Tips and Tricks
Homeowners insurance info for
beginners
Homeowners insurance is a necessity. And not just because it shields as a safe guard to your home and possessions against theft or damage. Almost every mortgage company require borrowers to have insurance coverage for the full or fair value of a property (usually the purchase price) and won't make a loan or finance a residential real estate transaction without proof of it.
Some may not know that you don't even have to own your home to need insurance; many and in fact most, landlords request or require their tenants to maintain renters insurance during the extent of the lease. Below are some basic homeowners insurance policy plugs to keep in mind:
Hope this was helpful. If you have any questions in regards to your policies or coverage, reach out to us today on our websites contact page www.humboldtmutualinsurance.com or call our office at 515-332-2953!
Some may not know that you don't even have to own your home to need insurance; many and in fact most, landlords request or require their tenants to maintain renters insurance during the extent of the lease. Below are some basic homeowners insurance policy plugs to keep in mind:
- Homeowners insurance policies generally cover destruction and damage to a residence's interior and exterior, the loss or theft of possessions, and personal liability for harm to others.
- Three basic levels of coverage exist: replacement cost, actual cash value, and extended replacement cost/value.
- Policy rates are, to a great extent, determined by the insurer's risk that you'll file a claim; they assess this risk based on past claim history associated with the home, the neighborhood, and the home's condition.
Hope this was helpful. If you have any questions in regards to your policies or coverage, reach out to us today on our websites contact page www.humboldtmutualinsurance.com or call our office at 515-332-2953!
What is Cyberplus and why do I need it?
Hazard Coverage
STRUCTURE OF YOUR HOME
Covers the repair or rebuild of your main living structure if it’s damaged in a covered event (fire, hail, hurricane or lightning). Detached structures may also may be covered through hazard coverage.
PERSONAL BELONGINGS
Covers the cost of personal belongings
(furniture, jewelry, clothes, electronics, etc) if they are stolen or destroyed. Coverage continues even if they are stolen/damaged away from your home.
LIABILITY PROTECTION
Covers the cost of bodily injury or property damage caused by a member of your family (or a pet). Additionally, it covers the cost of medical bills caused by no-fault that can happen on your property.
LIVING EXPENSES
If you must leave your home during an extensive period of repair or rebuild, some of your living costs may also be covered.
Covers the repair or rebuild of your main living structure if it’s damaged in a covered event (fire, hail, hurricane or lightning). Detached structures may also may be covered through hazard coverage.
PERSONAL BELONGINGS
Covers the cost of personal belongings
(furniture, jewelry, clothes, electronics, etc) if they are stolen or destroyed. Coverage continues even if they are stolen/damaged away from your home.
LIABILITY PROTECTION
Covers the cost of bodily injury or property damage caused by a member of your family (or a pet). Additionally, it covers the cost of medical bills caused by no-fault that can happen on your property.
LIVING EXPENSES
If you must leave your home during an extensive period of repair or rebuild, some of your living costs may also be covered.
Stay safe this summer
Drownings
With hot temperatures rising and it being hot most days this summer it is more common that people get outside and enjoy water activities or the pool time. If you have a pool at home or take small children to the local pool it is important to maintain active watch and play time with the children while in attendance. If you are going to enjoy the pool at home it is important to have a gate or locked fence around the pool so children aren't able to sneak or fall in without supervision. About 10 people per day die in the U.S. from non-boating related drownings. Amongst those drownings, the age ranges are 14 and younger. All children should be properly supervised by adults with all water activities and using a life jacket if unable to swim on their own.
Home burglaries and assaults
A lot of times throughout the summer, families take the time to go on vacations and enjoy time away from the home. Home burglaries and assaults are always higher in the summer. Unoccupied home burglaries are covered by the homeowners insurance, but the risk can be reduced by having proper security systems in place along with motion detector lights and having neighbors be in charge of mail duty, packages and other important things that might arrive at your house while you are awa
All of these insurance claims that are more common during the summer can be overwhelming and make you want to stay home or inside, but with the staying prepared and having all these security items in place when you leave you can enjoy a summer without any major worries.
Boating Accidents
Recreational boating accidents, operator not paying attention, operator inexperience with driving a boat, improper lookout, and machinery failure or excessive speed are all the top reasons why boating accidents occur.
It is important to take proper safety classes, insuring your boat is in good working order as well as everyone on board keeping lookout and wearing life jackets. Most boat drownings are because the victims fail to wear life jackets.
Many recreational boating accidents cause high dollar amounts in property damage.
With hot temperatures rising and it being hot most days this summer it is more common that people get outside and enjoy water activities or the pool time. If you have a pool at home or take small children to the local pool it is important to maintain active watch and play time with the children while in attendance. If you are going to enjoy the pool at home it is important to have a gate or locked fence around the pool so children aren't able to sneak or fall in without supervision. About 10 people per day die in the U.S. from non-boating related drownings. Amongst those drownings, the age ranges are 14 and younger. All children should be properly supervised by adults with all water activities and using a life jacket if unable to swim on their own.
Home burglaries and assaults
A lot of times throughout the summer, families take the time to go on vacations and enjoy time away from the home. Home burglaries and assaults are always higher in the summer. Unoccupied home burglaries are covered by the homeowners insurance, but the risk can be reduced by having proper security systems in place along with motion detector lights and having neighbors be in charge of mail duty, packages and other important things that might arrive at your house while you are awa
All of these insurance claims that are more common during the summer can be overwhelming and make you want to stay home or inside, but with the staying prepared and having all these security items in place when you leave you can enjoy a summer without any major worries.
Boating Accidents
Recreational boating accidents, operator not paying attention, operator inexperience with driving a boat, improper lookout, and machinery failure or excessive speed are all the top reasons why boating accidents occur.
It is important to take proper safety classes, insuring your boat is in good working order as well as everyone on board keeping lookout and wearing life jackets. Most boat drownings are because the victims fail to wear life jackets.
Many recreational boating accidents cause high dollar amounts in property damage.
Barn fire safety checklist
Animals, People and Property are at risk when a fire occurs. Be sure to examine your barn and outbuildings for any fire hazards that could lead to tragic loss.
Here are some suggestions:
Here are some suggestions:
- All wiring is free from damage
- Barn is a smoke-free zone
- Dust and cobwebs removed from any areas with electrical outlets and lights
- Oil rags stored in a closed, metal container or cabinet away from heat.
- Exits clearly marked and pathways always clear
- Everyone that works within the barn knows proper safety and knows personal safety is first priority if a fire occurs
- Straw, hay, feed and flammable items are to be stored away from the barn
- Electrical equipment properly labeled for agricultural or commercial use
- Hazard checks take place on a set schedule
Are you covered?
Although insurance may not be at the top of your priority list every day, it will be something you think of at time of an accident or disaster.
Here are a few tips to take into account to make sure you are covered:
1. If it has been a while since you reviewed your coverage, sit down with your insurance agent and discuss your policies. It can be intimidating reviewing coverage on your own, ask your agent any questions you don’t understand while going over coverage, exclusions and it’s a good time to review assets as well.
2. If you own something, it has value, insure it. You always want to make sure your valuables are covered in the event of a loss. Insurance companies use the law of large numbers in determining rates. As such it is wise to insure anything of significant value given the relative cost of insuring it.
3. Don’t cut corners. The worst time to realize you don’t have enough coverage or the right coverage is in the event of a loss. Although a monthly payment can seem irritating, it’s best in the long run not to just strive for the lowest payment possible. This can get you into some trouble when that loss occurs and you aren’t covered properly.
In any event of loss, Humboldt Mutual Insurance Association is Looking out For Your Tomorrow! Call us today to make you are properly covered and review your policies!
Here are a few tips to take into account to make sure you are covered:
1. If it has been a while since you reviewed your coverage, sit down with your insurance agent and discuss your policies. It can be intimidating reviewing coverage on your own, ask your agent any questions you don’t understand while going over coverage, exclusions and it’s a good time to review assets as well.
2. If you own something, it has value, insure it. You always want to make sure your valuables are covered in the event of a loss. Insurance companies use the law of large numbers in determining rates. As such it is wise to insure anything of significant value given the relative cost of insuring it.
3. Don’t cut corners. The worst time to realize you don’t have enough coverage or the right coverage is in the event of a loss. Although a monthly payment can seem irritating, it’s best in the long run not to just strive for the lowest payment possible. This can get you into some trouble when that loss occurs and you aren’t covered properly.
In any event of loss, Humboldt Mutual Insurance Association is Looking out For Your Tomorrow! Call us today to make you are properly covered and review your policies!
BBQ season
With summer season on the horizon and the ramping up of our grill usage for BBQ season - we have some tips to keep you safe when doing so.
Should a fire occur, your homeowner’s insurance policy may help you recover. Ask your agent about your homeowner’s insurance policy coverages or visit our website to contact us today!
Contact us at 515-332-2953 or here on our website.
- Make sure that your grill is cleaned regularly to prevent fires, especially after each grill outing.
- Keep the grill pushed away from the house and other flammable items.
- Make sure that the area around the grill is free of tripping hazards.
- Make sure the grill is on a flat, hard and level surface.
- Wear proper clothing that won’t interfere with the cooking process, making sure all aprons are tied tightly to your body.
- Never leave the grill unattended. (Keeping all small children away from the grill and in parent supervision while grill is in use.)
- Always keep a fire extinguisher near by incase of emergencies.
Should a fire occur, your homeowner’s insurance policy may help you recover. Ask your agent about your homeowner’s insurance policy coverages or visit our website to contact us today!
Contact us at 515-332-2953 or here on our website.
What is valuation?
What’s in a Valuation?
Property valuation for insurance purposes and how these valuations are used with different types of policies are often misunderstood. We have all heard the terms Replacement Cost, Actual Cash Value (ACV,) but what do they mean, how are each determined and when are each used?
Replacement Cost is determined using a guide that takes in to account the specific features of each house or building and the quality of construction materials used to determine a cost estimate to rebuild the structure. This figure is known as the replacement cost value of the house.
Actual Cash Value is determined by calculating the replacement cost and deducting for depreciation. If there have been improvements made to the home or building, such as a $30,000 kitchen remodel, the improvements are then added back in to the depreciated figure to determine the Actual Cash Value. The amount of depreciation taken will vary having less taken on newer updated items and larger depreciation amounts taken on older items in poorer condition.
Insurance policies use Replacement Cost and Actual Cash Value to determine coverage limits. The valuation used depends largely on the basis of loss settlement within the policy. An Insured who purchases a policy with loss settlement based on replacement must insure the property covered at a limit consistent with the replacement cost valuation. Actual Cash Value can be used when depreciation will be taken at loss. Construction costs have increased dramatically over the past 12-15 months and it is very important to keep insured values current based on the loss valuation used in each individual policy. Attached is a slide showing the average increase in building costs since the beginning of 2021. The percentages shown are national averages and can be much higher locally. Please visit with your agent and review your coverage to be sure limits are adequate
Property valuation for insurance purposes and how these valuations are used with different types of policies are often misunderstood. We have all heard the terms Replacement Cost, Actual Cash Value (ACV,) but what do they mean, how are each determined and when are each used?
Replacement Cost is determined using a guide that takes in to account the specific features of each house or building and the quality of construction materials used to determine a cost estimate to rebuild the structure. This figure is known as the replacement cost value of the house.
Actual Cash Value is determined by calculating the replacement cost and deducting for depreciation. If there have been improvements made to the home or building, such as a $30,000 kitchen remodel, the improvements are then added back in to the depreciated figure to determine the Actual Cash Value. The amount of depreciation taken will vary having less taken on newer updated items and larger depreciation amounts taken on older items in poorer condition.
Insurance policies use Replacement Cost and Actual Cash Value to determine coverage limits. The valuation used depends largely on the basis of loss settlement within the policy. An Insured who purchases a policy with loss settlement based on replacement must insure the property covered at a limit consistent with the replacement cost valuation. Actual Cash Value can be used when depreciation will be taken at loss. Construction costs have increased dramatically over the past 12-15 months and it is very important to keep insured values current based on the loss valuation used in each individual policy. Attached is a slide showing the average increase in building costs since the beginning of 2021. The percentages shown are national averages and can be much higher locally. Please visit with your agent and review your coverage to be sure limits are adequate
