Standard homeowners and renters insurance does not cover flood damage. Flood coverage, however, is available in the form of a separate policy both from the National Flood Insurance Program - NFIP and from a few private insurers.
The NFIP provides coverage for up to $250,000 for the structure of the home and $100,000 for personal possessions. The NFIP policy provides replacement cost coverage for the structure of your home, but only actual cash value coverage for your possessions. Replacement cost coverage pays to rebuild your home as it was before the damage. Actual cash value is replacement cost coverage minus depreciation so that the older your possessions are, the less you will get if they are damaged. There may also be limits on coverage for furniture and other belongings stored in your basement.
Flood insurance is available for renters as well as homeowners. You will need flood insurance if you live in a designated flood zone. But flooding can also occur in inland areas and away from major rivers. Consider buying a flood insurance policy if your house could be flooded by melting snow, an overflowing creek or pond or water running down a steep hill. Don’t wait for a flood season warning on the evening news to buy a policy—there is a 30-day waiting period before the coverage takes effect.
Excess flood insurance is also available from some private insurers for those who need additional insurance protection over and above the basic policy or whose community does not participate in the NFIP. Depending on the amount of coverage purchased, an excess flood insurance policy will cover damage above the limits of the federal program on the same basis as the federal program—replacement cost for the structure and actual cash value for the contents.
Excess flood insurance is available in all parts of the country—in high risk flood zones along the coast and close to major rivers as well as in areas of lower risk—wherever the federal program is available. It can be purchased from specialized companies through independent insurance agents, or from regular homeowners insurance companies that have arrangements with a specialized insurer to provide coverage to their policyholders.
To find out whether private primary flood insurance is available in your area, contact your insurance agent.
Thursday, March 12, 2009
What is homeowners insurance?
| Homeowners insurance provides financial protection against disasters. A standard policy insures the home itself and the things you keep in it. Homeowners insurance is a package policy. This means that it covers both damage to your property and your liability or legal responsibility for any injuries and property damage you or members of your family cause to other people. This includes damage caused by household pets. Damage caused by most disasters is covered but there are exceptions. The most significant are damage caused by floods, earthquakes and poor maintenance. You must buy two separate policies for flood and earthquake coverage. Maintenance-related problems are the homeowners' responsibility. |  |
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Types of Homeowners Insurance
The Standard Types of Homeowners Insurance
The types of homeowners insurance available to you are fairly standard throughout the United States. There are basically seven types, all beginning with the letters HO.
HO-1 is an older type of policy that is no longer popular these days. It typically provides very limited coverage against specific types of damage to items listed in the policy. Because this type of policy offers such limited protection, it is rarely sold today.
An HO-2 policy offers broader coverage than an HO-1 policy, but its coverage is limited to specified parts of your home. It is called a "named perils" policy because it protects you only against the hazards that the policy specifies.
An HO-3 policy is the most common type of homeowners insurance. It covers all parts of your home against all hazards except those specifically excluded in the policy. Because of its broad-based coverage, it is sometimes called an "all risk" policy. An HO-3 policy also includes liability coverage for visitors who may be injured on your property. HO-3 policies typically exclude a few specific types of loss, such as damage from floods, earthquakes, and sink holes. You can purchase separate coverage for these hazards.
An HO-4 policy is commonly called renters insurance. If you rent your home, your landlord's insurance probably provides some coverage for your personal property. But for your peace of mind, you will probably want to have your own policy as well, especially if you have some valuable possessions. Renters insurance also provides liability protection for injuries to visitors and passers-by.
An HO-5 policy is similar to an HO-3, but it provides even broader coverage. For example, an HO-5 policy might include coverage for unusually valuable property such as art, jewelry, or antiques. This type of policy might also include protection against hazards excluded in most HO-3 policies. Because of its broad coverage, an HO-5 policy is more expensive than the more common HO-3.
An HO-6 policy is designed specifically for condo owners. Condo owners are in a tricky position because they own just part of a building. This type of policy covers their personal property and the portion of the building they own. The condo owners association typically provides some coverage for these things, but it may have significant limitations. Most condo owners choose to buy their own coverage in addition to what the association provides. HO-6 policies also provide liability protection for visitors who are injured on your property.
An HO-8 policy is sometimes called "older home" insurance. Many older homes have a lower market value than replacement value. That is, the price you could get for the home is much less than the cost of replacing it. An HO-8 policy allows you to insure your home for its market value rather than its replacement value.
In addition to these seven types of policies, you may also be able to buy a type of insurance called "extended replacement cost." Most policies cover the full cost of replacing your home under normal conditions. But if you lose your home as the result of a natural disaster such as a hurricane, the cost of replacing it may be significantly higher. After a natural disaster, the cost of building materials and construction services usually goes up dramatically. Policies that cover extended replacement costs take these higher prices into account.
Affordable Home Insurance
Get Quotes on Affordable Home Insurance from Top Carriers
When looking for Affordable Home Insurance it is important to request quotes from many insurance providers. Those who shop around for their home insurance tend to find the best deals available for their home insurance market. Home insurance costs depend largely on the location of the home, how susceptible it will be to natural disasters, like hurricanes and earthquakes, as well as other factors. Homeowners can typically save by increasing their deductible to a manageable rate. Others find affordable home insurance by taking advantage of loyalty programs offered by insurance companies – they buy both their home and car insurance from the same provider. Many affordable home insurance companies compete with rates, so the best avenue would be to obtain quotes from many different sources.Online application engine for insurance products
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iSAFE™ can be thought of as a four dimensional cube where each dimension represents a service or delivery channel to a particular set or targeted group of customers. With iSAFE™, insurance companies can quickly launch new marketing campaigns, open new channels for consumers, affinity groups and partners. All these features are designed to maximise productivity with minimum effort and expense. ITSec's years of experience in IT security ensures piece of mind. ITSec guarantees* the Return on Investment (ROI) within 6 months provided the products being sold are competitive enough.
iSAFE™ can closely work with our Enquiry Management System (EMS) which helps generating quality leads.
iSAFE™ can be thought of as a four dimensional cube where each dimension represents a service or delivery channel to a particular set or targeted group of customers. With iSAFE™, insurance companies can quickly launch new marketing campaigns, open new channels for consumers, affinity groups and partners. All these features are designed to maximise productivity with minimum effort and expense. ITSec's years of experience in IT security ensures piece of mind. ITSec guarantees* the Return on Investment (ROI) within 6 months provided the products being sold are competitive enough.
iSAFE™ can closely work with our Enquiry Management System (EMS) which helps generating quality leads.
iSAFE™ Key Features:
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