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Homeowners Insurance

The most recently published posts in the Homeowners Insurance category
photo NOAABy 2014 NAR President Steve Brown With the passage of the NAR-supported Homeowner Flood Insurance Affordability Act in early April, REALTORS® were able to help bring property buyers and owners relief from exorbitant rate shocks and potentially inaccurate rate quotes that were causing uncertainty in the real estate market. But, the story doesn’t end there.  In fact, that is only ...
Read Post [Posted on 04/17/2014 By Cynthia Mullins]
The rising insurance rates on Federal Housing Administration mortgages are putting home purchases “increasingly out of reach” for many qualified buyers who rely on FHA financing, National Association of REALTORS® President Steve Brown wrote in a letter to FHA Commissioner Carol Galante. In the letter, Brown urged FHA to lower its annual mortgage insurance premiums.  Brown acknowled...
Read Post [Posted on 04/15/2014 By John Askins]
To understand what flood insurance covers, you need to know three things first: 1. Standard homeowners insurance doesn’t cover flood damage at all. It’ll cover some damage from rain, but if your home is filled with water as a result of rising bodies of lakes, rivers, streams, and oceans, it won’t cover you. 2. The most common flood insurance is offered through the federally regulated program kno...
Read Post [Posted on 04/10/2014 By Susan Roddy]
President Barack Obama signed into law a bipartisan bill that will delay flood insurance rate hikes for property owners nationwide. The Homeowner Flood Insurance Affordability Act repeals the Federal Emergency Management Agency’s authority to increase premium rates when a property is sold. It also refunds the excessive premium to those who bought a property before FEMA warned them of the ...
Read Post [Posted on 03/25/2014 By John Askins]
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Read Post [Posted on 03/19/2014 By Susan Greer]
In the wake of the earthquakes in the past few years in Japan, Chile and Haiti, more people are considering the purchase of earthquake insurance and being shocked by its cost.People who haven’t priced it for awhile say that rates in earthquake-prone areas have gone up 200 percent in the last two years. Insurers blamed rising costs and tougher underwriting.A bill considered by Congress, introd...
Read Post [Posted on 03/19/2014 By John Askins]
If a fire, flood, earthquake, or some other natural disaster were to damage or destroy your home, would you have the right insurance coverage to rebuild your house? Based on the questions consumers ask most frequently, this list explains what is and is not covered in a standard homeowner's policy. Where gaps in coverage exist, it tells you how to fill them. To simplify explanations, assume that yo...
Read Post [Posted on 03/17/2014 By Susan Roddy]
Why You Need Homeowner's Insurance The largest, single investment most consumers make is in their homes. The consumer can protect their home, possessions, and liability with a homeowner's insurance policy. The homeowner's insurance policy is a package policy that combines more than one type of insurance coverage in a single policy. There are four types of coverages that are contained in the hom...
Read Post [Posted on 03/17/2014 By Susan Roddy]
The U.S. Senate has voted to approve the bipartisan Homeowner Flood Insurance Affordability Act with amendments made by the House. The bill curtails flood insurance rate increases that property owners are facing across the country. “We appreciate the Senate’s swift action on the legislation, which is a responsible and balanced solution to the skyrocketing flood insurance premiums affect...
Read Post [Posted on 03/17/2014 By John Askins]
Know about exclusions to coverage. For example, most insurance policies do not cover flood or earthquake damage as a standard item. These types of coverage must be bought separately. Know about dollar limitations on claims. Even if you are covered for a risk, there may be a limit on how much the insurer will pay. For example, many policies limit the amount paid for stolen jewelry unless items a...
Read Post [Posted on 03/17/2014 By John Askins]
A natural disaster can strike at any time.And whether it’s a springtime flood, earthquake or wildfire, being covered against severe damage to your home or business is essential.Across the United States, flooding is the No. 1 natural disaster, according to the Federal Emergency Management Agency.And given the region’s swollen rivers and the promise of heavy runoff this spring from melting s...
Read Post [Posted on 03/05/2014 By John Askins]
Homeowner insurance policies can vary greatly, and if home owners aren’t careful, they may find their claims denied when disaster strikes, according to a study by the University of Chicago Law Review.  While home insurers once used standard policy forms by the Insurance Services Office, now some are coming up with their own policies and a few tweaks in the wording can mean trouble for s...
Read Post [Posted on 02/21/2014 By John Askins]
POST CONTRACT TO POSSESSIONThis is Part III of three parts listing the broad steps in the home buying process. Parts I and II were included in prior posts. The steps listed are generally in order of occurrence. Although, some will occur at the same time or cross other steps.Checks  - The checks you wrote when the offer was prepared are delivered by your REALTOR to the seller’s agent (option m...
Read Post [Posted on 02/18/2014 By James Brodnax]
GETTING TO CONTRACTThis is Part II of three parts listing the broad steps in the home buying process.  Part I was one of my prior posts. The steps listed are generally in order of occurrence. Although, some will occur at the same time or cross other steps.View properties – At this point, you have selected several properties to see which seem to meet your requirements (needs and wants). E...
Read Post [Posted on 01/27/2014 By James Brodnax]
Insurance Renewal TipsIts the beginning of a new year and we all have put away the holiday decorations.  Some of us motivated ones have even had thoughts of organizing our homes closets, garage and more.  Here are some tips on reviewing your insurance plan.1. Review your policy and coverage annually.  Shop before renewing your home, health, automobile, or other insurance.  Comp...
Read Post [Posted on 01/22/2014 By Jessica Holcomb Pack]
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