Category Archives for "Home Insurance"

Five Reasons to Have Your Homes Insured

Your home is one of your biggest investments in life—so much so that this investment should be adequately protected just in case something might happen to it. Purchasing a home sans insurance is like buying a smartphone without a cellphone case—it is unprotected, risky and left to the elements. In the event that your house is destroyed by any means possible, you would be left with no way to fix it without financially exhausting yourself first. Getting your homes insured is an answer to that. In fact, by purchasing home insurance, you are successfully protecting yourself from the financial pitfall that could potentially plague you in the event disaster strikes and devastates your homes. With this in mind, it is imperative that you scout for home insurance in the Philippines immediately if your home is not covered and look for the policy that would serve you best.

Here are other reasons why your homes should be insured:

1. Protection against robbery and theft

Sure, you may have equipped your homes with state of the art anti-theft equipments and threw in two Dobermans to make sure that no one would dare tresspass your homes and pilfer anything. But in the event that they do, you are highly unlikely to get reimbursed for anything they might have stolen. Having your homes insured would prevent this—especially if you select a homeowner’s policy that will cover stolen home items. More often than not, you are reimbursed for the actual cash value or replacements costs of the item stolen.

2. Protection against natural disasters

You will never know when a disaster strikes—and when it does, you can never predict the extent of damage it would do to your home. Living in the Philippines—a tropical country means that we are constantly battered with a series of typhoons every single year making homes prone to inundation and even fires. If you end up losing your homes to the disaster, you might end up losing everything you have which is why having it insured would help you tremendously. Homeowner’s insurance would defray the repairs whether that may be through a fire, an unexpected hurricane or tornado. Review your chosen policy however, as there are some natural disasters that would require special policies. Flooding for one is not covered in most home insurance policies.

3. Protects equity

For most of us—especially those who have spent a significant amount of their life’s savings—the home remains as the largest single investment in our lifetime. Unless you bought two homes, losing your home may mean losing everything you have—a risk you do not want to take. A home insurance policy protects the equity in your home which is the value of a piece of property over and anove any mortgage or other liabilities relating to that property. Equity in your property increases the more renovations you incorporate to your home. Having your homes insured would make sure that should anything happen to it, you would not have to start from scratch just to build that equity again.

4. Reimbursements for Lost Items

Possessions lost or destroyed might be reimbursed by your insurance company depending on the type of policy you have selected. Remember, if you are uninsured, losing the things in your home would mean having to acquire a fortune just to replace them all. Choose quality policies that would reimburse you for the entire value of your property.

5. Peace of mind

You can never put a price tag on peace of mind, yet it is one of the things you will experience when you have your homes insured. The knowledge that regardless of what happens to your home, you will always be protected financially is nothing short of reassuring. Home insurances would not only protect your home, but would also protect you from pecuniary ruin should anything happen to it.

3 Must Have Insurance Types for First Time Home Buyers

Buying your first home can be very exciting. However, there are a lot of things that you will need to do when you purchase your home. One of the things that you will have to do is make sure that you have the right insurance.

Below are three types of insurance that every homeowner should have.

Homeowners Insurance

If a disaster strikes, then you could potentially lose all of the possessions in your home. That is why homeowners insurance is so important. A basic homeowners insurance plan will cover the damages that are caused by fires and severe thunderstorm. Some policies will also cover hurricanes and tornado.

If someone were to suffer an injury while they were at your home, then they could potentially sue you if you do not have homeowners insurance. There are some policies that will even pay the cost of a person’s medical bills. Many people use the cost as an excuse not to get homeowners insurance. However, you really cannot afford to not have this type of insurance.

You want to make sure that you review your policy carefully because there are some things that are not covered by homeowners insurance. Earthquakes and floods are typically not covered in a homeowners insurance policy.

Homeowners Insurance

Income Protection Insurance

If you lose your job, the mortgage company will still expect the payments to be made on time. For that reason, income protection insurance is a must. This type of insurance pays you benefits in the event that you are unable to work because of an incapacitating illness or injury. The amount of money that you get each month can vary, depending on the type of policy that you select. You may be able to get up to 75 percent of your income replaced.

For example, you are making 3,000 dollars a month now. You can get up to 2,250 dollars a month if you have income protection insurance. It is a good idea to compare income protection quotes, regardless of whether you are an employee or a self-employed individual.

Life Insurance

If you died, then the sole responsibility of paying your mortgage and other bills could be placed on your family. This could be a major financial burden, which is why it is always important to be prepared for the unexpected. Life insurance will pay your family members benefits after you die.

Most experts believe that you should get 10 times your yearly income in life insurance coverage. For example, if you are making 40,000 dollars a year, then your minimum life insurance coverage should be 400,000 dollars .

Forgetting to Worry about Turning off The Iron

Have you ever walked into work, sat down, turned on your computer, and then have a panic attack as you realize that you can’t remember if you turned off the iron or not? Maybe the same experience has happened to you about a curling or straightening iron left in the bathroom.

Something about the computer screen bursting to life makes you imagine your home bursting into flames because of your little mistake. Fire damage would become rampant, spreading wildly across your entire neighborhood.

And you would be the one to blame. Adrenaline starts pumping through your veins, pushing your heart to beat faster and faster.

Your thoughts become frantic. You just got to your seat and barely clocked in in time.

If you drive the thirty minutes back to your home only to find you actually unplugged the iron, you will feel the mighty fool as you sheepishly walk in an hour late for work. Not only that, but it will be another unexplained absence on your schedule that workforce management will judge you for.

fire damage

On the other hand, if you don’t go home and check, you are going to be on the edge of the seat, wondering if you will be the headline of the next news article about fire damage. You would gasp in horror if you saw your house in flames on a local news network.

You would come back with an even more embarrassing story with nothing but an extra hours pay to give you comfort. What good is ten to thirty extra dollars compared to the hundreds of thousands of dollars you just lost in a home?

Hope you have good insurance. No, it is always best to find a way to check in this situation.

A better thing to do would be to properly prepare against these occurrences. If you are properly prepared, you need not lose that hour, nor worry about it for the rest of the day.

Here are two ways to prepare yourself against fire damage. Make an alarm on your phone to go off ten minutes before you leave the house every day.

Set your personal preparation time at the beginning of every day, allowing you the chance to be doing something other than getting ready when the alarm goes off. Should you still be using the iron when the alarm goes off, you are far less likely to consciously think about unplugging it.

You will think about it for a second, turn back to your ironing, and then realize you have to leave and rush out the door without another thought till you sit down at your desk. Instead, have all of those tasks taken care of first, then when you’re sitting down for breakfast, your alarm can go off and you can immediately check on the situation.

Another alternative is to replace your “hot” appliances with auto shut off appliances ones. These appliances will recognize inactivity after a set period of time and will turn off.

Although they are extremely annoying if you turn them on to heat up, go do something and come back to find it has already shut off. When you’re on the run though, they can be extremely helpful at preventing fire damage.

Detached Garage – Is It Covered by Your Homeowner’s Policy?

Detached GarageWe find quite a few considerations that you must keep in your thoughts before you start constructing a detached garage on your residence. First of all a garage is a huge and expensive construction, so that you might be demanding the authorization of your regional regulators before you can continue with the construction. You should also ask yourself whether you should be constructing a garage or a detached one, this so because both have their features, pros and cons and you should select the one which best matches your need.

Constructing a separated garage area is often an excellent preparation to having a detached one. Not only does it not provide you with more space to perform with but also by having a separated garage, area you will have more choices as far as construction is involved. Having such a garage area also performs best if you want a workshop or a place to work where you cannot be disrupted or diverted.

When you want to make a garage area, the first thing that you will need is an excellent set of programs. You can quickly get these from the World Wide Web or a regional shop. Do study, as getting excellent separated garage area programs are critical to constructing an excellent garage area.

Important Considerations before Constructing a Separated Garage:

1. The Style of Your Lot/Property:

The detached kind garage is generally a huge construction, it includes and hence needs a lot more place than a frequent detached garage and so you should be considering this kind of a garage only if you have adequate place to additional.

2. The Function of the Garage:

Do you want the garage for generally status your vehicle(s) or do you also have additional devices such as a garden tractor, bike etc.that you will be needed to store? Many individuals also look at the detached garage as a way of having some personal place for constructing workshop or even just a house business workplace where they will not be disrupted.

3. Do You Have Construction Organized Down The Line?

If you do then a detached garage is generally, the best choice that you have. Coming to an additional construction on a detached garage indicates playing with the property and for most individuals that is an automated cope buster. Thus if you think that you might want to add an basement to your garage then, yes, a detached garage is what you should be considering.

4. Costs:

A detached garage is generally a construction of your house and your constructor can use the surfaces and base of your house to create the garage, this creates the detached garage inexpensive and cost-effective. However a detached kind garage is in its own right a little house in itself, which will need a new base, and new construction, this creates it expensive.

As you can see, you have a few choices to create before you can create a decision whether or not a detached garage is what is right for you. After you have taken into consideration all the choices, you should continue with your detached garage strategy.