One of the factors used to get you lower homeowners insurance rates and additional discounts is the length of your prior continuous home insurance history. An important time to shop for lower home insurance rates are when you have one year, three years, & five years or more of current continuous insurance coverage. However, sometimes customers don’t get the proper credit for the length of their continuous insurance history. My blog post today will give you tips to avoid mistakes & make sure the insurance companies quoting you give you the lowest price for which you qualify. Continue reading
Category Archives: Home insurance information
Finding Home Insurance for Older Homes
If you have an older home, you may find some home insurance companies unwilling to insure you. Due to the recent severe tornado season, Alfa insurance will no longer sell homeowners insurance covering homes built before 2001 in Alabama. If you buy a home built in 2000, will you have a hard time finding an insurance company willing to insure your home? Not likely, unless you are near the coast or in tornado alley, but the older your home is, the more likely you are to find some insurance companies unwilling to offer you home insurance.
The good news is home insurance company eligibility requirements are very different among insurance companies. You may have a home built in 1940. Some insurance companies will refuse to insure it. Some insurance companies will insure it depending on the age or type of the wiring, heating, or plumbing systems. Some insurance companies will insure it without any additional qualifications due to the home’s age.
However, if you own an older home, you may have some issues getting homeowners insurance, or getting home or property insurance covering you for replacement cost, particularly if the home is a rental property.
Homeowners insurance providing replacement cost coverage is needed to avoid having to pay tens of thousands of dollars out of your own pocket, due to depreciation, if you have a large claim. You may need to jump through a few hoops, and shop with all the leading insurance companies, but you should be able to get property insurance with replacement cost on an older home.
My blog post today will give you some tips to help you find the insurance coverage you need for an older home.
You need to know these things about your home:
Your home’s Foundation
If your home is built on a continuous masonry foundation, no homeowners insurance company should have an issue with your foundation — as long as it is not crumbling. But some older houses are built on an open pier & post foundation. This will be a deal breaker for many insurance companies, but some insurance companies will not have an issue with it. However, I would be very surprised if you could get earthquake coverage if your home has any part of it on a pier & post (or post & beam) foundation.
If your home’s foundation is not a continuous masonry foundation, you may become discouraged if you contact 3 or 5 insurance companies and they all tell you they can’t insure you because of the foundation. Keep shopping, and consult a local independent insurance agent having knowledge of your local home insurance market.
Your home’s heating system (HVAC)
Depending where your home is located in the USA, many insurance companies require the homes they insure to have a central, thermostatically controlled heating system.
In states subject to cold weather, like Minnesota, this is a necessity. However, in the South & Pacific Northwest, where we have mild winters, and there are many homes without central heating, this requirement may be less strict.
On older homes where central heating is present or required, you will need to know the age of your furnace and water heater, how it is powered (electric, gas, oil, etc.), whether it is controlled by a thermostat, and if it is up to code.
Supplemental heating, like a wood stove or pellet stove, is usually okay if it is up to code, the stove is Underwriter’s Lab approved, and it was professionally installed.
If you use your stove as your primary heating source, be sure to tell the insurance company you also have central heat, too.
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Once again, the rules will vary from company to company, so shop with all the leading insurance companies to find one that meets your needs with the least hassle. Be honest about your situation, and ask what you can do to make your home qualify, if you had a hard time finding affordable home insurance.
Your home’s electrical system
If your older home is on circuit breakers, you should have few problems with insurance companies offering you home insurance. However, if the home is an old home and a rental, depending on the age, you may have to have the home completely rewired (not just updated) to get a replacement cost policy.
Believe it or not, replacement cost policies can sometimes be A LOT less expensive than actual cash value property insurance policies. So getting replacement cost is not just better coverage, but can offer you a better price, too.
Some insurance companies will not insure you if your electrical service is on fuses, or there is knob & tube wiring in service. Some major insurance companies won’t ask you any questions about the wiring, if the home is owner occupied, regardless of the age.
Your home’s plumbing system
Know what plumbing updates have been done to your home, when they were completed, and if and when the entire system was re-plumbed. Re-plumbing as of a certain date may be required for replacement cost on a rental property.
Read the homeowners insurance application before you sign it
Insurance companies & agents have to ask you a lot of questions to quote your insurance accurately. To save you time, agents sometimes skip questions which show up on the application.
For example, if an agent has seen a picture of your home, or has access to information about your home, they may not ask you to confirm your house has an asphalt roof, when they are pretty sure it does.
Also, if your house has a central vacuum system, it will increase the replacement cost of your house by a small amount, but central vacuum systems are fairly uncommon for an agent to waste your time asking about it.
Unfortunately, some agents will skip over important questions, or make assumptions which turn out to be wrong.
For example, to qualify for home insurance with Company X, you can’t have knob and tube wiring in service. The question appears on the application, but your agent is unaware of its importance. Many insurance companies will not inspect your home to verify there is no knob and tube wiring. If you sign the homeowners application, and a box is checked on the application stating you do not have knob & tube wiring, you can later have a claim denied, and your policy voided, if it is discovered your home has knob and tube wiring.
Always read the application and make sure all questions are answered accurately, to the best of your knowledge. Ask your agent or insurance company if you have any questions.
Insuring an older home can sometimes be a challenge, but by shopping with all the leading insurance companies, you can be assured you will find the best coverage and the best price.
Are you insuring an older home? What insurance company do you use? Did they have any special requirements? Tell me about it. Please leave a comment on my facebook page. Follow me on Twitter for important insurance consumer news and new blog entries at CarInsWatch.
Property in Storage & Home Insurance
Do you keep any of your personal property away from your home? Do you have personal items or furnishings in a storage unit, or a friend or family member’s home? Don’t assume this property is covered by homeowners, renters, condo, or mobile home insurance. These insurance policies have limitations & exclusions for property kept away from your home, so you need to contact your agent or insurance company to find out how you are covered.
Some insurance companies greatly limit your coverage for personal property away from your residence premises. You don’t want to find out the hard way, after a claim, you could have had the insurance coverage you need, had you chosen a better home insurance company. Continue reading
Acts of God Not Covered By Insurance?
Every once in a while, I will run across a situation where someone asks are acts of God covered by their insurance, or someone claiming acts of God are excluded from their insurance. This has mystified me, because I spent many years working in the personal insurance industry, and I never saw the words “act of God” in an insurance policy, either covering them or excluding them. I can’t say this term is not used in any insurance policy, but I have not seen it used in auto or home insurance.
It seems an act of God does have a legal definition in the USA, and this blog post will explain how it might affect you & your insurance, and how to find out what is covered by your own insurance, so you are not surprised when you have a claim, and feel ripped off.
What is an act of God?
An act of God is an inevitable accident which cannot be prevented or avoided by the acts of people. For example, a natural disaster, such as a flood, lightning, earthquake, tsunami, or tornado, may be considered an act of God.
Do Insurance Policies Exclude Acts of God?
In my experience, the answer is no, the term is not used in insurance policy language. But I am not familiar (nor is anyone) with every insurance policy from every insurance company, even for home & auto insurance.
If you want to know what is covered by your insurance, contact your agent, or your insurance company if you don’t have an agent, and have them review the limitations, exclusions, & causes of loss covered by your insurance. Ask to receive a copy of your insurance policy, and read it. Ask your agent /insurance company if you have any questions.
A common mistake people make is they buy insurance and assume they are covered for anything costly happening with their home & auto. You need to know how you are covered, before you have a claim, to know if you have the coverage you need.
Acts of God & Auto / Car Insurance
If you want to be insured against most acts of God (hurricane, lightning, flood, tornadoes, hail, etc.)for damage to your car, ask your agent about Comprehensive coverage. Comprehensive coverage is one of the two types of coverage insuring you for damage to your car, when people use the slang term, “full coverage.” The other type of coverage insuring damage to your car is Collision coverage.
If you’re car is damaged by a collision — you hit another car or object, like a tree, or another car hits you, or a shopping cart rolls into your car, or if you overturn (upset is the proper term) your car, you are covered, if the damage is more than your deductible, if you have Collision coverage.
Comprehensive coverage insures your car from damage for causes other than collision. In fact, some insurance companies call their Comprehensive coverage Other Than Collision coverage.
Both Comprehensive coverage & Collision coverage are subject to exclusions and limitations. Your claim will be denied for a collision if you intentionally hit another car.
You may consider the eventual mechanical breakdown of your car an act of God, but your auto insurance policy is not going to cover it — not because an act of God is excluded, but because damage from mechanical breakdown is excluded.
The Comprehensive coverage, if you have it on your auto insurance policy, covers damage to your car from earthquake, flood, hail, fire, and other natural disasters. Usually, any cause of damage to your car is covered, unless it is excluded.
It’s hard to find an act of God which is excluded by Comprehensive coverage. But a common exclusion is contamination from a biological or chemical agent. If the contamination is naturally occurring and inevitable, it could be considered an act of God, but once again, it is not excluded because it may be considered an act of God.
Comprehensive coverage may sound like it is expensive — anything called Comprehensive sounds like it should cost a lot more — but it is usually a lot less expensive than Collision coverage, and makes sense to have it, even on older cars, unless your car is in poor condition and of little value.
There can be important differences among insurance companies’ auto insurance policies, and you want to make sure you buy the auto insurance policy meeting your needs.
However, coverage like Comprehensive & Collision are usually standard among most insurance companies. A Comprehensive claim covered by one car insurance company will typically be covered in the same way with another car insurance company.
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This makes it easy to shop for the best price. Consider the complaint record & customer service of each insurance company, decide on the coverage you need, then insure with the best auto insurance company for you at the lowest price.
Acts of God & Home Insurance
Two big acts of God — earthquake and flood — are excluded from basic homeowners insurance policies. Some insurance companies allow you to purchase additional coverage for earthquake. Flood insurance is available as a separate insurance policy.
Homeowners insurance policies, too, have standardized coverage, and similarities among insurance companies. But unlike most auto insurance, there can be extremely important differences in coverage available from competing home insurance companies.
It’s okay to shop for the best price for home insurance, but don’t buy the cheapest home insurance policy, if there is another home insurance policy with much better coverage, at a reasonable price.
Many home insurance policies insure your home on an “open peril” basis, meaning unless the cause of damage (the “peril,” such as a hurricane or earthquake) is excluded, it is covered.
The personal property inside the house is usually insured on a “named peril” basis, meaning only the perils listed in the policy (such as “explosion,” “theft,” or “vandalism,” if they are listed as covered perils in your insurance policy) are covered.
Acts of God, which are not excluded, or specified in the policy as covered, will be insured.
I can’t stress enough it might be possible how your home insurance works may be different than I describe, so contact your agent and ask about your insurance coverage limitations and exclusions, and get a copy of your policy and read it. You can use the page on my website for home insurance coverage, to learn about common limitations & exclusions, and home insurance coverage you may need, but your agent’s insurance company may not offer.
How an Insurance Claim Can Be Denied for an Act of God
I think the most common way an insurance claim is not covered, due to an act of God, is when you place a claim against another person’s insurance.
The claim may be denied because the cause of damage is considered an act of God, and the person you think is responsible for the damage to your property (or injury to you or your family) is not legally responsible, liable, or negligent.
For example, a windstorm blows down your neighbor’s tree and it crashes into your house. You may think the owner of the tree is legally responsible for the damage caused by the falling tree, but this is rarely the case.
A tree uprooted by a severe windstorm is usually an unpreventable act (Act of God), so the owner of the tree is not liable, and the owner’s liability coverage under their home insurance will decline the claim.
However, your home insurance usually covers damage caused by a tree crashing into your home.
When it comes to insurance exclusions, excluding specific events, such as a flood by an home insurance policy, is more specific and less ambiguous, than trying to exclude “acts of God.” Make sure you know what is covered by your insurance policies, and shop for the best price for the insurance coverage you need.
What’s excluded by your home or auto insurance policy? Tell me about it. Please leave a comment on my facebook page. Follow me on Twitter for important insurance consumer news and new blog entries at CarInsWatch.
American Modern Insurance Reviews, Complaint Ratings & Alternatives When Your Home Insurance is Canceled
I have blogged before about your best option, when your home insurance is being canceled by your insurance company, is to appeal your homeowners insurance cancellation, and see if your insurance company will reinstate your home insurance coverage.
Sometimes your appeal will be successful (you can click the link in the above paragraph for tips on how to appeal your insurance company’s cancellation , and keep your home insurance).
But often, you will need to find another insurance company to insure you — and most insurance companies will decline to insure your home for the same reason your old insurance company canceled your homeowners insurance policy.
My blog post today will tell you about American Modern insurance, which may be able to insure you when your home insurance company cancels your homeowners insurance, other insurance companies which may be able to help you, and what you can do to keep your insurance rates reasonable.
Even when your home insurance is canceled by your insurance company, shopping for the best deal, and speaking to several insurance agents to know your options, is something you need to do.
But clicking the link to the ad below, to have insurance agents contact you, will not work for you, due to your home insurance cancellation, because many agents will not be able to insure you.
However, if you insure your cars with the same insurance company canceling your home insurance, your auto insurance situation has changed.
Your auto insurance rates may increase greatly by losing a large multi policy discount. You need to shop your auto insurance now, to make sure you are not over-paying for your coverage. You can click the link below for auto insurance quotes. Agents will contact you with prices for auto insurance, and you can ask the agents for help or advice regarding your home insurance.
Keeping your current auto insurance company might still be a good option for you, but the cancellation of your home insurance may make you feel like you no longer wish to give your business to the same insurance company.
Homeowners insurance can be canceled for claims in the last 5 years, because the house is unoccupied or being foreclosed, because the home is in disrepair, because the home is undergoing substantial remodeling or reconstruction, or other reasons.
What are your options when your home insurance is being canceled by your insurance company?
If you have an insurance agent, your agent may be able to offer you property insurance coverage through another insurance company, like American Modern Insurance, though the coverage may be limited, and it will be more expensive.
Even “captive” agents representing primarily one insurance company, like State Farm, Allstate, Nationwide, American Family, & Farmers insurance, may sell property insurance through an insurance company like American Modern, if the primary insurance company they represent cannot insure you. However, some agents may have little experience selling this type of insurance, and may only sell it reluctantly.
A good insurance agent will be quick to let you know they still have another option for you, if your home insurance is being canceled.
If you really like your agent, ask your agent if they have another option to insure you when your home insurance is being canceled.
Your agent may have an affordable solution for you, but check with at least two other insurance agents, to see if they offer a better solution, better coverage, or a better price.
The few insurance companies willing to insure your home may differ greatly as to what coverage they will offer you, such as liability coverage, and replacement cost.
I recommend talking to at least 2 local independent agents, familiar with homeowners insurance for people having problems getting home insurance, to advise you about competing insurance company policies & coverage.
Independent insurance agents represent multiple insurance companies, and know your local insurance market. Not all independent insurance agents focus on personal insurance, but they should be able to refer you to an independent insurance agent whom can help you.
When your insurance company cancels your home insurance, they notify you in writing, and the effective date of the cancellation will be a date in the future. It is important you get replacement insurance coverage effective as of the cancel date, so you have no lapse in coverage. This may also help you get a better price, because getting home insurance coverage, once you have had a lapse in your homeowners insurance coverage, may be more expensive, or you may have less options for choosing an insurance company.
You are not going to have a lot of options to replace your home insurance once it has been company canceled, but even if you go without home insurance for a while, you should still have options.
Your last resort, is your state sponsored plan to insure homes which can’t qualify for property insurance. How to apply for this coverage will be detailed in the cancel notice you received from your insurance company. Choose this option if you have no other better choice.
Two of the leading insurance companies insuring homes & properties not qualifying for insurance elsewhere, are Foremost insurance & American Modern Insurance.
Foremost insurance, is a part of Farmers Insurance Group, and is also sold by independent insurance agents. You can find out information about Foremost, including complaint ratings, on my website at my Foremost Insurance Reviews page.
Here are the 2010 national complaint ratios for American Modern Insurance Group subsidiary companies, and my complaint ratings based on the complaint ratios, listed below.
You can find my explanation of the complaint ratios & ratings linked on my website’s home page.
American Modern Insurance has several subsidiary property insurance companies. Make sure you know the correct name of the insurance subsidiary quoting or insuring you, to check the proper complaint grade.
Please be aware American Family Home Insurance is a part of American Modern insurance Group and is NOT associated with American Family Insurance.
American Modern Insurance Group’s 2010 Complaint Ratings & National Complaint Ratios
American Modern Home Insurance Company = F (2.70)
American Family Home Insurance Company = C- (1.09)
American Modern Select Insurance Company = F (2.43)
American Western Home Insurance Company = A (.36)
American Southern Home Insurance Company = B- (.85)
American Modern Surplus lines Insurance Company = A+ (No complaints in 2010)
American Modern Insurance Company of Florida = A+ (No complaints in 2010)
American Modern Lloyd’s Insurance Company = F (5.43)
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Loss Assessment Coverage
If you are a home owner belonging to a homeowners association or condo association, you most likely do not have enough of an important optional insurance coverage on your home insurance or condo insurance policy, called loss assessments coverage, which can cost you tens of thousands of dollars, if not more.
Here is what could happen:
A visitor to your condo complex slips on your stairs or walkway, or in a common area, like a green way, club house, or playground, controlled by your home owners association. The visitor’s injuries from the fall are serious. The visitor sues your condo/home association, and the visitor is awarded a 1.2 million legal settlement.
Your association’s insurance policy has a one million dollar limit, leaving the association to pay the remaining $200,000. Per the association by-laws, the association assesses each home owner, in this case 20 owners, an equal portion of the amount owed due to the lawsuit. As an owner, bound by the rules of your association, you must pay a $10,000 special assessment.
Many condo insurance policies will cover this assessment only up to $1,000, and if you have a single family home, your homeowners insurance may not cover it at all. How much would you have to pay out of your own pocket if the injured visitor was awarded 5 million dollars? You might have to file bankruptcy.
Usually, you can get additional loss assessment coverage up to 50,000. Some insurance companies may offer as much as $100,000. Purchasing this extra coverage is inexpensive, and can cost less than $20 more a year.
I know from my experience working in the insurance industry, many agents or insurance companies do not discuss the importance of having enough loss assessments coverage, when selling you a condo insurance policy. They won’t include anything more than the basic $1,000 amount, if it is automatically included in the basic policy. Some insurance companies fail to do this because they do not offer increased dollar limits of loss assessment coverage.
It is even worse for single family home owners belonging to homeowners associations, where few agents will ask you if you are a member of a homeowners association. The need for loss assessment coverage is often ignored by insurance companies & agents, and customers don’t know to ask about it.
As an insurance buyer, it is up to you to educate yourself on what insurance coverage you need. Some insurance agents are very good with helping you decide on insurance coverage, but even good insurance agents sometimes let important coverage slip through the cracks.
Loss assessments coverage varies among insurance companies, so be sure to have agents explain the difference as you shop for the insurance coverage you need.
Loss assessments coverage does not cover all special assessments a condo or home association may assess you. Particularly, condo associations will have special assessments to pay for unplanned repairs & maintenance due to wear & tear, or construction defects. These things are not covered by loss assessments coverage.
For a loss assessment to be covered, the loss must be something covered under your individual home or condo insurance policy, and the assessment must be assessed to all owners.
For example, if your association owns a clubhouse, and the clubhouse burns to the ground. Fire is covered under your individual policy, so a loss assessment connected to the fire burning down the clubhouse will be covered.
However, if the clubhouse is leveled by an earthquake, and you don’t have additional earthquake coverage on your individual insurance policy, a loss assessment would not be covered.
Loss assessments coverage usually limits assessments due to your association insurance policy deductible, which can be very large, so you want to know what your share of the deductible will be, and how much coverage your loss assessment coverage provides.
You want to make sure lawsuits for bodily injury & property damage to others is covered by your loss assessments coverage, as described in the example used in the beginning of this blog post.
Some insurance companies offer broader coverage, and will extend coverage to loss assessments due to negligence or acts of the board of directors in conducting their duties, libel, slander, wrongful eviction, and other causes.
The need for having loss assessment coverage does not come up frequently, but if it does, it can cost you a lot of money by not having the proper amount of coverage.
Because most people never need it, many people, and unfortunately, a lot of insurance agents, don’t realize how much it costs to not have it, in the unlikely event they need it.
For a few dollars more a year, don’t take the chance you won’t need it. It’s easy to think you will never need it, and save a few bucks. That’s why many people are out tens of thousands of dollars, if not more, when something that won’t happen, happens to them.
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Insurance Agents Work for You
One of the advantages of shopping for insurance online is you can find out the price, without having to speak with an insurance sales person, and avoid someone trying to sell you an insurance policy. But this advantage is often a disadvantage to getting the best price for your insurance.
Getting insurance quotes from all the leading insurance companies through the Internet is a great way to start shopping for your insurance, but NOT talking to the insurance company, or an agent representing the insurance company quoting you, can be a mistake causing you to pay a lot more for your insurance than you need pay. I’ll tell you how to make the insurance company or agent work for you, so you can get the lowest price for which you qualify.
When I used to sell auto & home insurance, I would contact people whom had received online insurance quotes through our company website, and review the quotes with them. Frequently, I could look at their situation, ask a few additional questions, find additional discounts, or other ways to save them money, and get them a much better price.
Insurance agents and insurance company representatives are experts on their insurance company’s rules and rating plans, so they have the knowledge to consult with you, and get you a better price, in a way your can’t do online.
For example, someone shopping for auto insurance has a car insurance history of 35 months of continuous coverage. They get a quote online showing the price for the auto insurance effective today as $500 for every 6 months.
An insurance agent calls them the following day, and tells them they qualify for an additional discount once they have 3 years of continuous insurance coverage (36 months), so if they start their auto insurance policy with an effective date a month from now, the 6 month price is $350.
That phone call from the insurance agent saved this person $300 a year. What if the person getting the quote online liked the price at $500, and bought the policy when they were quoted? They would be paying $150 more every 6 months than they need pay.
Insurance rating plans are very sophisticated these days. A good agent or insurance company representative knows the details of how to get you the best price, which you can’t do on your own, quoting yourself through an insurance company website.
Some people, shopping for a better insurance rate on the Internet, put invalid phone numbers, or do not answer or call back, when the insurance company calls them to follow up on the quote they received.
I understand why people want to avoid sales people, particularly if they expect to tell the sales person they don’t want the policy. Many people have the impression insurance sales people are like some used cars sale people, and use aggressive or persistent sales tactics. In my experience, this is very uncommon in auto & home insurance sales.
Insurance agents and companies may contact you to review the insurance quote you received online, ask you additional questions and verify information, to make sure they are getting you the best and most accurate price, ask you why you are shopping, explain to you why their insurance company is a good choice for you, and ask you to buy, or ask for a payment to start the policy. Don’t be intimidated because they want you as a customer. If you are not interested, once they have confirmed they are quoting you the best price they can offer, simply tell them why you are not interested, and politely end the call. Most insurance sales people appreciate a firm “No,” and move on to the next prospect.
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If an insurance company contacts you, following up on an online insurance quote you received, answer the phone or call them back, even if the price you received online was too expensive for you. You may be surprised how the highest price quote can turn into the best price quote by having a ten minute conversation on the phone.
In fact, if the insurance company does not contact you, it is a good idea to follow up yourself, by calling the insurance company, and having someone form the insurance company review the online insurance price quote you received.
Don’t ignore the voice mail, and fail to return the call left by the insurance company. Unless you don’t want to insure with the company, no matter how low the price, it is worth your time to have your insurance quote reviewed by an expert working for the company.
Many agents or insurance companies will try to contact you only once, but some are more persistent. Don’t expect them to take the hint you are not interested when you don’t call them back. The agent does not know if you are not interested, or simply busy, and why would you not be interested, if you requested a price quote?
A lot of customers make the mistake of insuring with the first insurance company they contact saving them money.
If you really want to save the MOST money on insurance, get quotes from all the leading insurance companies, and do not choose an insurance company, until you have had all the quotes you received, reviewed by a human being working for the insurance company. Consider the price, the advantages of each insurance company, and use my website insurance company reviews to choose the best company for you.
If an insurance company or agent contacts you, after you have had all your insurance quotes reviewed by an agent or company employee, and you have already chosen another insurance company, reply to them, by phone or e-mail, and let them know you have finished shopping, and you no longer wish to be contacted by them, unless they can offer you a better price in the future.
If the only reason you did not choose them was because of price, let them work for you, and contact you in the future, to quote you again. Rates are always changing, and the company having an expensive rate for you now, may have the best rate for you at your next policy renewal.
In the unlikely event you speak with an aggressive salesperson, and they continue to call you after you told them not to call you, ask to be placed on their company’s Do Not Call list. It can take up to 30 days for you to be added to the do not call list, but once you are on it, the individual contacting you, and the insurance company, can face steep fines if they call you again.
Do you always speak with the insurance company after getting price quotes online? Tell me about it. Please leave a comment on my facebook page. Follow me on Twitter for important insurance consumer news and new blog entries at CarInsWatch.
Home Insurance Canceled due to Claims? Here’s How to Appeal
Did you know having more than one home insurance claim in 5 years can get your homeowners insurance canceled? In fact, if allowed by state law, ONE claim can get your home insurance canceled, if your insurance company is concerned the nature of the claim makes you a higher risk of having another, or large insurance claim. Buying home, condo, mobile home, or any other type of property insurance, only to have it canceled when you use it, makes many people feel insurance is a rip off.
I’ve blogged before about how to use your homeowners insurance to avoid being canceled for claims. But many customers find out this information too late, and have their home insurance policy canceled by their insurance company on the policy renewal date (This is called non renewal, or non renewing your insurance) for filing claims, the customer may not have filed, had they known they were risking the cancellation of their home insurance policy.
If your homeowners insurance is cancelled by your insurance company due to claims, you will not have many options for insuring your home, since you won’t qualify for homeowners insurance with many insurance companies due to your claim history. This blog post will give you some tips on how to get your home insurance company to reconsider canceling your home insurance policy.
For your home insurance company to cancel your homeowners insurance policy, they must give you advanced notice in writing. How many days advanced notice varies by state, such as 20 days from the date of mailing the cancel notice to you. In most circumstances, insurance companies can only cancel your homeowners insurance at its renewal date.
However, if there is a substantial increase in hazard at your property, such as it being unoccupied, or being used in dangerous or illegal activity, such as being used as a meth lab, your home insurance can be canceled by the insurance company before the policy renewal date / expiration date, with advanced written notice, as required by law.
The insurance company needs only show proof of mailing to the mailing address it has on file for you. If you do not receive written notice due to a post office error, or if you change your mailing address, and don’t notify your insurance company about it, it will not prevent or delay your insurance company from canceling your homeowners insurance.
If you have a good insurance agent, your agent will contact you as soon as the agent becomes aware the insurance company intends to cancel your home insurance, and review your options with you. A good agent will let you know if anything can be done to make your insurance company change their mind about canceling your homeowners insurance.
Unfortunately, some agents won’t contact you, and you are surprised when you receive the unpleasant news about your home insurance policy cancellation in the mail. If you buy your home owners insurance direct from the insurance company, don’t expect to be called. No one is monitoring your insurance policy, and the underwriting department making the decision to cancel your home insurance will not call you.
No matter how you are notified by your insurance company about the pending cancellation of your homeowners insurance, your first step should be to contact your agent or company to appeal the decision to cancel your policy.
There are two main reasons an insurance company will cancel your home insurance because of recent claim(s):
1. Statistically, people having recent claims are more likely to have more claims in the future. Some previous claims indicate a possible huge claim in the future.
For example, if your German Shepherd bites your neighbor unprovoked, the injury may result in a relatively small homeowners insurance claim. But the situation causing the claim, your dog biting someone unprovoked, may result in a large liability lawsuit the next time your dog attacks someone.
Likewise, a small fire of unknown origin, when your teen children were home alone without adult supervision, could lead to your house burning to the ground in the future, if your kids are hanging out with the wrong crowd when you are not around.
2. Your recent claims history may not be an indication of a greater risk of a large claim in the future, but people placing recent claims tend to place more claims in the future.
Insurance companies base their rates to insure people with an average risk, or less than average risk, of having a claim. A good portion of homeowners never have any home insurance claims. The average frequency is one claim every 7 years per homeowners insurance policy.
You may have & file a small claim every few years. You do the math, and realize you are still paying more in insurance premiums than your insurance company has paid you in claims. Yet, you are still an expensive customer in the eyes of the insurance company.
The insurance company is not only paying you your claims, but they have the expense of selling and servicing your policy, and expenses to process the claim. Also, the insurance premium you pay is calculated and expect to pay the very large claims of the unlucky few customers experiencing a catastrophic loss to their home from storms & fires.
If you have a history of filing homeowners insurance claims every couple of years, many insurance companies will not want you as a customer.
If you want the insurance company to change their mind about canceling you, and get your home insurance policy reinstated, you need to convince the insurance company you are changing your behavior, or taking action to prevent future claims.
For example, returning to the dog bite situation above, some insurance companies will recommend dog training programs to get your dog to behave better, and may agree to reinstate your home insurance if your dog successfully passes the dog training program.
More likely, you may have to give up your dog, or possibly exclude coverage for your dog, to keep your homeowners insurance policy.
If your house is subject to the occasional burglary, ask your insurance company if getting a burglar alarm, monitored by a central station, will make then reconsider canceling your insurance.
Find out the specific concerns of the insurance company, and if you can address them, you may be able to keep your home insurance.
If the insurance company is canceling you because of what they consider too frequent claims, tell them you had no idea placing claims would get your insurance canceled, and had you known, you would not have filed them.
When you have a good agent, they should be advising you when to file a claim, and the consequences. This can be an awkward conversation, so some agents are afraid to upset you by advising you to not file a claim, and don’t discuss it with you. Also, many people place the claim directly to the insurance company, without consulting their agent.
If you can convince the insurance company you now understand you will use your home insurance only for large claims, and take a higher deductible, they may agree to keep your home insurance policy.
Don’t argue about how the insurance company is still making money off you, and how your past claims were valid claims the insurance company is supposed to pay. You don’t want to take the attitude that you pay your premium, and every time you experience the frequent setbacks in life, you are going to place a claim.
Having your mountain bike stolen, and bearing the cost to replace it yourself, rather than placing a homeowners insurance claim, on a policy you have been paying for ten years without a claim, may seem like you are paying insurance for nothing.
However, do you want to lose your homeowners insurance, and pay a lot more for less coverage, with whatever company willing to take you, if you are unlucky enough to have another claim you HAVE to file, and then get canceled for having 2 recent claims?You’ll pay more in higher insurance premiums than you would have received for the mountain bike claim.
Filing these types of frequent, sometimes small claims brands you as “claims conscious” by the insurance company, and if you want the insurance company to continue to insure you, you want them to know you now understand homeowners insurance is intended for large, infrequent claims of the unlucky few customers.
You may be upset your insurance company is canceling your home insurance, and you may no longer wish to do business with them.
Unfortunately, when you are being canceled for claims, your BEST option is to get your insurance company to reinstate your policy. You won’t be able to get comparable coverage at a decent price with another insurance company. Most likely, no standard homeowners insurance company will insure you. If you want to switch insurance companies, do what you can do to reinstate your home insurance policy, and if you are successful, stay with them until your 5 year claims history is clean, then shop for a better insurance company.
It is important to get your home insurance policy reinstated, or buy another property insurance policy, before the date your homeowners insurance coverage is canceled, to avoid any period of time your home is not insured. Your insurance company may still agree to reinstate you after the cancel date, but they will not backdate the reinstatement to the cancel date.
It is always worthwhile to try to appeal an home owners insurance cancellation. A good agent can often assist you in the process. In the past, deciding to reinstate a cancellation was a judgment call made by the underwriter reviewing your situation. It is not unusual, if the insurance company’s concerns can be addressed, to have your homeowners insurance non-renewal reversed, and your insurance reinstated before the cancel date.
However, some insurance companies, in the spirit of being fair to all their customers, have moved away from an individual underwriter’s judgment, in favor of more specific guidelines regarding when an home insurance policy can be reinstated.
I will address, in a future blog post, what your next best options may be, if you can’t get your home insurance policy reinstated.
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The Biggest Home Insurance Discount is Knowing How to Use Your Homeowners Insurance
Before you consider shopping for the best home insurance, and knowing the homeowners insurance discounts to save money, let me tell you the best way to use and think about your homeowners insurance to avoid problems and keep your rates low. Continue reading
Home Insurance Discounts & How to Get Them
Here are some common homeowners insurance discounts, how to get them, and make sure you pay the lowest home insurance rates possible.
Claims Free Insurance Discount
Many homeowners insurance companies offer a substantial discount for not having any claims in the last 5 years. Avoiding claims is the best strategy to get and maintain low homeowners insurance rates.
Good Credit Insurance Discount
Your insurance credit score, determined by information from your credit report, is not a discount, but a major rating factor influencing the cost of your homeowners insurance premium with almost all insurance companies. The better your credit, the better your home insurance rate.
IMPORTANT: Some states, like Oregon, have a law allowing you once a year to ask your insurance company to re-determine your insurance score. If your credit has not changed, or if you think it may be worse now, you should still request the new insurance score each year, because your rate cannot go up from a worse score; your rate can only go down, or stay the same. If your state allows the use of credit to rate insurance policies, check with your State’s Department of Insurance Website to see if your state has similar laws.
As time goes by, your insurance score is always changing — your debt balance, the age of your accounts, etc., so don’t think it is not worth your time because you don’t think your credit has changed. Call your insurance company once a year and ask for a new insurance score for your auto & home insurance.
If you have bad credit, you may want to search for an insurance company not using credit to determine rates. This type of company may no longer exist. Contacting a local independent agent is your best bet of finding one.
If you have fair, good, or great credit, you will most likely save money by using an insurance company using credit to rate their homeowners insurance.
Home/Auto Insurance Discount or Multi Policy Insurance Discount
Another big home insurance discount is insuring your home and cars with the same insurance company. Likewise, if you own other properties, motorcycles, boats, etc. You usually get the best insurance rates by insuring them with the same company.
Some companies sell only auto insurance, like Geico insurance & Progressive insurance, but partner with other insurance companies to offer homeowners insurance.
It is usually best to have your car & homeowners insurance with the same insurance company. You will be a more important customer to the insurance company, and it will be easier to file a claim if there is a common cause of damage, like a severe storm or fire, which damages both your car and home.
Smoke Detectors/ Deadbolt locks / Fire extinguishers Insurance Discount
Everyone should get this common home insurance discount. Smoke detectors are required on all floors, deadbolt locks are required on all exterior doors (Sliding glass doors should have a bar lock), and keep a portable fire extinguisher in the kitchen.
Burglar / Fire Alarm Systems Insurance Discount
A monitored central alarm which alerts the fire or police department gets the largest insurance discount, but the cost of the monitoring service will cost more than you save with the home insurance discount.
Many insurance companies offer a discount for a burglar alarm wired to all doors and windows which sounds locally if triggered.
Some insurance companies offer an additional homeowners insurance discounts for natural gas sensors and water leak sensors.
Ask each home insurance company if they have any other discounts for other protective devices.
Having a dog to attack intruders is not a good thing from the insurance company’s standpoint, since they are concerned with dog-bite liability claims.
Insurance Discounts for your Occupation,Job, or Profession, or being 55 or older & Retired
Some insurance companies have home insurance discounts for various professions, such as teachers, or government employees. Many insurance companies offer an homeowners insurance discount for being retired and over a certain age. If you are now retired, or changed professions, call your insurance company and make sure you are getting these insurance discounts, if available.
Non-Smoking Insurance Discount
Few companies offer this homeowners insurance discount, though you would think all of them should.
If you or your spouse, or other family members, recently quit smoking, ask your insurance company about this insurance discount.
New Home or Renovation Insurance Discount
Some insurance companies offer an home insurance discount for a new roof, or an Underwriters Lab approved, impact resistant roof, re-wiring your electrical system, new plumbing, or a new heating system. The work will need to have been completed by a licensed contractor, and you must have a receipt to show the date and work done.
Most insurance companies offer home insurance discounts for newer homes (in the last 10 years). You should get this discount automatically, because your insurance company asks what year your home was constructed as part of the application and quoting process.
Both the new home and renovation insurance discounts usually are reduced, and eventually removed as the home or renovations get older.
Cash Back Insurance Discounts
Some insurance companies give you cash back for being claims free for a period of time, like a year, or 3 years.
Cash back is nice, but does it make sense to pay 10% more to possibly get 5% back next year if you don’t have claim? Ignore cash back bonuses on your insurance unless you are getting a good price, and the chance for cash back gets you the lowest price for your insurance coverage, and the service you need.
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Water Back Up from Sewers, Drains, & Sump Pumps
As mentioned in my blog post about Flood Insurance Coverage, flood is excluded from coverage in your homeowners insurance policy, so there is no insurance for your home and contents if they are damaged by flood waters. Many people do not live in a flood plain, and have very little risk of flood, so they decide they do not need flood insurance.
However, ALL homeowners are at risk of the backup of sewers and drains, and given the large amount of rain we get in certain areas of the US, like the Pacific Northwest, homeowners should be VERY concerned with this possibility, even if you think you have no risk of flood damage.
Do you have water back up coverage of sewers & drains? Do you have enough coverage, or the right type of coverage? Shop with all the leading insurance companies to find the best price & coverage for you.
I remember there was a year in the mid-1990s, where Portland, Oregon, the city in which I live, received so much rain, areas flooded, which did not usually flood, and many of the customers for the insurance company where I worked at the time, had water back-up claims, although they had no flooding of their property. These customers were happy they had Water & Sewer Back-up coverage.
But even without heavy rains, sewer back-up can occur for any homeowner, and one of the main causes of sewer back-up is obstruction of the system, such as the growth of a tree root.
Water damage & cleanup from the back-up of sewers and drains, or the failure of a sump-pump, is not covered under the basic homeowners insurance.
Do you need Water Back Up insurance coverage?
If you have an unfinished basement, with no property of value in it, and you don’t have a sump-pump, you may not need the coverage.
However, if the sewer backs up into your unfinished basement, you might be able to pay for a damaged washer and dryer, or even a new furnace without insurance, but even if nothing is damaged, do you want to pay for the cost of clean-up, or clean up sewage yourself?
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Buy the amount of coverage you would need to refinish your basement — drywall, floors, carpeting, wall studs — because sewage tends to destroy everything it touches — and replace all the personal property important to you.
If you have a sump-pump, buy Water & Sewer Back-up coverage, but make sure it covers sump-pump failures, too, because not all insurance companies include coverage for sump-pumps in their Water & Sewer Back-up coverage.
Those homeowners insurance companies covering sump-pumps, may cover them under more restrictive conditions than other insurance companies, such as if the sump-pump failure was caused by you, or a power outage. As I’m sure you know, power outages are common with big storms, so if you have a sump-pump, install a battery back-up for the pump, in case you lose power.
Avoid this mistake: A lot of people think they do not need Water & Sewer Back-up coverage because they do not have a basement. Without a basement, your first floor is STILL at risk for sewer back up from your toilets, tubs, and sinks. If back-up occurs, it will do more damage to your main floor and personal property, than it would to an unfinished basement. If you do not have a basement, buy Water & Sewer Back Up in an amount that covers the cost of what you have to lose.
Some homeowners insurance companies automatically include limited Water & Sewer Back-up coverage, such as $5,000, on their deluxe policies, but most homeowners insurance companies allow you to add Water & Sewer Back-up coverage for an additional premium.
Warning: Water & Sewer Back-up coverage can be very different among companies regarding what conditions, and what property is covered, so be sure to read the policy language and ask questions of the agent, before choosing an insurance company. Know what property is covered, under what circumstances, and buy the broadest insurance coverage best fitting your situation.
Do you have questions or opinions about water back up of sewers & drains insurance coverage? Tell me about it. Please leave a comment on my facebook page. Follow me on Twitter for important insurance consumer news and new blog entries at CarInsWatch.
Find The Best Homeowners Insurance for You
I’ve written a lot about shopping for auto insurance, so now I’ll review some of the things you need to know to choose a good home insurance company.
When you don’t own a home, shopping for auto insurance is relatively simple. You can get accurate auto insurance quotes online, if you put in the proper information (I still recommend speaking with an agent to make sure you get the best price), from insurance company websites, without talking to an agent.
But when you own a home, and you are shopping for home & auto insurance, you can’t get homeowners insurance quotes online from most companies, and you need to speak with an agent, or directly to the insurance company, to review your home insurance needs and get an accurate price quote.
Auto insurance is much the same among auto insurance companies. Liability, Comprehensive, Collision, & other coverage, for the most part, are covered the same way by all insurance companies.
There are sometimes minor differences, such as a company offering limited coverage for injury to your pets, and some insurance companies may offer optional features, like a vanishing deductible or replacement car coverage for an additional cost.
However, most people can choose an auto insurance company based on the price and reputation for customer service, without worrying the insurance company does not offer coverage comparable to any other insurance company.
Homeowners insurance is not like auto insurance in this way; coverage options & policy language can vary greatly among insurance companies, and not choosing your homeowners insurance company wisely can cost you a fortune in uncovered claims costs.
On the surface, homeowners insurance appears to be the same with all companies. They all have the standard coverage. But where they can differ greatly, is important additional coverage.
For example, studies have shown from actual claims, that most homes are under-insured, and do not have enough home insurance coverage to rebuild a similar home after a loss.
Assume you have a home insured for $200,000, which was what the insurance company determined to be enough coverage to rebuild your home when you started the policy. You have a fire and your house burns down. Contractors estimate it will cost $260,000, not $200,00, to rebuild your home.
Almost all homeowners insurance companies include additional coverage if you insure your home to their estimate of the cost to rebuild it.
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Yet some insurance companies offer more than 20% extra coverage, and a FEW insurance companies still offer UNLIMITED extra coverage, to make sure you are able to rebuild, even if the insurance company greatly miscalculated how much insurance you would need to rebuild when they sold you your policy.
You may say to yourself, this extra coverage may cost you a lot more to have it. This is not true. The insurance company offering unlimited coverage to rebuild your home may be the least expensive homeowners insurance quote you find when shopping.
This is only ONE example of MANY ways home insurance coverage can be different among insurance companies.
If you are like most people, your home is your biggest investment. Even though you are not likely to have a large loss to your property, the financial impact for you and your family is too devastating to take a chance not having the best coverage you can get at a reasonable cost.
Homeowners insurance policies have many limitations & exclusions people find out about the hard way when they have a claim. When these people find out an expensive claim not covered, could have been covered at a reasonable cost, they regret not shopping for the coverage they needed.
Agents are sales people, not consultants. Though most agents want to help you the best they can, they have no legal obligation to make sure you have the coverage you need.
You are responsible for deciding what coverage you need & knowing how your insurance policy limits & excludes coverage.
First, find out what you need to know about homeowners insurance coverage, limitations, & exclusions, by reading my blog and using my website’s Auto & Home Insurance Reviews.
Then, contact your agent or insurance company to review your homeowners insurance policy, and all its limitations & exclusions, with you. Shop your insurance and get a second, third, or fourth opinion to make sure you have the coverage options you need.
Comment or ask me questions on my facebook page. Follow me on Twitter for important insurance consumer news & new blog entries at CarInsWatch. Email: help@smartshopyourcarinsurance.com.
Homeowners Insurance Replacement Cost Coverage
Before your homeowners insurance company pays your claim, the company determines the settlement amount.
Many homeowners insurance policies, unless your property does not qualify for standard homeowners insurance, or you have an old policy, pay replacement cost for claims for your Dwelling, Other Structures, and your Personal Property insurance coverage.
Replacement cost for your personal property may be optional, but many agents automatically include this option when they quote you.
Replacement cost is an important feature because there will be no deduction for depreciation.
Although, I am explaining replacement cost for homeowners insurance, it is equally important to have it on any property insurance policy — Dwelling insurance for rental houses, Condo insurance, Mobile home insurance, and Renters insurance. For rental properties, some insurance companies will offer replacement cost, and others will not offer it. Some homeowners insurance companies no longer offer replacement cost for your roof.
As always, I recommend shopping with all the leading insurance companies to find the best insurance coverage and price for you.
Examples of the Importance of Homeowners Insurance Replacement Cost Coverage
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If you do not have replacement cost (RC), claims are settled at “Actual Cash Value” (ACV) which is replacement cost less depreciation.
If your roof blows off in a windstorm, and your roof is a 15 year-old roof that is supposed to last 30 years, you would get $5000, less your deductible, instead of the $10,000 needed to replace the roof, if you do not have replacement cost ($10,000 (RC) – $5,000 for 15 years of depreciation = $5,000 (ACV).
If your roof was 30 years old, and beyond its useful life, you would get nothing!
Your 15 year-old sofa may cost $1000 to replace, but the sofa’s value less depreciation, may only be $250.
Imagine if you have a house fire and lose all your personal property. Unless all your personal property was brand new, you would not have enough money to replace your lost items unless you have replacement cost on your homeowners insurance.
Important: Contact your agent and make sure you have replacement cost for your house and contents, and make sure you are being quoted replacement cost when you shop your homeowners insurance. This is extremely important if you have not updated your homeowners insurance policy in many years.
Do you have any questions about the importance of replacement cost coverage? Tell me about it. Please leave a comment on my facebook page. Follow me on Twitter for important insurance consumer news and new blog entries at CarInsWatch.
Your Home Office or Home Business, & Homeowners Insurance
If you are self-employed, or work from home, or have any type of home business — either in your house, or elsewhere on your property — you can find yourself with a large, uninsured claim if you do not get the extra homeowners insurance coverage you need for your situation.
Paying for homeowners insurance, then not having the coverage you need, when you need it, leads people feel ripped off by their insurance company. Understand what homeowners insurance coverage is available, what coverage you need, then shop with all the leading insurance companies to get the right coverage for you at the best price.
Even if you do not work from home, or think you do not have a home business, you may be unpleasantly surprised, if you have a claim, by the exclusion for business activities in the basic homeowners insurance. This exclusion is also found in renters insurance, condo insurance, & mobile home insurance.
Anything you do on a continuous basis earning revenue can be considered a business.
Do you or a family member cut hair for a small fee for one or two friends on a regular basis? Do you do child/adult daycare for money? Do you mow lawns for cash on the weekends? How about regularly selling items on E-bay? These circumstances would be considered business activities.
If your friend stopped by for coffee and a haircut, and slipped on your floor, or was accidentally injured while getting the haircut, you would not be covered for liability by your homeowners insurance, because your friend was at your house for a “business” purpose.
You would be on the hook for any liability, for which you are legally responsible, if your friend is injured, even if the injury had nothing to do with the business, because your friend was at your home to get and pay for a haircut.
What do you or your resident family members do which earns money on a regular basis? Do you have a monthly garage sale, or weekly bake sale? Do you fix computers on the side?
The occasional garage sale, or your child’s lemonade stand in the summer, are okay because they are not continuous sources of income.
However, you need to talk to your agent about getting the proper homeowners insurance coverage for any continuous activity you or your family members do for money.
You may not have anything you do from home to earn money, but if you work from home, or telecommute, even if you are not self-employed, you could still find yourself without proper insurance coverage.
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What if your dog bites the UPS guy? What if a tech support person stops by to fix your computer network, and the person trips on a loose rug and gets injured?
Contact your agent about your work at home or business activity. As long as the insurance company does not think the situation poses too much risk for them — breeding attack dogs would definitely be a problem — you can purchase liability coverage for your business pursuits, which costs very little to add to your homeowners insurance.
In addition to the basic homeowners insurance policy excluding liability arising from any business pursuits, there is very limited coverage for business property kept at your home, and even less for business property away from your home.
Are you a contractor, and think your personal tools you use in your profession are covered by your homeowners insurance? Contact your agent, because you most likely have little coverage for your tools.
Almost all homeowners insurance companies can insure incidental businesses and a home office in your house. But if you have a lot of customers visiting your home, or other substantial business activities at your residence, such as employees, advertising, inventory, etc. some insurance companies will not insure your home.
WARNING: Any business activity or business property in a detached structure on your property, such as a detached garage or workshop, can exclude coverage for the ENTIRE building.
So, if you regularly sell your woodwork you make in your detached workshop, and your workshop burns down, and the fire may have had nothing to do with the business, there is NO COVERAGE for damage to the building or contents.
Even if you are self-employed, with a business away from your home, if you are storing any business property in your detached building, you can find yourself without coverage for the building.
Contact your agent to find out how exclusions for business activities and business property limitations affect you, so you can do what you need to be properly insured, without any surprises when you have a claim.
Do you have questions about insuring a home business, or an opinion about this blog post? Tell me about it. Please leave a comment on my facebook page. Follow me on Twitter for important insurance consumer news and new blog entries at CarInsWatch.
Flood Insurance Coverage
Flood damage is excluded from coverage in your homeowners insurance policy, so there is no insurance for your home and contents if they are damaged by flood. Continue reading
Earthquake Insurance, & Earth Movement / Volcanic Eruption Homeowners Insurance Exclusions
Earthquake, volcanic eruption, earth movement, mudslide, sink holes, erosion, subsistence, & landslide are excluded from coverage in your homeowners insurance policy, so there is no insurance for your home and contents if any of these events occur and damage your property.
You need to determine what risk these events pose to your home, and decide if you need to purchase extra coverage, considering the cost versus the risk.
Unfortunately, you have very few, if any options, for protecting your home from some types of earth movement, like sink holes, mudslides, erosion, subsistence, & landslides.
The best thing you can do is to own a home having no risk, or almost no risk, of these types of events damaging your house and contents. Buying a home on a flat lot, and not on or near a hill or body of water, goes a long way to reducing these risks.
It is hard to avoid the risk of earthquake in some states, like Washington, Oregon, & California. Even in states not known for earthquakes, there are many unknown faults, and there is the possibility of a new fault being discovered close to your home. In the last year, a fault inactive for over 100 years shook the Washington DC / Virginia area.
To limit the possibility of damage to your home from earthquake, buy a newer, frame-built home built to the current earthquake building codes, if they apply in your city.
Unreinforced masonry, brick veneer, and older homes are at risk of greater damage from an earthquake, and earthquake insurance on these types of homes can cost a lot more.
If you have an older home, you may need to retrofit the house for earthquake (bolt the frame to the foundation, strap down your water heater, etc.) to qualify for earthquake coverage, or get a lower rate.
Some insurance companies have less restrictive rules, and older homes may get earthquake coverage with no retrofitting requirement. Shop with all the leading insurance companies for the homeowners insurance company willing to offer you the insurance coverage you need at the best price.
Insurance coverage for earthquake and volcanic eruption can be added to your homeowners insurance, for an additional premium, if your insurance company offers it, or it can be purchased as a separate policy.
Damage to your home from a tsunami is covered by flood insurance, not by earthquake insurance, or your basic homeowners insurance.
Earthquake insurance is designed to cover you only for the substantial destruction of your home, and due to their large deductibles, you will not be covered for cracked foundations and minor damage. Even earthquake damage in the tens of thousands of dollars will most likely be under your deductible.
Most insurance companies offering earthquake coverage have a minimum deductible of 10%, though a few companies will go as low as 5%.
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If you are insured for $200,000 on your house, and have a 10% earthquake deductible, there would need to be more than $20,000 of damage to your home before the insurance will pay anything. You may have a separate deductible applying to damage to your contents.
You may want to see if you can supplement your coverage by seeking an additional earthquake insurance policy which will cover the cost of your earthquake deductible.
How damaging can an earthquake be to your house? This depends on how close you are to a fault, your soil quality — land fill, or soil with lots of moisture (if you are near water) is more susceptible to earthquake damage, the size and duration of the earthquake.
You can find out more information about your earth movement risks by reviewing the US Geological Survey website. This website has tools to determine the potential earthquake risk in your area. However, the website has a clear disclaimer it provides only general information, and should not be used to determine the risk of damage to a particular building.
After doing some basic research, you may want to hire a geologist to determine the earth movement risks to your property.
Your mortgage company will not require you to purchase earthquake insurance coverage, but if your home is destroyed by earthquake, you are still responsible for repaying the loan.
Without earthquake insurance coverage, you may have to file bankruptcy, lose all the money you invested in your home, experience foreclosure, and ruin your credit.
The government will not bail you out. The best you can hope for from the government is low cost loans to rebuild, and possibly some tax relief.
The risk of earthquake damage to your home in many areas of the USA is not remote, and although the risk in your area may be low, you have too much to lose by not having coverage.
Some major insurance companies no longer offer coverage for earthquake, because they are concerned with how much it can cost them if there is a large quake damaging many homes they insure.
If some insurance companies are concerned with how much they can lose by insuring earthquakes, don’t you think you should be concerned by what you have to lose by not having earthquake coverage?
Are you concerned with the risk of damage to your home by an earthquake? Tell me about it. Please leave a comment on my facebook page. Follow me on Twitter for important insurance consumer news and new blog entries at CarInsWatch.
Coverage F: Medical Payments to Others
Medical Payments to Others coverage, as a part of homeowners insurance, condo insurance, mobile home insurance, & renters insurance, pays for the necessary medical expenses of people, other than you and your household members, if they are injured on your property, regardless of whether you are legally responsible for the injury.
For example, a friend helping you prepare dinner in your kitchen accidentally cuts their hand while slicing vegetables, or your dog bites the neighbor.
Homeowners insurance companies vary with how much they offer for Medical Payment to Others coverage, but you may be allowed as little as $500 per person, or up to $25,000 per person or more, for this coverage. Shop for the homeowners insurance policy with the best coverage for you.
I am most concerned with my legal liability if someone is injured, which is covered by Coverage E: Personal Liability coverage, so I don’t take more than the basic Medical Payments to Others coverage.
If you or your children entertain a lot, you may want more than the basic coverage.
If someone visiting you is injured on your property, Medical Payments to Others coverage is a great way to get their medical bills for the injury paid, because you do not have to be at-fault for the injury, for your homeowners insurance to cover it.
Everyone knows how expensive medical treatment can be. An insurance company offering up to $25,000 per person, or more, for this coverage may be the best insurance company for you.
Like with all insurance coverage, exclusions apply.
For example, if someone is over your home in relation to a business pursuit, like a business client meets you at your home for a business dinner, or a co-worker dropping off paperwork at your home, or a vendor fixing your home computer you use for work, Medical Payments to Others coverage does not apply if any of these people are unintentionally injured while on your property.
Contact your insurance agent or insurance company to review all your insurance policy limitations and exclusions with you. Knowing what is not covered by your insurance policy is as important as knowing what is covered.
Do you need Medical Payments to Others coverage? Although this coverage can be beneficial to you — and the insurance company, since paying claims under this coverage tend to reduce lawsuits for bodily injury — it is not necessary, in keeping with the idea the purpose of buying insurance is to protect you from catastrophic financial losses.
If you are legally liable for an injury to a non-resident guest, you are protected by your Personal Liability coverage. If you did not have Medical Payments to Others coverage, you would not have any financial obligation to pay for the first aid & medical bills of a guest whom cuts themselves while chopping onions in your kitchen, unless you were somehow negligent, or they file a lawsuit.
However, Medical Payments to Others coverage is automatically included in homeowners insurance, renters insurance, condo insurance, & mobile home insurance, and I am not aware of any insurance companies allowing you to remove it to save money.
If you are like me — rarely have guests in your home, and don’t own a pet — you may wish to take the minimum amount, usually $500 or $1,000, to save money on your insurance premium.
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Coverage E: Personal Liability
The Personal Liability coverage of your homeowners insurance policy protects you, and the family members in your household, if you are legally responsible for the bodily injury or property damage to other people occurring on your property, or through your personal activities.
For example, your child’s friend gets accidentally injured by your child, or you hit a golf ball while golfing, and hit another player by accident, or your dog bites your neighbor.
Think about what activities you and your family do, and I am sure you can imagine a situation where you could be legally liable for the bodily injury of another person.
I think people should consider adding additional coverage to broaden your liability protection, called Personal Injury coverage. This coverage is essential for landlords, people who volunteer, or serve on any boards without pay, such as an Homeowners Association, Charity Board, or PTA.
Personal Injury coverage expands your liability to cover libel, slander, invasion of privacy, & false imprisonment. You can usually add this coverage for under $15 more a year.
You may not be a landlord, or active in your community, have you or a family member ever expressed your opinion of an individual or a business on the Internet?
Warning: lawsuits arising from any business pursuit are not covered by homeowners insurance liability coverage.
For example, if you have the additional Personal Injury coverage, and your insurance company includes coverage for what you say on the Internet, you are still not covered if you unintentionally defame someone on your blog, if you get ANY income (NOT profit) from your blogging activity, such as advertising.
Likewise, if you engage in any business activities out of your home, you are not covered for these activities, as well as any business pursuits outside your home.
You may be able to purchase liability coverage for your business pursuits from some insurance companies, depending on the nature of your work. Which business activities are acceptable will vary from insurance company to insurance company. Shop for the coverage you need and choose the best insurance company for you.
Personal Injury coverage can be different among insurance companies, so be sure to compare what is covered by each insurance company carefully.
You could be sued, and maybe the lawsuit may not have merit, but by having Personal Injury coverage, your insurance company will pay for the cost of your defense, where if you did not have Personal Injury coverage, you would have to pay your own cost of defense.
Not all insurance companies offer Personal Injury as additional coverage on their homeowners insurance, but Personal Injury is usually covered as part of a Liability Umbrella Insurance policy, if you choose to buy one.
I always encourage people to take as much liability as they can afford. Liability coverage on homeowners insurance is very inexpensive. Most homeowners insurance companies offer up to $500,000 per occurrence.
If you choose higher liability limits for auto and homeowners insurance, ask your agent about a Liability Umbrella Insurance policy, which will provide 1 million dollars (or more) of liability protection above your auto and homeowners insurance coverage. Umbrella policies are inexpensive, and are a must for people with good incomes or assets they need to protect.
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Coverage D: Loss of Use / Additional Living Expense
Loss of Use, or sometimes called Additional Living Expense, is an important coverage included in your homeowners insurance policy, but it is also part of mobile home insurance, condo insurance, & renters insurance.
Imagine you come home from work to find your home uninhabitable due to a house fire. Or maybe it was the house or apartment nearby having a fire, and civil authorities prohibit you from living in your home for the next several days until it is safe for you to live there.
Where do you stay for the night? You can’t use the food in your refrigerator to prepare the meal you intended to eat, so now you have to pay for another meal? Do you have the cash or credit on you to keep from going hungry and homeless for the night?
It could take months before your home is habitable again. The costs of moving, storing your personal property, and paying for a new place to live, while you wait for the repairs to your damaged home to be completed, can be substantial.
Loss of Use coverage pays for your additional living expenses you incur due to a covered claim, so you can maintain your normal standard of living.
This coverage is another reason for tenants, whom think they don’t own enough valuable property to need renters insurance, to buy it.
If you live paycheck to paycheck, the additional costs to pay for a place in the short term, and the additional expenses to find a new place to live, is money some people don’t have. Don’t rely on charity if this happens to you, since renters insurance usually can be purchased for less than $10 a month.
If you have auto insurance, the discounts for buying renters insurance and auto insurance together can be the same as the cost of your auto insurance alone, without renters insurance.
Suddenly having nowhere to stay for the night, because you did not have renters insurance when you needed it, and later finding out you could have had it, at little to no additional expense, makes people feel ripped off by their insurance company’s failure to help them buy the insurance policies they need.
Loss of Use / Additional Living Expense coverage is automatically included in most property policies, like homeowners, condo, mobile home, & renters insurance, as well as dwelling policies for rental units, where it may cover the loss of the rental’s fair rental value.
However, the dollar amount of coverage and time limit, as well as what is covered, vary from insurance company to insurance company, without any options for the customer to purchase additional Loss of Use coverage. If you need better Loss of Use coverage, you will need to change insurance companies.
You want to consider how an insurance company’s Loss of Use coverage works, in addition to its other coverage, price, customer service, and complaint record, when selecting an insurance company.
Some homeowner insurance companies offer as little as a separate 20% of the amount for which your house is insured, and some companies offer as much as a separate 100% of the amount for which your home is insured, or no dollar limit at all. Time limits can vary, too. Additional living expenses may no longer be paid after a year or two years.
More coverage is always better, but I would only consider it when the homeowners insurance company has a competitive price, or outstanding customer service.
However, look for an homeowners insurance policy covering these three things:
1. Additional Living Expense: temporary housing, moving, storage, & other necessary expenses to maintain your normal standard of living.
2. Prohibited Use: If a civil authority does not allow you to occupy your home, due to damage to a neighboring home, from a cause which would be covered to your home.
Prohibited Use usually does not cover the additional living expenses due to an order to evacuate.
For example, you are told to leave your home due to an approaching wildfire. But if the wildfire damages your neighborhood after the evacuation, and civil authorities will not allow you to return to your home due to this damage, it should be covered under prohibited use.
3. Fair Rental Value: This is very important if you rent out part of your home, or if you are insuring a property you rent to others.
You get the fair rental value of the rent you were receiving, but any expenses not continuing due to the property damage, such as utility costs, are subtracted from the fair rental value.
For example, you rent a room in your home to someone for $400 a month. Your boarder’s share of the utilities, included in the rent, is $50 a month. If you have a fire, and your boarder cannot live in your home, you would get $350 a month for fair rental value.
You are not reimbursed for the loss or breaking of a lease or rental agreement.
For example, your home is repaired, but your old boarder moved elsewhere. It takes you 3 months after your home is habitable to find another boarder. You are not paid for the 3 months it took you to find a new boarder. If you did not have a boarder at the time of a loss, even though you were looking for one, there would be nothing paid for Fair Rental Value.
For there to be coverage under Loss of Use, your house must be uninhabitable due to a covered claim.
For example, flood and earthquake are not covered by your homeowners insurance. If your house is uninhabitable due to a flood, no Loss of Use coverage applies. There would be no coverage for an earthquake loss, either, unless you purchased additional earthquake coverage.
Let me walk you through an example of a valid claim:
You have a major house fire and it is determined by the insurance company or civil authority you can’t live in your home. Keep in mind, if you have minor damage, but your home is safe to live in, it is not up to you to decide you need to live elsewhere and get paid additional living expense. You don’t get to stay in a hotel, on the insurance company’s dime, for a few days because your house has a funny smell. But if the smell has an ill affect on you or your family, you may be able to get the claim covered.
If your home is uninhabitable due to the fire, any additional expense to maintain your standard of living, while your home is being repaired, until it is habitable again, subject to any dollar or time limit, is covered.
Additional expenses during the time of any delay of the repair created by you, extending the normal time repairs to your home could be completed, will not be paid.
So, if fire damaged your modest 1,500 sq ft, 2 bed room home, you would receive the cost of the additional expense to rent a comparable home. If you choose to rent a 4,000 square foot luxury home, you will have to pay for the portion of rent beyond the appropriate rent of a home comparable to your damaged home.
It takes 6 months before you can move back into your home. You paid 1,000 a month to rent a comparable home for 6 months. You had additional moving & storage expenses of $5,000.
Your homeowners insurance policy provides a separate 20% of the amount of coverage on your house — $150,000 — so you have a limit of $30,000 for Loss of Use coverage. The time limit covers additional living expenses for up to one year from the date of the loss.
Since $30,000 is more than your $11,000 Loss of Use claim, and all the expenses were incurred before the 1 year time limit was up, the entire claim will be paid.
As always, the information I provide you is to educate you and help you shop smart for insurance. I don’t work for your insurance company or know about your insurance policy,, so I can’t telll you how your insurance works. Check with your agent or insurance company to find out what expenses are covered, what limits apply to your policy, and learn how your Loss of Use coverage works. Be smart and comparison shop with other insurance companies to get the best coverage for you.
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Coverage C: Your Home’s Personal Property/Contents
This coverage insures your personal belongings and furnishings (personal property) kept in your home, subject to your deductible.
Personal property is usually insured for causes of damage on a “named peril” basis, meaning for you to be covered, the cause of damage, such as fire, must be specified in writing in your policy contract.
A few homeowners insurance companies will offer broader coverage for your personal property on an “open peril” basis, meaning damage to your property is covered, subject to your deductible and any limitation written in the policy, unless it is specifically excluded.
For example, you drop and break your big screen television while trying to move it in your home. If the damage is more than the deductible, and it is not excluded from your homeowners policy, it may be covered if you have “open peril” coverage, but it is not covered if you have “named peril” coverage.
“Named peril” coverage is fine for most people, because you pay more for “open peril” coverage for your personal property, and the broader coverage encourages smaller claims that your agent will most likely recommend you do not file.
However, if you have a lot of expensive, high-quality personal property you may want “open peril” coverage for your personal property.
“Open peril” coverage for your personal property is offered by a few homeowners insurance companies, usually through independent insurance agents that sell to high net-worth customers.
Don’t take the chance you will feel ripped off after you have had a claim, by shopping for the coverage you need at the best price with a reputable insurance company.
Like Coverage B: Detached Structures, the amount of Personal Property coverage is based on a percentage (50%-75%, depending on the homeowners insurance company) of the amount for which the house is insured — which may, or may not reflect your actual needs to replace your Personal Property.
People usually under-estimate the amount of Personal Property coverage they need. This website, knowyourstuff.org, can help you determine how much you need. In addition, you create a home inventory. If you lose everything in a fire, you will have a record of what you own, so you will not forget any of your personal property items.
I also recommend using a camcorder to make a visual record of all your property, and keep the video off the premises, somewhere safe.
Insurance shopping tip: If you are sure you need less personal property (and keeping in mind it is easy to forget to update your insurance when you buy new things), a few homeowners insurance companies will lower your premium for less Personal Property coverage. However, many homeowners insurance companies offer only the basic percentage or more.
Warning: Personal property kept away from your home, at another house, dorm, apartment, etc. or in storage can be limited to 10% of the the amount of insurance you have for contents.
For example, if you have $50,000 for your contents coverage, all property you keep away from your home is limited to $5,000.
If you own another property, rent a storage unit, have a child living away from home, or any other situations where you may have a significant amount of your belongings away from home, inform your agent to secure proper insurance coverage.
Avoid this homeowners insurance mistake: Many people find out about the limitations and exclusions on their personal property after they have had a claim. Items such as jewelry, watches, furs, tools, silverware, goldware, cash, coins, cameras, computer hardware & software etc. have limits on coverage.
For example, you may have $75,000 for your Personal Property coverage, but there is a limit of $1,000 for all jewelry,watches, and furs that are stolen. If you have $15,000 in jewelry and the jewelry is stolen, the most your policy will pay is $1000.
Other types of personal property can be limited, too. Be sure to have your agent review all the personal property limitations and exclusions to you, and adjust your coverage as needed.
Please see my blog post regarding scheduled personal property / personal property limitations & deciding when you need more coverage.
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Personal Property Limitations / Scheduled Personal Property
How do you insure your engagement ring, wedding ring, other jewelry, tools, computer equipment, artwork, stamp & coin collections, guns, musical instruments, silverware, and other valuables?
As mentioned in my blog post regarding Homeowner insurance contents coverage, certain types of personal property are limited for coverage under the basic homeowners insurance policy.
The reason for the insurance company limiting the coverage is because some of these items are popular targets for theft, and not everyone has these items. Not everyone has $10,000 worth of jewelry, and if not for the policy limitations, people without jewelry would pay higher rates for those claims involving theft of expensive jewelry.
Other items you may own are excluded or limited for coverage under your homeowners insurance policy, because they are meant to be insured by separate insurance, such as cars, motorcycles, boats, ATVs, trailers, aircraft, watercraft, snowmobiles, dirt bikes, etc. If you own any of these items, or anything with a motor, consult your agent to see if you need a separate policy for them.
Review with your insurance agent all the coverage limitations and exclusions, and have your agent adjust your coverage to meet your needs.
Broader coverage can be purchased for jewelry, watches, furs, guns, tools, musical instruments, silverware, pewterware, goldware (including trophies), artwork, coins, stamps, cameras, computer equipment & other items.
A popular choice for many people with jewelry, such as an engagement ring, is to buy broader coverage, and insure each item for a specific amount. Items insured this way on a homeowners insurance policy are called Scheduled Personal Property.
If a ring is scheduled as personal property on your homeowners insurance, it normally has no deductible, and you are covered for events like “mysterious disappearance” — where you no longer have the ring, you don’t know where it went, and there is no evidence of theft. You are also covered if the stone falls out of the setting and goes down a drain pipe.
It’s great to have the broader coverage, but it encourages filing smaller & frequent claims. Filing one claim raises your rates. Filing 2 claims in 5 years can get your homeowners insurance canceled.
Here is what I recommend:
1. Know what property is limited by your homeowners insurance, and the dollar limitation per item, as a category, and under what circumstances (Jewelry, for example, is limited for coverage only for theft).
2. If you own any of the property subject to limited coverage, know the value of each item, and the total value for the items in that category.
3. Compare the limits to what you have, and figure out how much you have to lose if you have a claim.
4. If the potential loss would not cause you financial hardship, or you could live with the loss of the property, you may decide you are okay with the limits of the basic homeowners policy.
5. Look to non-insurance ways to protect your property. If you have jewelry, keep it in a vault (you can usually get a discounted insurance rate to schedule jewelry normally kept in a vault). If you have guns, keep them in a gun safe. Get a monitored alarm for your home. Relying on your homeowners insurance to pay theft claims, instead of doing everything you can to prevent theft, is a recipe for getting your homeowners insurance canceled for claims.
6. If you decide you want or need better insurance coverage for your high value items, consult your agent to let you know your options.
7. Consider buying a separate policy to insure your high value items. Many companies no longer offer a separate policy to schedule high value personal property, but an independent agent should be able to find one & get a quote for you.
There are two advantages for having a separate policy for your high value items:
a. If you have a claim, it won’t increase the rate of your homeowners insurance, or put it at risk of cancellation.
However, if you shop your homeowners insurance within 5 years of filing a claim on this separate policy, the quotes you receive will be higher, or you may be ineligible for coverage, due to treating this claim as a property claim as if it was paid by your homeowners insurance.
b. If your mortgage company pays your homeowners insurance, your monthly escrow will be lower than if you had a higher homeowners insurance premium due to scheduling high value items.
Here are a few examples to show you what you need to consider:
Your homeowners policy has a $1,000 per item limit, $2,500 per category (for all your jewelry items) if your jewelry is stolen.
Customer #1 has $6,000 of jewelry, with the most expensive item being $2,000. The customer understands how the limits above apply to their jewelry — if the $2,000 jewelry item is the only thing stolen, the most the policy will pay is $1,000, and if all jewelry is stolen, the most the policy pays is $2,500.
The customer decides they will pay the cost themselves if their jewelry is stolen, and use their homeowners insurance only for very large claims they cannot afford to pay out of pocket.
Customer #2 has only one jewelry item — an engagement ring worth $10,000. Customer #2 would want the ring replaced if something happened to it. Customer #2 decides to pay extra to schedule the ring for $10,000 on their homeowners insurance.
Customer #3 has $75,000 worth of jewelry and a $100,000 art collection. Customer #3 decides to insure the high value items under a separate policy.
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Serving Alcohol to House Guests & Homeowners Insurance Liability Coverage
Can hosts be responsible for the acts of their guests? If you have a party, and one of your guests drinks and drives, and causes a car accident, can you be sued? Yes, you can be legally responsible for injuries or property damage to others, caused by your drunken guests. Continue reading
Coverage B: Detached structures (Garage, Pool, Shed, etc.)
This coverage insures other structures, detached from your house, such as a detached garage, shed, in-ground pool, gazebo, boathouse, barn, etc. on the same property. Continue reading
Ordinance and Law Insurance Coverage
When you have damage to your house from a cause covered by your homeowners insurance, such as fire, most insurance policies pay the replacement cost for the damaged portion of the home, with the same kind & quality of materials before the fire occurred. Continue reading
Coverage A: Your House (Building)
This is the coverage that insures your house, and structures attached to your house, such as a garage or porch, from certain causes of damage, such as fire, subject to your policy deductible.
When you contact an insurance company for an homeowners insurance quote, the insurance company representative will ask you questions, like the size and features of your home, to determine how much coverage you need to rebuild your home.
Even though the insurance company has sophisticated software to calculate building costs in your area, determining the cost to rebuild your home is not easy to do by having a conversation with you.
If, for example, you tell the insurance company your 1st floor is 1000 Sq. ft., but the actual square footage is 1100 Sq. Ft., the insurance company’s estimate of the cost to rebuild your home will be less than the cost to actually rebuild it. Missing features like custom cabinets, a half bathroom, or a built-in hot tub, can leave you under-insured.
For higher-value, custom-designed, or historic homes, it is more difficult for the insurance company to calculate an accurate cost to rebuild it.
Many insurance companies conduct a drive-by inspection of your property, once you are a customer, to make sure you have enough insurance to rebuild your house, and they will increase your coverage — and your premium — if you need more coverage.
To avoid a surprise price increase due to needing more coverage, make sure you discuss your home thoroughly when you get homeowners insurance quotes. Each insurance company quoting you should determine you need about the same dollar amount of insurance to rebuild your home. The dollar amount of coverage on your home has the biggest impact on the price of your homeowners insurance.
If one insurance company quotes you a price of $350 per year for $150,000 coverage on your house, and another insurance company quotes you $400 per year for $250,000 coverage on your house, the first company is not a better deal, and is probably more expensive if they quoted you the same amount of coverage as the second company.
If you have a high value home with custom features and made with expensive building materials, you may want to choose an insurance company willing to do a thorough interior inspection for you, to make sure you are adequately insured.
After severe storms & fires, many homes are determined to not have enough coverage when they try to rebuild after a claim, so you want to do everything you can to make sure you have the proper amount of insurance. You can figure your own cost to rebuild your home at building-cost.net and compare it with your agent’s estimate.
Remember, the cost to rebuild your home is not the market value of your home. You can buy a house for $400,000 in a fashionable suburb, but if you were to move the exact same house across town to a neighborhood in decline, with high crime and a poor school system, the same house could cost $150,000 to purchase, but the cost to build the house — say $250,000 — would not be changed.
Sometimes, the market value, or your mortgage amount, will be a lot more than the cost to rebuild your home. Lenders often want your homeowners insurance to cover the loan amount — but a bank cannot make you insure your house for more than the cost to rebuild it. Don’t over-insure your home due to pressure from your bank.
If you are buying or refinancing a home, when your house is appraised by a real estate appraiser, the appraiser also determines the cost to rebuild, and lists it on the appraisal. You can use this estimate of the cost to rebuild to make sure you have enough coverage, too.
If it has been several years since you have had your insurance company re-evaluate how much insurance you need to rebuild your home, or if you have done any remodeling or additions, you need to contact your insurance company to check your home’s reconstruction cost, and make sure you have enough insurance.
Shopping tips:
1. Many insurance companies provide additional coverage, usually called Extended Replacement Cost — often 20% or more of the amount for which your home is insured — in case it is needed to rebuild your home.
This additional coverage varies depending on the insurance company, so you want to consider the most generous additional coverage, as well as the cost of the policy.
To have this additional coverage, the coverage on your house will increase each year at renewal to keep pace with the inflation rate for labor and building materials in your area.
Also, you will need to notify your insurance company before you do any remodeling or additions to your home, so your insurance company can adjust your coverage.
2. In addition to having enough coverage to rebuild, please see my blog post of a frequently overlooked coverage, called Ordinance & Law Coverage, which can keep you from paying tens of thousands of dollars out of your own pocket if you have a claim.
3. Compare quotes with the same deductible, and take the highest
deductible you can afford to save money. Make sure you get all the
discounts for which you qualify.
4. When the insurance company does the drive-by inspection to verify the cost to rebuild your home, the insurance company is also checking to make sure your home, other structures on the premises, and property meet the insurance company’s eligibility standards. The insurance company makes sure your home is occupied, there are no vicious animals on the premises, and no conditions which will increase the chance of a claim, such as substantial moss on your roof, major remodeling/renovation, porches without railings, peeling paint, etc.
Once you start your homeowners insurance policy, the insurance company has 60 days to notify you, if the insurance company is going to cancel your policy, because your home does not meet their required standards.
Make sure you maintain your home properly. Even a small amount of moss can greatly shorten the life of your roof, and roof leaks due to seepage are not covered by homeowners insurance — which can cost you $1000s.
Review the application for homeowners insurance for accuracy before you sign it and pay for it. If you have a Pit Bull, and notice the application says you have no dogs, tell your agent. Point out anything inaccurate on the application and ask questions if you do not understand something on the application.
If you receive a cancel notice because of inspection results, make sure
the reason is accurate, and work with the insurance company to resolve
the issues. The cancel date will be at a future date, and you should be
able to get the issues resolved and your policy reinstated in time to
avoid a lapse in coverage.
Most problems are easily fixed, and other insurance companies are going to have the same concerns if you wish to change insurance companies. It is important to maintain your home in a timely fashion to avoid costly expenses and problems with your homeowners insurance.
Even if you have homeowners insurance now, many insurance companies periodically conduct a drive-by inspection of the homes they insure, and if your home is not properly maintained, your insurance company may cancel your homeowners insurance at your policy renewal date.
What causes of damage are covered?
Most homeowners insurance policies cover your house on an “open peril” basis, which means damage to your home is covered, unless it is specifically excluded in your homeowners insurance policy.
Common exclusions are for earthquake and flood. However, some
homeowners insurance policies are “named peril” and less causes of loss
are covered. Please contact your agent to find out what causes of loss
are covered or excluded, and what limitations apply, or read your policy.
I know insurance policies are not fascinating reading, but you need to review your homeowners insurance contract and pay special attention to what is covered, what exclusions apply, and any limitations on coverage.
You can call your agent if you do not have a copy of your policy contract and all endorsements (endorsements modify the wording in the insurance contract–for example, your homeowners insurance contract excludes earthquake damage, but your insurance company may offer an endorsement to cover earthquake for additional premium), have your insurance company or agent mail it to you, and keep it with your important documents.
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