Results tagged “homeowner”

How to prevent water damage

For home owner, water damage is very common.
So to do something to prevent water damage is so important for homeowner policy holder.

There are three places needed to be done.

1) Outdoors


  • Clear eavestroughs of leaves and other debris at least once a year - later fall is a good time.

  • If you have asphalt shingles, make sure they are not deteriorated, worn or curling

  • Packing your garden hose away for the winter? Don't forget to drain the pipe.

2) Indoors


  • Replace plastic or rubber water supply lines connecting appliances or plumbing fixtures in your home with flexible steel braided hoses.

  • If you're away for more than four consecutive days at a time during the regular heating season, have someone check the heating system daily - or shut off the water and drain the pipes before you leave.

  • Make sure your attic is properly insulated and ventilated

  • Consider connecting your plumbing and heating system to a 24-hour monitored alarm service

In an effort to better manage risks during a period of large-scale catastrophes, insurers should consider offering long-term policies to homeowners in hazard-prone areas.
"Such a long-term policy could be tied to a mortgage, and home improvement loans can encourage the adoption of cost-effective mitigation measures," says a report co-authored by the Wharton University of Pennsylvania, the Insurance Information Institute and Georgia State University.
"A program of insurance vouchers, similar in concept to food stamps, could assist low-income residents in disaster-prone areas to purchase adequate insurance coverage."
The report found that, among other things, most homeowners in hazard-prone areas consider only premium payments, without taking into consideration the benefits of protection, when considering their insurance purchases.

WASHINGTON — Florida homeowners are one step closer to obtaining available and affordable homeowner’s insurance and ending the ongoing crisis that has plagued the state.

The U.S. House approved legislation Thursday night on a 258-155 vote that aims to stabilize the catastrophe insurance market by expanding private industries’ capacity to cover a natural disaster and help states manage risk.

Under the Homeowner’s Defense Act of 2007, a bill introduced by Reps. Tim Mahoney, D-Palm Beach Gardens, and Ron Klein, D-Boca Raton, a federal program would be created to assist state-sponsored insurance programs on covering losses from natural disasters. The bill would set up a federally funded office where states could go to receive assistance for some of the catastrophe risk they have assumed.

The legislation would allow multiple states to join together to help pay for each other’s disaster costs, a more appetizing role for investors to assume, and then transfer the cost to the private markets through catastrophe bonds and reinsurance contracts.

more

Home insurance rate ruling favors Allstate

It can keep increase for now; agency vows to pursue battle on other fronts.

Now Allstats can increase the rate.

I don't think the department should get involve into the rate. Let business as business.

IMO, if the rate is too high, the homeowner will shop around to find another insurance company. If the margin profit is very high, more investors will join in insurance industry. It will be more competition when more competitors. Then the rate will drop at that time.

The department just need to rule that all major changes of insurance coverage, rates, conditions favored to Insurer should notice to insured and give them enough time to consider and/or find a replacement.

via

Can I own a home without homeowners insurance?

Unlike driving a car, you can legally own a home without homeowners insurance. But, if you have bought your home and financed the purchase with a mortgage, your lender will most likely require you to get homeowners insurance coverage. That’s because lenders need to protect their investment in your home in case your house burns down or is badly damaged by a storm, tornado or other disaster.

If you live in an area that is likely to flood, the bank will also require you to purchase flood insurance. Some financial institutions may also require earthquake coverage if you live in a region vulnerable to earthquakes. If you buy a co-op or condominium, your board will probably require you to buy homeowners insurance.

How much homeowners insurance do I need?

You need enough insurance to cover the following:

1)The structure of your home.
2)Your personal possessions.
3)The cost of additional living expenses if your home is damaged and you have to live elsewhere during repairs.
4)Your liability to others.

What is homeowners insurance?

Homeowners insurance provides financial protection against disasters. A standard policy insures the home itself and the things you keep in it.


Homeowners insurance is a package policy. This means that it covers both damage to your property and your liability or legal responsibility for any injuries and property damage you or members of your family cause to other people. This includes damage caused by household pets.

Damage caused by most disasters is covered but there are exceptions. The most significant are damage caused by floods, earthquakes and poor maintenance. You must buy two separate policies for flood and earthquake coverage. Maintenance-related problems are the homeowners' responsibility.