• Does the policy cover only the dwelling? Are accessory structures, such as garages, also included?
• Will your policy pay for the contents of your home and for additional living expenses if your home is badly damaged or destroyed?
• Are there any exclusions or limitations to coverage?
• What deductible must you pay before the insurance kicks in?

How much does earthquake insurance cost?

Earthquake insurance rates are determined differently by each insurance company and can vary widely depending on several rating factors.
Generally, older homes cost more to insure than new homes. Wood homes get better rates than brick ones because wood tends to withstand quake stresses better.

In addition, areas are graded on a scale of 1 to 5 for likelihood of quakes, and this might be reflected in earthquake insurance rates. Because earthquake insurance is a type of catastrophic coverage, most policies carry a high deductible — anywhere from 2 to 20 percent of your replacement coverage limit.

How much coverage should I buy?

If you ultimately decide to purchase earthquake insurance, remember you should buy enough to cover the costs of rebuilding your house and replacing broken possessions. The amount of insurance you buy should be based on replacement and reconstruction costs, not the market value of your property and possessions.

You should also find out your rights for filing claims before you sign any earthquake insurance policy. It’s important to know how much time you have to file a claim following a quake. In some cases, damage from earthquakes is not immediately apparent.

Call your insurance agent to get a customized quote based on your situation.

• Be prepared. Review your policy carefully. Make sure you understand what losses are covered. If you’re not sure, ask your agent or an insurance company representative for an explanation. Don’t wait till an event to find out what is and isn’t covered.
• Survey the damage and notify your insurance company of any losses. Provide your agent with a copy of your home inventory if you have one. Important: Leave a number where you can be contacted if you are not at home.
• Do not dispose of damaged personal property until an adjuster has had the opportunity to look at it.
• If it is safe to access the area, take photographs or video to document damaged property.
• Find your insurance policy and have your policy number handy when you are ready to make your claim.
• If your business has been damaged and you have business income (interruption) insurance, it covers the profits your business would have earned, based on financial records, had the disaster not occurred. The policy covers additional operating expenses incurred as a result of the disaster, such as extra expense of operating out of a temporary location.
• Make reasonable and necessary repairs to protect your home and property from further damage. Cover broken windows and holes to keep rain out. Do not make permanent repairs before a claims adjuster inspects the damage. Keep a record of your repair expenses and save all receipts.

If Your Home Is Flooded

• Homeowners, renters, and dwelling policies do not cover flood damage from rising waters. Some policies cover damage from rain if the rain entered through an opening in the roof or a wall caused by the direct force of wind or hail. The National Flood Insurance Program (NFIP) provides insurance that covers damage from rising waters. You must obtain this coverage separately from a standard homeowners policy.

If Your Automobile Is Flooded

• If you have comprehensive, “other than collision” coverage, your auto policy will pay for flood damage to your car. If you’re looking to buy a car, beware of flood-damaged vehicles.

The most serious losses will be given priority, but your insurance agent will see that your needs are taken care of.

The potential magnitude of a catastrophic New Madrid quake dictates that we approach the preparedness on a regional basis,” says W.R. Padgett, board chairman of the Central United States Earthquake Consortium. “No one state can possibly begin to address all the issues.

Although few have registered as noticeable to the average citizen, More than 30 earthquakes occurred in Ohio between 2002 and 2007, and more than 200 quakes with a magnitude of 2.0 or higher have occurred since 1776.

The most substantial known earthquake in Ohio history was the Anna (Shelby County) earthquake, which occurred on March 9, 1937. It was centered in western Ohio, and had a magnitude of 5.4, and was of intensity VIII.

Other significant earthquakes in Ohio include: one of magnitude 4.8 near Lima on September 19, 1884; one of magnitude 4.2 near Portsmouth on May 17, 1901; and one of 5.0 in LeRoy Township in Lake County on January 31, 1986, which continued to trigger 13 aftershocks of magnitude 0.5 to 2.4 for two months.

The most recent earthquake in Ohio of any appreciable magnitude occurred on January 8, 2008, at 8:34:46 PM local time. It had a magnitude of 3.1, and its epicenter was under Lake Erie, northeast of Cleveland, approximately 9.7 km (6 mi) west of Mentor-on-the-Lake.

The Earthquake Education Center at Charleston Southern University claims there’s a 40 to 60 percent chance of a major earthquake somewhere in the eastern United States in the next 20 years. That has prompted the South Carolina Insurance News Service to recommend residents of that state consider purchasing earthquake policies.

Earthquakes have occurred in 39 states since 1900, and about 90% of Americans live in areas considered seismically active. Yet only a small percentage of people purchase earthquake insurance.

Even in California, where earthquake fears are a daily fact of life, only about 12 percent of homeowners have earthquake insurance, according to the California Earthquake Authority (CEA), down from 30 percent in 1996 when the state legislature created the CEA.

Each year, more homeowners get rid of earthquake coverage than buy it because, according to consumer groups, they believe the policies cost too much and cover too little.

According to the U.S. Geological Survey, there is a 70 percent probability that one or more damaging earthquakes of magnitude 6.7 or larger will strike the San Francisco Bay area during the next 30 years. (A magnitude 6.7 earthquake is equivalent to the 1994 Northridge, Calif., earthquake that killed 57 people and caused $20 billion worth of damage.)

Discounts that you can get are based on similar factors, as well as other benefits that you might not be aware of. Keep in mind that even though these various homeowner insurance discount options are available, that doesn’t mean that your rate won’t increase over time. There are completely different factors that affect your home insurance rates in regards to their increase over time, and you need to be prepared to understand why your rates went up.

You still need to make sure that you shop around and find the best insurance policy for your needs, because every homeowner insurance discount and policy is different. When you are going to compare homeowners insurance, you should also be sure that you are comparing apples to apples to find the best deals on home insurance in your area. Take the time to ask for discounts and learn about home insurance before you buy, and the process should be much easier than you might have ever imagined.

Homeowner’s insurance discount rates can be given for any of the following:

• Multiple policies with the same insurance company. This is the company’s way of thanking you for your loyalty to them.
• Multiple units on the same policy. Again, this is about thanking you for your business.
• Safety features or lowered risk in the home. This includes things like banisters on stairs, locks and security alarms, as well as other features. Anything that you can do to make your home safer and less likely to be a victim of any damage or liability is going to lower your insurance rate.
• Payment discounts, including paid in full and EFT discounts. When you choose to pay your insurance in full or sign up for electronic payments, you can get up to a 10% discount on your rates.
• Online quotes, sign up, and electronic communications. You can easily get discounts for using the website and eliminating the paper trail and postage that the company has to deal with.
• First-time buyer discounts. Home owners who have purchased their first home can get a discount on insurance rates. This is often done to entice people to come to a specific company.
• No claims filed. If you don’t have to file claims for a certain amount of time, you can get continual discounts on your insurance as time goes on. If you go over five years, you will save as much as 50% on your insurance costs in the long run.

The more expensive the bike, generally the higher the rates will be. Your motorcycle experience, age and where you live will also be part of the evaluation on how you will be rated and at what cost you will pay. If you happen to live in, or regularly drive in an area which is highly criminal and highly accident prone, then there is a likelihood that the premium rates may go higher as compared to that person who belongs to a certain area having less crime rate and less accidents. All accidents are countable.

Even if you are new in the driving of a motorcycle, the accidents that happen with your automobile would count against you. Therefore, the cleaner is your driving record, the cheaper the premium rate of your insurance will be. In which area you drive and park your bike also impact the premium rates of the insurance. If you have to keep your vehicle parked on a construction site, the insurance premium rates of the bike may be on the higher side due to the increased risk of harm to your bike.

Now that you have come to know how the insurance company will view the matter and fix the rates of premium, here are some tips on how to get a good deal.

• Insurance rates can vary to a large extent in the same region.
• Prepare to get at least 3 quotes but be sure to compare, not just the price, the coverage you are getting. There is a difference between having insurance and being insured.

Now the question arises: What can be done to keep your bike more safe and secure. Remember, if anything were to happen to your bike, you will just be given the market value so insuring too much will not assist to get a higher value for your bike. If you simply ride the motorcycle within the summer months for pleasure, you should be able to get a better rate if you can keep your mileage low. Taking special DMV or other motorcycle classes can help decrease your rate. Just be sure you retain the certification documents for the insurance company to view.

You can learn more about motorcycle insurance through visiting with a local insurance provider. They are able to tell you more about insurance to best protect you and your assets. Depending upon your details they may be able to offer more information about discounts that you could use to save on insurance.

If a tornado hits your home, it can be devastating emotionally and financially. There are many factors you cannot control when a tornado hits but having the right coverage is in your hands. Consumers should make sure they have enough home insurance coverage. Doing so can help them replace their home or belongings lost during a tornado.

Be Prepared

• Well-organized paperwork is the key to quickly identifying yourself to rescue authorities (such as the American Red Cross) and to seeking aid in repairing or rebuilding your home. Keep copies of birth, marriage and death certificates, Social Security cards, wills and credit card and bank statements in an easily accessible waterproof container that you can quickly grab when disaster looms. Store the original documents in a bank safety deposit box to protect them from fire or theft.
• While preparing this paperwork, review your insurance. Most homeowners have not properly evaluated their coverage, says Carolyn Gorman, vice-president of the Insurance Information Institute in Washington, D.C. Don’t assume insurance will protect you in the event of a natural disaster. Most policies won’t cover flood or hurricane damage – you’ll need to purchase separate policies, such as those offered through the Federal Emergency Management Agency’s (FEMA) National Flood Insurance Program.
• To aid insurance claims, include a complete home inventory in your paperwork. Whether it’s a written list or a videotape, include big-ticket items such as appliances, jewelry, furniture, electronics and computers as well as housewares and even clothes. Count each garment and list brands and prices whenever possible. Though such detail may seem extreme, it’s amazing how quickly clothing-replacement costs add up. Remember that in the event of a catastrophic loss, you’ll need to replace literally everything for every family member.
• Again, keep a copy in a safe place like a bank Safe.

Tornado Warning: A Tornado is Coming

A tornado warning presents an immediate threat. A tornado warning is issued when a tornado is spotted visually or on weather radar. In case of a tornado warning, FEMA advises you to:

• Go at once to the basement, storm cellar or the lowest level of the building.
• If there is no basement, go to an inner hallway or a smaller inner room without windows, such as a bathroom or closet.
• Get away from the windows.
• Go to the center of the room. Stay away from corners because they tend to attract debris.
• Get under a piece of sturdy furniture such as a workbench or heavy table or desk and hold on to it.
• Use your arms to protect your head and neck.
• If you’re in a mobile home, get out and find shelter elsewhere.

Tornado Myths

There are many myths about what to do during a tornado. The American Red Cross wants to set the record straight.

• Myth: Opening a building’s windows allows the air pressure to equalize as a tornado passes overhead.
  Fact: Air pressure can equalize itself through normal openings within a building. Opening windows does little to equalize air pressure. You should stay as far from windows as possible when tornadoes threaten because of the danger from debris and flying glass.

• Myth: The southwest corner of a building is the safest in a tornado.
  Fact: Any place near windows is dangerous.
• Myth: Tornadoes happen only in the spring.
  Fact: Tornadoes happen most often from March through August, but they can happen anytime and in any state.

• Myth: You should dry to “outdrive” a tornado.
  Fact: A tornado can pick up a car and toss it like a toy. If you are in a car during a tornado, stop and find a safe place. If that isn’t possible, get out of your car and duck down in the lowest spot you can find, such as a ditch or gully. A tornado doesn’t suck objects up, but blows them around.
• Myth: Highway overpasses are a safe place to hide during a tornado.
  Fact: You can be killed under a highway overpass because it acts like a wind tunnel, attracting strong winds and debris.

After the Storm Passes

Once the severe weather has passed, here are some tips from the Red Cross:

• Tune your radio to a local station, which provides frequent weather reports. There could be more tornadoes in your area.
• Avoid downed power lines.
• Stay out of damaged buildings.
• If you’re inside a building and you smell gas or hear a hissing noise, open a window and immediately exit the building. Call the fire department or gas company
• Carefully inspect your home for damage. If it’s dark when you are inspecting your home, use flashlights. Candles could ignite leaking natural gas.

Making a Claim

If your house has sustained tornado damage, III recommends these steps:

• Take photogtraphs of the damaged property.
• Give your agent a description of the damage so that it can be reported immediately to the insurance company in order to start your claim rolling.
• Make a detailed inventory of all damaged personal property. You’ll need two copies: one for yourself and one for the insurance adjuster. Include as much detail as possible, including a description of the items, dates of purchase or approximate age, cost at time of purchase and estimated replacement cost.
• Make temporary repairs such as covering broken windows and save the receipts for insurance reimbursement.
• If you can’t live in your house due to damage, make sure to keep a record of expenses such as hotel and meals; your home insurance will cover these additional living expenses.

How do you choose your coverage? There are many different types of coverage to explore. Boat liability is just one type of coverage, but it is by far one of the most important types of coverage that you can get. Coverage will protect you from being sued as long as you have high enough limits, but mostly it will help you avoid the out-of-pocket cost of replacing someone else’s boat or repairing property that you damaged. The coverage also includes medical payments coverage so that you can take care of medical expenses that you are legally responsible for when other victims are injured in an accident that you cause. Typically, you can get watercraft liability insurance coverage in amounts of $100,000 up to $1 million.

Having a watercraft insurance policy can protect you in other situations. If you think you don’t need boat insurance you might regret it when something happens that costs you a lot of money or a lawsuit. Whenever you have any watercraft with cash value, including boats, personal watercraft, and other small vessels, you should have them insured with at least watercraft liability insurance coverage so that you are protected from repercussions of damaging other people’s property. You would have better protection if you also had boat insurance coverage that protected you from damaging your own watercraft or paid for your medical expenses, but you need to at least protect yourself from others if nothing else.

Watercraft liability insurance coverage is not expensive in most cases. You need to shop around, compare quotes, and talk to different insurance companies to see what they have to offer. In many cases, you can get boat insurance for very little money, allowing you to have a more enjoyable time boating because you will have the peace of mind of being insured. Of course, the more insurance you buy, the better off you will be. Too many people think that insurance is too expensive and won’t buy it if they don’t have to. However, paying even $100 a month for coverage is better than having to pay thousands upon thousands of dollars for damages and medical bills when something does go wrong.

Renters insurance will insure your property against anything that is listed in the broad form for home insurance, which is quite a substantial amount of elements to be insured against. There are optional coverage amounts and types of coverage that you can add to your rental insurance policy, but basic property damage or loss coverage and personal liability is usually sufficient. In order to purchase rental insurance, you have to know what your property is worth so that you can get the right amount of coverage. It does you no good to get only $20,000 in coverage when you have property that is easily valued at more than $25,000. That just means that you’re going to have to pay out of pocket, and that can be a hassle.

HO4 homeowners insurance forms allow renters to outline exactly what they own, just like home insurance clients do. They will be able to document their belongings and track what they own so that they are covered in the event of a loss. Of course, the perils that are covered have to be proven in this situation, because the insurance company isn’t about to get taken advantage of by people who have no idea what they are doing or who are just trying to pull a fast one. If you need renter’s insurance, make sure that you know what you’ve got. You can’t very well file a claim for your CDs or movies if you don’t remember all the ones that you had, after all.

In addition, you will have to get endorsements for anything that is obscenely expensive or high in value. This can include jewelry and other items that cost a lot of money. You have to get extra insurance because they will not be covered by your basic home policy, no matter how much coverage you have. There is a lot to learn about insurance, but renter’s insurance is pretty simple to understand. If you need renters insurance coverage, you simply need to apply for quotes, find the best rate for the coverage, and then take stock of your belongings so that you can be accurately reimbursed in the event of a loss.

Buy replacement value coverage. This is the real world, where inflation rises every day, and your stuff is worth a lot more today than it was 5 years ago. You need to be able to replace everything at today’s costs, not the ‘actual cash value’ which might be peanuts compared to the cost of buying the items new.

Find a company that you can trust. You need to work with an insurance company who will be there for you through everything, including helping you with the claims process and allowing you to get the insurance that you need and can afford. Make sure that you can rely on your insurer for the best success.

Take inventory. You have to have proof that you owned what you owned to file a claim. As silly as that sounds, someone can easily have a house fire and say that they had a $5,000 LCD TV when they really had a $50 19 inch from 1995 that they bought off of their friend.

Video record your belongings or take pictures of what you have. Then, put the footage in a safety deposit box or back it up digitally off site, so that it’s protected.

Get endorsements when you need them. Endorsements, also known as floaters, are critical to military home insurance. These endorsements will pay for items that are high-value and cost more than your insurance will cover. Make sure that you save your receipt if you have it, or appraise an item if you don’t. Keep the information somewhere safe so that when it goes missing you can get rightfully reimbursed. These are all pretty basic tips for military homeowners insurance. However, they are important things that many people overlook.

When you are in the military, you aren’t home as much which means that anything can happen to your belongings, increasing the risk of loss. Your home should be a safe, secure place, but you need to make sure that it is insured properly so that if something happens, you are protected and able to replace your belongings or your home.