Home Insurance
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Homeowners Insurance Isn’t a One-size-fits-all Proposition
What’s Covered? By Mark Morris Michael Long says inflation in the cost of construction materials is complicating the equation of replacement protection. When preparing a homeowners policy, insurance companies want to know all the details. They’re not being nosy — they just want to accurately cover any potential loss, even the unexpected ones. Indeed, insurance agents who spoke with BusinessWest said every homeowners policy begins with a worksheet that captures anything and everything about the home. Inquiries range from the obvious — like the age of the house, square footage, and condition of the roof — to details about the
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Auto and homeowners’ insurance rates rising | Business
Prices of groceries, clothes and furniture are going up and consumers can add two more things to the list that will be more expensive in 2022: auto and homeowners’ insurance rates. Michael Hartman, a licensed property, casualty and life insurance producer with Joyce, Jackman & Bell Insurors in Pittston, said auto insurance rates will rise between 3% and 12% this year due to “pricing pressures in the market.” According to the American Property Casualty Insurance Association, pandemic-era factors are making auto insurance more expensive across the U.S. and the world. “Factors that are impacting risks and costs around the world
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Homeowners Insurance vs. Co-Op Insurance vs. Condo Insurance
When insuring your home, do you know the difference between condo insurance vs. homeowners insurance? What about co-op insurance vs. homeowners insurance? Knowing the similarities and differences between these types of insurance could help you get the right protection in place so you can be confident that your home is insured properly. Homeowners insurance vs. co-op insurance When you purchase a home or condo, you own the structure with a deed to prove it. With a co-op, you are not a homeowner, but rather a shareowner of the corporation that owns the building. A co-op is a housing cooperative owned
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States with the lowest home insurance rates
10. Maine Average annual homeowners insurance premium: $882 Median home value: $255,358 (Credit: Sean Pavone/Shutterstock ) 9. Ohio Average annual homeowners insurance premium: $862 Median home value: $157,496 (Credit: rouda100/Adobe Stock) 8. Washington Average annual homeowners insurance premium: $854 Median home value: $434,168 (Credit: Michael J Magee/Shutterstock) 7. Delaware Average annual homeowners insurance premium: $833 Median home value: $267,772 (Credit: Mihai_Andritoiu/Shutterstock.com) 6. Arizona Average annual homeowners insurance premium: $825 Median home value: $285,574 (Credit: Johnny Adolphson/Shutterstock.com) 5. Wisconsin Average annual homeowners insurance premium: $779 Median home value: $206,470 (Credit: dustin77a/Shutterstock) 4. Nevada Average annual homeowners insurance premium: $755 Median home
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Many home insurance premiums are rising faster than inflation
Ken Hoagland was surprised to see his monthly mortgage payment increase recently. “I noticed that our mortgage had gone up $100 on a $1,250 mortgage,” he said. “So, I looked into it. First, I called the mortgage company and they said, ‘It’s costing a lot more to insure your house. Talk to [the insurance company].’ So then I called USAA and said, ‘What’s going on?’” Across the country, homeowners renewing their policies are discovering that rising material costs, supply chain disruptions and climate change are combining to drive premiums up by an average 4% to an average annual premium of
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Home Insurance Rates Are Rising Due to Climate Change: Here’s How to Lower Your Costs | Personal-finance
New windows that better protect your home might be a good long-term investment, especially in areas where hurricanes are common and insurance discounts frequent. “New windows may cost you $10,000, but could save you $2,000 annually” in premiums, Lanham says. Homeowners in drought-stricken areas exposed to wildfire risk should “harden” their structures and properties by using materials and building designs that are less likely to catch and spread fire. While this can help lower homeowners insurance costs, it of course also reduces the risk of wildfire damage to a home in the first place. Some high-net-worth homeowners in fire zones
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Homeowners Insurance for New Construction
Finding the right homeowners’ insurance policy is an integral part of constructing your dream house. Especially when mortgages are involved. Thankfully, new build home insurance policies are often less expensive. Why would home insurance be cheaper on new homes? Because newer construction involves newer materials and up-to-date practices and techniques, newer homes are generally less risky to insure, and therefore cheaper. Still, finding the best rates for your home insurance will often mean doing some research and shopping around. For first-time home buyers, there can be a lot to learn. But before you start comparing quotes, let’s consider what variables
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Why Covid Means Higher Home Insurance Costs
December 8, 2021 7:47 AM Ed Leefeldt – Forbes Advisor Posted: December 8, 2021 7:47 AM Updated: December 9, 2021 12:05 PM Anna and Luke are having a tough time building a deck onto their Barnegat, New Jersey, home. Some contractors don’t return phone calls, while others offer “take it or leave it” prices if they do call back. Meanwhile material prices—particularly lumber and cement—are mounting by double digits. The couple finally found a builder, but they have to stay home waiting for workers who show up sporadically, stay a few hours, then leave for another job. Most of their
