Mortgages and Personal Finance
December 10th, 2009 — Insurance, Real Estate
If you have ever asked yourself the question, “Why is my bank requiring me to purchase home insurance?” then you are not alone. This question is a common question that is asked by many first time homeowners.
The reason that banks and mortgage lenders will require all homeowners to purchase homeowners insurance before they disburse the funds for the home loan is that the bank wants to make sure that their loan collateral (your house) is protected.
November 9th, 2009 — Insurance, Real Estate
In previous posts we have discussed whether you need earthquake insurance or flood insurance. Today we talk about the final items in our troika of natural disasters: hurricanes.
The main damage from hurricanes is caused by high winds which can pry roofs off and create structural damage to homes. In the past, homeowner’s insurance usually covered wind damage. However, with the high cost of recent hurricanes in Louisiana and Florida, many insurers have started to drop this coverage.
November 5th, 2009 — Insurance, Real Estate
A few days ago we discussed whether you need to obtain earthquake insurance. Today we cover a topic that more often impacts the midwest, which is flooding.
Like earthquakes, your typical homeowner’s and renter’s insurance does not cover damage from flooding. If you live in an area that is prone to flooding, chances are your mortgage lender already requires you to maintain flood insurance. However, where your house is located has a huge impact on how much flood damage you are likely to sustain.
November 3rd, 2009 — Insurance, Real Estate
If you have purchased homeowner’s insurance and think you are covered against natural disasters like hurricanes, earthquakes, and wildfires, think again. Standard homeowner’s and renter’s insurance policies do not cover these types of events, which means you could be out of pocket if a disaster like this strikes.
Today we will cover earthquake insurance and in future posts we will talk about insurance to protect you against hurricanes and flooding.
September 25th, 2009 — Cars, Insurance, Spending and Saving
The insurance industry is a competitive one so, in general, it pays to comparison shop when selecting your car insurance, health insurance quotes and other coverage. Websites like Very Cheap Car Insurance make it easy to compare rates from multiple carriers with just a click of your mouse.
However, this rule does not necessarily apply if you already have insurance with a carrier. You will often save money by bundling your policies together and keeping them with the same company. If you already have homeowner’s – or renter’s – insurance with a specific company, talk to them about adding your car insurance. In most cases an insurer will provide a significant discount if you keep your additional policy with them. It’s the same concept as buying in bulk: the more you buy, the more you should save.
Once you have gotten the quote from your current insurer, it would pay to continue shopping around. Now that you have one quote to work with, you can compare that to other insurers. If the first few quotes you get are higher than your existing one, then it means you should stay put. But remember, even if you have a policy, shopping around is the best way to get very cheap car insurance quotes. It’s time to go out there and start saving!