Archive for the ‘Homeowners insurance’ Category
The only thing worse than having your home destroyed is finding out that you are not insured for that specific type of disaster. Unfortunately, this is something that happens quite often. The homeowner discovers too late that their homeowner’s insurance will not cover the damage caused because the homeowner did not purchase a separate policy for it. To make sure that you are covered from all different types of disasters, you will need to research your own policy.
One of the first things to investigate is whether your homeowner’s insurance includes flood insurance. Most policies do not include this coverage and it is something extra in which you would have to include. When you buy a new home, the one thing you should ask if whether or not the home is in a flood zone, as you can secure this type of coverage immediately. In fact, most financing companies will require this insurance if your home is in an area known to flood.
Another thing you will discover is that your home will not be covered for other types of natural disasters, such as a tornado or sinkholes. Although it would cover for things like lightning strikes, these additional items are something that you would need to specifically ask for in your policy.
Most people that operate businesses out of their homes are shocked to find out that their policy will not cover losses incurred in their business due to damage in the home. When running a business in your home, you will need to inquire about special additions to your policy to be sure your business is covered in the event that you are no longer able to work or lose the equipment for your business.
Despite what you may believe, your current homeowner’s insurance policy may not provide you with adequate coverage. There are many things, including flood damage, sinkholes, and business losses that it will not cover. To make sure your home is protected, review your own policy before it is too late.
Most people remember to include their expensive jewelry and firearms in their homeowner’s insurance or renter’s insurance policy, but they often forget to insure other expensive items that may be stolen from their home or damaged in a flood or fire. Designer shoes should be included in a homeowner’s insurance policy so that they policy holder will be repaid if something should happen to their expensive footwear.
Collecting designer shoes can be an expensive hobby - depending on how expansive someone’s collection is. are a significant investment. I know of some women with more high heels than they could ever need. A pair of Christian Louboutin boots can easily cost $1500 or more, Stuart Weitzman pumps are around $500 a pair, and Manolo Blahnik heels usually cost more than $1,000. It would be heartbreaking for a woman to lose that kind of investment. According to some fashion shoe blogs, even women who don’t have the money to spend hundreds on a single pair of designer shoes are likely to have a shoe collection that is worth more than five thousand dollars total. An insurance policy cannot replace the sentimental value that many women place on their shoes, but it gives the insured person the money to replace the shoes that have been stolen or damaged. Shoe shopping after a disaster can be very therapeutic.
It is a good idea for renters and homeowners to talk to their insurance agent about adding coverage for the expensive items in their home such as shoes. Many insurance companies give renters or homeowners the option of choosing to insure their items for either the amount of money they originally paid for their items or the amount of money it would cost to replace the items at the time they need to be replaced. A good insurance company is likely to want a detailed description of each item as well as several pictures of the item.
An insurance agent may experience a rewarding career that revolves around helping others prepare for financial emergencies. If you have sales experience or the ability to explain the benefits of certain insurance products, you might find success as an insurance agent. Many clients consider their insurance agent as a trusted professional who compliments a core group of advisors, such as their attorney, tax preparer and financial planner. Insurance agents often engage in consultative roles to find a solution that meets a client’s needs.
Training
Training is required before an agent can solicit insurance products to consumers or to business owners. Each state requires prospective insurance agents to complete an approved training program for the type of insurance that the agent will sell. For instance, many insurance agents begin their careers selling life insurance or health insurance. If you plan to sell life insurance, you must complete the required hours of study and successfully pass an examination. You may find companies that hire insurance trainees and provide in-house training or you can locate approved course providers in your area. Most states have options that provide tips online toward becoming an insurance agent. The insurance commissioner’s office for your state might reflect approved course providers on its website.
Licensing
A license is required to become an insurance agent within the United States. The specific licensing requirements may vary according to the laws of each state. Generally, applicants will need to provide proof of training, exam results and complete a criminal background check to become an insurance agent. Your state may require errors and omissions insurance before issuing your license. Many states require e&o insurance for insurance agents to protect consumers against negligence or unlawful acts. If your actions cause a client to experience a financial loss, your state can file a claim against your e&o policy and provide compensation for the client.
Continuing Education
Insurance agents are required to complete continuing education courses. The training frequency and the required hours of study will vary among states.
To Sum it Up
Insurance agents strive to become knowledgeable professionals who are resourceful and sensitive to the needs of their clients. You can become an insurance agent and build your customer base one client at a time.
If you ever heard the term “dwelling fire” and wondered what it means – the most basic explanation is that it’s an insurance policy for landlords who do not live in the property they own. If you are renting your home to others, you might want to learn more about the above mentioned policy. Even though judging by the name you may assume it’s insurance against fire, it actually covers you against a number of other perils – lightning, wind, hail, explosion, smoke, vandalism, etc. In most cases, a dwelling fire insurance policy covers the home itself, its contents (limited coverage), and liability. It’s different from a renters policy, which protects against a loss in a renter’s personal property.
Dwelling fire insurance doesn’t just cover the house but also some of the surrounding structures such as a shed, garage or fence. It will also cover repair or replacement of the landlord’s furnishings and appliances, provided the damage resulted from a cause included in the policy. Another example of what gets covered by the dwelling fire insurance is the Fire Department Service Charge: if the fire department bills you for the emergency visit to your home, the policy will partially pay for it (usually up to $500).
If a bodily injury occurs to one of your tenants, your dwelling fire policy will protect you against a claim or a lawsuit, as long as there is no negligence on your part that was the direct cause of the injury. Medical payments for the treatment of the tenant’s injury will also get covered even though there could be a limit per person applied.
The incidents of disastrous flooding are reported every year across the United States. The range of damage varies from a few flooded basements to a massive area, where multiple neighborhoods and even towns get submerged in water. The definition provided by Wikipedia states that “a flood is a temporary covering by water of land not normally covered by water”. Flooding can result from many conditions: hurricanes, tropical storms, river overflows, excessive rainfalls and seasonal weather conditions. It’s more typical for coastal areas to get submerged underwater but flooding can also occur far from the coast line – for instance when it is caused by clogged drainage systems.
Many homeowners face a financial hardship due to the damage to their property resulted from a flood. Some people don’t pay enough attention to the risk due to lack of flooding history in the area, or because they think that they are covered by their homeowner’s insurance should the worse happen. Little do they know that the majority of standard homeowners insurance policies exclude flood damage and a purchase of separate flood policy is required. If you live in a high-risk area (1% annual chance of flooding), getting a flood insurance should be a must for you.
The cost of flooding could be tremendous: even a few inches of water can cause significant damage to your home and its contents. And let’s not forget how whole houses get washed away by fast flood waters. Recovering from this kind of disaster is both a psychological and financial challenge, and carrying an adequate insurance policy will help mitigate the impact and cover any repair cost you might incur.
With multiple insurance policies that one person carries at a time (auto, health, life, liability, homeowner’s), it’s easy to get confused as to which insurer covers what.
Imagine a situation when someone breaks into your car and steals a number of valuable possessions that you carelessly left there. You estimate the total value of the lost personal items at $2,400. Your next step is to contact your insurance company and ask them to cover the loss. The only question is what insurer you will be calling. Your common sense would tell you to call your car insurance company since the property was stolen from the vehicle they issued the insurance policy for. Right? Well, not really… As it turns out personal property is not covered by an auto insurance policy. All items in your car are covered by your homeowner’s policy under the Personal Property coverage (also known as Contents Coverage).
If you are not sure which insurance company should get involved with a claim in a particular situation, rather then trying to find information online contact you insurance agent directly – he will clarify any questions pertaining your policy and coverage and help you file a claim.
