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5 Basic Facts About Home Insurance

When shopping for the perfect home, we tend to focus on low mortgage rates and forget including home insurance policies on our criteria; this should not be the case. A home insurance policy saves you from the headache of having to rebuild your house when it is damaged. It is a safety net wherein you can be sure that you do not have to shed big amounts of money. If you’re looking into purchasing a new property, then here are some basic facts about home insurance you need to know:

  1. Know what your insurance covers.

Having a standard home insurance covers your belongings, assistance to any injuries or damage to family members and even pets. There are many types of policies and may differ from one state to another, so remember to verify and check the inclusive items.

  1. Know what it does not cover.

This is probably the biggest mistake you can make in purchasing a property: not being familiar with the coverage of a policy. Standard home policies do not include damage caused by floods or earthquakes, these are separate policies that needs to be purchased depending on your location. If you’re looking into a beach house, then any damage caused by the wind is not also covered. You should purchase a windstorm insurance policy for this type of property.

  1. Verify the limits of the policy.

The key to a well written contract would be getting as detailed information as possible. Declare all your belongings such as jewelry, art, and any collectible you have. Make a verified list with the help of your agent and constantly update it when additional valuable items are collected. If you are planning on purchasing a property with a pool or spa, then expect that you will be purchasing extra coverage.

  1. Insure the rebuilding cost and not the market value.

The market value of properties fluctuate from time to time, but this does not mean you should downgrade or upgrade your policy. Make sure to declare how much money you need to rebuild the house itself and not how much it costs as of today. By doing so you are ensured that materials, labor and everything needed for rebuilding and repairing is covered and not affected by any market value.

  1. Keep it up-to-date.

As you expand your space or add upgrades to your home, you should also keep your insurance policy updated. Have a yearly schedule with your agent to determine whether you need to purchase additional protection or upgrade your policy. Over the years you add rooms to your house, but if a tragedy strikes and your place needs to be rebuilt, you are basically left with insurance money that can only cover the state of your old house because these upgrades weren’t declared to the insuring company. Keep your policy at par and level with your home and you’ll have no worries despite disasters.

There are more things to consider with home insurance policies, so when in doubt do not be shy and ask your agent. It is better to be secured and ready than having to be vulnerable when the damage has been done.

5 Types of Insurance Every Business Owner Needs

There are many types of insurance services that is being offered in today’s market, making it hard for new entrepreneurs to narrow down their choices. If you are a new business owner you might be overwhelmed, so we’ve zeroed in the basic policies you can consider in safeguarding your business:

  1. Property insurance

Property insurance covers any expense that might arise to repair or replace your computer, inventory, and other equipments needed for your business operations. This policy protects you from theft, vandalism, and fire but not from natural disasters such as floods and earthquakes.  If your area is within a flood prone environment, then purchasing a specific flood policy will be worth the expense. Whether your establishment is stationed at home or at a business address, you need property insurance as the most basic policy.

  1. Worker’s compensation

Accidents may happen whether we like it or not, and since employees are the workforce of our business it is crucial to have a compensation policy to protect them from any expenses caused by injuries. Worker’s compensation varies from state to state, so be sure to get a policy that is best represented with your line of business. It will not only safeguard your employees, but it can also protect you from legal complications should an accident occur.

  1. General liability insurance

This is the insurance policy that can cover a customer’s injury or damage to property resulting from a service or product that you are selling. Big companies tend to insure their products with general liability insurance especially if products are mass produced; one damaged or faulty item put the risks of a consumer in danger and so it is crucial there is coverage to settle these items. If you have a small business and are planning to expand to a bigger audience, then this policy is your stepping stone in ensuring that any case of defect can be handled smoothly.

  1. Data breach insurance

Also known as cyber liability insurance, this type of policy covers any breach of data or information in the business owner or consumers’ part. It is undeniable that almost all of our transactions can be handled online, it’s easy but also poses a threat in terms of security of our accounts. By purchasing data breach insurance can mitigate the costs of hacking, and settle any legal responsibilities resulting from the information leakage.

  1. Home-based business insurance

Since almost all transactions can be done through cyberspace, business proprietors of today have little need for actual office spaces. A home-based business insurance covers business proprietors from any theft, vandalism, or fire that may happen to their property. Any item that is necessary for the operations of your business should be declared and insured so that it’s easy to start should a disaster happen. Moreover, this type of policy also covers you from liability with clients and your employees.

These are the basic policies you should consider to save yourself from possible headaches. But of course, try to talk with your agent fro a more thorough and in depth examination of what your type of business really needs. Investing in any business is a gamble, so be sure to have an insurance policy to help you start over.