Latest Articles and News
What Do Credit Scores Have to Do With Homeowners Insurance?
It's normal for a credit score to be considered if you want to take out a loan or if you want goods or services before you've made a payment. However, homeowners insurance is money you pay upfront to cover you in the event that something happens to your property. So why would an insurance company consider your credit? The truth is that more and more this is happening and there's actually a pretty simple explanation. It turns out that by and large, those with lower credit scores are the most likely to make a claim against their homeowners insurance.
Does this mean that those with low credit scores will always pay more for their home owners insurance? Not necessarily. Not all companies consider a homeowners' credit score when quoting a policy. As a result, if you have bad credit and are given a high insurance quote, keep shopping around. You may find a company that doesn't check your score and who offers you a significantly lower premium. This is just one reason that it's essential to not simply take the first quotes that comes your way but to get numerous quotes, compare the coverages, and choose the one that will work best for your needs and your budget.
Don't Get Scammed By Your Home's Hail Damage
If your home has been through a hail storm and you've got visible damage that can lend proof to your claim, you may think that's as good as money in the bank. But the truth is that you could be very vulnerable to fraud by home repair scammers.
This type of insurance scam usually results in the making of unnecessary repairs to your home by the scammers, who try to charge insurers for them. Other fraudulent home repair companies may actually cause additional damage to your home's siding or roof in order to necessitate more repairs.
You should be suspicious if, very shortly following a storm, a company approaches you about making repairs. Many of these scammers actually track the storms moving over an area in order to better target their victims. You can protect yourself by:
- Getting more than one estimate
- Demanding a contract be created which includes the costs, payment schedule and work to be completed
- Keeping detailed records of the damage to your home, including when and how the damage occurred and photos of the damage.
Once all is said and done, considering how to protect your home from future hail damage will not only keep scammers at bay, but could net you homeowners insurance discounts as well.
To learn about the various perils that this type of insurance covers, check out http://www.homeownersinsurancegeek.com/ for the latest in news, tips, and solid advice. Your home is one of your most precious assets . . . make sure you're covered in the event of an emergency.
Homeowners Insurance Made Simple: Understand the Homeowners Insurance Coverage Types
You won't be able to get the best deal or the appropriate amount of coverage unless you understand the intricacies of homeowners insurance coverage types. The good news is that it's actually simpler than you think once you understand the choices. The first is the Basic Form and it's frequently referred to in the industry as HO1. It protects against 11 different types of issues, including fire, smoke, theft, vandalism, windstorm, and explosions. Read the policy carefully as it must clearly lay out what is covered, how much it's covered and what the exclusions are.
The next is Broad Form, typically called HO2. It covers everything that's covered by an HO1 policy, plus seven additional issues like falling objects, freezing of plumbing, and the collapse of part or the entire building. Finally we have HO3, which is what more than 85% of Americans choose. It covers almost all types of situations with a few notable exceptions, like termites. This policy must clearly state what isn't covered so you'll know exactly what you're getting. It is typically the choice of those who want the peace of mind that their home is safe in the event of almost any type of damage.
Categories: Homeowners Insurance, Finding Discounts, Useful Tips, Home Owners Insurance by City, News,