Scottsdale Insurance

A Scottsdale homeowners insurance policy is a must. Natural disasters, fires and other perils can cause us to lose everything. Claims adjustors and restoration contractors often hear people say, “I never thought this would happen to me.” And while we can only do so much to protect our homes and possessions against loss, there are steps we can take to make sure they are replaced. Few people know exactly what they own. Therefore, they can’t remember or don’t always list everything in the event of a loss. Without a home inventory, it’s almost impossible to prove your losses to the insurance company.

Your Scottsdale Homeowners Insurance Checklist

When a fire or a natural disaster occurs, often the event is so stressful people are preoccupied with so many other things they forget about some possessions or incidental items. Scottsdale homeowners insurance experts encourage you to create a complete home inventory. You can do this in a few different ways. There are free software programs available for download that will help. You can also take videos of your possessions and dictate the price and date of purchase. Take photos and store them in the “cloud” on the Web, in a safe deposit box, at the office, or at a friend’s or relative’s house.

List your possessions individually and keep the list organized and categorized with headings such as “Furnishings,” “Accessories,” “Clothing,” etc. Having an inventory and listing your possessions in checklist format will help you if you have a partial loss, theft or other claim.

 
Remember, having a home inventory may mean the difference in being fully reimbursed or not. Don’t suffer loss a second time. Heed this Scottsdale homeowners insurance suggestion today… you may be glad you did tomorrow.
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See more news pertaining to Scottsdale homeowners insurance under our Scottsdale Insurance section of articles to your right just below our Scottsdale Real Estate Categories. We also post tips on Facebook and Twitter. Follow us there for many other real estate related news articles and tips, as well.
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Scottsdale flood insurance is something some people might say is a waste of money, but floods are obviously quite common in low lying areas that are surrounded by water. In these areas, not having Scottsdale flood insurance is like playing financial Russian Roulette in the event of a serious storm. Just look at what happened statewide in South Carolina.

Scottsdale flood insurance is something every homeowner should consider, whether they are near water or not.

Scottsdale Flood Insurance Even If You're Not Near Water

What about homes that are not near a water source? Do they still need to be insured against the potential for flooding? Just ask any one of the thousands of homeowners in South Carolina who recently lost everything.

As it turns out, there are many claims for flooding that come from some of the most unlikely areas. It's not just a function of simple flooding that puts your home at risk.

First, think about what would happen to your home if just and inch or two of water covered your floors. How many of your personal items are touching the floor and how many electrical cords and extension cords do you have throughout your home just an inch or two off the floor, or worse, directly on the floor? How many of these things will put your entire home at risk if even a small amount of water enters in your home?

Ground water can start to meet the rain water when the ground is saturated. It doesn't take much to start noticing a significant rise in bodies of waters such as small ponds, lakes and streams. It doesn't take much for the overly saturated ground to start siphoning off rain water, which in turn creates flooding.

Floods can happen thanks to saturation of the ground just as easily as it can happen when ground water and rain water meet to cause excessive rain runoff which can lead to flooding. No matter where you live, you may very well find that you are suddenly noticing there is an increase in water saturation after heavy rain. Just ask anyone who was in a non-flood plain area in the path of the recent storm that hit South Carolina (and it wasn't even a named storm, just a lot of rain), or Hurricane Floyd in 1999, or anyone in non-flood prone areas where Hurricane Katrina wrecked havoc.

Every area is at risk of flood these days, even in the Scottsdale area. Flood insurance is not expensive and it is a simple way to protect your home in the event of a serious disaster like the one in the South Carolina. It takes very little water to do a tremendous amount of damage that can cost you thousands of dollars right out of your pocket if you don't have flood insurance. Some people who thought flood insurance was only for those who are near water lost their entire home and everything in it, including their cars. Flood waters can creep up on you quickly and be right at your front door before you know it. One simple flood insurance policy can mean the difference between being financially wiped out and being able to rebuild.

If you have questions about Scottsdale flood insurance, check out the information at the FEMA website about The National Flood Insurance Program. You can find more about not only Scottsdale flood insurance, but other types of insurance as well under the Scottsdale Insurance section of articles just below Scottsdale Real Estate Categories to your right.

Your Scottsdale homeowners insurance policy provides coverage against most perils and damages. There are some, however, that are not covered. Unfortunately, those are usually the ones that catch you off guard — and they can be expensive. While every policy is different, you should peruse your Scottsdale homeowners insurance coverage to see if you're protected against termite infestation and mold damage.

Your Scottsdale homeowners insurance probably does not cover termite and mold damage

Scottsdale Homeowners Insurance: Two Conditions That May Exist in Your Home

Mold.
Contrary to popular belief, mold can rear its ugly head in almost any household. It's not uncommon for even the best maintained home to have a little mold somewhere. The most dangerous thing about mold is that it doesn't go away on its own, and unchecked it can spread undetected. Because hazardous mold problems can affect the health of the home's occupants, mold infestation should be treated immediately.

Combatting mold damage can be an expensive undertaking. As such, homeowners often turn to their Scottsdale homeowners insurance policy for coverage — only to find out they may or may not be covered. Here's why:

Mold is caused by excess moisture. Mold spores can thrive by coming into your home through windows and doors. A common cause of mold is a leak somewhere in your home. If the mold is a result of a leak that occurred due to a covered peril like a damaged roof or a water pipe that burst, it could be covered by your Scottsdale homeowners insurance policy. However, most homeowner's insurance policies contain specific mold exclusions. If the mold is a result of poor room ventilation, excessive crawlspace moisture, unrepaired water leaks or lack of home maintenance your policy probably doesn't cover it.

One of the biggest causes of mold damage is flooding. Since most standard Scottsdale homeowners insurance policies don't offer flood insurance, you'll find that unless you have a specific flood policy you won't be covered for mold damage caused as a result of flooding. To be absolutely sure about mold coverage, talk to your insurance company.

Termites.
Another common problem that can plague a homeowner is termite infestation. Untreated or ignored, termites can cause serious structural damage to your home. In addition, as a general rule termite damage isn't covered by most Scottsdale homeowners insurance policies.

It's estimated that termites are responsible for over $5 billion in home damages each year. There are several steps you can take to prevent termite infestation and damage. Soil treatment, termite barriers and other preventative measures can give you peace of mind and guard against damage. Because termite damage isn't covered by insurance, it may be a good idea to consider hiring a pest control company to make sure your home is termite-free and that it stays that way.

Again, consult your Scottsdale homeowners insurance professional to find out what your coverage includes. And, since mold and termites typically aren't covered, they are probably good reminders that good home maintenance can prevent potential damage from those sources.

The old adage, "An ounce of prevention is worth a pound of cure" certainly applies when it comes to the value and condition of your home.

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Having a Scottsdale insurance policy is vitally important to both mortgage lenders and property owners. And no subject is quite as controversial as "force-placed" or "lender-placed" insurance coverage. As the name implies, lender-placed insurance is a policy implemented by the mortgage holder in the event the homeowner has insufficient coverage or allows the coverage to lapse.

Lender-Placed Scottsdale Insurance Isn't New

Having proper coverage in the Scottsdale insurance market is required by lenders.

Forced coverage by mortgage lenders has been around for a long time. At first glance, most people would logically agree that a lender has the right — even the obligation to its shareholders — to insure the asset it financed in the event the borrower isn't sufficiently covered by flood insurance, fire, or other perils. Where most consumers, especially those homeowners who have had lender-placed insurance imposed upon them, have a major concern is when the cost of the insurance is considered exorbitant, non-competitive, or excessive. To many, the commission received by the lender from the insurance company is considered a "kickback."

There is continuing controversy surrounding forced insurance and the whole notion of the kickbacks lenders receive. With the implementation of the Dodd-Frank legislation and the origin of the Consumer Financial Protection Bureau (CFPB,) many industry insiders question why this practice still remains.

An industry landmark legal case led the CFPB to establish a checklist designed for loan servicers regarding forced-placed insurance. It was decided that steering homeowners into higher-cost insurance policies was not a good business practice. Two participating companies — a bank and an insurance firm — agreed to pay $1.8 million to end a class action lawsuit and return a substantial amount of the insurance commissions to the consumers involved.

The lesson to be learned here for homeowners with Scottsdale insurance policies is to make sure they meet minimum requirements to cover your mortgage and, if required, maintain flood insurance coverage at all times. Failure to do so will result in the mortgage lender taking out a policy on your behalf — and charging you for it.

See more news pertaining to Scottsdale insurance under our Scottsdale Insurance section of articles to your right just below our Scottsdale Real Estate Categories. We also post tips on Facebook and Twitter. Follow us there for many other real estate related news articles and tips, as well.

Since having a good Scottsdale homeowner's insurance policy on your home is one of the most important things you can do, it's important to note these tips. They will assist you in understanding your policy and procedures.

1.) Avoid Making Small Claims – Insurance companies can and will drop coverage if you have several small claims. To avoid this, increase your deductible and pay for small incidents out of pocket. Not only can you save up to 25% on your Scottsdale homeowner's insurance premiums, you'll probably save money in the long run.
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2.) Get a CLUE – Insurance companies use a service called a Comprehensive Loss Underwriting Exchange (CLUE.) Check the report for errors that may hamper coverage in the future. Visit choicetrust.com to review your report.
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3.) Make Sure You Have Enough Coverage – If you’ve made significant improvements or additions to your home, you’ll want to make sure you have sufficient coverage. Your Scottsdale homeowner's insurance premium will likely increase only a small amount, but you’ll have peace of mind knowing that your home is covered for its entire value.
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4.) Use an Independent Agent – An independent agent can assist in shopping for the best coverage and most economical premium on your Scottsdale homeowner's insurance policy.
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5.) Find Out What’s NOT Covered – Be sure to know what perils may not be covered. Occurrences such as floods or sewage back-up are probably not covered in your Scottsdale homeowner's insurance policy. There are separate coverages available for these perils.
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Get more news on Scottsdale homeowner's insurance by reading the other articles we have in the section on Scottsdale Insurance under Scottsdale Real Estate Categories to the right, and by following us on Twitter and finding us on Facebook.
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