Protecting Your House From Mold

When it comes to keeping your home mold-free, a strong offense is definitely your best defense. To prevent mold, eliminate moisture from your home and be on the lookout for signs of possible growth, such as musty smells or watermarks on walls and ceilings.

Caught early, mold can usually be removed by a thorough cleaning with bleach and water. To prevent mold from re-growing, however, it is essential that the source of the moisture be eliminated and the affected area properly dried, cleaned, and if necessary, replaced. Also, remember to bag and dispose of any material with moldy residue such as rags, paper or debris.

Mold, like rot and insect infestation, is generally not covered by a homeowners insurance policy. Standard homeowners policies provide coverage for disasters that are sudden and accidental. They are not designed to cover the cost of cleaning and maintaining a home. If, however, mold is the direct result of a covered peril such as a burst pipe, there could be coverage for the cost of eliminating the mold.

According to the Centers for Disease Control and Prevention (CDC), mold is everywhere. It grows year-round and can be found both indoors and outdoors. Outdoors, mold is commonly found in shady, damp areas and in soil. Indoors, it can be found where humidity and moisture levels are high, such as in basements, kitchens, bathrooms and on ceilings and wall interiors where water from leaky pipes, roofs or windows can accumulate. While most molds pose no threat to humans, the CDC warns that certain molds can produce hay fever-like allergic symptoms. If you or your children have symptoms associated with mold, see a physician. Keep in mind, that many symptoms associated with mold exposure are common to other illnesses.

To help prevent the growth of mold in your home, the I.I.I. suggests the following:

Reduce Humidity In Your Home

• Keep the humidity levels in your home between 30 percent to 60 percent by using air conditioners or dehumidifiers.
• Put exhaust fans in kitchens and bathrooms.
• Don’t install carpets in damp areas such as basements or bathrooms.
• Don’t let water accumulate under house plants.

Use Mold-Reducing Products

• Clean bathrooms with bleach and other mold killing products.
• Add mold inhibitors to paints before application.

Keep You Home and Belongings Dry

• Inspect hoses, pipes and fittings - Consider replacing hoses to major appliances like washer and dishwasher every five years. A typical water hose costs $5-$10
  
  • Refrigerator ice maker and water dispenser
  • Water heater
  • Washer
  • Dishwashers
  • Kitchen and bathroom sinks
  • Bathroom toilets
• Keep gutters clean of leaves and other debris.
• Maintain your roof to prevent water from seeping into your home.
  

Be Careful After a Flood Or Other Water Damage

• Properly dry or remove soaked carpets, padding and upholstery within 24-48 hours after a flood to prevent mold growth. Anything that can’t be properly dried should be discarded.
• Remove standing water as quickly as possible. Standing water is a breeding ground for microorganisms, which can become airborne and inhaled.
• Wash and disinfect all areas that have been flooded. This includes walls, floors, closets, shelves, as well as heating and air-conditioning systems.

If you have any questions regarding mold and homeowners insurance, contact your agent or company representative. They can provide information on how to maintain your home and may also be able to provide the name of an expert in mold-remediation. You can get more information on mold by accessing the CDC.


Also for More Information Visit: Insurance Information Institute

Boating Safety

As the summer is quickly changing to fall, many boaters are trying to enjoy the last days on the water. By understanding the laws and dangers on the water, you can decrease your risk of a possible accident and still enjoy your day .

The Right-of-Way in Boating
On a crowded, busy lake, it can sometimes be difficult to tell who has the right-of-way. Unfortunately, many boating accidents result when drivers do not understand the ways in which boats are supposed to interact. Operating a boat is just like driving a car: if you do not understand the rules governing right of way, you are putting everyone around you in danger.

The most basic rule governing right of way on the water is that a boat must yield to any boat that is in the angle extending from the front of the boat forward and from the rear starboard (right) corner of the boat perpendicular to the boat. This area is known as the “danger zone,” and boats are obliged to yield to any other vessels in their danger zone. Conversely, if you are in another boat’s danger zone, that boat is required to yield to you.

The right of way on the water may also be determined by the types of boats involved. For instance personal watercraft (PWC), also know as jet ski's, should always yield to all other types of boats, as it is the smallest on the water.


Pleasure Boat Accidents
Many people find recreation and relaxation in boating, but this pastime can be dangerous if it is not pursued in a conscientious and informed manner. Unfortunately, there are hundreds of severe and fatal injuries involving pleasure boats every year. For instance, in 2005 in the United States there were 697 fatal boating injuries, or 5.4 injuries for every 100,000 registered boats. Most of those who died in boating accidents drowned, and authorities believe that over 400 of these lives could have been saved if the individuals had been wearing life-jackets. In general, most boating accidents involve collisions with other vessels, although falling overboard is also a common mishap while on the water.

About half of the injuries in 2005 were aboard open motorboats, although there was a significant increase in the proportion of injuries sustained on personal watercraft. In about a quarter of the fatal boating accidents, alcohol was determined to have played a significant role, and in the majority of these accidents the boat operator had not received any training in boat safety.

The most commonly cited cause of boating accidents was reckless operation, followed by operator inattention, excessive speed, and operator inexperience.


PWC Safety
Riding a PWC is arguably one of the most exciting things you can do on the water, but it can also be one of the most dangerous. Although statistics indicate that jet skis are not involved in a significantly greater percentage of accidents than other watercraft, the accidents involving jet skis are more likely to be serious or fatal. In order to ensure your own safety and the safety of others, there are a few basic guidelines you should remember every time you ride:

• Always wear a fitted, Coast Guard-approved life-jacket.
• Always use the safety lanyard that would stop the engine should you fall off.
• Once you are out on the water, constantly be on the lookout for other boats, skiers, divers, and swimmers. It can be difficult, especially in choppy water, to see swimmers and fallen skiers, so you must be constantly vigilant and keep a wide distance from boats and the shoreline.
• Do not use waves and the wakes made by boats as ramps.
  

PWC Accidents
The best weapon against jet ski accidents and other personal watercraft accidents is knowledge. Indeed, most serious jet ski accidents occur when the rider is someone who has either borrowed or rented the jet ski. In other words, unfamiliarity with the technique and etiquette of riding a jet ski can endanger your health! By staying informed about the risks associated with jet skis you can minimize your chances of being involved in an accident.

Too few jet ski operators know the limitations of their craft in terms of speed and stopping distance. Many riders assume that a jet ski can stop abruptly, when in fact it takes considerable time and distance to bring a PWC to a complete halt. Another common cause of jet ski accidents is ignorance of the relation between power and steering in a jet ski. This means that you can not control how fast you can stop or slow down.
When the engine of a jet ski is off, the vessel will continue to travel in the same direction regardless of which way the handlebars are turned.

It is important to know that it is illegal (in most states) to do any of the following:

• Make sharp turns near another vessel
• Jump another vessel’s wake within 100 feet of that or any other vessel
• Follow a boat too closely
• Chase another jet ski in small circles

Do any of the above could result in a serious or fatal accident.



Water Skiing Safety
In order to ensure that your water-skiing is as safe as possible, there are a few basic guidelines you should follow:

• Always make sure that the body of water is large enough to accommodate skiing. The water should be tleast five feet deep and 2000-3000 feet long.
• There must be enough room for all of the vessels on the water to have at least 100 feet of open space in all directions.
  
• Be familiar with the body of water. Some will contain buoys, stumps, or pilings: be sure you know the locations of all these obstacles before you begin skiing. If you are not familiar with the location, ask someone who is.
  
• You should generally avoid water-skiing either when wind is making the water choppy, or when rain is significantly decreasing visibility.
  
• There should always be at least one person in the boat besides the driver; this person should keep an eye on the skier and alert the driver to any problems.
  
• The skier should always be equipped with a well-fitted life-jacket, as should all the individuals on the boat.
  
• If you are towing skiers, try to avoid crowded areas and other vessels. Be aware of how the wake generated by other boats might affect your skier.
• Never ski or tow skiers at night or in conditions of poor visibility.
  
• Know the basic set of hand gestures that have become conventional in skiing and are essential to maintaining good communication between the skier and the driver of the boat. Some of the basic hand gestures are as follows: an extended left hand is a request for a left turn; an extended right hand is a request for a right turn; a thumb pointed down is a request for a slower speed; a thumb pointed up is a request for a higher speed; a hand raised with the palm out is a request for the boat to stop; and a circle made with the index finger and thumb indicates that the skier is doing well.

For More Information on Water Safety visit: Safety Resource or the United States Power Squardruns

How Your Credit Score Affects Your Insurance Rate

Credit scoring, the term used by insurance companies to rate your credit, has been a disaster for some consumers. Most insurance companies are now basing the cost of your insurance policy on your credit score. Missing as little as two payments on credit cards or other financial obligations could lead to your insurance premium possibly doubling. If your credit score is bad you could pay more when getting an insurance quote. And, regardless of the time you have been with your insurance company or your loss history, a low credit score could lead to a higher insurance premium or possible loss of your policy.

Many are asking, "What does one's credit rating or credit score have to do with their insurance policy premium or insurance quote?" The answer may surprise you. Insurance companies feel that if you are not responsible with your money, then you are more than likely not going to be responsible on the road. According to his recent statement to CBS, Donald Hanson of the National Association of Independent Insurers agrees. Hanson stated, "Research indicates that people who manage their personal finances responsibly tend to manage other important aspects of their life with that same level of responsibility and that would include being responsible behind the wheel of their car or being responsible in maintaining their home." Some disagree with Hanson's ideas on insurance credit scoring and feel it creates a hardship for many who are already struggling.

What can I do to improve my score?
Credit scoring systems are complex and vary among creditors or insurance companies and for different types of credit or insurance. If one factor changes, your score may change — but improvement generally depends on how that factor relates to others the system considers. Only the business using the scoring knows what might improve your score under the particular model they use to evaluate your application.

Nevertheless, scoring models usually consider the following types of information in your credit report to help compute your credit score:

• Have you paid your bills on time? You can count on payment history to be a significant factor. If your credit report indicates that you have paid bills late, had an account referred to collections, or declared bankruptcy, it is likely to affect your score negatively.
• Are you maxed out? Many scoring systems evaluate the amount of debt you have compared to your credit limits. If the amount you owe is close to your credit limit, it’s likely to have a negative effect on your score.
• How long have you had credit? Generally, scoring systems consider the length of your credit track record. An insufficient credit history may affect your score negatively, but factors like timely payments and low balances can offset that.
• Have you applied for new credit lately? Many scoring systems consider whether you have applied for credit recently by looking at “inquiries” on your credit report. If you have applied for too many new accounts recently, it could have a negative effect on your score. Every inquiry isn’t counted: for example, inquiries by creditors who are monitoring your account or looking at credit reports to make “prescreened” credit offers are not considered liabilities.
• How many credit accounts do you have and what kinds of accounts are they? Although it is generally considered a plus to have established credit accounts, too many credit card accounts may have a negative effect on your score. In addition, many scoring systems consider the type of credit accounts you have. For example, under some scoring models, loans from finance companies may have a negative effect on your credit score.

Improving your score significantly is likely to take some time, but it can be done. To improve your credit score under most systems, focus on paying your bills in a timely way, paying down any outstanding balances, and staying away from new debt.

For More Information Visit: About.com and FTC

Making Sure Your Home Is Properly Covered for a Disaster

For many people, their home is their greatest asset. Yet studies show that 59 percent of today’s homes are underinsured by an average of 22 percent (according to Marshall & Swift). To protect their investment from disasters, homeowners should update their insurance regularly to include improvements, major purchases and increased rebuilding costs.

In particular, the cost of building or repairing a home has increased dramatically in recent years. According to the U.S. Census Bureau, homeowners spent over $218 billion on additions, alterations, maintenance and repairs in 2005, up from $201 billion in 2004. Materials like lumber, cement, gypsum and structural steel products have become scarcer, not only because of the devastation from last year’s storms, but also because of increased global demand. In fact, the cost of lumber climbed 6.1 percent in 2005, according to statistics from the U.S. Department of Labor.

To properly insure your home, it is important to ask your insurance agent or company representative four key questions.

1. Do I have enough insurance to rebuild my home?

Your policy needs to cover the cost of rebuilding your home at current construction costs. Unfortunately, some homeowners simply purchase enough insurance protection to satisfy their mortgage lender. Others confuse the real estate value of their home with what it would cost to rebuild it. Quite simply, you should have enough insurance to rebuild your home in the event that it is completely destroyed. Be sure to consider the following:

• Replacement Cost
  Most policies cover replacement cost for damage to the structure. A replacement cost policy pays for the repair or replacement of damaged property with materials of similar kind and quality.



• Extended Replacement Cost
  This type of policy provides additional insurance coverage of 20 percent or more over the limits in your policy, which can be critical if there is a widespread disaster that pushes up the cost of building materials and labor.



• Inflation Guard
  This coverage automatically adjusts the rebuilding costs of your home to reflect changes in construction costs. Find out if your policy includes this coverage or if you have to purchase it separately.



• Ordinance or Law coverage
  If your home is badly damaged, you may be required to rebuild it to meet new (and often stricter) building codes. Ordinance or law coverage pays a specific amount toward these costs.



• Water Back-Up
  This coverage insures your property for damage from sewer or drain back-up. Most insurers offer it as an add-on to a standard policy.



• Flood Insurance
  Standard home insurance policies provide coverage for disasters such as fire, lightning and hurricanes. They do not include coverage for flood (including flooding from a hurricane). Flood insurance is available through the federal government’s National Flood Insurance Program (www.floodsmart.gov), but can be purchased from the same agent or company representative who provides you with your home or renters insurance. Make sure to purchase flood insurance for the structure of your house, as well as for the contents. Excess Flood Protection, which provides higher limits of coverage than the NFIP in the event of catastrophic loss by flooding, is available from some insurers. Keep in mind that there is a 30-day waiting period before the insurance is valid.

2. Do I have enough insurance to replace all of my possessions?

Most homeowners insurance policies provide coverage for your personal possessions for approximately 50 percent to 70 percent of the amount of insurance you have on the structure of your home. So if you have $100,000 worth of coverage on the structure of your home, you would be covered for $50,000 to $70,000 worth of the contents of your home, depending on the policy. Do an inventory of your home to determine if this is enough coverage for you.

You can insure your possessions in two ways: by their actual cash value or their replacement cost. Make sure you review with your agent or company representative which type of coverage is best for your particular situation.

• Cash Value Policy
  This coverage pays the cost of replacing your belongings minus depreciation.



• Replacement Cost Policy
  This coverage reimburses you for the full current cost of replacing your belongings.

3. Do I have enough coverage for additional living expenses?

Coverage for additional living expenses pays the extra costs of temporarily living away from your home if you can't live in it due to an insured disaster. It covers hotel bills, restaurant meals, transportation and other living expenses incurred while your home is inaccessible or being rebuilt. It is important to note that it covers only those expenses that are over and above your regular living expenses, so it would not cover your mortgage, or regular trips to the grocery store. If you rent out part of your house, this coverage also reimburses you for the rent that you would have collected from your tenant if your home had not been destroyed.

Make sure you know exactly how much coverage you have for additional living expenses, and whether there is a time limit. If the standard coverage is not adequate, it can generally be increased for an additional premium.

4. Do I have enough insurance to protect my assets?

Although not a key element in disaster planning, it is also important to have adequate liability protection. This covers you against lawsuits for bodily injury or property damage that you or your family members may cause to other people. It also pays for damage caused by pets. Liability insurance pays for both the cost of defending you in court and for any damages a court rules you must pay—up to the limits of your policy. Most homeowners insurance policies provide a minimum of $100,000 worth of liability insurance, but higher amounts are available.

It is important to purchase enough liability insurance to protect your assets. If the standard liability coverage in your homeowners policy is not sufficient, you may need an excess liability, or umbrella, policy, which provides additional coverage over and above what is covered in your home (and auto) insurance policy.

For more information visit: Insurance Information Institute (I.I.I)

Should You Purchase Renters Insurance?

Renters insurance provides financial protection against the loss or destruction of your possessions when you rent a house or apartment. While your landlord may be sympathetic to a burglary you have experienced or a fire caused by your iron, destruction or loss of your possessions is not usually covered by your landlord’s insurance. Because in most cases, renters insurance covers only the value of your belongings, not the physical building, the premium is relatively inexpensive.

By purchasing renters insurance, your possessions are covered against losses from fire or smoke, lightning, vandalism, theft, explosion, windstorm and water damage (not including floods). Like homeowners insurance, renters insurance also covers your responsibility to other people injured at your home or elsewhere by you, a family member or your pet and pays legal defense costs if you are taken to court.

Renters insurance covers your additional living expenses if you are unable to live in your apartment because of a fire or other covered peril. Most policies will reimburse you the difference between your additional living expenses and your normal living expenses but still may set limits as to the amount they will pay.

There are two types of renters insurance policies you may purchase:

1. Actual Cash Value – pays to replace your possessions minus a deduction for depreciation up to the limit of your policy
2. Replacement Cost – pays the actual cost of replacing your possessions (no deduction for depreciation) up to the limit of your policy
   

With either policy, you may want to consider purchasing a floater. A standard renters policy offers only limited coverage for items such as jewelry, silver, furs, etc. If you own property that exceeds these limits, it is recommended that you supplement your policy with a floater. A floater is a separate policy that provides additional insurance for your valuables and covers them for perils not included in your policy such as accidental loss.

Visit Your Local Agent Today or Click HERE For a Free Renters Quote.
For More Information Visit: III, About.com and MSN Money Central

What to Know Before and After an Automobile Accident

Although car accidents are more prevalent in the winter months, what you need to do after an accident never changes. Obviously it is hard to think clearly after a car accident so it is important to know before you get into an accident what to do first and what questions may need answered. This checklist will help you know what to do after a car accident. It is best to review it now and then print it out and keep a copy with you in your car.

1. Keep an Emergency Kit in Your Glove Compartment. Drivers should carry a cell phone, as well as pen and paper for taking notes, a disposable camera to take photos of the vehicles at the scene, and a card with information about medical allergies or conditions that may require special attention if there are serious injuries. Also, keep a list of contact numbers for law enforcement agencies handy.
2. Keep Safety First. Drivers involved in minor accidents with no serious injuries should move cars to the side of the road and out of the way of oncoming traffic. Leaving cars parked in the middle of the road or busy intersection can result in additional accidents and injuries. Make sure to turn on hazard lights and set out cones, flares or warning triangles if possible.
3. Exchange Information. After the accident, exchange the following information: name, address, phone number, insurance company, policy number, driver license number and license plate number for the driver and the owner of each vehicle. If the driver's name is different from the name of the insured, establish what the relationship is and take down the name and address for each individual. Also make a written description of each car, including year, make, model and color — and the exact location of the collision and how it happened. Finally, be polite but don't tell the other drivers or the police that the accident was your fault, even if you think it was.
4. Photograph and Document the Accident. Use your camera to document the damage to all the vehicles. Keep in mind that you want your photos to show the overall context of the accident so that you can make your case to a claims adjuster. If there were witnesses, try to get their contact information; they may be able to help you if the other drivers dispute your version of what happened.
5. File An Accident Report. Although law enforcement officers in many locations may not respond to accidents unless there are injuries, drivers should file a state vehicle accident report, which is available at police stations and often on the Department of Motor Vehicles Web site as a downloadable file. A police report often helps insurance companies speed up the claims process.
6. Know What Your Insurance Covers. The whole insurance process will be easier following your accident if you know the details of your coverage. For example, don't wait until after an accident to find out that your policy doesn't automatically cover costs for towing or a replacement rental car. Generally, for only a dollar or two extra each month, you can add coverage for rental car reimbursement, which provides a rental car for little or no money while your car is in the repair shop or if it is stolen. Check your policy for specifics.

And Then What?

The final question in dealing with an accident is usually who will pay for the damages? If the accident was minor, you and the other drivers may decide to handle the damages yourselves without the involvement of an insurance company. But this isn't always the best idea, for several reasons.

While the other driver may agree to pay for the damage to your car on the day of the accident, he may see the repair bills and decide it's too high. At this point, time has passed and your insurance company will have more difficulty piecing together the evidence if you file a claim.

Also, keep in mind that you have no way of knowing whether another driver will change his mind and report the accident to his insurance company. He may even claim injuries that weren't apparent at the scene of the accident. This means that your insurance company may end up paying him a hefty settlement, or worse yet, you could be dragged into a lawsuit. So make sure that your company has your version of what happened and check your policy — if the damages paid out by your insurance company are below a certain amount, the accident may not be considered chargeable. And you will avoid the penalty of a premium hike.

Auto accidents take a tremendous toll on everyone involved, both financially and emotionally. If you're one of the lucky ones who have thus far avoided a serious accident, hopefully the tips on prevention will help keep it that way. The chances are high, though, that at some point you will be involved in a minor accident. Just keep your head and make safety your primary concern. You'll have plenty of time to deal with the consequences later.

For more information visit: Edmunds and about.com
Also Watch I.I.I's Video on Steps to Take After an Auto Accident

How Do I Pick a Health Plan?

Whether your employer gives you a choice of plans or you need to purchase your own coverage, it is crucial that you understand your health insurance choices and pick the insurance that is best for you and your family.
Here are some questions you should ask yourself when choosing a health insurance plan:

• How affordable is the cost of care?
• What is the monthly premium I will have to pay?
• Should I try to insure most of my medical expenses or just the large ones?
• What deductibles will I have to pay out-of-pocket before insurance starts to reimburse me?
• After I have met my deductible, what percentage of my medical expenses are reimbursed?
• How much less am I reimbursed if I use doctors outside the insurance company’s network?

Does the insurance plan cover the services I am likely to use?

• Are the doctors, hospitals, laboratories and other medical providers that I use in the insurance company’s network?
• If I want to use a doctor outside the network, will the plan permit it?
• How easily can I change primary-care physicians if I want to?
• Do I need to get permission before I see a medical specialist?
• What are the procedures for getting care and being reimbursed in an emergency situation, both at home or out of town?
• If I have a preexisting medical condition, will the plan cover it?
• If I have a chronic condition such as asthma, cancer, AIDS or alcoholism, how will the plan treat it?
• Are the prescription medicines that I use covered by the plan?
• Does the plan reimburse alternative medical therapies such as acupuncture or chiropractic treatment?
• Does the plan cover the costs of delivering a baby?

For a Free Health Insurance Quote Click HERE.
For More Information Visit: III

What is an Umbrella Policy and Should I Get One?

What is Umbrella Insurance?
If you are ever sued, your standard homeowners or auto policy will provide you with some liability coverage, paying for judgements against you and your attorney's fees, up to a limit set in the policy. However, in our litigious society, you may want to have an extra layer of liability protection. That's what a personal umbrella liability policy provides.

An umbrella policy kicks in when you reach the limit on the underlying liability coverage in a homeowners, renters, condo or auto policy. It will also cover you for things such as libel and slander.

For about $150 to $300 per year you can buy a $1 million personal umbrella liability policy. The next million will cost about $75, and $50 for every million after that.

Because the personal umbrella policy goes into effect after the underlying coverage is exhausted, there are certain limits that usually must be met in order to purchase this coverage. Most insurers will want you to have about $250,000 of liability insurance on your auto policy and $300,000 of liability insurance on your homeowners policy before selling you an umbrella liability policy for $1 million of additional coverage.

If you meet any of the following criteria, you should consider obtaining Umbrella insurance:

• You own property and/or have assets that are worth more than the liability limits covered by your basic policies, you may consider an umbrella or excess liability policy.
• You have a high profile career or have sizeable earnings.
• You are required to travel extensively.
• You own a farm/ranch or waterfront property.
• You live in affluent neighborhood.
• You own an aircraft or watercraft.
• You have a swimming pool in your premises.
• You have frequent visitors.
• You have one/more inexperienced, young drivers as protege.
  
  

What To Do Next?
Weigh the premium against the coverage, your assets, your risk of getting sued, what would happen if you got sued, and your other coverages. Then speak to your agent about whether this is the right policy for you.


For more information visit: III, LocalWin, and RV Dreams.

Ten Ways to Reduce Your Homeowners Insurance Premium

Package Your Homeowner’s and Auto Policies Together
Many insurance companies give 5-15% discounts for customers who purchase insurance with them for both their home and auto.

Raise Your Deductible
Raising your deductible to the highest possible price you could pay should a loss occur could save you up to 37%. The higher the risk you assume, the less you will pay on your premium. When choosing the best deductible for you, please always be sure you can afford to pay your deductible should the need arise.

Typical deductible and discounts are approximately:

$500 – Save up to 12%
$1,000 – Save up to 24%
$2,500 – Save up to 30%
$5,000 – Save up to 37%


Make Your Home Disaster Resistant
If you own an older home, keeping its heating, pluming, roofing and electrical systems up-to-date will reduce your risk of water or fire damage. Find out from your insurance agent the best possible ways to make your home more resistant to natural disasters.

Establish Good Credit
By establishing and maintaining good credit, you will qualify for better rates. Keeping limits on credit cards low and always paying bills on time will improve credit scores.

Stay With the Same Insurance Company
By maintaining insurance with the same company for several years could qualify you for a 5-10% discount for long-term policy holders, depending upon the company.

Verify You Have the Correct Coverage Annually
Depending upon the valuables you have in your home, such as expensive jewelry and high-end computers, you may have requested additional coverage for such items. Always verify your coverage’s yearly to be sure you are not paying extra for items you either do not still own, or items that are not as valuable as they once were. You may want to cancel or reduce the amount of coverage you have on these items.

Check Around For Best Rate
When getting insurance quotes, always look around for the best rate. Be advised that though some quotes may be lower than others; always verify they have the correct coverage’s you need. Some companies will give you low premiums, with low coverage’s. Were you to have a total loss on your home, you want to be completely sure you have enough to rebuild completely should you need to.

Pay Electronically
Many companies now charge a mailing fee of up to $5 when sending out a customer’s bill. By making payments electronically, you will save yourself this charge and any additional fees they might add to mail out.

Be Sure Not To Include Land When Determining Coverage Amount
When obtaining homeowners insurance, do not include the value of land when deciding how much insurance coverage you want or need. Land is not considered in the rebuilding cost coverage’s as it will not be at risk from theft, fires, or any additional coverage’s included in your homeowners policy.

Purchase a Security System
By purchasing a security system for your home you could receive discounts for protection against fire and theft. Though these systems are often not cheap, over a period of time they could save you money. Always speak with your insurance agent about recommended systems, and how much you would save on your premium before making any purchases.


For more information visit: I.I.I, Financial Planning, and Money Central.