Posted on September 18, 2018
The one thing that everyone in Kentucky who is on the market for homeowner’s insurance must do is shop around. Even if you absolutely detest the idea of calling different agents for quotes, you must suffer through. If you don’t, you may end up paying way more than you need to for homeowner’s insurance.
The first stop on your journey to secure homeowner’s insurance should be with any agent you already have a policy with. Some people have life, health or automobile insurance and find themselves looking for homeowner’s insurance. If this is the case with you, ask your agent for a quote on homeowner’s insurance. He or she may be able to combine your insurance needs into one policy that offers savings on each type of coverage.
You need to also be aware of how much insurance you actually need. People commonly over insure both their property and belongings. You are paying extra for that coverage so it’s only costing you money. Instead look at the situation reasonably and base it on what your dwelling and possessions are really worth.
If you have something in particular that is quite valuable such as a piece of jewelry or artwork, it’s a good idea to purchase a separate rider for that. A rider can be added on to your new or existing insurance policy and ensures that should that item be lost, stolen or damaged, that you’ll recoup the loss. This offers peace of mind to individual’s who fear losing something incredibly meaningful and valuable.
Look at your coverage again each year as it comes due. Many times people sell belongings or purchase new things or house prices change. You may find that you can lower some of your coverage which will help you to enjoy a better rate.
Posted on September 11, 2018
The Kentucky Office of Insurance is a great resource for anyone in the state looking for homeowner’s insurance. Although this office doesn’t offer recommendations regarding which agent or company to deal with, they are able to verify if a company is licensed to sell homeowner’s insurance in the state. This is important as purchasing a policy for a non-licensed company can lead to many headaches including having trouble when it comes time to make a claim.
When you are looking for a low cost homeowner’s insurance policy it’s imperative that you seek out quotes from several different companies. You’ll need to supply some basic information including the location of the home, its age and your personal information. Any perspective insurance company will likely check your history to see if you’ve had any claims against former homeowner’s insurance companies. If you have you can expect your rates to be higher.
Asking for a higher deductible should be something you do with each company you contact. Most will have a preset deductible that will be below $500. If you ask for a higher deductible the cost of the premium will be lower. If you don’t anticipate making any claims in the near future, this is a great way to save money. Even raising the deductible to $1,000 or $2,000 can have a huge impact on your bottom line cost.
Be certain that when you calculate the cost of replacing your home that you don’t factor in the price of the land. This is a common mistake that many homeowners make and it results in them spending more on premiums than they need to. Only insure the home and any other buildings on the property, such as a garage. This will help you enjoy all the coverage you need at the lowest cost.
Posted on September 5, 2018
Life insurance is a highly regulated industry and in Kentucky it’s no different. There is a governmental organization designed to regulate life insurance in the state and that is the Kentucky Department of Insurance. This organization is designed to regulate the insurance companies that do business within the state and respond to consumer complaints.
There are also other ways that the state protects consumers and insurers interests. All companies classified as life insurance companies and licensed to sell such policies in the state are required by law to be members of KLHIGA (Kentucky Life and Health Insurance Guaranty Association Act).
Legislation has been enacted setting maximum limits on the amounts that can be paid out by an insurer to one person when that person owns more than one policy on another person. Some types of plans are also outlawed by this legislation. These are inferior products that would not benefit the consumer.
Prior to obtaining a quote in Kentucky, it would be wise to contact the Kentucky Department of Insurance to ascertain whether or not the company is reputable and operating according to the law. You can actually directly contact the department if you have a question or want a little more information on what to watch for and what different insurance products are available.
The major types of plans are: term, whole life, universal, annuities, as well as many other variations and additions to these policies. Additional coverage that’s added to a policy is called a rider, and a common type is commonly referred to as the “long-term care rider.” This is in addition to the death benefit and covers the insured in the event that they need to be housed and cared for in a long-term care facility.
As a Kentucky resident, you have a great deal of rights and you ought to get in touch with the state insurance department if you think you are being treated unjustly in any manner. Once your formal complaint is received, the prevailing body will assess your claim in an expedient fashion and take the proper action as dictated by the circumstances. Just like any other purchase you make, be careful. Do some research before you buy.