In a sense, renters insurance is homeowners insurance — without the building. If you rent a house, flat or apartment, you are not typically responsible for insuring the building. But most other features of homeowners insurance do apply to your situation as a renter. Like homeowners insurance, renters insurance includes three key types of financial...
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Do You Know What’s REALLY in Your Homeowners Policy?
Many homeowners don’t. The Insurance Information Institute surveyed homeowners to find out how well people understand their policies. Here are some of the findings of the III’s 2016 Consumer Insurance Survey. Does homeowners insurance include flood coverage? Forty-three percent of homeowners mistakenly believe that damage from heavy rain flooding is covered under their standard homeowners...
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Protecting Your Family from Dog Bite Liability
The Insurance Information Institute (III) reported that dog bite claims cost an average of $33,230 in 2016, an increase of 36% since 2008. If you own one or more dogs, do you have the insurance coverage to protect you from dog bite liability? A dog may be man’s best friend, but dog bites account for...
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How to Insure Art and Collectibles
If you have artworks, antiques and other collectibles, your collection might be worth more than you realize. Does it have proper coverage? Check policy limits. Your homeowners policy protects the contents of your home, in addition to the building itself. The typical policy limits “contents coverage” to somewhere between 50 and 70 percent of your...
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How Fire Protection Services Affect Your Insurance Costs
All areas of U.S. are assigned a rating depending on the available fire protection services. These ratings are called fire protection classes. Particularly in rural areas, your fire protection class can have a major influence on your insurance costs. Fire is one of the leading — and costliest —causes of homeowners insurnce claims. Therefore, an...
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How to Insure Your Boat
A survey by one insurer found that 29 percent of all boat owners did not have a separate watercraft insurance policy. This could be a mistake. Many boat owners mistakenly think their homeowners or personal auto policy will provide coverage; however, the standard homeowners policy limits property damage coverage for boats to $1,500—far less than...
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Ten Homeowners Insurance Problems…and How to Solve Them
The worst time to find out that you have no insurance, or inadequate insurance, is after a loss. If any of the following situations apply to you, a standard insurance program might not be enough. Problem: Your home is 30 or more years old. Insurance will cover the cost of bringing a damaged or destroyed...
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How to Protect Yourself from Social Media Liability
Should you worry about the content of your teen’s tweets or your spouse’s Pinterest posts? All it takes is for one tweet to veer away from commentary to defamation, or one image to invade another’s privacy, and you could face a lawsuit. The liability portion of your homeowners policy covers you for certain types of...
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How to Prevent Home Fires
Which type of claim is the most expensive under a homeowner insurance policy? The answer: home fires. But they are preventable! The following simple steps can prevent a tragedy. Cooking Stay in the kitchen when you are frying, grilling, or broiling food. If you leave the kitchen for even a short period of time, turn...
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Airbnb and VRBO – Know The Risks
Home rental clearinghouses such as Airbnb and VRBO make it easy for homeowners to rent out a spare bedroom or a second home when they aren’t using it. This might sound like a good way to earn extra money. Before diving in, consider the risks and your insurance coverage. VRBO and Airbnb VRBO handles mainly...
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