by: Christine Zafra
Home insurance companies as private firms can do something in building a stronger nation. How? They can help government institutions dealing with housing projects/construction projects. They can offer lower policies for people working in the government that will best fit their wage/salary. In this case, the selective marketing of insurances will expand providing more services to people who are not that rich. People who cannot afford large amounts of policy agreements will now have access of ensuring their homes. With this, people will have security and investments at the same time for a lower cost.
They are being served by the government, maybe it is about time that they also get the feeling of being served by private firms, specifically concerning their personal properties.
Photo taken from http://listencarefully.net
by: Christine Zafra
Do you find fireplaces romantic? Oh yes, imagine your hubby/wife with you on a cold Christmas eve, drinking wine in front of the fireplace. Isn’t that sweet?
Though fireplaces give you benefits during cold seasons (aside from the fact that it adds to the ambiance of your home), insurance companies might raise their eyebrows and question you about it. Before you can install a fireplace (or any other wood burning appliance), you need to get a permit. You can’t just get a hammer and chip off a part of your house so that you’ll have a fireplace this coming Christmas—there’s a building code for that. If your wood burning appliance does not comply with the code, chances are, you can say goodbye to your insurance too (or if you’re lucky enough, just get your house a little devalued).
Photo taken from http://www.germes-online.com
by: Christine Zafra
Old homes are fortunes. Those old Victorian style houses you see around plush villages that date back around 1800’s are worth millions. But, if you think these houses can get as much in insurance companies, you’re wrong.
I’m not saying all old houses are valued little by insurance companies, but chances are, if these houses have the old “knob and tube” wiring system, then yes, insurance companies may lessen the value of your home.
The knob and tube is an open wire type of wiring. In addition to that, old homes do not have much electrical boxes installed in their homes. What most owners do is they attach new electrical boxes to the old ones. This is hazardous according to insurance companies since this can cause overheating, short-circuit and on extreme cases, fire.
Photo taken from http://images.oldhouseweb.com
by: Christine Zafra
Aluminum wiring was widely utilized in some homes about four decades ago. However, some problems have been associated with these handy, ready made electrical insulators such as, overheating and failure of some of the electrical boxes; and these problems are covered by home insurances. Some signs of faulty aluminum wirings include the discoloring of the surroundings of the electrical boxes, the flickering of some bulbs or perhaps the smell of burning electric. These aluminum rods are said to be compatible to 220 volt circuits but not to the most widely used 110 volt circuits in the United States.
Some insurance companies, upon inspection of your home and upon discovery of these wires, can devalue your homes because of these.
Photo taken from http://www.copper-aluminum-wire.com
There are a number of things, even if they may seem ordinary, which can give homeowners discounts in their insurance. Installing dead-bolt locks, alarm system, smoke detectors, fire resistant roof materials are just few of these small things that can give you discounts in your premiums. New homes are charged lower premiums because insurers know that the electrical, plumbing, heating systems and other structures are less likely to cause trouble because they are made up of new materials. Home security systems are also considered in the determination of insurance costs, the more reliable your system is, the lower will be your payments.
One of the largest ventures that a person makes is buying a home, and protecting it would be your main concern. A standard insurance provides coverage for damages, including the major items, in your home. The coverage includes the following causes: theft, fire, smoke, frozen pipes and ice and snow. They also cover homeowners’ claims for liability, third party medical payments and legal costs for lawsuits filed against you. However, most insurers do not include damages brought about by acts of war, nuclear disaster, terrorism and natural calamities – flood, volcanic eruption and earthquake. These events can be covered by separate insurance policies
Thinking of improving your home? Replace a roof? Before starting, update your home insurance. Any renovation or remodeling done on your home, it doesn’t matter whether it is a small or a major one, will certainly raise the value of your home. Check the provisions of your property insurance and make sure that they show the changes you add to your home. This addition should be specified in your policy to ensure that if anything happens that cause damage to your property, they will be covered by your insurance. If you hired someone to do the renovations, check whether that the person is insured or you may be held liable for any accident that may happen to him.
In order to lessen the risk of being caught unaware of accidents happening during the construction of a new home, you should avail of a standard homeowners’ insurance policy. This will insure you for any damage to the building while it is being constructed, and may also afford some coverage for the loss of construction materials. It also provides liability coverage, just in case something happens to the people working on the construction or to anyone else who happen to be it that place. Coverage for personal property will commence only once security measures for the building are in place.