Last week we looked at how you, the buyer and homeowner, impact your home insurance rate. The second broad category impacting your home insurance premium is your home itself. There are several factors and none of them include your home’s purchase price, what you could sell it for, nor what the local appraisal district sets the value at. Let’s look at what does count.
Most people don’t realize there are many factors which impact their home insurance rate; some are related to the home and some are not. In fact, you may have as much to do with what your home insurance rate is as your home does. There are three broad areas which impact your home insurance rate including you, your home, and the insurance policy itself. This week, we’ll examine four ways how you, the homeowner, impact the rate and examine the other two areas over the next two weeks.
Last week I wrote about the two types of hurricane related claims, wind and storm surge, which is related to flooding (see https://wiseinsurancegroup.com/two-types-insurance-claims-hurricane-harvey/). A conversation I had with a client reminded me of a third type of home insurance claim, wind driven rain, which can cause significant damage to the interior of your home.
I am occasionally asked by a new or existing client whether their home insurance policy covers an air conditioning compressor or water heater that’s going bad. In most cases, the answer is no, unless it’s caused by an event justifying a claim such as a lightning strike, a tree limb that fell on it, etc. Two home insurance carriers offer a coverage option worth considering for their policy holders called Equipment Breakdown coverage and it may provide an attractive option worth adding to your policy.
How would you like to pay less for your home and car insurance? I don’t know of anyone who wants to pay more than they need to! Most people I talk with realize paying less for their insurance is attainable simply by improving your credit, or insurance, score. People with good credit pay less for their insurance than someone with not so good credit.
You’ve found your new home. It has great bones, hasn’t been updated, and you can make it into something special! All it needs is a little, or maybe a lot, of remodeling love to go with your vision of how to bring it up to date and make it uniquely yours. If you’re planning something like this, don’t let home insurance derail your vision.
Welcome to hurricane season which runs from June 1 to November 30th. It’s a great time for Texas homeowners to take a few minutes to review their home insurance keeping in mind a hurricane or named storm can impact north Texas residents as easily as it does our coastal neighbors. Let’s address two key areas of your home insurance policy to review along with two other related policies.
The 2017 hurricane season started last week running from June 1 through the end of November. Depending on which forecast you prefer to reference, the 2017 season will be higher than average with 11 to 17 named storms with 5 to 9 of those becoming hurricanes and 2 to 4 of those becoming a category 3 or greater.
A homeowner called me last week to discuss home insurance on her Dallas area duplex. It was coming up for renewal and she wanted to confirm she was not over paying for her home insurance. I was delighted to review her current rate and advise her on her coverage. Based on that conversation, let’s review insurance considerations for a duplex.
I reviewed Sheri’s and my home insurance in March. It had gone up again and we’d been with the same company for several years, so it was time. I was very pleased with the rates I found with a couple of my other carriers and decided to call the underwriter to discuss our home since it was built in the mid 1950’s. She told me it would require an interior inspection, in addition to the exterior inspection. I was curious what they’d review and the criteria they’d use to determine whether to write my home insurance or cancel it. What I found out caused me to go to the next option on my list!
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