Homeowners Insurance Statistics guide
Homeowners insurance is the ideal way to protect one of your lifetime investments, your house and also the pricey things kept in it. By purchasing this policy you insure your house and possessions against several threats such as natural disasters, theft etc.
While purchasing a homeowners insurance the first issue of extreme concern is the amount of coverage you want. A recent survey conducted by the Insurance Information Institute revealed that two-thirds of all homes in America were underinsured by an average of 27%. Thus it is important to opt for a right amount of coverage.
If you are finding it difficult to calculate the extent of coverage you want, there are several ways to do it. For instance if you want coverage for reconstruction of your house then multiply the square foot of your home by the local building cost per square foot. To know the cost of rebuilding your house, also known as dwelling coverage, you can take the help of any local insurance or real estate agent.
For instance in Nevada an average of 1268 square foot home that was built in 1997 has a current dwelling coverage of $81000. However if the homeowners feel that they are underinsured by 27% and increased their coverage to $110,000, the monthly payment will increase by $7.50 per month.
Since most often the homeowners insurance also compensates for personal liability, you should also keep in mind how much coverage you require for certain legal expenses, medical expenditure or injury to any member of the house.
Though a standard homeowners policy comes with liability coverage of worth $100,000, insurance professionals usually advise to get of coverage of around $300,000 to $500,000 as liability coverage. To have this extra amount added to your standard homeowners policy, purchasing an endorsement is a wise idea.
You can also go for personal umbrella coverage in case the worth of your assets is more than $300,000 to $500,000. The umbrella cover is extremely useful once you are through with your homeowners or automobiles coverage. For instance if your colleague is injured at your house and revengefully sues you for $500,000, your homeowners insurance will cover for $300,000 and get exhausted but the amount left will be easily covered by the umbrella coverage.
For insuring your household things there are three ways. First is the actual cash value in which the policy pays for replacing your personal property using the method that is based on replacement cost of the thing minus the depreciation?
Second is the replacement cost strategy where you receive current amount for the thing you lost in any of the covered dangers. Though this way requires you to pay an additional premium but it can prove extremely beneficial in the long run.
The third option is the guaranteed replacement cost. This coverage means that there is no maximum payout applied to coverage of your insured personal possessions. You need to pay an extra premium but on the same hand increase your deductible to make the coverage somewhat cost-effective. Similarly the structure of our house is also to be insured in these three ways but with slight variation.
According to current facts and statistics presented by National Association of Insurance Commissioners in 2002 the average expenditure on homeowners insurance increased by 12% from $593 to $668 in 2003. Expenditure varies with the state. For example in 2003 Texas witnessed the highest average expenditure of $1328, in Oregon it was $461, Delaware $442 and Maine $462.
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Posted by American Car Insurance on June 21st, 2009 filed in homeowners insurance | 18 Comments »
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18 Responses to “Homeowners Insurance Statistics guide”
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June 21st, 2009 at 7:54 pm
HAHA nice design but u think big oil MultiBillionaires are gona let people Have this WHAT A FUCKIN JOKE!!!
June 21st, 2009 at 8:12 pm
Good concept and good effort. How it is free energy? How are you gonna compress air in the first place?
June 22nd, 2009 at 12:04 am
Great we need more of these cars
June 21st, 2009 at 8:06 pm
It really depends on how it breaks, what type of policy you have and the insurance company?
Some company's can even add riders to your policy to cover it.
Call you insurance company or ask your agent!
June 21st, 2009 at 8:29 pm
They don't ask, but there is a good chance they will find out anyway. My aunt has a trampoline in her back yard, which is prohibited, but she figured no one would ever know. It went unnoticed until some teenager tried to dial a number on his cell and hit the front of her house. Her insurance company (along with his) came out to inspect the damage and saw the trampoline.
They also find out when the dog attacks someone in the neighborhood or gets loose and chases the mailman and a complaint is filed.
There are plenty of incidents that could take place that would cause the insurance company to come out.
June 22nd, 2009 at 9:17 am
simple add a small 110v generator geared to the wheel then a small air compresser
June 22nd, 2009 at 6:08 am
You need to call an insurance company for quotes, start with your auto insurance company & go from there. There are many questions, what does the master policy cover? You would need to read the condo bylaws to find out. Does that policy cover everything attached to the unit or only to the studs? Does it cover anything that you add to or alter in the unit? So, you would purchase a condo policy (HO6 form), you would need to find out from the condo association what you actually need to cover. That would be the dwelling limit you need. Then you need to tell the insurance company how much contents coverage you want (if you had to replace everything you own), then get at least $500,000 liability, $5,000 medical payments & get $50,000 (or the company maximum) loss assessment (this covers if you are assessed for damages to common property – simplified definition – you would need to speak to an agent to explain it to you). You would also need to tell the agent the deductible you want (property coverage).
Good luck in your purchase but no one here can give you a quote.
Homeowners insurance is always an annual policy.
June 22nd, 2009 at 3:13 pm
Go the the taxing authorities homepage for your county (Google it). You can look up the average taxes on the homes for the neighborhoods you are considering.
June 22nd, 2009 at 4:39 pm
Thank you for running into each other instead of an innocent person who is following the rules.
You stand as much chance as your homeowner paying the bills for your accident as there is that your auto insurance would cover your house burning down.
If that's not plain enough, NO.
Which ever of you was at fault in the accident owes the other for all damages.
June 23rd, 2009 at 5:27 am
soooooo much ignorance in this video!
June 23rd, 2009 at 7:40 am
Lol
June 23rd, 2009 at 10:23 am
quite a good idea, but it isn’t new and compressed air is just a medium to STORE energy! Not to produce it!
June 23rd, 2009 at 6:46 am
Yes very much so. Certain breed's of dogs will void a home owners insurance policy. This is based usually on vicious breeds who tend to generage alot of liability claims. It states this clearly in your policy. If your friends looks at her HO3 policy she will see which specific breeds will cancel her policy. Also many HO3 policies place exclusions against trampolines & swimming pools.
If she chooses to keep the dog – she will have to go through an excess/surplus company to get her homeowners insurance. She will pay about 3x the amount she was paying prior. Its up to her if the dog is worth keeping.
June 24th, 2009 at 3:26 am
freedom to express your creativity
June 24th, 2009 at 5:41 am
If I were you, I'd look into two things in particular:
First is a mortgage disability policy. You would probably want to take out this policy on both you and your husband. This will help to cover mortgage payments if you or your husband are injured and unable to bring in income.
I'd also look into life insurance policies on each of you. If your husband were to pass away, would you be able to continue making mortgage payments on your own? Would you choose to move? If not, life insurance is a must.
June 24th, 2009 at 6:57 pm
Hey fuckfaces who made this video, it takes energy to compress air. This video is retarded. Saying that it costs nothing to fill up, oh they contradict themselves at the end. Who wrote this piece of shit show?
June 24th, 2009 at 10:07 pm
The more available you are to potential customers, the more likely you will get to quote them. I know that when I am attempting to buy something, I partly base my decision on how easy it is to get ahold of someone.
June 24th, 2009 at 11:41 pm
I have to say, I support the insurance company on this one. They have to manage risk, and part of that risk the dogs people own. Unfortunately, there are quite a few really bad pit owners out there. Don't blame the insurance company, blame the irresponsible owners.
Besides, to make a comparison- a regular doc's malpractice insurance is about a fraction of what it is for a ob- have you ever wondered why there seem to be a larger number of docs getting OUT of the baby business? Used to, all gyns did OB, now, that number keeps dropping. Mostly because they can't afford to pay the insurance AND deliver babies. Are the insurance companies discrminiating against OB's?