Home Owners Insurance - Learn More And Save Money

By Greg Haehl

The family insurance portfolio usually always includes some form of property insurance. The homeowner policy has been around a long time and is purchased every time a family purchases a new home. Homeowner’s insurance is very comprehensive coverage but is very often misunderstood. The typical homeowner always has some kind of maintenance problem. These kinds of problems are sometimes submitted as claims on their homeowner’s insurance. That is where the misunderstanding begins. Homeowner’s policies protect you against losses caused by perils. Maintenance and deterioration problems are never covered by your home policy. Your homeowner’s policy would become unaffordable if that were the case.

Perils Insured Against – Fire or lightning, windstorm or hail, explosion, riot and civil commotion, aircraft, smoke, vandalism, theft, falling objects, the weight of ice sleet and snow, accidental discharge of water or steam, freezing, volcanic eruption, and more. These are the basic perils covered by most home policies.

Homeowner Policy Structure

Section A – The Dwelling – This provides coverage for the dwelling and any structures attached to that dwelling.

Section B – Other Structures – This provides coverage for detached structures like garages, storage sheds, flag poles, fences, and swimming pools.

Section C – Personal Property – Personal property provides coverage for personal property owned by the insured anywhere in the world. There are limitations on certain types of personal property

Section D – Loss of Use – This coverage refers to the additional living expense that the insured incurs when the dwelling becomes uninhabitable because of a peril covered in the policy.

The perils and the policy structure are the essentials that you need to study when purchasing a homeowners policy. Replacement cost verses actual cash value is the next consideration. These are the two methods that insurance companies use to settle claims. The actual cash value method will rebuild your dwelling or replace your property by taking the replacement value and subtracting the depreciation. Replacement Cost will replace your dwelling or personal property with material of like kind and quality without depreciation.

About the Author: Home Owners Insurance, Life Insurance Quote, Health Insurance Quote

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Term Life Insurance For New Home Owners

By Sharon Taylor

Buying a new home is a lengthy process and a huge milestone in any family’s existence. Your emotions run the gamut from anxiety to elation. You wonder if you will be able to afford a new home. The nerves set in to meet deadlines and take care of any necessary appraisals and tests. Then you sit in anticipation waiting for any glitches in the whole loan application process. Finally, when escrow closes your body fills with elation, as you will now be able to house your family in a place of your very own.

Indeed, new home ownership is a very exciting time. In these joyous moments for your family, the last thing anyone wants to think about is tragedy. However, thinking about life insurance is as an important part of your financial planning as how you are going to make your monthly mortgage payments. As most home loans are set to long-term financial commitments for you and your spouse, considering a term life insurance policy is an absolute must. No one wants to think about unpredictable tragic events, however, how would your family be able to keep the new home should you unexpectedly pass away? Buying term life insurance is a gift that you will be able to give your spouse and your children, as they will be able to continue living in the new home that you all bought together.


Why Term Life Insurance is the Best Protection

Term life insurance policies are very straightforward. You choose to buy a certain face value for a certain amount of time. The face value will depend on several factors. While the rule of thumb is usually 5-10 times your annual salary, it also depends on your debt and how much your family would be comfortable existing on should your spouse be unable to work. The length of time you want your policy to be also depends on factors such as the current age of your children and how much income do you anticipate to have once your children are grown and making an income for themselves. Mainly, you want to take the loan amount of your new home into careful consideration. Will the term life insurance benefit paid out to your spouse be enough to pay the house off in full? Or if your spouse prefers to continue making the monthly mortgage payments for tax purposes, will the benefit sustain your family for the remaining amount of time left on the home loan?


Some Helpful Tips

Obviously with the purchase of a new home come many new bills and financial obligations. Although term life insurance policies are the most cost effective ways to secure your family, it still helps to try and get the best deal you can.


Some helpful tips when buying a term life insurance policy is to obtain several term life insurance quotes. Some carriers charge less than others for the same exact coverage. Make sure that the policy is guaranteed renewable. This means that a carrier will automatically renew your policy for the length of your choice regardless of health. Additionally, make sure that your policy comes with a fixed premium. As some term insurance quotes start out much cheaper than others, in time the premium increases. Be sure that yours does not. Last, make sure you go with an “A” rated insurance company. You want to make sure that the company is still viable years down the line.


Peace of Mind

Having a term life insurance policy in place will ensure that the new home you buy today will be enjoyed by your family for years to come regardless of life’s unpredictable twists and turns.


About the Author: Sharon Taylor is a professional writer for eQUOTE Life Insurance. eQUOTE is an excellent online resource providing online quotes and term life insurance to families in 42 states.



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