It is essential that homeowners contact their insurance agent when there are plans to start a home renovation project. Whether the project is complex and involves adding extra square footage to a home or it is a simple room makeover, the insurance company needs to be informed.
The insurance company that is the provider of an individual’s homeowners insurance policy must be informed in order to adjust the policy. Adjustments need to be made when square footage is added, appliance/fixture upgrades occur, or a room undergoes considerable changes. Reporting these adjustments or changes to an insurance company may increase a current insurance premium, but the alternative is much worse – not having proper coverage.
After a home renovation project, if the homeowner has not made the proper adjustments to an existing homeowners insurance policy, the new upgrades and/or changes to the home or a specific room might not be covered. This means homeowners may not receive financial compensation or coverage if property in that area is damaged or requires a repair.
In some cases, if adjustments have not been made to the homeowners insurance policy, the room/space may still be covered. Unfortunately, the coverage that is provided will be based on what the insurance company has on file and may not adequately cover the cost of repairs.
Another reason homeowners should contact their insurance agent regarding home renovations is to make sure they are properly protected against any accidents or injuries that may happen during a project. Most contractors have general liability insurance policies, but those do not always provide the protection a homeowner wants/needs. Purchasing an additional general liability insurance policy can provide homeowners with protection against lawsuits that may arise if a contractor is injured while working on a project.
Don’t find yourself in a situation where you do not have adequate insurance coverage during and after a home renovation project. Work with an independent agency to find and compare insurance quotes online. It will help ensure that your home has the proper coverage for both during and after any home renovation project.
As your son or daughter gets begins to drive it is often time to update your auto insurance. With a new driver on your policy, you’ll need to take a few key things into consideration. The good news is that you can update your policy with an independent agency to ensure your child has the necessary coverage.
If your child will be driving your vehicles, be sure to discuss this with your insurance agent. He or she should be named on the policy if possible. Additionally, if you plan to buy another vehicle, it is also important for you to have proper coverage on that car. You may not need a comprehensive policy unless the value has high worth. Liability coverage may be enough in some situations.
In many situations, the dependent can be added to a parent’s insurance policy. You may want to do this to keep costs lower. Keep in mind that because he or she is young and inexperienced, the insurance rates tend to be significantly higher than they would be for you, as an adult. Adding the child to your policy, though, will save money in the long term.
Be sure to talk to your agent about options for keeping costs down, too. Even if you decide to provide your child with his or her own policy, especially if there is an added car into the mix, there are likely discounts available. Good student discounts are a common option, for example.
Talk to your independent insurance agent today to make sure you and your child are covered.
Any new car purchase can test the stress of the buyer. After all, how do you know you are getting the best deal, and how can you make sure that your 2014 auto will be a good one on your budget? Some key questions can certainly help you along the way.
One of the most important questions you should ask is about insurance. When calculating the total cost to own a car – purchase price, maintenance, fuel, and others – the car insurance policy emerges as a big factor. Before you even consider a car, you should pay attention to anticipated policy costs as there can be a sizable difference with comparable new cars.
Here are some strong starting points that you can start out when talking with your independent insurance agent:
- Discuss the average insurance costs for the cars that interest you. Is there a big difference in general auto insurance costs for one or more manufacturer or model?
- Go a bit deeper and receive the numbers for the type of auto policy that you would want – to receive a narrow ballpark of what a policy would look like for your top two or three choices. For instance, what would the premiums look like for comprehensive coverage of X amount on Car A and Car B? This information can help you zero in on the long-term costs of insurance for any given car.
- Also, look at other factors involved in insurance. Will your car qualify for discounts? Don’t be afraid to ask questions that can help you get a good sense of the insurance costs for your new car purchase.
During this process, it is a good idea to speak with an independent agency, as agents at this type of company can compare quotes (online and in person) from different insurers. That means you’ll get the most competitive prices – not just what an agent (in the case of captive agents) is trying to sell you from the single company.
Use this information to gain a clearer sense of your new car purchase!
Homeowners insurance may seem easy enough, but there are certain personalized facts about your home that are important to know before purchasing an insurance plan in your state. Allow the independent insurance agent or broker to help you determine your home replacement cost. You can feel free to get a quote from a builder as well. Be sure to consider and unique, custom features of your home before caluclating. Several different factors could affect the outcome of the insurance package for the homeowner. Many of these factors can dramatically reduce the cost of the home insurance as well, so it’s crucial for every homeowner to know the following top three factors before settling on a home insurance plan.
1. How Old is the Home?
The age and condition of the home has a big impact on the type of homeowners insurance for which you are eligible. The older the home is, the more likely it is to be vulnerable to damage and require repairs. If you are the homeowner of an especially old home, the best thing to do would be to highlight the secure aspects of the home, such as a new roof or a stable foundation, to compensate for the home’s age.
2. How Large is the Home?
It’s important to know the exact size of the home (in square feet) because size will often determine the price of the coverage. This is simply because repairing or replacing the damage done to a larger area compared to a smaller area is always more expensive for the insurance company. The more exact the homeowner is with the square footage, the more accurate the final price for insurance will be.
3. Where is the Home Located?
A homeowner should always let the insurance agent know the exact location of the home while highlighting any factors that may lower the cost of insurance coverage. This is important because insurance tends to be higher in areas where crime is more prevalent or primitive areas that may not receive fast attention in case of an emergency. For example, a home far away from a fire hydrant would pay more for fire insurance coverage since it would likely take much longer for professionals to extinguish the fire in this unfortunate event.
If you do not own a home but rent it, you need renter’s insurance. The homeowner’s policy that the landlord has is not going to provide you with much protection should there by a break in or a fire. It’s up to you to have insurance to protect yourself and your assets. That’s why most renter’s associations recommend that individuals purchase high-quality coverage that fits their needs. However, for this to happen, you need to know what to purchase.
How Much Coverage?
The biggest factor to consider when buying renter’s insurance is the amount of coverage you need. This should represent a fixed amount based on the value of all of your possessions. Liability coverage is often an add-on to such policies or may be included but listed as a separate amount.
What Is the Right Deductible?
A big factor when considering renter’s insurance is the deductible. If something were to happen right now, how much money could you pay out of pocket comfortably before your insurance kicks in? That’s the right deductible amount for you. You’ll need to pay this before any insurance coverage is applied to your loss.
ACT or Replacement Cost?
Next, consider whether or not you will have an ACT, Actual Cash Value, or a Replacement Cost policy. Do you want the insurance company to pay you what the actual cash value of an item may be? This means that the computer’s value, for example, is likely less than what you paid for it. Or, do you want the insurance company to pay you the replacement value of the item lost? This would allow you to buy a new computer at today’s prices.
It’s a good idea to shop around for the renter’s insurance you need. One of the best ways to do this is through a comparative quote from an independent insurance agent. You’ll learn about the right type of renter’s insurance for your needs while being able to compare numerous policies. This is by far the best way for you to find a policy for your needs.
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