Q: Prices of lots of things have gone up since the pandemic, should I expect to pay more for my homeowner’s insurance also? Eddie, Holmdel, NJ A: Insurers worldwide are constantly recalibrating the risk they insure for particularly now in the wake of the COVID-19 pandemic, which has changed many things in the world of insurance. The pandemic has reduced the risk of burglaries from happening because people have been home more often. The constant presence of residents also makes them more likely to immediately notice and address any structural problems on their property, which lowers the likelihood of filing claims. At the same time, one unexpected consequence of the pandemic was the rise in sewer backups–sewer backup coverage is […]
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Find out if your homeowners insurance uses “actual cash value” method rather than “cost to replace” method to calculate a claim. If so, depreciation will be deducted from your settlement amount, resulting in lower compensation to you in the event of a claim.
continue reading Find out if your homeowners insurance uses “actual cash value” method rather than “cost to replace” method to calculate a claim. If so, depreciation will be deducted from your settlement amount, resulting in lower compensation to you in the event of a claim.
continue reading If you can afford to raise your deductible, you could save 25% or more on your homeowner’s insurance premium.
continue readingThe crackdown by US regulators on banks charging exhorbitant ‘forced placed’ insurance fees is long overdue. US lenders have already been exposed for forging borrower signatures. ‘Forced placed’ insurance, which is typically more than double the cost of regular homeowner’s insurance has been a lucrative scam for banks in the wake of the housing crisis. In some cases, banks have charged more than 10 times the regular voluntary home insurance rates–and yes, banks often receive commissions for their unholy alliance with insurers. Obviously banks once again have been preying on homeowners by colluding with insurers to artificially inflate these ‘forced placed’ insurance premiums. Homeowners often don’t even know they’ve been had until their bill doubles, triples or quadruples. I’ve personally […]
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