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How Do You Find Home Insurance?

On September 23, 2011, In Building, By Aaron Vincett

How important is home insurance? Despite today’s poor housing market, you still need a home, and with that comes the need to protect your home. This means, home insurance. But how do you find a home insurance policy that works for you? It’s easy to get lost online, and to confuse one quote or policy with another. Here you will find out what you need to know about home insurance, and how to find a policy or quote that will cover your needs.

What really is home insurance? That is important to know before you try to find a policy or quote. Home insurance is there to protect you from losses that may happen to the contents of your home or your home itself. If you get home insurance, you will be able to cover yourself against certain risks. Because of this, home insurance is a good idea, and can help give you peace of mind. Now lets see what makes one policy different from another policy.

So what makes one home insurance policy different from another? Well, you can always custom make your own home insurance policy that will cover what you decide needs to be covered, but there are also seven different policies for home insurance that you should know about, so you can compare and see what works for you.

The seven home insurance policies are called HOs.

The HO 1 policy will cover eleven perils you may be at risk for. They include many natural occurrences or disasters, such as lightning, windstorm, fire and smoke, and volcanic eruption. It also includes accidental damage such as vandalism, theft, explosion, riots, vehicle damage, and broken windows. It is important to have home insurance which will cover these things, because they are out of your control. The HO 2 policy includes these eleven risks, and will also cover six more risks which you can specify. Both HO 1 and HO 2 are home insurance policies which will also cover high risk items in your home.

HO 3 is another basic home insurance policy. It is almost the same as the HO 1 home insurance policy. The difference is that it is home insurance for single family homes, whereas HO 1 can be home insurance for multiple family buildings. If you are renting or are a tenant, then HO 4 is a great policy. It is the same home insurance as HO 3, but for renters. HO 5 is provides coverage for everything in your house, not just high risk items, for any risk not specifically excluded from the contract. HO 6 is the best home insurance policy for condo owners, and HO 7 is an ideal home insurance policy for old houses. As you can see, each home insurance policy is designed to fit specific types of people.

Other home insurance policies are easy to look at and compare with next to another policy online. Make sure you have a good understanding of what each policy is willing to cover, and compare one insurance quote or policy with your other options. This way you can get the best home insurance, and feel well protected. After looking at home insurance, you may also want to look at life insurance.

How Important Is Home Insurance?

home insurance san jose accidental damage

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Crystal Ball: Insurance For Architects And Engineers Are Climbing

On July 6, 2011, In architect, By John Dunfield

A/E firms that have low claim frequency and severity, that are not engaged in more difficult projects like condo work or bridge design, that have strong balance sheets (AR’s do better than average in the industry), and that have proficient internal controls which can be clearly presented as well as low employee turnover still stir up plenty of competition amongst insurance carriers.

However, it has become evident due to some more generalized market conditions that rates will have to be increased within the next twelve months.

Significant losses in their investment portfolios that must be “marked to market” under Financial Accounting Standard Board (FASB) rules. Under-performing investment portfolios and the inability to achieve 15% return on investment by the industry (the standard performance benchmark) will force carriers to push rates higher.

Most reinsurance covers are negotiated on either July 1st or January 1st each year, and it is expected that reinsurance costs will increase. These higher reinsurance costs or even primary carriers assuming more net risk will cause a decline in desire for more uncertain ventures. All in all, if the risk cannot be passed on to another party or its cost has simply risen, the cost increases will be passed on to the end purchaser.

An increase in frequency of claims as a result of economic decline in the construction industry will cause continued deterioration in the A/E space. Less available financing, decreased tax rolls for projects funded by the government, and aggressive sureties desiring to regain losses are causing many once relatively small issues to turn into all-out litigation. Owners, developers, and contractors that were once flexible about working out problems with the design team are under increased pressure and less capable to do so.

It is my guess that any built environment counsel will see similar trends and hints leading to these conclusions.

Want to find out more about professional liability for engineers, then read more about how to choose the best engineer professional liability insurance.

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Ordinance Or Law Protection Pertaining To Older Structures

On August 9, 2010, In Building, By Moises Dresch Sr.

Are you an owner of an older commercial building or home? If so, a normal Basic Form, Broad Form or Special Form policy designed to replace the property should it be destroyed will probably not cover all your costs. That is because legal requirements passed since the building was first constructed require that stronger and safer materials and more accessible design features be used. This likely will cost more and take longer than covered by the basic policy.

Basic property insurance policies often exclude costs incurred complying with new building codes or ordinances. You should close this gap in insurance coverage by adding “ordinance or law” coverage. You may add ordinance or law coverage to your commercial building policy by including endorsements for: 1) upgrading the building as required by ordinance or laws and 2) covering additional loss of income during the increased time it takes to bring the building into compliance with new ordinances or laws. I highly recommend business owners who own older properties add both of these endorsements.

As a California homeowners it might be necessary for you to do the same. Some of your policies do not include building code upgrade (ordinance or law) coverage.

Various laws may come into play when your building is damaged. The repair and/or rebuilding may have to conform to standards more stringent than when it was first built, such as local, county, state, and federal regulations. There may be restrictions by Homeowners Associations, historical societies and others. Additionally, sometimes there are requirements that a building with significant damage must be demolished instead of repaired. If you know these things upfront you can prepare for them. Your Public Adjuster can help.

Insurance companies and their agents often do not offer ordinance or law coverage unless you specifically ask for it. The company attitude is that the property should have been upgraded throughout the years, although that is rarely the case. The insurance companies offer ordinance or law endorsements that provide the coverage you need. Your Public Adjuster will provide an audit of your coverage to help you understand if you need them.

Property Negotiation hint: Public Adjuster John Morgenstern’s 1st aim is to get the claim granted! Contact California Public Adjuster John Morgenstern.

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