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building contents home insurance in the US
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building contents home insurance in the US
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Nowadays, people are making sure that
they have insurance, even for what seems
to be the craziest things. Imagine, stars
such as Tina Turner and Jennifer Lopez,
who are famous and are role models of
many, insured parts of their own bodies
(Turner's legs and Lopez's buttocks).
Those are the extreme cases; most people
obtain building contents home insurance in
the US.
The house or the home is usually the
most valuable asset of an owner. Think
about it - among your belongings, it is
probably the most expensive and most
important. A motor vehicle is important,
but if you ask people to make one choice,
many of them would prefer owning a home as
opposed to an automobile. This is the
exact reason why it is very important to
acquire insurance for your home.
One of the forms of insurance that
is offered to home owners is building
contents home insurance, in the US and
even in other locations. This is obtained
by many people for the fact that they want
their belongings inside the home to be
insured, should any damage or loss come
unexpectedly. This is more evident in the
US as opposed to other countries, since
most Americans really value their
belongings and would like to at least be
compensated for any loss or damage.
You may be wondering, why don't they
insure their whole house? Truth is,
Americans have this option to insure the
whole house, including the structure and
all that is within. The problem that
arises though is that the premium for such
insurance plans will go up, and some
Americans just don't want to spend that
kind of money. Their solution is to simply
obtain the building contents home
insurance available in the US, or the
building structure insurance.
What exactly are the contents that are
covered in an insurance plan of such kind?
Well, most insurance companies give their
clients the option to list all items that
they want covered in such a policy. The
premium to be paid is usually dependent on
the types of items to be covered. If they
are expensive and highly valuable, then
the premium will be high as well.
The most likely home contents that
people choose to have insured are usually
the furniture and appliances. These items
can be kind of costly, but they are also
necessities in one's home, which is why
most insurance companies that provide
building contents home insurance in the US
often include furniture and appliances in
the original policy plan offered to the
client.
In addition, several insurance
companies provide discounts for those that
are deemed to have less risk of accident
or criminal activity occur in their
location. For example, your belongings are
deemed to be unlikely to be stolen if
there is a proper security system
installed in your house, which the
insurance companies take note of. However,
some US companies may not offer discounts
first-hand, therefore it is up to you to
make sure to ask them before getting your
building contents home insurance in the
US.
Also, there are some companies that
take note of the personalities that live
in the insured home. For example, if you
or anyone living with you is a smoker,
then the risk for having a fire start in
your home is increased. In fact,
statistics say that smoking is primarily
responsible for approximately 20,000 home
fires in the US per year. As such, the
insurance company will normally charge a
higher premium for your building contents
insurance. Consequently, if you quit or
are a non-smoker, the rates may be
reduced.
Additionally, senior citizens (or those
over the age of 55) or those that are
retired usually receive a decrease in
premium rates. This goes on with newer
houses also, since the risk for fire
and/or electrical failure is lesser than
that of an older house, which can also
allow the fire to spread more rapidly.
Whatever it is that you need, make sure
to consider all the aspects before
deciding and getting your building
contents home insurance in the US. Make
sure that all your necssities are covered
and that you are not charged exorbitantly
for the premium. Take into consideration
that certain things require higher
premiums though.
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More
information here about building
contents home insurance in
us:
Insurance for Fire Only
In this present age of disasters and unforeseen events occurring, it is important to have a good, quality insurance plan. That is why insurance companies have policies that cover car damage, property, house insurance (fire only, robbery, etc.) personal self, and even life insurance. These insurance plans usually allow the owner to be less worried and concerned about damages to the car, property, or whatever it is he insures, including his own life, since there will be just and proper compensation for damages and/or losses. .......
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07/24/2008
Glossary of Home Insurance Terms
when you apply for your Home Insurance you may encounter some of the following terms. If you are unsure of any term relating to your Home Insurance policy it is better to ask your insurer or broker for help....
All Risks- A wider form of cover than that provided by the standard Contents Section, items can be insured on a specified or unspecified basis and will include accidental loss or damage insurance away from your home.
Average Clause - Insurers insert this clause on your policy as a means of dealing with under insurance. It has the effect of reducing a claim in proportion to the amount of underinsurance.
New For Old - Most policies for Home Insurance are now arranged on a new for old basis. In simple terms your old items are replaced with new items. To secure this cover you will have to insure your contents for there full market value. There are some exceptions where cover is not on a New for Old basis, mainly clothing.
Claim - If you have insurance policy and are unlucky enough to suffer a loss, you will be entitled to make a claim for your financial loss from your insurers, providing that the policy wording covers the cause.
Cancellation Period - The Financial Services Authority require insurers to give you a statutory cooling off period in which you can cancel your policy. It is usually 14 days and most insurers will make a full refund of any insurance premiums collected. After the 14 days period, you are still free to cancel you policy and any rebate will be calculated in accordance with the insurers standard scale, which is usually published in your policy document.
Commission - This is the amount of remuneration paid by the insurer to a broker or intermediary for placing business with them.
Contract Of Insurance - This is agreement between an insurer and your self, in return for you paying a premium; the insurer will pay you compensation or a sum of money on the happening of an insured event.
Days of Grace - These are additional days of cover provided after your policy has ended. The usual amount is 14 days.
Direct Insurer - an insurance company or underwriter that will sell you insurance directly without going through a "middle man" such as a broker or Intermediary.
Endorsement - a policy endorsement alters the scope of your policy wording. It can have two effects, it can extend your cover or it can restrict your cover. It is very important to read all of your policy endorsements so as to fully understand your covers.
Excess this is the amount of money that your will have to contribute towards a claim. Some excesses are compulsory such as subsidence excess; some are voluntary where you can elect to receive a discount in return for paying the first portion of any loss.
Extended Accidental Damage - Most policies will include a certain amount of Accidental Damage cover free of charge. Under Contents Insurance Free Accidental Damage Insurance normally includes TV Videos and Sound reproducing equipment and fixed glass in furniture. Under Buildings Insurance Free Accidental Damage Insurance normally extends to breakage of baths and lavatory pans, bidets etc and fixed glass in windows and doors. Extended Accidental Damage will extend the cover to include all other items.
Fee - Brokers & Intermediaries may place fees on your policy for arranging things for you, any fees charged should be mentioned in your documents.
Indemnity - A very important Insurance principal, the insurer in granting indemnity to a client will seek to place them in the same financial position after the loss as they were in before.
No Claims Bonus - In return for not making claims under your policy, the insurer may reward you with a discount from your premiums. For each year of no claim up to usually a maximum of three or four, the insurers will provide an additional discount.
Peril - Something that happens that could lead to a claim under an insurance policy such as a Fire or Flood etc.
Premium - This is the money that you will have to pay to your insurer in return for your insurance policy, it is sometimes known as consideration.
Proximate Cause - This is the active cause of a loss that sets in motion a train of events that brings about a result without the intervention of any force started and working actively from the new and Independent source. In simple terms this means that the most recent cause of a loss is not the cause that the insurers study to see if an event is covered. They look to see the active or first cause, check that the peril is covered by a policy, and then decide if a claim is valid.
Renewal Notice - At the end of your insurance contract term the insurer will send you an invitation to renew your policy. The notice will quote the new contract price and period of insurance and advise you of any changes to the terms & conditions of your policy.
Schedule - the schedule of Insurance outlines the sums insured under your policy, and tells you the policy sections you have covered and may make reference to any endorsements applicable to your policy contract.
Subrogation - Legally this right of one person to stand in place of another and to avail himself of the rights and remedies of that other person. Usually it relates to the insurers being able to recover their losses.. more...
..... Additional Information
Here
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07/24/2008
What is Buildings and Contents Insurance?
Also referred to as Home Insurance, Homeowners Insurance or Household Insurance, they amount to the same. Quite simply they are insurance products that can be purchased from a variety of sources to cover the fabric of your home and / or your personal possessions that are kept in the home. Cover can be extended to cover items such as valuables that are temporarily removed from your home. This extension is often called “All Risks” Insurance. None of these insurances are compulsory but you may find it a condition of your mortgage that you buy at least Buildings Insurance to protect the lenders financial interest in the property. Most policies are similar in the covers they provide as mortgage lender etc have a standard set of perils that must be provided to secure a loan on the property. Probably the biggest purchase you will make in your life is that of your home. To qualify for a mortgage to purchase a property, you will need to satisfy your lender that you have a Home Insurance policy in force that confirms to their terms & conditions. Most insurers are aware of these terms & conditions and aim to make their polices compliant. There are a large number of policies on the market available from insurance companies direct, banks, building societies and via brokers who may be able to offer you more choice. more...
..... Additional Information
Here
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