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Report States Higher Insurance Premiums For Texans
A report presented by state insurance commissioner Eleanor Kitzman revealed that Texas homeowners insurance premiums have risen over 20% in the last three years. The increase has several reasons, according to the Dallas Morning News, who first reported on this story. Among the many causes for the increase are the predicted greater losses due to disasters like wildfires, hail storms and hurricanes.
But Texas also has a high exposure to catastrophes, thanks to its coastal location. Hail seemed to be the biggest culprit of high insured losses, with $7.6 billion in claims being made since 2009. Water damage came in second at $7.3 billion, and hurricane winds at $6.2 billion.
Loss reduction is a possibility if stronger building codes, increased fraud penalties and state licensing for roofing contractors is put into place, according to Kitzman. Homeowners can also avoid large losses by preparing themselves for natural disasters in the form of additions to the home such as wind shutters.
While homeowners insurance might be an important part of your budget, taking the time to educate yourself on steps you can take to physically protect yourself and your home from the perils of life might be the best advice you've ever taken.
NOAA Prediction About 2012 Storm Season Says More Hurricanes For Atlantic
Although it falls within the normal category for hurricanes, the National Oceanic and Atmospheric Administration has predicted there is a seventy percent chance that up to 15 named storms could be produced by the 2012 hurricane season, which began in May and ends in November. Of those fifteen storms, the NOAA predicts that three will be major hurricanes with winds exceeding 111 mph. Despite the widespread knowledge that the most active period for hurricanes begins around August 1, and that many citizens live in hurricane zones, there are a large number of residents who are not properly prepared for this type of natural disaster.
But Barry Davis, Senior Risk Services Consultant says that protection is simple. For the home, storm shutters, emergency supplies, and a practiced evacuation plan will help minimize the threat to lives and property. Businesses should include a continuity plan which will allow them to continue operating in the event of a hurricane, in addition to the above. This plan will allow for data back up and recovery.
Make sure you understand specifically what your homeowners insurance plan covers, particularly if you find yourself living in a hurricane zone. You may require additional coverage, or certain things may not be covered at all due to the risks.
Illinois Homeowners Can Learn How To Avoid Insurance Mistakes
A licensed home insurance agent in Illinois announced today that a new consumer awareness guide is now available for homeowners wishing to avoid mistakes when purchasing a home insurance policy. Entitled "How to Properly Insure Your Home for the Lowest Possible Price", the guide highlights five common mistakes while providing four ways to find the bet agent and covers six important questions to ask prospective insurance agents.
R.J. Weiss, the agent behind the guide says that it was created out of the discovery that there was much confusion among the general public where it came to insurance concepts, one of the most common being how much to insure a home for. Also revealed in the free downloadable guide is the time of year best for quoting insurance, how to save money via discounts, and the definition of important insurance terms such as scheduled property. Understanding concepts such as replacement cost versus actual cash value are also covered by the guide.
For more information like this check out The Home Protection Geek. Our site is loaded with information about the industry so that you can make an informed choice.
Local Fire Ratings And Your Homeowners Insurance
Did you know that 70% of the firefighters in the United States are volunteers? That high number could very well mean that your local fire department is not full of paid professionals, and therefore, wind up costing you more on your homeowners insurance.
Your home insurance rates are calculated according to a score obtained by the existence of certain factors in your area, such as whether the fire department is volunteer or paid professional. And a whopping fifty percent of that score rests on the status of your local fire department!
The fire rating of your community is measured on a scale of one to ten, with ten being the worst according to homeowners insurance terminology. A community with a paid firefighting staff would rate a 3. Unfortunately, your insurance rates will likely suffer should your community's volunteer fire department either close or merge with a department nearby. This is because the proximity of the new fire department could place your home outside of the preferred five or six mile distance from it, which could increase the response time, ultimately increasing the damage to your home by fire.
Understanding issues like this one can dramatically alter the cost of your homeowners coverage. Make sure you check out all of the articles on our site to understand your specific scenario.
Common Mistakes Homeowners Make When Purchasing Homeowners Insurance
It can often feel complicated to purchase homeowners insurance but the truth is that if you know what to do – and what not to do – it's really rather simple. One of the most common mistakes people make is to undervalue their home. Instead of considering how much you currently owe on your house or the appraised value, consider how much it would actually cost to rebuild your home. Remember that homeowners insurance protects you from the worst possible events – including the total destruction of your home. You want your policy to be enough to not just give you the money your home is worth but to rebuild it.
Another common mistake homeowners make is to assume that their policy covers them in the event of a flood. This is an understandable mistake – after all, it covers other disasters, why not floods? The truth is that in many areas of the United States, flood insurance is separate and is not included in a basic policy. This doesn't mean that you have to buy an entirely separate flood insurance policy. In fact, in most cases you can simply add it on to your current policy for an additional fee. Just be sure to read the fine print.
Categories: Homeowners Insurance, Finding Discounts, Useful Tips, Home Owners Insurance by City, News,