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Dealing With Insurance After A Divorce

Posted by on Dec 12, 2014 in Uncategorized | 0 comments

When going through a divorce, there are a number of things that you will need to deal with, including being sure that insurance matters are handled correctly. If they are not resolved, then it is possible that you could be dealing with legal issues, have your future claims denied, and more. Here are the top concerns when it involves insurance in a divorce: Auto Insurance: When it comes to auto insurance, you cannot remove anyone from your policy without their permission. So, if you are not on good terms with your ex-spouse, dealing with this can sometimes be challenging. Before you change the name on your policy though, be sure that the title of the vehicles are transferred under the same name. Also, you usually need to have separated living arrangements in order for you both to have your own insurance policy. Homeowners Insurance: Unfortunately, in the case of homeowners insurance, you and your ex-spouse will both remain on the policy if you still owe enough on your mortgage. If this is the case, it may be best to type out a written document that states who is responsible for the policy and the mortgage. Lawyers may need to get involved if agreement between you and your ex-spouse proves challenging. Health Insurance: Figuring out health insurance may be scary, since it is entirely possible you could be dropped if you have been relying on insurance from your spouse’s employer. This is why you should check with your own employer and insurance agent to discuss your options. It is important to avoid a lapse in coverage for your own safety and financial health. Life Insurance: If you have your ex-spouse on your life insurance policy to receive the benefits, they can still receive it even in the case of a divorce. This is why it is important for you to update your life insurance policy so that you can ensure the benefits go to either your children, or another loved one if that’s what you want.  By changing your insurance policies, you can be sure that you are going to have your financial situation all your own if that is something that you want as the result of your divorce. Also, you can be sure that all the right benefits of the insurance policy are going to all the right people, and there is not chance that any claims can get denied. For more information about this, contact David/Greg Insurance Consultants...

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Empower Yourself By Understanding What Type Of Homeowner’s Insurance You Have

Posted by on Dec 4, 2014 in Uncategorized | 0 comments

When most people discuss homeowner’s insurance with their insurance agent, they discuss what level of coverage they want and how different factors ultimately influence their premium. However, did you know that there are actually different levels of homeowner’s insurance? Understand the types of homeowner’s insurance you can purchase and how your insurance is actually classified can help you better understand your coverage and negotiate your rates. HO Designation To start with, each type of homeowner’s insurance is designated with the abbreviation of HO followed by a number. Your insurance agent uses that information to identify the type of policy that you have. The dollar amount you are covered by varies depending on what you choose and pay for all of the types of insurance listed below. HO-1 HO-1 insurance is generally referred to as basic homeowners insurance. It covers your house and your personal property against the usual suspects: theft, vandalism, malicious mischief, fire, lightening and windstorms. HO-2 HO-2 insurance is also referred to as basic homeowners insurance. However, it covers more than HO-1 insurance does. It includes everything that HO-1 insurance does plus some extras. It covers damage caused by electrical surges and falling objects. It also covers water damage that was a result of heavy ice or snow on your roof as well as damages caused by your utilities or appliances. If you have basic insurance, make sure you clarify what that really means. HO-3 HO-3 insurance is generally called special or extended homeowners insurance by insurance agents. HO-3 policies are generally the most comprehensive policies that one can purchase for their home. They cover everything that HO-1 and HO-2 polices cover, plus a lot more. They provide coverage as well for damage caused by: hail, explosions, riots, civil commotion, aircraft, vehicles, smoke, volcanic eruptions and freezing. You may have heard this called the All-Risk Policy. HO-4 HO-4 homeowners insurance is actually rental insurance. It covers most of the incidents that the first three insurance types cover. However, the coverage only applies to personal property since the renter is not in charge of insuring the physical structure they live in. HO-5 HO-3 may be called the all-risk policy, but HO-5 really is the all risk policy. It covers more causes of damage and also offers more in-depth liability coverage. It will cover pretty much anything that could happen to a home. If you really don’t want to ever pay any out of pocket costs, this is the way to go. HO-6 HO-6 insurance coverage is designed for condominium owners and covers the owner’s personal property and well as building items that one actually owns. HO-8 HO-8 is a relatively uncommon type of insurance. It is more commonly known as Basic Older Home Coverage, and covers historical and other older houses. If you own a regular house, you most likely have HO-1, HO-2, HO-3 or HO-5 insurance. As the numbers increase, so does what you are covered for. The next time you talk to your insurance agent, find out what type of home insurance you really...

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Buying Your First Home? Understand The Declarations Page Of Your Homeowners Insurance Policy

Posted by on Nov 26, 2014 in Uncategorized | 0 comments

If you are brand new to homeownership, there is a lot that you’ll need to learn. A very important aspect of the entire process is obtaining homeowners insurance. This insurance protects you financially in case of fire, theft or other damage. Many homeowners do not know what their coverage is on their home. This is where the declarations page comes in, so you can quickly understand what’s covered. This guide explains how to understand the declarations page, so that you’ll always know how much coverage you have, and if you need to update it. What Is on the Declarations Page The declarations page is typically the first page of the homeowner’s insurance policy. This page offers details of the policy so that you don’t have to search through the entire policy to find one specific thing. Items listed on this page include: name of insured address of the property amount of your yearly premium name and address of the insurance company overview of coverage and amounts coverage dates deductibles loss of use benefits additional endorsements, such as a jewelry rider discounts, such as a reduction for having a security alarm Even though the declarations page lists the coverage amounts, you’ll find the details and restrictions of them in the body of the policy. Timing of Receipt of the Declarations Page Expect to receive a copy of the declarations page soon after purchasing your homeowners insurance and then once per year after that, for as long as you own the home. Mortgage companies require this page once per year, so the insurance company sends a copy to it as well. Expect to receive a copy if there are changes in your coverage. Important Note: If you did not request any changes to your homeowner’s policy and you receive a new declarations page in the mail before you normally expect it, review it carefully and ask your insurance company to clarify why it was sent, what changes were made and why they were made. Importance of the Declarations Page The declarations page proves to the lender that you have insurance on the home. If the mortgage company does not receive this page, they may add coverage to your home on their own. Then they will attach the premium for that insurance, which is usually more expensive, to your monthly mortgage payments or send you a bill. Keep an eye out for your homeowner’s insurance declarations page as you’re going through the purchase process and each year after closing. If you don’t receive one, call the insurance company to find out where it’s at. Review the document carefully to ensure that all the desired coverage is there and that everything is correct. Lastly, keep this document in a safe place so that you can get to it quickly if needed. For more information, contact a firm such as C R Gregory Insurance...

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