By: Elena Grace Flores
You might be shopping around for your home and car insurance right now but it is best to know where to look first. Asking the wrong people might mislead you. Just five things to remember:
1. Discounts are not given voluntarily. Do not agree right away on what is offered. Make it a point to ask for promotional offers like the month that they are more likely available.
2. Pay a substantial lump sum to lessen the remaining premiums but first, deal only with insurers that are tried and tested by people you know well. After all, it won’t matter how much discount you got if the claims will not materialize.
3. Do not eliminate disaster coverage just because calamities rarely happen in your area. You never know when they strike!
4. Include substantial liability coverage in your insurance to be able to take care of other people that you cause harm in case of car accident or injured within your property. This will save you from possible lawsuits in the future.
5. Get a renter’s insurance if you do not own the house. You will also be covered with liability and loss of properties in your household.
If you are happy with your existing car insurance, ask the same provider if they have other kinds of insurances that you might need. Often, if you are already a good client, they will try to give you the best options you can avail. It’s smart to do it that way.
By: Elena Grace Flores
In most cases when buying a house, one can spend almost all his or her lifetime savings – and you don’t want this to be jeopardized just because you do not have a home insurance – or there are issues that hinder you from getting a proper insurance which can be one of the following:
Homes that cannot be insured…
Do not buy a house that has record of large disaster claims like any kind of water damage. Insurers will only insure this at substantial rates if they still accept your application. It is best to abandon the idea of purchasing such properties because this would only prove that this is a prone to disaster.
Umbrella Policies for lawsuits and hazards…
Liability insurance can take care of the damages or bodily harm incurred to others within your property – but sometimes, victims want more to the verge of suing you. This is when you need umbrella policies to have maximum financial protection. In the U.S. you can be covered up to one million dollars. Another instance is when there are disaster threats or hazards in your area – you will need an umbrella policy where flood protection or anything of that sort can be overwritten. Better yet, getting coverage for home transfer to a safer ground if possible will be brilliant.
Life Insurance for the insured…
The head of the family who is buying the house on mortgage must also have life insurance. A short-term one or long-term plan depending on the capability of the bread winner will be helpful – to prevent the rest of the family from being homeless should unexpected demise of the home buyer occurs. The short-term plan must allow the rest of the family to find alternative dwelling and the longer one should allow them to remain in the house until it is paid off by the insurance grants.
Disability and accident insurance are also very helpful because we just don’t know what the future awaits for us. Don’t just buy a house and insurance based on what you can afford now. Considerations for such situations must also be undertaken so as not to lose any savings or properties you already have because you cannot fully pay the mortgage!