Home     Log in    XML, RSS Subscribe Feed (RSS)     XML, RSS Comments Feed

Posts Tagged ‘insurance policy’

Is It Time To Review Your Home Insurance Needs?

November 24th, 2009 by Matthew C. Keegan | 1 Comment | Filed in Consumer Tips

7 Tips For Every Homeowner

Homeowners insurance is certainly easy neglect. No, I don’t mean neglecting paying actual premiums, rather examining your policy on a regular basis to see if it meets your current needs.

A lot can change since you first bought your home – its value may have increased substantially (or in some markets dropped significantly), you may have made some changes to your home (added a room, for example), or your insurance needs may no longer be the same.

Does your current homeowners insurance offer the protection you need in the event of a total loss?

Does your current homeowners insurance offer the protection you need in the event of a total loss?

In any case, before you renew your current policy consider doing the following first:

1. Price Quotes – You will only know if you’re paying too much for your homeowners insurance if you call other providers for a price quote. Obtain estimates based on what coverage you need going forward; compare quotes and ask friends for their recommendations.

2. Same Company – If you have your auto insurance with one insurer and your homeowners insurance with a separate company, combining both under one provider could save you some money. Inquire with the broker if they offer a discount for multiple policies.

3. Regular Updates – If you haven’t had your policy updated in three, four or five years or more then you may need to have it updated to reflect your current needs. Maybe you didn’t update your house, but you did buy a grand piano, inherit your grandmother’s antique furniture or brought in some other items of value. Those items need to be included in your insurance coverage.

4. Replacement Value – Your insurance may only cover the cost of the items in your home based on their depreciated value. Instead, change your insurance to offer replacement value coverage for your possessions.

5. Take Inventory – Take pictures or film your home and write down what you own and its value, keeping that information in a safe place in the event of a total loss. That information can help you should you lose everything and need to show proof of what you own to your insurance adjuster.

6. Change Deductible – If you have a $500 deductible, you may be paying an exorbitant amount for your insurance coverage. Instead, consider raising your deductible to $1000 or even $2500, absorbing smaller losses yourself. Too many claims, by the way, can result in your coverage being dropped.

7. Umbrella Policy – Lots of homeowners purchase an umbrella policy to help them in the event someone is seriously injured on their property. Usually not terribly expensive and you’ll get the liability coverage you need just in case.

New Year

2010 is right around the corner; don’t let another new year go by without reviewing all of your insurance needs – life, health, dental, automotive, and home.

Adv. – Are you shopping for a new home? Visit SayHomeBuy.com to find everything you need including house listings, foreclosures, affordability tips, financing information and so much more.


Tags: , , , , ,

How To Reduce Your Home Insurance Costs

August 14th, 2009 by Matthew C. Keegan | 2 Comments | Filed in Consumer Tips

If you own your own home, having insurance on it in order to cover possible losses is essential, even required if you have a mortgage. Losing your home to fire or suffering loss due to wind damage, water, or some other calamity can be devastating, but it doesn’t need to be financially debilitating. Let’s take a look at some ways you can insure your home and save money in the process:

Homeowners insurance should be used to cover major calamities such as fire. With a bigger deductible, you can reduce your premium while covering small expenses out of pocket.

Homeowners insurance should be used to cover major calamities such as fire. With a bigger deductible, you can reduce your premium while covering small expenses out of pocket.

Shop Around – If you haven’t shopped for homeowners insurance in some time, then plan on doing so now. Your current provider may meet your needs, but do they offer the best policies at the right price? Use a mortgage comparison tool to check several plans side by side, but don’t choose a company solely on price. You want an insurance provider who has a very good or excellent rating as determined by A.M. Best Company, a company who tracks the health of insurance providers.

Compare Policies – What sort of coverage do you need for your home? Protection against damage or loss is important and should include other factors such as theft of goods, all living spaces included a new deck, finished garage, attic, etc. Consider an umbrella policy to protect yourself in the event that you are sued too.

Insure Home & Auto Together – If your insurance company provides both home and auto coverage, you should be able to get a discount for carrying both kinds of coverage with one company. Additional discounts are possible if you have life, health or some other insurance coverage with the same company.

Loyalty Discount – After shopping around to compare plans, you may find that your current insurer is  priced in the neighborhood of its competitors. But, if you’ve been with the same company for several years, then a “loyalty” discount of five to ten percent may still be applied. Ask your insurer if your loyalty means a discount from them.

Increase Your Deductible – If you have a $500 deductible you’ll pay higher premiums than a $1000 or $2500 deductible. In effect, by choosing a lower deductible, you’re “self insuring” against smaller losses while allowing your insurance company cover major losses.

Filing Claims – The whole reason for having homeowners insurance is to cover your prized asset in the event of damage, right? Well, yes. However, as mentioned under “deductibles” you’re better off in the long run if you don’t file smaller claims. Even a call to your insurance company can trigger a rate increase while filing a pair of small claims within a few years time can jack up your rate too.

Take Inventory – You can save on insurance, but you can also improve your chances of getting a good settlement in the event of loss if you take inventory of what you own. This means taking a lot of photographs of your home inside and out, listing everything you own with close up shots of your valuables. Keep this information in a safe place such as with a friend or relative just in case a total loss of your home due to fire or tornado destroys your proof.

How much can you save on homeowners insurance? That’s hard to say. By keeping on top of what coverage you currently have and making sure that you are getting the best bang for your buck, you can contain your costs and save money year in and year out.

Adv. – Are you considering a loan modification? If so, this mortgage medication website could offer just the prescription you need to improve your financial health.


Tags: , , , ,

Smart Tips To Help You Lower Your Car Insurance Costs

May 18th, 2009 by Matthew C. Keegan | 1 Comment | Filed in Consumer Tips

When was the last time you checked your car insurance policy? Admittedly, I pay scant attention to my renewal notices as they typically go down every six months because my wife and I driver older cars. Still, there will come a time when I will drop collision coverage on one or both vehicles, but that time hasn’t arrived just yet.

Cadillac STSBy carefully examining your auto insurance policy you may be able to receive the same or better coverage for less. Let’s take a look at ten recommendations offered by Insurance.com, the online auto insurance company located in a Cleveland, Ohio suburb.

10 Tips to Help You Save on Auto Insurance

1. Drive less and earn a discount

If you drive less than 7,500 miles per year, you may qualify for a low-mileage discount on your auto insurance. And, some companies offer a commuter discount if you use public transportation during the week.

2. Don’t use your car for business purposes

Some insurance companies will add a “business use surcharge” or increase your auto insurance premium as your annual mileage increases. But, if you must use your car for business, be sure to tell your company, so that your daily business travel is covered.

3. Increase your deductible

You might save as much as 10 to 15% if you increase your deductible from $250 to $500. But, remember that you’ll be required to pay the larger deductible upfront if you have an accident.

4. Keep an eye on your credit report

Your credit history is one of many “risk factors” that most auto insurance companies evaluate when setting rates, in states where permissible by law. Paying your bills on time and maintaining a solid credit history will help keep your home and auto insurance rates lower.

5. Drive safely

You may be eligible for a price break on your car insurance policy if you have no accidents or traffic violations for a specified period, usually three years. Even a single speeding ticket can increase your auto insurance rates 5 to 10% depending on your state.

6. Buy a low-profile car

Cars are rated on a risk scale for auto insurance purposes. In general, sports cars and other high-performance vehicles are higher risk because they are common targets for thieves, and statistically, the people who own them tend to drive more recklessly.

7. Move

If you live in a rural community with little crime and traffic congestion, your auto insurance premium will generally be lower than if you live in an urban area where your car is more likely to be stolen, vandalized, or involved in an accident.

8. Keep your car in a garage

Cars parked in garages are less likely to be stolen, vandalized, or struck by other vehicles. And, you may get a slight premium reduction.

9. Install safety or anti-theft devices

Auto Insurance companies offer discounts for anti-lock brakes, automatic seat belts, airbags and more. Car alarms and tracking systems may also get you an insurance discount.

10. Shop around
OK, it might go without saying, but your current auto insurance company might not be the best one for you in the future! We recommend researching your options 30 to 45 days before your current policy is set to renew, especially if you have not shopped recently.

Savings Will Vary From Consumer To Consumer

Naturally, your savings will vary depending on a number of factors including coverage, gender, age, credit history and more. Still, it pays to spend some time looking at your auto insurance policy to see if it offers to you the coverage you need at price that you can afford.

Source: Insurance.com

Adv. — Besides saving money on auto insurance, you can save money on things you need around the house including bath faucets, sinks, decorative lighting, wall and vanity mirrors, and so much more. Shop online and save!


Tags: , ,

Is Your Homeowners’ Insurance Sufficient?

June 2nd, 2008 by Matthew C. Keegan | 1 Comment | Filed in Property Taxes

How good is your homeowners’ insurance policy? Has it been updated since you first took it out? Does it reflect the big surge in home prices over the past ten years?

homeowners insuranceInsurance can be one of those things you get and quickly forget about. Sure, annual premiums must still be paid, but if the rates haven’t gone up all that much over the years, you may not notice just how much your insurance coverage you really have. Then again, if you live in a Gulf state, then you probably have seen your insurance costs double, triple, and even quadruple in a few short years.

Paying more for insurance doesn’t necessarily mean that the insurance you have now covers all of your needs as it did back then. Your insurance company may have been tracking current housing conditions and adjusting your coverage accordingly, but you can’t guarantee that they have or that their calculations reflect your home’s value.

In addition, construction costs have skyrocketed and subtle changes in your policy may have changed some key provisions, specifically limiting the cap on the home’s replacement value.

So, what is the solution? Answer: find your homeowners policy and check to see if it is adequate for your current needs. If it isn’t, contact the insurance company to adjust your policy accordingly. Furthermore, if you aren’t satisfied with the proposed modifications, start shopping around for a new policy.


Tags: , , , , , , ,