Life Insurance

Life Insurance - Tips Trick Of Home Insurance .  You've been searching for the perfect house for months. Finally, you find the one. After your offer is accepted and a small mountain of paperwork is signed, it's yours. What are you going to do next?If you're smart, before you pack a single box, you will make sure your home insurance has you covered for whatever life might have in store. While your mortgage lender likely requires you to carry some level of home insurance, don't assume that amount will protect you from financial disaster. Donald Griffin, vice president of personal lines for the Property Casualty Insurers Association of America (PCIAA), offers these tips. Tip No. 1: Insure for your home's replacement cost Here's one of the most common mistakes homeowners insurance  make: Confusing a house's market value with its replacement cost. Your home insurance coverage should cover the cost of rebuilding your house if it is destroyed. "The best in...

Life Insurance - Many Liability Insurance Policies Will Cover You Even If An Incident Happens Away From Your Home .  There's the old joke that trial lawyers have never seen a lawsuit they didn't like. That may be an overstatement, but the threat of legal action is a real concern for everyone - especially if you have assets like a house, savings and investments. If you're sued for an incident covered under your home insurance (like a slip-and-fall injury on your front steps), liability insurance covers not only the settlement but also your legal fees (up to your liability limit). According to Griffin, many liability insurance policies will cover you even if an incident happens away from your home. He also recommends buying an excess liability or an umbrella policy that offers coverage of $1 million beyond what is already included in your home insurance and car insurance policies. These policies are relatively inexpensive, often costing $200 to $300 per year. In addition, ...

Life Insurance - You can make a claim for this coverage by submitting paperwork documenting your living expenses .  If your house is destroyed or otherwise unlivable while repairs are being made, you'll be glad you can tap into your "additional living expenses" (ALE) coverage. This type of coverage won't pay your mortgage, but it will cover the cost of an apartment or hotel. If you are displaced from your house, you can make a claim for this coverage by submitting paperwork documenting your living expenses. The ALE standard for most homeowner insurance policies is a benefit worth 20 percent of your home's replacement value. When you get a home insurance quote, find out if the policy specifies any limitations or exclusions on ALE. Finally, read the exclusions section of your home insurance policy. Understanding what's not going to be covered is just as important as knowing what is - before you ever have to make a claim. In the end, Griffin reminds new homeo...