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The Ultimate Guide to Home Insurance

THE ULTIMATE GUIDE TO HOME INSURANCE Home insurance helps homeowners protect their property and belongings from loss, theft and damage. Learn the benefits and potential hardships to consider when choosing if home insurance is right for you. HOME INSURANCE FACTS AND STATS HOME INSURANCE IS A $70 BILLION DOLLAR INDUSTRY of homes in the U.S. 95% are insured $150,000+ 64% are underinsured And according to the Federal Emergency Management Agency (FEMA), of homes in It provides peace of mind for first time buyers, since the average home price is more than $150,000 50% high-risk areas are actually uninsured In 2011 about 7% of insured homes had a claim; 98% of those claims were for property damage, including theft About 1 in 230 insured homes has property damage claims related to fire, lightning or debris removal each year About 1 in 50 insured homes has property damage claims related to wind or hail each year 7 OF THE 10 MOST EXPENSIVE 25,100 HURRICANES CHIMNEY FIRES in U.S. history struck between August 2004 and October 2005 causing more than $77 billion in damages within those months (Katrina, Rita, Wilma, Charley, Frances, Ivan and Jeanne) Each year around 25,100 chimney fires take place resulting in an average of thirty deaths per year and $126.1 million in damages An estimated $35 million in About 1 in 200 insured homes has Jewelry is the most reported and claimed item on homeowner property damage takes place each year due to clothes dryers a property damage claim due to theft each year insurance claims due to theft 2001 HAIL DAMAGE CAN REACH UP TO $1 BILLION ANNUALLY In 2001 a hailstorm caused extensive damage to Kansas City leaving $2 billion worth of destruction in its wake FOUR HOMEOWNERS INSURANCE POLICY TYPES AND LEVELS OF COVERAGE MOST POPULAR SELLER НО-2* НО-З HO-5 НО-8 Covers home against almost all risks, except Used for older homes mostly, covers damages up to actual cash value lost and covers only named risks Used before HO-3 and HO-5, covers long list of risks but not against accidental ones down by the homeowner Both personal property and your home are covered under an open perils policy the ones that are specifically listed as excluded. Covers personal property only for listed risks *Many companies no longer offer this coverage Actual Cash Value coverage means your house plus the value of your belongings after taking away for depreciation Guaranteed or Extended Replacement Cost coverage is all-inclusive because it pays for whatever it costs to build or fix Replacement Cost coverage is similar to actual cash value except there is no depreciation taken away from the value your home WHAT DOES IT COST? THE AVERAGE HOME PREMIUM HAS ALMOST DOUBLED IN THE LAST 10 YEARS FROM $590 TO $1,000 Below are some factors that could influence your premium quote: Your household inventory If you live in a high-crime area The size of your house The market value Your zip code of your house How close it is to a The condition of your How many claims were filed against the home you're seeking Even details like fire hydrant plumbing, heating your credit score and electrical systems to insure THE TOP 5 AVERAGE HOMEOWNERS INSURANCE PREMIUMS BY STATE 4 OKLAHOMA $1,246 5 MISSISSIPPI $1,217 TEXAS 3 FLORIDA $1,560 $1,544 LOUISIANA $1,546 TO INSURE OR NOT TO INSURE Many homeowners find themselves in the unhappy position of choosing between exorbitant premiums and no premiums at all Lloyd's America told insurance companies that if a storm hits New York state, it could result in insured losses of In the insurance industry, the term "going bare" means to partially or completely drop your current insurance coverage $65 BILLION UNEXPECTED ISSUES FACED BY UNINSURED HOMEOWNERS: If you drop prior insurance coverage and then try to get back into the market, insurers generally see you as a worse risk and you're likely to pay more for it Many companies won't consider you if you have dropped your homeowner's insurance; it shows an indication that you couldn't afford it in the past and therefore might have problems meeting premium payments now REJECTED Companies might suspect that you're trying to get insurance because you know you have an imminent claim coming Your credit also could be affected PICKING THE RIGHT COMPANY Contact your state's insurance department to make sure the company is licensed When it comes to insurance, go with a provider that is legitimate and creditworthy Get multiple price quotes to make an educated decision Consider asking relatives, friends and coworkers for referrals Check its financial strength by searching them with top credit agencies Pick a company with a good claims processing service that works fast, hard, and convenient; it will help things run more smoothly if you ever need to file a claim CONCLUSION INSURED The bottom line is that with most home insurance policies, they are under-appreciated until they are needed, and then they quickly become a godsend. Continuing to learn more about homeowners insurance will give you the knowledge necessary to choose an affordable comprehensive coverage plan for your home. SOURCE: Lending Expert Blog http://www.iii.org/facts_statistics/homeowners-and-renters-insurance.html http://www.naic.org/Releases/2012_docs/naic_releases_annual_homeowners_insurance_report.htm http://www.enhanceinsurance.com/homeowners-insurance/facts-statistics-infographic http://visual.ly/homeowners-insurance-facts-statistics-inforgraphic http://www.investopedia.com/articles/pf/08/homeowner-insurance.asp http://www.checkbook.org/interactive/homeownersInsurance/WDC/article.cfm#_VPID_1 http://www.bankrate.com/finance/money-guides/homeowners-insurance-don-t-go-bare-1.aspx http://www.moneychoice.org/basic-guide-to-home-insurance/ http://www.insuranceqna.com/home-insurance/home-insurance-statistics.html ......... INI INI

The Ultimate Guide to Home Insurance

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Home insurance is a $70 billion industry. According to a recent report, 95 percent of homes in the U.S. are insured. There are a number of benefits associated with home insurance. For homeowners, havi...

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