How The Stock Market (And Insurance Market Trends) Affect Your Home Insurance

Posted by on Oct 30, 2015 in Uncategorized

As the stock market rises and falls, you may notice your home insurance rates wildly varying. That’s because there is a strong connection between the stock market and the home insurance market. Understanding how they are connected can help you keep track of your insurance expenses. Thankfully, recent news seems to suggest that trends are looking up. Recent Stock Trends After a month or two of falling stock trends, a recent surge of more than 10% seems to promise the potential of a bullish market. Generally, recoveries of this type create an investor surge that helps to positively rally the market. In spite of this rally, positive stock market sentiment is still relatively low. Sentiment indicates how investors are regarding the market and it rests at 37.5%. While this is a positive rate, it’s still about half what you see in a strong rally. In spite of this low sentiment, positive market gains are still present and are projected to move upward. Recent Outlook On The Home Insurance Market As the stock market rebounds, the outlook for the home insurance market continues to improve. A recent report at InsuranceJournal.com indicates that the home insurance market has vastly improved over the last several months, including an average 8.6 percent increase in equity across the country. This improvement has been generated by a rate increase of about 4.0 percent across the nation. Another improvement leading to these increases is more precise risk-adjustment pricing, which lets insurers create more finely tuned insurance plans. How This Affects You Both of these trends bode well for your home insurance rates and your level of coverage. Generally speaking, insurance rates are inversely proportional to the direction of the stock market. This means that if stock prices go up, insurance rates go down. That’s because insurance companies invest much of their money in stocks and bonds: when the rates go up, they can afford to offer their customers discounted rates. An improved home insurance market can also result in stronger home insurance coverage. Though you may pay slightly higher rates, a stronger insurance market generates a decreased chance of reinsurance. Reinsurance is the process of transferring certain portions of your insurance coverage to other parties. Insurance companies do this to decrease the risk of paying large payouts. A strong market reduces the need for insurance companies to divide your coverage in this way, which streamlines and simplifies your coverage. Now that you have a better understanding of these two forces, you can better plan your home insurance payments. It may also help you choose a stronger home insurance company, as specific companies will fare better (or worse) in the highly variable stock market. To learn more about home insurance, contact a company like Trent Insurance Group...

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How To Keep Your Home Insurance Premium Low And Affordable

Posted by on Oct 20, 2015 in Uncategorized

When trimming your household’s budget, one of the best places to start is with your insurance premiums. You shouldn’t have to watch your premiums increase every single year, because there are things you can do about it. Here are 4 ways to get the best deal on your homeowners insurance. Bundle All Your Insurance Products Having multiple insurance policies with one company is a way to lower your premiums, because you typically get a discount for doing so. The individual policies may be slightly more expensive, but the discount could be what makes them cheaper overall. While automotive and homeowners insurance are frequently combined for a discount, other insurance policies can increase your savings as well. For example, if you are considering getting a life insurance police, check with your agent to see if you will see any savings if you get one through the same company as your homeowners insurance. Increase Your Deductible When you file a claim with your insurance company, you must first pay your deductible. This can be anywhere from $500 to 1% of the value of your home, depending on what your insurance company offers. The less you pay when filing a claim, the higher your premiums are each year. Consider upping the deductible, and if you go claim free for several years, you will come out ahead in savings even if you do need to make a claim with the higher deductible. The key to making this change is having the money on hand for the increased deductible. If you have a 1% deductible on a $300,000 home, make sure you have that $3,000 deductible stashed away in an emergency fund for if you need it one day. Evaluate Your Coverage Your initial home insurance policy was based on the items you had in your home at the time you bought your policy. Things most likely have changed since then, and updating the status of your home can lower your risk and how much you pay. For example, a dog can actually increase your premiums because of the risk they pose to others with a potential dog bite. If you no longer have a dog, update your police to receive a slight discount. Your new windows may be more resistant to hurricanes and strong winds, which make your home less likely to be damaged and eligible for a cheaper premium. Maintain Good Credit                                                                                         Credit history actually plays a big role in how much you pay for insurance. A recent study has shown that homeowners with poor credit pay 91% more than homeowners with great credit. Having poor credit shows that you are unable to pay your bills and are a greater risk to insurance companies. Following these tips are a sure way to see savings with lower insurance premiums. For more information, talk to a professional like Gateway...

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Why You Should Inform Your Insurance Company That You Have Added A Puppy To Your Household

Posted by on Sep 30, 2015 in Uncategorized

When you add a puppy to your family, it is important to remember to inform your insurance company right away. Many homeowners do not realize how important reporting a new pet to an insurance company can be. Learn a few reasons why your insurance company needs to know about your new four-legged friend in the guide that follows. Damage to Your Property When you get a dog, there will always be some damaged caused to your home as they adjust to their new surroundings. All damage caused by the dog will not be covered by your homeowner’s insurance, but some damage may be covered. Wires being chewed, windows being broken, urine stains on carpeting, scratching of doors, or chewed up furniture may be covered by your insurance policy. Informing the company that you have a dog is the only way to find out what pet property damages are and are not covered by your policy. Damage to a Person You want to be sure that the insurance company knows about your dog in case someone is injured by him or her, as well. There are times when puppies attack individuals who enter the home because they think that they are protecting their family. While most puppies are small, it doesn’t mean that they cannot cause a lot of damage to someone. If someone is injured by your dog, your insurance company may have to pay for the person’s medical bills. If the company does not know about the dog, the insurance company could refuse to pay them. If this happens, the person would have to fight in court for the company to pay the bills or sue you to get the bills paid. Accidental Death of the Dog If the house catches on fire while your dog is inside of it, it would be a devastating loss for your family. If you paid hundreds of dollars for the dog, it would be a huge financial loss, as well. The insurance company will often cover the value of the dog, if he or she dies in a fire, earthquake, or flood. When you purchase the dog, it is important to submit a bill of sale to the insurance company, along with specific information about the dog, such as their age and breed. This allows the company to properly annotate exactly what type of dog is living in the home and determine how much of a liability he or she is based on their breed. Some breeds will raise your insurance rates because they are such a liability because they are so unpredictable. For more information, contact a company like The Blondin Agency Inc – Nationwide...

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3 Guidelines For Saving Money On Commercial Insurance

Posted by on Sep 18, 2015 in Uncategorized

Commercial insurance is an obligatory service that can protect your business on matters of company travel, litigation, damage to your building and more. By getting the best commercial insurance, you are essentially protecting the investment and assets of your business. With that said, you will want to look for ways of saving money on these insurance policies whenever you can. Follow the information in this article so that you are able to get the business insurance policy that you need, without paying too much.  Look For Discounts Available Throughout Your Career Field When looking to get a commercial insurance policy, you need to be sure that you are exhausting all of your options. You can save a great bit of money by looking to your a trade association in your field first for the lowest rates. This could be a plumber’s association, teacher’s union, welder’s guild or other such organizations relevant to your career path. The insurance plans that you receive will also be more specifically tailored to the type of work that you do, since you acquired it through your field-related trade. Handle Some Steps Around Your Business To Make It Safer The easiest way to lower your insurance rates is to cut out the risk of the variables that need to be insured. For example, studies have shown that something as small as the installation of a burglar alarm can drop premiums by 20% in some cases. Taking advantage of variables such as security in the form of a burglar alarm, or taking steps like adding smoke detectors, fire alarms, carbon monoxide monitors, high-quality lighting, on-site medical care and other fixtures will make your business much safer while lowering your insurance costs. Opt To Raise Your Deductibles  You can also lower the amount of money that you pay every month by agreeing to higher deductibles. The trade-off with this is that if an incident happens that involves a payout, you will be responsible for coming out of pocket with more money than you would have with lower deductibles. However, since these sorts of claims do not happen every day, you can put the money that you saved frequently on premiums to good use. As you can see, there are some very important tips to follow in order to make the most of your commercial insurance prices. To start getting some quotes, reach out to a commercial insurance company such as Hale & Associates Inc...

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Three Common Home Hazards And Your Insurance Coverage Options

Posted by on Aug 29, 2015 in Uncategorized

Without taking the time to read all of the declaration pages that come with your homeowner’s insurance policy, it’s tough to know everything that the policy might cover. In fact, you’re likely to eventually come across something that may leave you questioning your coverage. Here are a few unusual situations you might experience and the coverage standards that typically apply. Ground-Based Natural Disasters If you live in an area that has a history of earthquakes, you may find that your homeowner’s insurance automatically excludes damage caused by earthquakes. You’ll have to talk with your agent about an additional policy that covers earthquakes, otherwise you’re going to have to pay for any quake-related damages yourself. For homeowners living within a close proximity to a volcano, you may actually have coverage for volcanic ash damage. You’ll have to check your declaration pages or talk with your agent specifically about ash damage, though, because those fine particles can seep into cracks and crevices, not to mention how heavy an accumulation can be on your roof. Power Outages If your home suffers any kind of damage as a result of a power failure, you’ll have to consider the type of power outage before you can determine your coverage. If the power failure was caused by something such as lightning striking your house, you will probably have coverage for the damage. You’ll have to pay your deductible, but the damages should be covered under your policy. For power failures caused by a lightning strike on the transformer or other indirect actions that affect your power, you’ll probably find that standard homeowner’s policies don’t cover it. And, most policies won’t cover food lost as a result of the power outage. You may, however, be able to buy a separate policy rider that extends coverage for these types of things. Injury and Illness Any direct bodily injury to someone else in your home should be covered under your homeowner’s liability and medical protection. Germ threats, on the other hand, won’t typically be covered. For example, if your neighbor tries to sue for catching a case of chicken pox, your policy won’t likely extend coverage. It’s always in your best interest to understand exactly what you’re getting when you buy a home insurance policy, but it can be tough to decipher. Talk with your agent in detail about what your policy covers and specifically what it excludes. That way, you can add policy riders for any hazards you’re concerned about. For professional homeowners insurance services, contact a company such as The Selzer...

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Avoid Home Insurance Claims By Knowing How To Identify Problem Trees On Your Property

Posted by on Aug 14, 2015 in Uncategorized

Many homeowners don’t give much thought to the trees on their property. After all, for the most part, trees can take care of themselves, right? While this may be true, the fact remains that trees can become dangerous if damaged by a storm, diseased, or dying. In such instances, you should know how to identify and handle a problem tree so as to avoid homeowners insurance claims that could increase your policy premiums. Remove Dead Branches Immediately You should never ignore dead branches on a tree, even if there are just a few of them here and there. Dead branches could be the sign of a tree in the early stages of a disease. Not to mention, dead branches can easily break off and fall to the ground during storms or periods of high wind. You don’t want a large branch falling on your roof or car, so be sure to prune dead branches back or call a professional to handle it for you. Watch Out for Leaning Trees It’s not uncommon for trees to lean slightly as they grow. However, it you notice that a leaning tree appears to have raised ground near the root structure, this could be a sign that the tree is in danger of falling over. If this is the case, you may need to have the tree professionally removed before it becomes a hazard to your home or a neighbor’s. Have Diseased Trees Professionally Removed Speaking of tree removal, be sure to contact a professional tree service right away in the event that you have a diseased tree on your property. Trees that are diseased or dead (no longer budding during peak season) no longer have a strong enough root structure to remain firmly planted in the ground. As such, these trees are especially prone to falling over during a storm or even on a windy day. Know How to Identify Weak Root Structures Even if a tree isn’t obviously diseased, the root structure could still be compromised, which could increase chances of the tree falling over and causing severe damage or even injury. Sometimes trees grow multiple trunks. When assessing a tree for a weak root structure, be on the lookout for v-shaped (as opposed to u-shaped) joints on conjoining trunks. This can be a sign of ingrown bark, which can weaken the tree’s root structure. Call a professional to assess the tree and determine the best course of...

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