Thursday, March 18, 2010

About Exclusions on Homeowners Insurance

So you’ve made the down payment, you’re up to date on your mortgage, and you’ve insured your home. You think you’re sitting pretty and that your property is covered by your policy, so even in the event of a calamity, you’re not going to suffer a major financial loss.

But when it comes to insurance, what you don’t know usually dwarfs what you do know – for example, how many people know that some insurance policies (even those that promise to provide “complete” coverage) come with many exclusions? For this reason, you should be certain that you choose an agent you can trust and a reputable insurance company that puts your best interests first.

In general, most policies have the following exclusions, that is, they do not pay up when the below events occur and destroy your home:
  • Flooding or other natural disasters – if you live in areas that are prone to earthquakes and frequent floods, you have to buy additional coverage to protect against these catastrophes.
  • Renovation costs that you must incur in order to comply with building codes. This is also an add-on coverage, but is usually not a problem.
  • Destruction or confiscation by the government due to encroachment or other illegal acts.
  • Destruction due to war or acts of terrorism (some policies pay out when terrorists hit while others are becoming more choosy because of the increase in acts of terrorism) The government themselves may help if it's a case of terrorism, however.
  • Neglect – when you’ve left your home unattended for a period of a month or more and return to find it vandalized or damaged. Most homeowners policies are priced based on someone living in the home. They will not deny a claim if you are on an extended vacation, but if you leave and remove the contents, it no longer becomes a "homeowner's" policy.
  • Damage caused by water and sewage backup – you will have to pay more to protect your home against these events. Water claims such as a busted pipe, roof leak, washer hose leak, etc., are covered. You would have to add coverage for water backup because it is closely related to flood and flood is excluded. Usually there is no issue with water backup unless there is a flood.
  • Damage caused by wear and tear, rust, corrosion, and gradual degradation. Insurance is not a maintenance policy. As an owner, you are responsible to maintain your property. Insurance is for sudden and accidental loss such as fire.
Besides these, your insurance company can refuse to pay out if they’re able to prove that you provided falsified information when signing up for the policy. So if you’re fudged a few facts to reduce your premium and recurring payments, you may end up being the loser when the time comes to stake a claim.

You’re also responsible for maintaining your home well, and undertaking repair work on previous claims – if you fail to do these things, you’re not allowed to claim for damages that result from your negligence.

The best way to ensure that you’re covered completely is to ask the right questions and be fully informed before you sign up. Visit our website for more information on SC Homeowners Insurance and how to get the cheapest car insurance in South Carolina.
This guest post was contributed by Nicole Adams.  Nicole writes on the topic of construction management and welcomes your comments at her email id: .

Monday, March 15, 2010

FEMA Flood Insurance in Horry County May See a Reduction

Horry County homeowners outside of the city limits should soon see a reduction in their flood insurance rates. The county has applied to a national FEMA program called the Community Rating System, or CRS, which presents safety protocols that have to be followed and the county is graded as to how well floods are managed by Horry County Emergency Management officials. If we're accepted, everyone will see a 5% reduction in their SC flood insurance rates. It is only for people in the county, not inside the city.

They estimate a reduction of $25 per year for homeowners in a flood zone, and $14 a year for those not in a flood zone.  Countywide, it represents about $300,000.

Emergency management officials say they will work to upgrade our position with FEMA and reductions can increase even more in years to come. If Horry County is accepted, rate decreases could be seen as early as October.

See our website for information on lowering your SC car insurance premiums as well.

Tuesday, March 9, 2010

SC Car Insurance Anti-Car Theft Tips

AOL Autos had a great article on how to foil a car thief, with tips on making sure your car insurance doesn't end up having to replace it.
It never occurrs to most people that a car thief could work so quickly on a locked car, but according to the article, you could walk into a convenience store, buy coffee, and walk out to find your automobile heading down the road without you. They also say that New Years day is the biggest day for car thefts.
Below are some of the tips they provide to protect your vehicle:
  • Park only in well-lit, populated areas.
  • Always take your keys and lock your car.
  • Don't use any of those magnetic key holders or leave spare keys on your car. Thieves know exactly where to look.
  • Though they say car alarms are not that useful, it does tend to make the thief feel he has to work faster, and if he runs into multiple safety measures, he may move on to an easier target.
  • Applying the emergency brake, turning your wheels to the right or left, putting the car in park, and using a vehicle recovery system or engine immobilizer device will help.
One unique suggestion was if you are parking in an airport parking lot or long term somewhere, to remove the cables to your car battery. If it doesn't start easily, the thief will move on.
Lastly, they advise to engrave the VIN number in the trunk, on your stereo equipment, or inside your doors. Your local police will probably offer this service.
Think smart, don't be a victim, and always keep adequate coverage on your auto. Visit our website to get a SC car insurance quote, and see how much money we can save you with a good driving record.

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