Tag: homeowners insurance

Five Things You Should Do Immediately If Your Home Floods

Posted on by Jenny Zamora

A flooded home is a situation no one wants to deal with, but it does happen. The best way to minimize the damage and repair costs is to react quickly and confidently to the situation. With that in mind, here are five things you should do immediately if your home floods:

Shut off the electricity

As soon as the waters begin to find its way into your home, shut off the electricity to protect yourself and your family. Water carries electrical currents with devastating efficiency, and can seriously harm or even kill anyone it comes into contact with. Shutting off the power until the situation is under control will prevent that from happening.

Contact your insurance company

If the flood is serious enough that you have to evacuate your home, or even an area of your home, you should contact your flood insurance provider immediately to get started in handling the paperwork. There will likely be several steps and inspections before the company can sign off on anything, and getting the process started early can save you a major headache.

Protect yourself

If you have to go back into your home, make sure you are properly protected against hidden dangers under the water or potential hazards, such as sewage, mold or chemicals. Wear waterproof boots and waders, as well as gloves. You want to avoid as much contact with flood waters as possible. Be aware of any areas that might have a current running through them due to electricity, and shut off any live connections before entering.

Find a way to remove the water

If the flood is serious, you will likely need to contact a company to help with the damage. These companies have the technology to help pump water out of your home and dry the possessions that remain. The longer the water sits within your home, the more damage it can cause. If your water company offers carpet and other drying services, have them try to dry out your carpet and wet linens to prevent mold from forming. It is also important to find the cause of home floods if it’s not due to weather, suggests professional drain cleaners at Alberta Water services. Broken pipes and drains can cause lots of damage and should be fixed immediately.

Take pictures

You will want to document all of the damage in your home, both for insurance purposes and for figuring out what has to be replaced when everything is said and done. Taking pictures of the damage, the watermarks on the walls and the source of the flood will help in the repair and recovery process.

A flooded home is a major disaster, but taking these steps as soon as it happens will make the restoration process much smoother.

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Home Insurance Policies 101

Posted on by John Conde

You’ve decided to make what is probably going to be the biggest purchase of your life – you bought a home – and that’s exciting. However, before you set your heart on the number of bedrooms you want, neighborhood, backyard pool, etc., you should look into the cost of home insurance and determine what you can reasonably afford. Becoming a homeowner won’t be as fun if you end up with a house that is going to cost you astronomically in the insurance department. Since homeowner’s insurance isn’t something you can just skip over, it’s important to analyze safety features, local weather conditions, and crime rate in the community you’re considering moving into. Home insurance policies vary depending on different factors, and taking a closer look into what each of them encompasses will ensure you’re sufficiently covered.

HO-1

This is the most simple home insurance policy on the market. It covers direct damage to the home only caused by specific hazards that include fire, lightning, hail or windstorm, explosions, riots, aircraft, other vehicles, smoke, vandalism, theft, and volcanic eruption. You have to be careful with this policy as it does not include personal liability coverage.

HO-2

An HO-2 defends your home and its surrounding structures, like a detached garage or fence, and includes personal liability. This policy steps it up a bit and covers everything mentioned in the HO-1 as well as falling objects, plumbing system floods, power surges, frozen pipes, broken heater, air conditioner, water heater or fire sprinkler and destruction caused by the weight of sleet, snow or ice.

HO-3

This is the insurance policy many homeowners decide to go with because of the level of coverage and comfort it provides. You will be able to work with your insurance agent to come up with a list of exclusions you really feel you won’t need coverage for and include them in the contract, meaning you will be protected from loss or damage as a result of anything else. Some of these exclusions may include nuclear threats, earthquakes, deterioration, neglect, and war.

HO-4

The HO-4 plan is designed to specifically give coverage to renters. It will provide for the loss of any of the tenant’s personal belongings due to the same perils listed in an HO-2 policy and personal liability of the renter, but does not cover any property damage.

HO-5

Similar to the HO-3 plan, the HO-5 is the most inclusive policy a homeowner can obtain. The biggest difference is that the insured’s personal belongings within the home are fully covered unless something has been pointedly excluded.

HO-6

This will meet the needs of a condo owner who would like to insure their belongings and anything not considered to be covered by the property owner’s policy for common areas.

HO-8

An older home can be more difficult to insure, but that’s what an HO-8 policy is for. If the estimated cost to rebuild your home is more than its current market value this plan will allow you to make sure you are getting some kind of replacement coverage under the damages listed. Depending on the amendments you make, the insurance company may only payout to replace your home using modern materials instead of paying more for the antique qualities it once had.

Going over all your home insurance options and discount possibilities before jumping into a huge investment will give you an advantage and save you in the long run. There may be things in a policy you simply don’t need or depending on the climate you live in, there may be things that are necessary to add.

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7 Tips for Getting the Best Price on Quality Homeowners Insurance

Posted on by Jenny Zamora

Homeowner’s insurance is something we hope we’ll never have to make use of, but no one knows when disaster may strike. Buying a home in Orlando, or anywhere for that matter, is a major investment. So, it only makes sense to protect it and, if your home is mortgaged, your lender will require that it is insured.

Here are seven tips to consider when buying house insurance.

  1. Know the value of your home. It is very important to know your home’s replacement cost as a basic homeowner’s policy may not be enough to replace your entire home. Make sure.
  2. Choose an insurance company with a good reputation. Research a company’s claims service, as well as its financial stability. A low premium is no bargain if it takes an insurer forever to process your claim. On the other hand, the mortgage company through which you obtained your mortgage may offer you their own type of insurance policy. Often, this type of policy will cost three times a much, so it’s far better to look elsewhere for coverage.
  3. As with most other purchases, you should comparison shop to make sure you’re getting the best possible price. Be aware that the same or a similar product may be priced differently by different companies. It always pays to shop around. By comparing prices at several different insurers, you can be sure you’re getting the best possible coverage at the best possible price.
  4. Consider extra coverage. Depending on where you live, it may be advisable to add coverage for natural disasters such as lightning strikes, wind, hail or snowstorms. It is also worthwhile to have protection against smoke damage, theft, vandalism, explosions and plumbing disasters. This will undoubtedly add to your premiums but, depending on your circumstances, may be worth budgeting for.
  5. Make sure you fully understand the protection you’re getting. Read your policy carefully and speak to your insurance agent about any questions or concerns you may have.
  6. Ask for discounts. Many companies offer reduced rates for behaviors that diminish risk. An example would be if your household is non-smoking.
  7. Keep your policy updated and always reread it before you file a claim to avoid any surprises. Your idea of fair compensation may not be the same as that of your insurer. You need to be able to prove your losses so that you can get what you need to replace them.
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