Armchair Millionaire Community Bulletin: Do You Have Enough Homeowner's Insurance?
A survey conducted by Marshall & Swift/Boeckh found that a whooping 64 percent of U.S. homes are underinsured, each by an average of 27 percent. So it's important to find out if your own coverage is adequate.
We asked the Armchair Millionaire community about their experience with making claims on their homeowners' policies, and heard from several people who found that their coverage was not everything they'd assumed it to be. Here is one story:"We had our roof damaged in a wind storm to the point it needed replaced.
Our insurance company would only cover the percentage that was actually damaged. (It's anyone's guess as to how we were supposed to replace only 25 percent of a roof ?) We now carry insurance in case of a total loss but plan on having enough cash reserve to cover mid-size emergencies. We now no longer feel that we can completely rely on our homeowners insurance." --TAPThe absolute worst time to discover that your home is underinsured is when you need that insurance to help you recover from a disaster. My guide will help you get the coverage you need. The Armchair Millionaire's Guide to Homeowners Insurance: Get enough to cover your house.
Homeowners insurance is meant to cover the cost of rebuilding your home should it be destroyed. That's simple enough, but the problem is that many homeowners fail to correctly estimate what it would actually cost to rebuild. If you have $200,000 of coverage, but it actually costs $250,000 to rebuild your house, you'll have to come up with that extra 50 grand yourself. To make sure you're fully covered, work with an agent who is familiar with building costs in your area and will take into account any special features your home has. Also, consider buying guaranteed replacement cost coverage, which will pay whatever it costs to rebuild your home.
(Of course, you can expect to pay more for this coverage.)Get enough to cover your possessions. Policies insure your belongings either for actual cash value or replacement cost. There's a huge difference here, so pay attention. Actual cash value is the current value of the item lost, while replacement value is what it would cost to replace the item with a new one. So unless you want to replace your stuff by shopping at garage sales, get a replacement cost policy.
And if you have any expensive items such as jewelry or furs, check to make sure they're all covered. If not, you may need to obtain additional coverage for Grandma's 19th century silver tea service. Get enough to cover your liability. Homeowner's policies also typically provide coverage to defend you against lawsuits brought by others if you, your family or your pets are accused of causing injury or property damage. Many policies provide liability coverage in the range of $100,000 to $300,000, but higher amounts are available?and it today's litigious society, you probably need more.
Get regular reviews. Don't think you can get enough homeowner's insurance once and then forget about it. Review your policy on a regular basis to determine if you should increase to account for inflation or increased building costs. And if you add on to your house or do any remodeling, you'll absolutely need to increase your coverage. THE BOTTOM LINE:
When it comes to protecting your most important asset, you actually can buy peace of mind.
But it's up to you to monitor your homeowner's coverage and make sure it will come through for you when the chips are down. THE ARMCHAIR MILLIONAIRE WEEKLY SURVEY: When it comes to money, how much is really enough? Log on to www.armchairmillionaire.com and let us know.Lewis Schiff is a contributor to CNNfnMoney.com, the Web sites for CNN and Money Magazine. His newest report, "How to Know When You Are Rich," is now available at www.armchairmillionaire.com.CONTACT INFORMATION:Lewis SchiffArmchair Millionaire877-833-2823http://www.armchairmillionaire.com.
Buying Auto Insurance (part 4 of 4)
Continued from part 3.Think About it: You Need to Buy Insurance to Protect Yourself, Passengers, and Family Members by Purchasing Underinsured Motorist Coverage (part 4 of 4)One serious mistake is to decline UIM coverage. Some companies require that you purchase UIM in the same amounts as the liability insurance. However, many companies, depending upon state law, are authorized to sell denominations of UIM coverage less than the liability limits. The insured thinks that he is providing some satisfactory minimal coverage for his family and decides to save some money with lower UIM limits. However, UIM is probably the most important place to spend money.
You are not as likely to cause an accident, as you are to be a victim of an accident. At least if you are taking the time to read this article, you are probably a person who will exercise more care and judgment in your driving than the ordinary person. Therefore, it is more likely that you will be making a claim against another...
Buying Auto Insurance (part 4 of 4)
Auto insurance > Buying Auto Insurance (part 4 of 4)
myAutoloan.com Launches Latest Version of Preferred Placement?
Irving, Texas (ContentDesk) August 19, 2005 -- Company officers at myAutoloan.com have announced the successful development and implementation of the latest version of their patent pending Preferred Placement? process. The service uses an electronic application evaluation and analysis tool to match borrowers seeking financing for new/used, private party, and refinance auto loans with national lending institutions. The newest version of Preferred Placement? significantly adds to the degree of consumer targeting for each participating lender on the platform, complementing its ability to target vertically within the entire credit spectrum and segmenting horizontally within every auto loan product type. "Our Preferred Placement? technology has been the key to our success," said Dale L. Peterson, President of myAutoloan.com.
He added, "The new version further ensures that we match the right lenders with the right buyers."In addition, the company has made its Preferred Placement? technology...
myAutoloan.com Launches Latest Version of Preferred Placement?
Auto insurance > myAutoloan.com Launches Latest Version of Preferred Placement?
InsureMe Announces New Insurance Resource Center
DENVER (ContentDesk) May 24, 2006 -- InsureMe, the leading online insurance shopping service, has announced the rollout of its Insurance Resource Center, which contains numerous articles on the topics of auto, home, life and health insurance. The InsureMe Insurance Resource Center was designed to educate consumers about insurance, as well as provide them with relevant shopping information and tips for saving money on coverage. 
At InsureMe, were committed to helping people find the right insurance, said Affiliate manager, James Omdahl, and that means providing them with the information they need to make good purchasing decisions and save money. In addition to general insurance information and tips, the Insurance Resource Center contains a comprehensive collection of articles to help consumers find insurance information as it pertains to their state. Insurance laws and policies...
Auto insurance > InsureMe Announces New Insurance Resource Center
The Auto Blog features New and Upcoming Vehicles
Every year, dozens of new concept and production vehicles are introduced by the world's automakers out into an eagerly anticipating public. Exciting concept cars are unveiled side by side with updated versions of established models. Getting the latest information about these new and upcoming vehicles can be time consuming especially for the busy person. Now,
Auto Parts Online, the leading online retailer of high quality replacement and collision parts, offers an informative resource where its loyal customers as well as other visitors can get the latest scoops on the newest vehicles.
The Auto Blog is Auto Parts Online's newest offering, has only been online for three months but it has already been releasing excellent information about the auto industry.
Helmed by Rowan Pierce, the site's main blog writer, the Auto Blog has covered a range of automotive topics most notably...
The Auto Blog features New and Upcoming Vehicles
Auto insurance > The Auto Blog features New and Upcoming Vehicles
Auto insurance
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