Insurance Agency Singapore | Commercial Insurance and Personal Insurance

Homeowners typically don’t know what’s covered until disaster strikes, White says. But it’s important to make sure you have adequate insurance before that happens because insurers won’t retroactively add coverage.

“Most homeowners don’t think about their policy until they actually need it,” White says. “So when you buy coverage, you should make sure that there’s adequate limits for what if the whole place burned to the ground, or what if all your stuff was destroyed?”

Insurance typically covers both the structure and a homeowner’s belongings, but White says common pitfalls include failing to insure a house for its actual replacement cost and ignoring the impact of inflation. For instance, a couch bought years ago for $5,000 could now cost $7,500 to replace.

By Aimee Picchi

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Home value is different from replacement cost

Home insurance covers how much it would cost to rebuild the home, while the value of a property generally includes intangible things, such as the land and the quality of the school district, says Mike Walsh, a State Farm agent in Bellmore.

Insurance companies use a tool that estimates only how much it would cost to rebuild the home, Walsh says. For example, if you buy a home for $500,000, it might cost $400,000 to replace, he says. So, he says, you do not need $500,000 in insurance — and higher premiums — if the bank asks for it. “Some banks will push you to insure it for the value,” Walsh says. “Many times, I have to fight with the bank on my customers’ behalf.”

Homeowners can also consider a replacement cost guarantee, which provides up to an additional 25 percent of insurance coverage in case there was something that was missed and the replacement cost is more than the homeowner is insured for, says Bob Platin, the owner of Supreme Agency in Holbrook.

Consider bundling

Bundling is not just for cable TV, internet and phone, and most insurance companies will give you a better deal if you take out both home and auto insurance policies with them.

See Full Story at www.newsday.com

Cutting expenses is a great place to start, and you can do so by cutting your homeowners insurance premiums.

Want to find out how to do that and save money? Read these tips to find out.

Why Homeowner’s Insurance is Necessary

You might be tempted to cut your homeowners insurance completely, taking a chance that nothing will happen if you’re uninsured.

You’re taking a huge risk. Plus, your mortgage company requires that you have an insurance policy for your home.

It’s not a good idea to cancel your policy for several reasons. If something should happen to someone on your property, you could be held liable.

If you go without insurance for a period of time until your financial situation picks back up, it could be harder to get insurance again. If you are approved, then you can expect to pay a much higher premium for your policy.

1. Get a Higher Deductible

Your insurance rate depends on your policy. Your policy may already include discounts and it’s largely dependent on how much you’re responsible for in the event of a claim, and how much your insurance company pays.

2. Have Other Policies with the Same Provider

It pays to be a loyal customer of an insurance company. Seriously, insurance companies always offer discounts on their insurance products if you bundle your homeowners policy with your auto insurance or other insurance policies.

3. Know What You Really Need

Insurance policies can be pretty complex and difficult to understand. You may have policy coverage for things that you don’t need.

For example, you may have signed up for insurance coverage for valuables. Valuables coverage is great to have if you have items in your home like sports memorabilia, antiques, valuable artwork, or priceless jewelry.

If you don’t own any such items, you don’t need this type of coverage and can cut your homeowners insurance cost.

4. Make Smart Upgrades

If you’re struggling to make ends meet and need to lower your monthly payments, you’re probably not thinking about making major repairs or upgrades to your home. It seems a bit counterintuitive to spend money to save money.

Repairs are a sore spot for someone struggling financially, but if you fail to maintain your home, you’re only going to wind up paying for more down the road for repairs.

See Full Story at azbigmedia.com

Have you bought your first house or are you looking for a new homeowner’s insurance company? There are a lot of things that you want to consider. Below are seven tips that you can use to help you find the right insurance company for your home.

1. LOOK AT WHAT’S AVAILABLE

Before you choose an insurer, get a quote from a minimum of four carriers. You can find databases online that are free like InsWeb, which will offer you a quote from as many as eight carriers.

2. BUY DIRECT

The companies that are dealing directly with the consumers and don’t use any independent agents are known as direct writers. Theoretically they’re able to pass their savings on because they eliminate middlemen.

3. READ JUNK MAIL

It’s a great idea to read the Internet, your email or answer your phone. Overhead is saved by direct marketers by using these things to market, and they can give you the savings.

4. CHECK YOUR HOME STATE

Most of the insurance departments in the state offer shopping guides online for those looking to buy homeowner’s insurance. The guide from the state may be able to give you companies that aren’t as well know that have competitive rates. You can get linked to the guide for your state on insure.com.

The bad thing is if you’re living in one of the hurricane zones, it’s possible you will be stuck with a single expensive option. That is your state-sponsored pool of high risk people. But it’s possible to try again in a year. The private insurers always look for different ways to cut the market up and a black mark for company will be a business opportunity for another.

Some of the states provide those who in a vulnerable coastal or urban area.

5. LOOK AT THE SERVICE HISTORY

Even though a company may offer a big discount, that is not going to help you if they are slow at processing claims, so you want to discover everything you can about the service about a company before signing on. It’s a good idea to ask the representative about the turn-around time for their claim. If they have a shorter time for claims it indicates that they have good service.

6. FOCUS ON THE FINANCIALS

You want to examine the insurer’s financial ratings. Ask the rep about the information or you can use one of the services online to find out their financial ratings.

Standard & Poor’s great rating is A or higher, and Moody’s Investor Service’s AA rating will say that the company is strong. You can also check out Weiss Ratings, which has very stringent guidelines and it’s also the one that’s most independent, to see the homeowner’s insurance companies that are the weakest.

See Full Story at whitcoinsurancepg.com