to replace it, not an inflated value.

7. Homeowners need to protect their credit score. Bad scores can increase your premium. Buying a motorcycle and not making the payments on time, can cost you.

Controlling certain factors will keep Texas home insurance down, with more money in your pocket.



House Paid Off? You Could Qualify for a Major Home Insurance Discount

Major Home Insurance DiscountBefore you compare home insurance quotes any further, first listen to this news flash. Did you know that many home insurance companies offer discounts to customers that aren’t carrying a mortgage? What this means is that if you’ve recently paid off your house and are still paying the same amount of money for your home insurance premiums, you might be paying far too much.

The main reason homeowners who have their houses paid off get home insurance at cheaper rates is because they’re seen as less of a risk when it comes to insurance claims than, say, someone who is upside down in debt.

This nugget of information probably comes as a big surprise to those who haven’t carried a mortgage in years but have been paying the same rates as everyone else. It might even be cause for a bit of justified anger. But is it really the insurance company’s fault? Think about it. Unless you inform your home insurer that you’ve paid off your house, they have no way of knowing.

If anything, this scenario serves as a perfect example of why it’s important to review your home insurance coverage every year, and to take into consideration what are called “major life events”—and if paying off your mortgage isn’t a major life event, then what is?

Even if you’re fully satisfied with your current home insurer, it’s smart to compare home insurance quotes on a regular basis. You don’t have to make this a weekly hobby, but doing so once a year—maybe a month ahead of paying your yearly premiums, for example—is a smart idea.

Rising to the Challenge of Home Ownership

Challenge of HomeownershipBuying a home is a major investment and one of the most exciting things you’ll ever do, but it can also sometimes be a serious drag. As you enter into your home buying experience, you might find yourself overwhelmed at the amount of paperwork and details that are involved—not only from your lender, but from your home insurer as well. All of that is really nothing, however, when compared to the responsibilities that you’ll have to shoulder in your quest to be a responsible homeowner. The first thing to know: home insurance companies and lenders don’t always communicate well with one another. It’s up to you to ensure communication takes place.

In order to do that, you’ll have to take charge of knowing exactly who’s handling what. It’s easy enough for a homeowner to get confused about who’s responsible for paying for home insurance premiums, and when they need to be paid. A lot of times, your home insurance premiums are paid for by your lender—but there are circumstances under which you’ll be responsible for making individual payments to both. If you are uncertain about either one, contact your insurer and your lender to get immediate clarification.

If you’re struggling with it all, take heart. Between mortgage payments and homeowner policies, there’s plenty of room for confusion. But this is no time or place to play dumb and hope things get ironed out on their own. When dealing with home insurance companies and financial lending institutions, it’s critical to stay on top of everything.

Blown Away By Home Insurance Companies

Home Insurance for RescueIn recent years, home insurance companies have been hit hard by unexpected weather conditions leading to large-scale material damages and extremely high insurance claims. Last year, homeowner insurance companies across the globe paid $36 billion in catastrophe losses, ranking it the fourth highest in losses over the past decade. And it’s clear that with unpredictable weather patterns and natural disasters occurring more and more, home insurance companies are searching for methods to enhance homeowners safety while still minimizing their own losses.

South Carolina Wind Tunnel
Jump to Chester County, South Carolina, where a wind tunnel large enough to fit nine large residential homes has been built. The fans in the tunnel create winds of up to 175 miles an hour—comparable to the wind gusts that destroy homes in major storms and hurricanes. Instigated by an industry group of home insurance companies, the purpose of the experiment is to find out how well current building codes and commonly used building materials withstand extreme weather-inflicted stress. In addition to wind, the home insurance companies have also simulated conditions to study the impact of heavy rainfall on modern constructions, as well as how wildfires spread via air currents.

Improving Construction Standards
According to a spokesperson, the goal of the testing site is to demonstrate the importance of construction standards and create a building code that will set the standard for homes insured by home insurance companies in the United States. With improved building codes and materials, new construction will be better equipped to hold up under extreme weather conditions, thereby protecting homeowners’ investments and reducing costs for home insurance companies.