How to Avail of the Best Insurance Quote

October 8th, 2009

Before you settle for insurance, make sure that you have done your best in looking for the best insurance quote for your house. Best means that it has value that is worth your house. You might get an insurance cost that is way below your expected, but you also have to make sure that the coverage is good.

Here are some tips that you can take note of as you apply for an insurance:

  • Shop for the best insurance quote. Just like any other item that you are longing to have, it is best if you can look for different insurance companies and their offers. From there, you can evaluate the cost of the insurance policy and if it is worth your money.
  • Research. Aside from looking at different quotes from different companies, it is also best if you can do your own research. There are a lot of resources that are available for you online, and even from other sources. You can ask around and get an idea of the latest and the best about your insurance.
  • Increase your deductible. The higher your deductible is, the more savings you would get. A lot of insurance companies recommend a minimum of $500 for a deductible. If you can raise your deductible to around $1,000, then you can save on your insurance to as much as 25 percent.
  • Take note of your location. If your area of residence is prone to natural disasters, then you would have to pay for a separate and different deductible. Make sure that you are aware of these details.
  • Be certain about rebuilding costs. When getting your insurance quote, make sure that you are able to separate your insurance only for the parts of the house that can be damaged by natural disasters. Remember that the land on which your house is standing is not prone to these natural disasters, such as earthquakes, tsunamis and storms.
  • Improve the security of your house. Home insurance is more affordable and has higher coverage if you have a house that is properly secured. Discounts are given to homeowners who have theft detectors and other protective gadgets in the house. make sure that you talk to the insurance company about this, so that you can get an insurance quote that would give you more savings.

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Home Insurance Companies Raise Their Rates in Two States

October 7th, 2009

Some of the largest home insurance companies in Alabama and in Oregon are increasing their rates this year because of bigger amounts of claims, higher construction costs and declines in the values of their insurance investments.

In Alabama, three of the biggest home insurers have received approval from state regulators to increase their rates. These are State Farm Fire and Casualty Company, Alfa Mutual Group and Farmers Insurance Group. Together, these three firms account for 57 percent of total home insurance premiums in the state.

The insurance companies explained that the rates will vary based on the locations of homes, the conditions of houses and other factors. They explained that they need to raise premiums to ensure that they are able to cover all losses in the future.

In 2006, based on data from the National Association of Insurance Commissioners, policies issued by home insurance companies in Alabama averaged $894, the ninth highest average premium in the country.

In October, Farmers Insurance, who launched its operations in Alabama by introducing low rates, will be increasing its rates by 25.7 percent. This increase is the third consecutive year that Farmers increased its rates in Alabama, putting its total percentage increase in the state to 60 percent since 2007.

David Bishop, spokesperson for Farmers, explained that Farmer’s profitability in Alabama has been weak so the firm needed to raise its rates.

Alfa Mutual, which said it has not raised its rates since 2006, is pushing up its rates by 5.8 percent statewide. It will however triple its discounts for clients buying both house and auto insurance policies.

As these home insurance firms raise their rates in October in Alabama, they have already increased their rates in Oregon.

Farmers Insurance has increased its rates in Oregon by 13 percent in February and Farmers Insurance Exchange has raised its rates by 15 percent.

Allstate Insurance has raised its rates by 27 percent in August and Allstate Property and Casualty Insurance has increased its rates by 30 percent.

The two Farmers companies control 15 percent of the Oregon insurance market while the two Allstate firms control six percent.

The largest insurer in Oregon, State Farm Fire and Casualty, increased its rates by only 5.3 percent. This firm controls 25 percent of the statewide market share.

Two home insurance companies, Foremost Signature Insurance Company and Safeco Insurance Company of Oregon did not increase their rates, according to state insurance officials.

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House Insurance in NY Chosen with Help from Insurance Dept

September 28th, 2009

Buying house insurance in NY will result in a productive activity if you first visit the web site of the New York Insurance Department.

The New York web site is among the best insurance department web sites in terms of helpful information and ease of navigation. You can read about the things you need to check first before buying a home insurance and you can also check the status of the insurance firm you are planning to buy your policy from. You can also check the insurance specialties of insurance companies and firms with special risks.

In New York, you can choose from among the best insurance policies in the country because the New York home insurance market is very competitive. There are more than 200 insurance firms writing house insurance policies across the state.

Before buying a policy, research first the types of home insurance products available and the types of coverages offered. Know the types of perils covered, personal assets covered, the type of replacement valuation used when claims are filed, the limits to claims and the exclusions. All these topics are covered by guidelines published on the insurance department’s web site.

The next thing is to make sure that the insurance company you are considering is licensed to issue house insurance in NY. Check the insurance firm directory of the department’s web site. See to it also that the insurance agent or broker you are negotiating with is licensed in the state of New York.

To compare insurance rates, you can use the price comparison charts provided by the department’s web site. You can also check the top 41 insurance companies providing home insurance policies in the state of New York based on premiums as of April 2007.

However, your premiums may differ significantly based on your New York territory classification, the type and age of your house, your discount categories, your deductibles, fire protection systems, scope of coverage and the amount of your insurance coverage.

Because the charts on the department’s web site involved data from 2007, you can use other insurance comparison sites to compare premium quotes. Enter detailed data so you can get more accurate quotes. When you compare policies, do not put too much weight on the price. Focus on the scope of coverage and the performance of the insurance company in processing claims for house insurance in NY.

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Insurance Company That Eliminates Middleman Costs

September 23rd, 2009

An insurance company making efforts to eliminate middleman costs is worth evaluating. Take a look at insurance firms marketing homeowners insurance directly to consumers through various methods. They could be mailing you written materials, emailing you or calling you so you can deal directly with them and thereby reduce your premium costs. If you are […]

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Get Extra Jewelry Insurance from Nationwide Insurance Companies

September 21st, 2009

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Homeowners Insurance Policies Cover Different Perils

September 15th, 2009

Homeowners insurance policies cover different perils so you need to make sure that all the possible perils in your location are covered by your home insurance policy. If there is a peril in your state that is not covered by your policy, you need to call your insurance agent or your insurance firm about why […]

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Find House Insurance That Covers All Your Possible Losses

September 10th, 2009

Find house insurance that protects you from all possible losses, such as the loss of your home, loss of personal belongings, losses arising from personal liabilities and losses from disasters not covered by standard home insurance policies. A standard home insurance policy covers your house and its contents in case of damage, theft and losses […]

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Find Home Insurance That Offers Replacement-Cost Coverage

September 8th, 2009

If you are still looking for a homeowner insurance policy, find home insurance that provides replacement-cost coverage for both your house and its contents. If you already have a policy, check it and make sure it uses the replacement-cost method when calculating the amount of claims after your house and its contents are damaged or […]

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The Basic Types of Real Estate Insurance

August 31st, 2009

Home insurance can be such a boring topic, and a lot of people tend to go through life without knowing anything about it. Then disaster strikes, and only then do they figure out the actual importance of insurance. The whole idea of real estate insurance is to protect homeowners from huge losses in case of […]

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Survey: Shop Smart to Avail of the Best Real Estate Insurance

August 25th, 2009

A survey conducted by the Consumer Reports National Research Center revealed that a lot of policyholders are not satisfied with their current real insurance carrier and do not believe that they will be there for them in times of catastrophes. In addition to this, it was also found that many consumers believe that excellent home […]

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