Homeowners Insurance Lowdown

25 Freebie Home Bar Designs

Home bars are growing in popularity, and it's not hard to figure out why. People love to entertain in their homes and would much rather spend money on home improvement than go out and pay a bartender for a good time. Create your own dream bar and unwind at home using these helpful bar design sites.

1. Bob’s Plans: This site offers plans that include detailed build instructions, a list of necessary materials as well as places to find what you'll need.

2. Dempsey Woodworking: This site shows you how to build a decent wine rack with plans, pictures and tips included.

3. Ask the Builder: Tim Carter provides simple instructions to help you build your own basement bar.

4. The Closet Bar: If you’re out of space, but would love a home bar all the same, check out this site to see how you can turn an unused closet into a bar.

5. Woodshop Demos: This site offers instructions and pictures that show how you can build a standing bar.

6. Canadian Plywood Association: CanPly’s plans tell you how to build your home bar at a low cost.

7. Unique Projects: Go here for step-by-step instructions on how to build your own wine rack. You'll also find a list of the materials needed.

8. HGTV: This home design site shows you how to build a bar counter into an empty space in your home.

9. Ron Hazelton’s House Calls: Ron Hazelton walks you through the process of building a modular, stackable wine rack.   

10. Captain Fletch: If you’re on a shoestring budget with very little time on your hands, this is the site for you. A quartet of college buddies share plans from a bar that they built for $200 in two weeks. 

11. Bar Back: On this site, a couple walks you through the entire process of building a bar in an unused basement. They share the materials they used, details on framing, plumbing, lighting, and electrical specifications, plus pictures from each stage of the project.

12. Your Home Bar: Are you contemplating an angled wine rack? Here’s how you can build one for under $10. This site offers detailed instructions along with the complete list of materials you will need.

13. Humu Kon Tiki: This Tiki blog features an article from The Atomic Magazine that cheekily explains how you can build your own tiki bar. Pictures of the step-by-step process are also featured.

14. Landchark: For a blog that carries the tagline: “Dispensing unwanted and crappy advice for over 20 minutes,” this site has pretty nice instructions on how to build an L-shaped bar into your basement.

15. DIY Network: The McMichaels build a baseball memorabilia bar into their free space. This site shows you pictures of how they did it.

16. The Bartenders’ Bar: This site offers 5’ and 7’ bar plans for under $10, with a few pictures thrown in.

17. The Kegerator: A bar is never complete without a kegerator. Follow the instructions provided on this site to build your own at home.

18. A Wine Rack: Looking for a wine rack design? Check this one out.

19. Bar Gear: While the plans on this site are bundled and offered for a small sum ($30 for all current and future plans), the pictures are free and pretty detailed. There are many different kinds of straight bars, L-shaped bars, Tiki bars, and corner bars featured. The site also throws in a DIY wood working catalog which includes the hardware needed to build your home bar for free.

20. About Makeover: About.com’s makeover site provides you with instructions, plans, tips and a list of materials you will need to build a wine rack with built-in storage space for your wine glasses.

21. Precision Images: This site claims to have the largest collection of 3D home bar plans, and they come at a small price. There are numerous pictures of bars in various angles and shapes. The site features different series of bars: Shape Shifter, Classic, Speedy-Build, Counter, Compact and Outdoor.

22. Bar Plan: Sign up with this site and you'll get access to all of its bar plans for free. Membership is for life, at a one-time fee, for which you are provided with straight, keg box, bar back, jukebox, L-shaped, portable and Monster bar designs.

23. Readers’ Digest: This site offers guidelines to help you build your own wine rack.

24. Tiki Kev: This site offers plans and instructions on how you can build your own Tiki bar, all for under $20. There are a number of pictures of different tiki bars featured on the site if you’re looking for design ideas.

25. Bar Planner: This is another site that offers 3D bar plans at a discount. The main page has a snapshot that you can use to visualize your finished product.

Secrets To Lower Your Insurance Cost

By Priya Jestin, Staff Writer

The price you pay for your homeowners insurance could vary by hundreds of dollars depending on your insurance provider. Different insurance companies charge differently and that is where the price difference arises. But there are some things you can do to lower your costs. So, before you go out to get yourself a homeowner’s insurance policy, it is best to consider certain things that will help you lower your costs.

One of the simplest things you can do to reduce your insurance cost is to make your home disaster resistant. Find out from your insurance agent or company representative what steps you can take to make your home more resistant to windstorms and other natural disasters. The simple act of adding storm shutters can actually help you save on your premiums! Reinforcing your roof or buying stronger roofing materials, also give the same benefits.

Older homes can be retrofitted to make them better able to withstand earthquakes. In addition, consider modernizing your heating, plumbing and electrical systems to reduce the risk of fire and water damage.

No Easy Answers To Florida’s Pains

If anybody really thought Florida homeowners actually had any hopes of insurance rates getting to reasonable levels they need to get themselves checked. I mean the situation in Florida is so bad, it could only get better from here, or that’s what I thought. But it seems Florida haven’t seen the last of their bad days. One of the Florida Legislature's leaders on insurance issues recently said that residents seeking big relief from skyrocketing homeowners' insurance rates shouldn't get their hopes too high.

State Sen. Bill Posey, R-Rockledge, chairman of the Senate's Banking and Insurance Committee, was referring to a special state legislative session on insurance reform scheduled to start Jan. 16 in Tallahassee. What he is trying to actually do is keep the hopes low enough so any progress will give us a chance to clap our hands in mad glee.

Hurricanes have hit Florida in two consecutive years and hence the rate clock cannot be turned back to 2003 levels. Argument accepted. So what exactly does Posey suggest to ensure that Florida denizens get a better deal? According to Posey, measures that encourage more competition in the insurance industry could address Florida's insurance woes.

Posey believes that if officials force insurance companies to lower their rates, they might stop selling homeowners' policies in Florida altogether. What can be done instead is stimulate more competition in the industry. Another proposal that seems to have the potential to help homeowners is one that suggests that funding for the state-run Florida Hurricane Catastrophe Fund should be increased, and it should be made easier for insurance companies to tap into it.

There are many more interesting proposals, which may me weighed against the present circumstances. My only hope is that whatever Posey does, it should help to bring relief to homeowners. This should not be yet another attempt to take homeowners for a walk in the park while insurers rake in all the moolah.

Do You Know Your Policy?

By Priya Jestin, Staff Writer

I know this is one insurance premium we really don’t want to claim. I mean, who’d like to lose their home? But if and when such an eventuality happens, we must be prepared for it and know how to go about the process. Most people make a few common mistakes, which if you avoid, will enable you to get your insurance money faster.

One of the first things to do after you’ve taken a policy is to READ IT. Most homeowners just stuff their policy into a drawer or some place safe without reading even one line of it. That’s a very big mistake. Only when you read your policy carefully, will you know if you have the coverage you need and that you’ve got value for money.

If you feel your insurance provider is charging you too much for the policy, ask an independent broker for help. S/he will be able to help you compare policies and tell you if you’ve got a decent deal. Remember, you may not be able to save much on the cost of the policy when you change providers. What you must check for is the level of service a company offers. That is what will stand you in good stead if you ever need to claim.

Next: Record the contents of your home. Keep the receipts for expensive items. And very important, check if your valuables like jewelry, antiques, etc are covered in the policy. If not, then get these items scheduled onto your policy specifically.

Actual Value V/s Replacement Value

By Priya Jestin, Staff Writer

There are a few terms in a homeowner’s insurance policy that you must know more about. I am going to discuss two such terms: Actual Value and Replacement Value.

Actual Value: Actual Value is not the exact value of the item you may have lost. It is the replacement cost of an item less depreciation. For instance, if a fire damages your three-year-old television set, your insurance carrier will first estimate the rate of depreciation. Say your TV has depreciated 35 percent during the three years since you bought it. Now, what your insurer will do is first find out the cost of a comparable new TV set. The insurance company would pay you 35% of the present cost.

Replacement Value: Replacement Value is the amount it costs to replace an item with no deduction for depreciation. Let’s take the example of your television set again. Even though the TV was purchased three years ago, due to advances in technology and a decrease in the price of the TV, the exact same TV can be purchased today for a much lower price. So, the insurance company pays you the lowered amount that would allow you to buy a brand new TV.

You must find out if your insurer pays Actual or Replacement Value for your possessions at the time of a claim. Remember, your premium may change depending on the type of coverage you get. So, check with your insurer before you make your decision.

Do You Need Extra Coverage?

By Priya Jestin, Staff Writer

Sometimes you may own something that is worth more than the set limit for that item on your policy. For instance, you own a piece of jewelry that is worth more than the set limit on your policy. In such a case, you can purchase additional coverage specifically for that item. This kind of separate coverage is usually referred to as a personal property endorsement or a rider.

When you purchase a rider for any item, there are a few things you must keep in mind. Firstly, you must be able to verify the cost and the condition of the item. For this you can have the item appraised. Next, don’t forget to take photographs and video of items for which you take a rider. They are useful in case you need to make a claim.

Why Do I Need Insurance?

Remember the fable of the wolf and three pigs. Two pigs that built houses of straw and twigs lost their homes when the wolf blew at them. And the pig that had a strong brick house managed to hold his own against the wolf. Now if the other two pigs had the good sense to insure their homes, they may not have felt so bad at losing them.

What am I doing telling you about fables? Well, simply that all of us could lose our homes and it is our duty to protect our home and its contents. As a financial decision, it does put a bit of strain on your resources. But it is also one of the few things that will help you sleep peacefully at night.

For most of us, our homes are usually our biggest single investment and asset. A homeowner’s insurance only allows you to ensure that in case you were to lose your home, you don’t have to fret and you can start over. While your mortgage does ensure that you have a certain amount of homeowners insurance, it may not be enough to insure your home and all your possessions.

Know Your Perils

--By Priya Jestin, Staff Writer

A homeowner's insurance policy provides coverage against different types of disasters, or as insurers would put it, perils. So what exactly is a peril? As a definition, perils are a certain group of events that have the potential to cause damage. These perils may or may not be covered by your policy.

There are basically two groups of perils. The first group of perils, which totals 11, comprise of most of the accidents and damage causing incidents that we are generally used to:

• Fire/ lightning
• Windstorm/ hail
• Explosions
• Riot/ civil commotion
• Damage caused by aircraft
• Damage caused by vehicles
• Sudden/ accidental damage from smoke
• Vandalism
• Theft
• Volcanic eruption
• Damage by glass/ safety-glazing material that is part of a building

And then there are certain perils that may not be everyday occurrences but still do cause a lot of damage. For instance damage caused by objects falling from the sky like meteorites, or airplanes. Other perils include:

• Weight of ice, snow, or sleet
• Accidental discharge/ overflow of water from plumbing
• Freezing of plumbing
• Sudden and accidental tearing, cracking, burning or bulging of a steam or hot water heating system
• Electrical surge damage

Different types of policies cover these various perils. Next time, we will discuss the various policies.

Catch The Falling Rates

--By Priya Jestin, Staff Writer

After a year of badgering the general public for higher rates, the insurance industry seems to be finally cooling off. And the best thing about this – prices are falling, especially insurance rates.

While homeowners insurance rates may still have a long way to go before you can officially declare a fall, you may still see some change. Just remember to look hard enough. A welcome change but I’m curious: Why the fall? Well, the most obvious reason is that this year, the skies didn’t fall.

Simply put, the fall in prices is climatic. You have to literally thank the skies. In comparison to last year’s roar, this year’s hurricane season was just a meow. This means insurance companies did not have to dig deep into their coffers to pay for rebuilding parts of the country. Also, post-Katrina, insurance companies were charging unbelievably high premiums and are on a financial high right now. Most insurance companies are reporting high third-quarter net incomes as compared to last year.

So, have you taken advantage of these changes? Now’s the perfect time to ask your current insurance provider to reconsider your rates. All you need to do is gather quotes from various companies and call up your provider. According to estimates, you stand to gain a reduction of at least $ 100 per year.

Home Insurance Rates Is A Hot Topic In Florida’s Gov Race

Rising homeowners insurance is a dominant theme in the race for governor in Florida. Both Democrat Jim Davis and Republican Charlie Crist are to assure voters that they will do a better job at lowering rates. Palmbeachpost.com reports:

Under Davis' proposal, Florida's Hurricane Catastrophe Fund, which sells below-market reinsurance to insurance companies, would be transformed into the Hurricane Premium Protection Fund, which would collect the bulk of premiums from policyholders statewide and be responsible for the bulk of each claim, between 70 percent and 90 percent.

Read more: Davis, Crist tout their plans to lower home insurance rates

Don’t Let Your Home Go Up In Flames

Taken a homeowners insurance policy? Well, I guess you can now rest content that in case of any eventuality, your back is covered. But does this policy make you feel safe? No! For the policy will not ensure that you live in a safe home. To make your home safe, you should take care to prevent dangerous situations from occurring. Accidents due to electrical fires are the most common in most homes. According to statistics, home electrical fires claim the lives of 200 Americans each year and injure 1,500 more. A few simple steps will help you prevent such a terrible loss.

Faulty electrical outlets and old wiring are the main causes of electrical fires. Always check your electrical appliances and wiring. Problems with cords and plugs are cited as the primary cause of home electrical fires. Look out for frayed wires and replace all worn, old, or damaged appliance cords immediately. Never overload electrical extension cords.

Next on your checklist are electric stoves. Learn the right methods of using electric stoves before you begin using them. Secondly, pay special care to all electrical appliances in the bathroom and kitchen and keep them away from wet floors and counters.

Don’t buy an electrical appliance that doesn’t meet the UL standard for safety. You don’t want to compromise on your life for a few dollars less. Don’t ever allow your children to play with or around electrical appliances like space heaters, irons and hair dryers. Finally, always ensure that your smoke detector is in good working condition.

When can the insurer not renew your policy?

The hurricanes of the last two seasons has seen homeowners insurance providers not renewing insurance policies in many states. This of course was more in Florida and New Orleans but while things came to crisis here elsewhere things are looking bad too.

So, when can an insurance company not renew your homeowners policy?

A) Insurance companies may choose not to renew your policy if you have filed more claims than the average person. The average homeowner files a claim once every nine years. Read: Process of making a claim

B) Insurance companies may cancel your policy if your property has deteriorated to a point that it no longer meets the company's underwriting standards and

C) Hurricane losses incurred by many insurance companies have caused them not to renew policies in coastal areas.

Other reasons for non-renewal include…

1. Non-payment of premium;

2. If the insurer feels that you could be planning on committing fraud i.e. Material misrepresentation/Fraud.

3. If you are convicted for acts that increase the hazard insured against e.g. conviction for illegal storage of fireworks;

4. Discovery of willful or reckless acts or omissions by the insured increasing the hazard insured against. For example:  Not getting a gas leak fixed;

5. Physical changes in the property insured which resulted in the property becoming uninsurable. For example, should the home become vacant for more that 60 consecutive days, there is automatically assumed to be a greater exposure to vandalism and damage; and

6. A determination by the Commissioner of Insurance that continuation of the policy would place the insurance company in violation of the law.

Your company must notify you of their decision not to renew your policy, at least 45 days prior to its expiration date. But your insurance company does not have to send you a notice by certified mail. They are only required to use first-class mail to the address listed on your policy.

You’re Not Claiming Enough!

Got a nagging feeling that you are not getting enough out of your hefty homeowners insurance? You may not be wrong after all. Some homeowners could be saving a chunk of change every month on their home insurance if they only paid more attention to their reluctance to file claims. These findings were from a new study from MIT's Sloan School of Management. Many of us have this feeling that we don’t need to file a claim in some cases.

For instance, imagine a situation where your window was broken by a baseball and it cost you $700 to repair it. Now, if your deductible is $500 and you’d get only $200 if you filed, would you file that claim? Some of you may, but most would not want to be bothered with that hassle. And then there is the problem of too many filings affecting your claims history. Marketwatch.com reports:

"Your rates, whether it is auto or homeowners insurance, are influenced by your claims history as well as other things," said Bruce Maynard, senior assistant vice president at Amica Mutual Insurance Co., in Lincoln, R.I. "Now, not every claim influences your rates," he said. When it comes to setting premiums, "there are multiple factors that go into it," he said. "If you have concerns, talk to your carrier. You're a customer -- you have a right to understand how your product is priced."

Read more: Homeowners' claims history shows they often overpay on insurance: study

Your Insurance Cover May Not Be Enough

It’s pretty painful to find out that your insurance doesn’t cover many things after your house has suffered a disaster. Standing among the ruins of your house, you’ll be even more devastated to know that the homeowners insurance you paid for regularly, cannot be of much use to you. So how do you ensure that your home or business is adequately protected? Here are a few tips and pointers to help you know if your insurance policy is all right.

The first thing you need to do is review your coverage and policy limits. Ensure that your coverage or insurance is active and that it provides adequate coverage to pay for the full replacement of any lost or damaged property. You are not supposed to be a know-it-all. There are possibly terms in your insurance policy that you don’t understand. Don’t hesitate to ask your agent or insurance company. It is imperative that you understand what your policy covers and does not cover.

In case you have made any additions or improvements to your home since you last took your policy, you must try to increase your policy limits to cover the enhanced value of the property. Even if you haven’t made any adjustments or improvements, you must realize that property values increase over time and you must ensure that your insurance policy is adjusted accordingly. Find out if you need flood insurance.

Your homeowners policy does not include coverage for damage from flooding. So if you want to protect yourself from losses due to flooding, you must take a separate flood insurance policy. You can get that from the National Flood Insurance Program (NFIP), which is administered by the Federal Emergency Management Agency. For more information, call NFIP at 1-888-FLOOD 29 (356-6329).

Maintaining Costs in Expensive Oklahoma

A recent study shows Oklahoma is the 3rd most expensive state in the country for home insurance. However, according to some, the high cost of insurance is worth it. The winds that sweep down the plain combined with hail make it quite difficult to live here. And no homeowner can claim to have a peaceful night’s sleep unless s/he has a home insurance cover.

It doesn't come cheap though. Oklahoma can claim a lot of things as far as low-cost of living, but home insurance isn't one of them, with an average annual premium of $925. The cheapest state, Idaho, is just $400 a year. State Farm says you can lower your insurance premium by using wind and hail-resistant construction materials on your home.

Fewer Storms Do Not Lead To Lower Insurance

Did you notice that Florida hasn't seen too much of the dreaded hurricanes this season? Well so does this mean that insurance rates will remain constant, or still better, fall? High hopes! Heraldtribune.com reports:

Long-term forecasts still call for increased hurricane activity in the Atlantic basin. "There is still great pressure on the insurance markets in Florida, and through much of the Southeast, because of the expectation that the next 10 to 20 years are likely to be above average," says Robert P. Hartwig, chief economist with the Insurance Information Institute.

Read more: Despite fewer storms, property insurance continues to skyrocket

Do You Know Yourself As Well As Your Insurer Does?

If you are shopping around for affordable homeowners insurance, you need to know this bit of info—the insurance company knows your credit profile. They have probably checked into your insurance score to know how you fare. Companies need this information to do business with you as this score can affect just about everything – from the amount you pay for your insurance to whether a bank will let you open an account.

If this scares you, here’s a bit of good news: you too can avail of this information. The Fair Credit Reporting Act allows you to get copies of these reports, improve your scores and correct errors, all of which could save you money. Let us take a look at one thing insurers check most: your credit-based insurance scores.

Put simply these scores are a combination of many factors like your past homeowners-insurance claims and credit score. Insurers use these scores to determine the likelihood of you filing an insurance claim in the next one year. Yes, I know this sounds a bit like hedging or gambling. But, hey they got to make money too! So, now that you know how this score is calculated, here’s how your score can go really down: previous insurance claims, not-too good credit report data including bankruptcies and liens, and the ratio of debt-to-credit limit on your credit cards. All this goes into determining the your rates when you apply for a policy.

If your credit is not too bad and you haven’t had a bad financial past, you will not find it difficult to get a homeowners insurance policy at a good rate. However, if that isn’t the case, here’s what you should do. First get a copy of your credit report. If you are denied insurance because of your score, the insurer might tell how to get a free copy of your report. Next, work to improve your score by avoiding small or unnecessary insurance claims. However, if you find an error on your report, immediately write to the appropriate department.

Don’t miss out this week’s Carnival of Real Estate hosted by Matrix. Our blog article Florida Losing Appeal is featured there.

No End To Florida’s Insurance Woes

The home insurance sector in Florida is spiraling out of control and needs to be reined in before it causes the state’s economy to collapse. I know this sounds a bit over the top but if experts are to be believed, the announcement that Floridians who pay homeowner insurance premiums will have a one-time charge added to help cover Citizens Property Insurance Corp.'s $1.7 billion deficit, is just the beginning.

Florida is one of the few states where you pay more for less coverage. According to recent data, policyholders in Florida pay much more than their counterparts elsewhere. And yet, they receive lesser coverage, higher deductibles and policy exclusions. Moreover, they are also liable for the enormous deficits of the state's three bailout funds: the Florida Hurricane Catastrophe Fund, Citizens Property Insurance and the Florida Insurance Guaranty Association. So, is there a solution to this impending crisis? To be honest, I believe Floridians are in for some tough financial times.

Congress May Not Challenge Insurers

According to the Center for Responsive Politics watchdog group, the insurance industry is among the top political donors to federal campaigns, giving more than $21 million in contributions this year. About 66 percent of the contributions went to Republican candidates. Now you know why Congress may approve some changes to the flood insurance program but don't want to do anything much for the victims of last year's hurricanes. Clarionledger.com reports:

Fourth District Rep. Gene Taylor, a Democrat, and Republican Sen. Trent Lott, who both lost their Gulf Coast homes, are pressing for Congress to reform the industry. They are suing their insurance companies over Katrina-related losses...The insurance industry -which has paid about $15 billion in Katrina-related claims -- says no reforms are needed. They also say changes to the industry could result in higher homeowners' insurance bills for every American.

Read more:Congress unlikely to challenge insurers

Rent a Home? Take Renters Insurance

Not all of us live in our own homes. So, what happens if you have rented a home, or an apartment? Are you exempt from taking insurance? Sadly, no, you still need to take renter insurance. This insurance will provide coverage to you, in the event that your belongings are lost. And guess what, it will also cover your ass in case you do something naughty like damage your landlord’s property.

What do you need to consider before taking insurance? First, create an inventory. Take stock of your dwelling. Make note of all items of value, and especially of those items with high value/high replacement cost. You could catalog all your possessions for easy reference in future. Decide your deductibles. Remember, the higher the deductible, the lower your premium will be. If you’ve taken a basic policy, it will begin with coverage for the actual cash values of your covered belongings.

Antique Home Protection

Did you know that there was a specific policy designed for older homes with historic value? Most people don’t, and that’s where the problem lies. Most of us don’t know that we need home insurance and even if we do, we think that the general policy is enough to cover all our requirements. The insurance market today is a very sophisticated one and offers different types of coverage to suit almost all kinds of requirements. Getting back to the historic home, if you live in such a house, don’t go in for a regular kind of cover and find out if your insurer offers this policy.

Coverage includes protection from basic disasters like aircraft, wind/hail, explosion, riots/civil unrest, fire/lightning, vehicles, volcano eruptions, vandalism, theft, smoke, and self-damaging instances. Insurancefinder.com reports:

Under this plan, coverage is limited to repairs or cash values of the items involved. The rebuilding/replacement cost is not covered in this, because some aspects of the home (historic significance) can make these costs higher than current market value.

Read more: Types of Home Insurance

Insurance For The Mobile

While the percentage of people living in mobile homes is not very high, there are people who do not prefer the comfort of a brick and mortar home. The fact that such people may not be able to avail of regular homeowners insurance doesn’t mean they have to do without any form of insurance. For such people, there’s mobile home insurance. Mobile home insurance can vary from location to location, and from company to company. Basic policies generally involve general protection, theft protection, replacement cost, personal property protection and some others.

General coverage covers most calamities, including fire, and water damage. You can cover your property against quite a few losses by getting a personal property protection. This policy will cover even the perils in your general mobile home coverage. You can check for specifics in your policy detail. Then there is theft protection coverage that as the name suggests, will cover your personal property from burglary. It also protects you in the event of loss of financial items like credit cards, checks, and cash. This is one type of insurance that I would recommend to people with mobile homes. You could be more susceptible to theft than people living in regular homes. There is also a loss of use coverage that pays for expenses you may incur when you are unable to live in your mobile home. In essence, it will cover your food and lodging for the time that you are away from your home.

Floods have become a reality today and you need to insure yourself for protection against floods. Here, an emergency removal policy will help you. For example, if your area becomes extremely flooded, and transport is necessary to save the home, you can rely on this policy to tide you through.

What Gets You a Discount?

Browsing a few websites of homeowners’ insurance providers, I came across a number of features that were guaranteed to fetch me a discount if I insured my home with them. While I can understand the fact that I may have to pay more for owning a certain breed of dog or for not living in close proximity to the fire station, how do insurers offer a 15 percent discount for insuring my home online?

Does that mean that loyalty, the fact that no one in my house smokes, the security measures that protect my house, and the fact that I buy all my insurance products from the same company rank at the same level as buying insurance online?

Know the Types of Home Insurance

It’s not enough to know that if you have a home, you need home insurance. When you get out there into the market, you will be presented with different types of homeowners insurance that range from basic to specific ones. Know the different types before you choose the ones that are best for you. Insurancefinder.com reports:

Home insurance can be broken down into 7 basic types of plans. What differentiates them from one another are the types of circumstances they cover.

Read more: Types Of Home Insurance

Drive to extend deadline for filing lawsuits for Hurricanes Katrina and Rita victims

Insurance Commissioner Jim Donelon has asked the companies writing homeowners insurance in Louisiana to extend the deadline for filing lawsuits for the victims of Hurricanes Katrina and Rita. While the deadline proposed for hurricane Katrina victims is till Aug 31, 2007, the deadline for hurricane Rita victims is September 27, 2007.

Although over 175 insurance companies have obliged, they mainly constitute the smaller players in the market. They account for only one third of the home insurers market. Several larger players have yet to indicate whether or not they will volunteer for this.

While Donelon is hoping for a unanimous positive action from all the players, he has a threat in the offing for those who will fail to comply with the ‘request’. In the event that some companies do not follow this rule, his will use his authority as commissioner and impose fines on them. If the situation so requires, he might even order suspension of their authority to do business in Louisiana. Times Picayune reports:

As of 5 p.m on Thursday, 24 hours before Donelon's deadline, 176 insurance companies representing 31.1 percent of the market had indicated they will comply with the order, said Department of Insurance spokeswoman Amy Whittington.

Global Warming Turns the Heat on Hurricanes

It’s bad news that the much-harassed homeowners who live along the North Atlantic coast can do without. Global warming will soon be making a deep dent in their pockets, if risk predicting models are revamped around this latest threat to the environment. Insurance rates for homeowners are set based on computerized models that analyze and simulate future weather conditions and trends.

Is global warming contributing to the frequent occurrence of hurricanes along the North Atlantic coast? Even as the debate rages on, firms that forecast the probability of hurricanes are already including global warming as a key factor in making predictions.

Risk Management Solutions launched its new hurricane risk model that looks five years into the future of weather, in May. Insurance agencies that use this particular model will be in a hurry to hike insurance rates with Risk Management predicting that hurricanes will contribute to a 25 to 30 percent increase in average annual losses.

Consumer groups are up in arms against this report from Risk Management; they stress that the company is hand in glove with insurance agencies that are looking for the smallest excuse to raise prices.

Meanwhile, others such as Florida state officials and the AIR Worldwide Corporation, Boston, are also investigating the truth of this statement. For its study, AIR has roped in Kerry Emmanuel, a scientist from the Massachusetts Institute of Technology (MIT), who created a storm in a teacup with his paper published in the journal Nature just before hurricane Katrina struck. He had claimed that hurricanes were becoming more frequent and ferocious in the North Atlantic because of global warming caused by human indiscretion and disregard for nature.

Ultimately, the people who live along the coast from Maine to Texas will have to pay the highest; if they don’t pay through their noses for homeowners’ insurance policies, they are in danger of losing the roof above their heads.

How to be in the good books of your homeowners insurance company: Some tips!

Homeowners constantly worry about coming in the bad books of their insurer, should they put forward a claim. This worry is not without a base. The insurance industry is quite sensitive to the frequency with which one requests a claim.

Some insurance companies actually keep a count of not only how many times you have filed for a claim but also how many times you have made a query on the topic. This is quite a difficult situation since what it means is that even if you make a harmless call to the insurance company, chances are that they may put you on the ‘watch out for’ list. This list may be accessible to a lot of parties including other insurers.

Hence you need to be careful about the decision to ask for a claim. There are chances that not only insurance company may refuse cover in the future, other insurance companies may also do the same. Therefore you stand to lose any loyalty or claims-free discounts you may have earned under your present coverage. On top of this you may have to end up with the state's high-risk insurance pool that will charge you high premiums and low damage caps.

Damned If You Do, Damned If You Don't

The problem with homeowners insurance nowadays is that you just don't know if the company that insured your home is still interested in your account. It may just drop you when renewal time comes around as is happening to some people who live along the coast. And if not anything else, homeowners have to worry that making a claim will get them dropped by the insurer. A pampered lot, these guys.. Eh?

Well, if you do claim and your insurer does drop you, you are in deep trouble. This could only mean higher premiums with another insurance company or, if you're deemed troublesome, with your state's high-risk pool. If you are really unlucky, you may end up with NO coverage at all. And the worst part -- you'll also lose any loyalty or claims-free discounts you earned under your present coverage. This is one big sellers' market all right. So how do you know when or why your insurer will drop coverage? Marketwatch.com reports:

Even inquiring about whether to make a claim can hurt your reputation, says Kimberly Lankford, a Kiplinger's magazine columnist. Some companies will count such inquiries against you in a central database that other insurers can access.

Read more: Don't get dropped by homeowners insurance

Updated Your List Now

I began this insurance checklist some time back where I asked you to check your list against mine. Here are two more items that need to be on YOUR insurance checklist:

Ensure renovations are on the list: Sometimes, we keep making renovations and tend to forget that every new addition should be on the inventory list. In case you’ve made the renovations or purchases after taking your policy, speak with your insurance representative to make sure your coverage is still adequate.

One’s not always enough: If you live in the coastal areas, you should know that one homeowner’s insurance policy may not cover everything. You may need as many as five or six separate insurance policies including a homeowner’s insurance policy, a wind and hail policy, a flood insurance policy, earthquake insurance policy and excess coverage such as a personal-articles policy.

Your Insurance May NOT Cover a Disaster

Did you know that nearly 60 percent of U.S. homeowners are absolutely unprepared for the threat that wind, storms and floods pose to their home and its contents? Homeowners should perform a yearly review of their standard homeowners policies, which pay to rebuild a home, rather than compensate homeowners for its market value. App.com reports:

If you haven't reviewed your insurance policies recently, consider doing it soon. "The peak of the hurricane season is in September, so you have time," says Robert Hartwig, chief economist of the Insurance Information Institute, a trade group. "But the amount of time you have is limited. Don't put it off."

Read more: Many homeowners don't have enough insurance to cover disaster

To claim or not to claim...

As strange as it may sound making a claim may not always be a good idea in homeowners insurance. This is because your home is probably the largest investment you make and its equity may be the only thing you’ll have for a rainy day!

Let me explain: Homeowners who make claims run the risk of being forever stamped with a bad mark. This is because a claim represents damage to the house and that means you are actually admitting to a fault in the home. This at the time of selling can come back and haunt you.

Now you may ask who is going to know about the damage claim on your home. The answer is that the insurance company does and they have logged this information in a large repository of insurance related data.

Clueless about CLUE? This database is called the Comprehensive Loss Underwriting Exchange or CLUE and your termite problem is stored there for posterity! Psyched by this little insurance secret? You are not alone and herein - the quandary - to claim or not to claim!

The only good thing to report about the CLUE for the homeowner is that you are entitled to a free copy of your home's CLUE report every year. You can also get a free report when you've been denied insurance by your provider!

Whatever you discuss with your provider is carefully logged here and that is why your home’s prospective buyer may finally decide against your home.

Too many claims also can lead you to being dropped by your insurer and that’s why sometimes claiming may not be a good idea if you plan to sell your home. But then there’s more to this story…

Homeowners who did not claim but discussed with their agent about damage are also not being spared. This is the worst it can get - You don’t get any money and your mould problem is recorded in the CLUE report!

And that brings us back to the profound question – To claim or not to claim? One clue – Keep your problems to yourself before you decide!

Perils of not insuring your home office

Many a big dream has been realized in the humble concept of home office. But what do we know about the trends of this concept in the United States? Even as I sit writing in my home office I know of five others at work at their home office in my street.

Did you know?

1. There are over 43 million home-based businesses in the United States.
2. More than half of this huge number is uninsured.
3. You could lose a claim by not telling your homeowners insurance provider that you work from home.

The third point there is itself the biggest risk you face! It is obvious that most people are not aware of the risks of not insuring their home office.

You need to be covered for at least 80% of the value of your home. If you fall below that number the insurance company can refuse to reimburse you in full for a total loss.

Additional cover for home offices can be purchased as an endorsement on your standard homeowners policy. Insurance providers can also do the following if you have a home office that does not have extra cover and limit losses:

1. Most homeowner’s policies limit loss of business property to $2,500
2. Standard policies don't cover losses away from the home and
3. Exclude liability coverage for business-related activity.

Keeping in mind that basic property insurance does not protect you from liability and property damage let’s look at the possible losses that can happen to a home office.

1. Clients could have a fall in your home office
2. Computer accessories equipment other hardware can be stolen
3. Expensive computer software can be stolen
4. Your service or product could injure somebody

Decide on how much insurance is needed for your home office by taking an inventory of all the things in the office. From furniture to money to goodwill and trademarks all the things in the home office should be accounted for.

Finally, ask your homeowners insurance providers about riders and endorsements for your home office.

Insurance Increases Because Of…

• The way your home is built. Some kinds of construction are more costly than others.
• The age of your home. Very old homes are prone to be given very limited cover or none at all.
• The lack of adequate protection against fire. A family of non-smokers qualify for lower premiums, as do homes that are closer to fire departments and fire-fighting equipment.
• The amount of coverage you purchase for your home, its contents and your personal liability.
• The low deductibles that you pay.
• The discounts you lose when you don’t purchase auto and home insurance from the same agency.
• The lack of safety implements like alarms and dead-bolts in your home.

Musings of a prospective waterfront homeowner...

Owning a waterfront home sure doesn’t look so attractive these days, don’t you think? If you look at the news - all you see are warnings – hurricanes, floods and premiums! So, if you were to decide on buying your dream home facing the waters, the decision-making would be a bit of a catch-22!

Firstly, there is the hurricane threat: We are now entering its peak period – in fact, in just under two weeks. The first-year anniversary of Hurricane Katrina is upon us as a reminder!

Then there is that little problem called homeowners insurance! You are “lucky”, if you get a provider and “wealthy” - if you can afford the premium. Each premium hike also reminds you that you are not financially “so good”.

What about the mystery of homeowners who are living in areas that have never seen hurricanes or floods, being asked to pay big bucks for insurance? Now what is that really…does anybody really have a clue?

Let's not forget that if your home is damaged after a hurricane, you have to prove it is “wind and not water” to be able to get your claim.

If it's a Lakeview property that is your dream, you are warned that you could still be flooded because the flood maps are not really accurate. The constructions in the area have changed the levels of the water table.

Finally, you know that you need a mortgage to buy a home and you can't get one without homeowners insurance. So while mortgage providers need insurance for protection; the insurers go to re-insurers for assurance! But, YOU have to have them all - to buy a home!

Now, if all this isn't stopping you - You will need a basic homeowners insurance policy, a wind and hail policy (if your basic homeowners insurance policy does not already cover wind and hail), a flood insurance policy, excess flood coverage, earthquake insurance policy and excess coverage - such as a personal-articles policy!

Three ways to lower your homeowner’s insurance costs

Did you know that the price you pay for your homeowners insurance could vary by hundreds of dollars? Different insurance companies charge differently and that is where the price difference arises. But there are some things you can do to lower your costs. So, before you go out to get yourself a homeowner’s insurance policy, it is best to consider certain things that will help you lower your costs.

• Shop Around: This could take some time, but I’ll guarantee you’ll save a couple of hundred dollars if you shop around for your insurance instead of going in for the first one that comes your way. Ask your friends, check the Yellow Pages or contact your state insurance department. The National Association of Insurance Commissioners has information that can help you choose an insurer in your state, including complaints.
• Disaster resistant: One of the simplest things you can do to reduce your insurance cost is to make your home disaster resistant. Find out from your insurance agent or company representative what steps you can take to make your home more resistant to windstorms and other natural disasters. The simple act of adding storm shutters can actually help you save on your premiums!
• Reinforce: Reinforcing your roof or buying stronger roofing materials, also give the same benefits. Older homes can be retrofitted to make them better able to withstand earthquakes. In addition, consider modernizing your heating, plumbing and electrical systems to reduce the risk of fire and water damage.

Beating the ‘give me more’ syndrome among insurers

Hurricanes Katrina and Wilma have had repercussions far beyond the physical plane. Yes, houses were damaged and scores of people were rendered homeless or worse. But what has come to fore during this time is the excessive greed of the insurers. In the time that has passed since the hurricanes, insurers have lost no time to shout from rooftops about the scary situation that we are in and that we need to do something drastic. And what would that be? Increase the rates of course. Make the already burdened consumer pay even more so that the insurer doesn’t have to face ‘terrible’ losses.

People buy insurance and pay for it for years to deal with the possibility of future problems, and collect if, and after, they really do happen. And when a calamity does strike, chances are the insurance doesn’t cover everything. So whichever way you look at it, the homeowner is always at risk.

Agreed insurance companies are in the business to make money. But when it is at the cost of the consumer, it does hurt. They maneuver the regulatory process to ensure they are not at risk. They also buy reinsurance to guard against the possibility of risk. All this is acceptable. But then you hear of the Fair Plan, which reported a $25 million profit in fiscal 2005. And all that money came from the homeowners.

And now, the Fair Plan wants to raise insurance rates 25 percent just so they are prepared in the event of a Katrina-like hurricane While such a hurricane is certainly possible, it is also possible that it won’t come, or be anywhere near as devastating. So, what happens to all the money that homeowners invest in the Fair Plan? Any suggestions on how to make the Fair Plan really fair?

It’s time we called the insurers’ bluff

Agreed Florida suffers from an overdose of natural fury what with escalating storm cycles ensuring that a large part of the population has to live from one day to the next, hoping that their roof won’t be blown off or their home uprooted. And to compound problems, we have these heartless insurers who keep raising the rates making insurance more of a luxury for many homeowners. Is there a way out? News-journalonline.com reports:

The first step is to pierce the illusion that major insurance names are going "bankrupt" in Florida. What too often happens is this: A nationally known insurance company creates a Florida-only subsidiary -- one that uses the same name, the same ad campaigns and the same slogans, but which isn't backed by national assets. In essence, many Floridians are being deceived, while insurance companies have the leeway to report big profits to stockholders while pleading poverty to state insurance regulators.

Read more: Homeowners' insurance can be affordable

Let’s Talk Deductibles

What are deductibles? They are the amounts you have to shell out before your insurance company will pay your claim. Each policy has different terms to spell out the amount of deductibles in the particular claim.

You can pay a less amount as premium if you have a higher deductible amount. Deductibles may be charged separately for certain types of destruction depending on the geographical area you live in, which means you may have a windstorm deductible or earthquake deductible if you live near the East coast or in a quake-prone area respectively.

While most insurance companies charge $500 as the deductible amount, if you raise the amount to $1,000, you may save up to 25 percent on premiums.

Did your agent mislead you? Katrina Insurance Trial Update!

Like I pointed out in an earlier post about the Katrina insurance trial, the things that the insurance agent tells you while you buy your homeowners policy, is being raised. The case leans heavily on the agent who allegedly told the Leonards that they do not require a separate flood policy.

Insurance agent Jay Fletcher is feeling the heat as several other Nationwide policyholders testified that he either told them they didn't need flood insurance or convinced them that their policies covered all forms of hurricane damage.

Trial highlights:

1. Paul Leonard testified that, after Hurricane Georges hit the Gulf Coast in 1998, he asked Fletcher if he needed flood insurance and the agent allegedly told him that he does not need flood cover.

2. Pascagoula chiropractor, Munson Hinman, said he walked into Fletcher's office with a check to purchase flood insurance months before Katrina, but the agent talked him out of it. 

3. After Katrina, Nationwide paid Hinman more than $136,000 for the damage to his home, including damage from storm surge, even though he didn't have flood insurance.

4. The agent has denied saying anything like that to Leonard or others.

5.  Nationwide said that the flood exclusion in its policies extends to "storm surge" even though that term wasn't written into the Leonards' policy until after Katrina's wind-driven water inundated thousands of homes far from flood zones.

6. Leonard’s attorney, Scruggs argued that Fletcher's alleged assurances about the scope of coverage make Nationwide liable for all the damage, be it wind or water.

A clear case of misleading the insured is what it looks like to me and the case also calls for insurance companies to have better monitoring of their agents doings. Looks like if the Fletcher part is proved, Nationwide could end up paying the Leonards and many more.

However, if this case actually looks into the “Wind vs. Water” issue and makes a ruling – then it will be a landmark ruling for homeowners affected by hurricane Katrina. The case is approaching closing arguments.

Wealthy beach home/condo owners feel the premium pinch

What do you do when you are wealthy homeowner with some hurricane damage to your home?  You would probably do the repairs and expect an increase in premiums from your insurer, right? But, what do you do if what happens next is a shocking zoom in premium rate?

Alabama’s wealthy beach house/condo owners are realizing that homeowners insurance premium have skyrocketed! The hurricanes last year have given most of the boost to the rates here but there are other factors too…

After the hurricanes wealthier homeowners promptly repaired their homes and condos and expected an increase in premium. But, no one expected the rates being demanded now. Reason - some properties have more than doubled in value after repairs from Hurricane Ivan. With home values doubled there’s more premium to be paid!

Therefore, here hurricanes alone did not contribute in the zooming premium rates and this is now making even the wealthy feel the insurance pinch.

One condo property in Orange Beach saw it's annual insurance premium soar from $40,000 to more than $1.1-million. When the Gulf-front complex renewed its casualty insurance policy, which covers wind damage from hurricanes, owners were stunned to see their annual premium soar from about $40,000 to nearly $1.1 million. The increase means additional expenses of nearly $15,000 a year for owners of each of the 71 condos.

Another reason: Heavily in debts, traditional insurers are leaving the area and only re-insurers and state-backed insurers remain. Re-insurers and state-backed ones are in a hurry to re-fill their reserves and are demanding higher premiums to get there. Did you know that re-insurers do not answer to Insurance Regulators unlike the traditional insurers?

Conclusion: When the re-insurers’ coffers will be re-filled, hopefully lower premiums will be back. What we probably need is some healthy competition and let the laws of economics do the rest. However, till then wealthy beach condos/home owners will have to dish out huge sums as premiums.

Don't you think, in some parts the insurance-hurricane seems to be unleashing more havoc than any hurricane with a human name? 

The Singapore Home Insurance Scenario

Let’s take a peek into the home insurance industry in Singapore. The country’s banks that offer home loans mandate all its customers to buy basic insurance protection against domestic and household-induced fires. While the Monetary Authority of Singapore asserts that customers are not legally obliged to purchase a fire insurance coverage along with their home loan, homeowners are not too worried about the detail. They are just happy that their housing loans have been approved.

While the banks are under fire for this practice, the Association of Banks in Singapore justifies the procedure. Lenders are protecting themselves from the possibility of damage by fire and lightning, and water from burst pipes and overflowing tanks, and use the premiums collected to restore the damaged property to its original condition, should the unthinkable happen.

The Association further states that the premiums are low, and that customers who opt for insurance coverage from insurance agencies will end up paying more for the same service. At the same time, it advises banks to offer a more comprehensive coverage policy that will insure the house and its contents too.

Home Insurance in the UK

I’m sure you’ll find this hard to believe, but it is true. The cost of home insurance in the UK is nearly the same as it was 12 years ago, an amazing actuality when you consider the effect of inflation.

AA, an organization that provides insurance and arranges finances, reports some astonishing figures - Building insurance cost £206 in 1994; today it is £207. Contents insurance was priced at £144 twelve years ago; it costs £152 today.

The reasons cited for the static behavior of insurance premiums are fierce competition, better understanding and identification of flood and theft risks, and a more streamlined claims-handling process.

Insurance rates are still dropping, if you go by the indications of the past three months – building insurance costs fell 0.49 percent, says AA.   

Katrina insurance trial - Questions to ask yourself

Don’t you think that homeowners insurance providers have a unilateral decision on the wind vs. water question on insurance coverage for homes?

The agents selling home insurance policies however sometimes sing a different tune till an application for a claim crops up. Then it is an about-turn on their earlier stance of -“you are covered for hurricanes and that will be all you need!” Did this happen to you?

We now have a trailblazing trial on to decide on just this question and hopefully the decision will help the home insurance crisis to make some important decisions on the following.

1. Should insurance agents be allowed a free reign to interpret the policies for their customers.
2. Clear-cut criterion for the “wind vs. water” question

The trial is on to discuss the case of Lt. Paul Leonard of Mississippi, who says - he was promised before the storm by his insurance agent that his homeowner’s policy would cover everything. However, his insurance provider, Nationwide Mutual concluded that flooding caused most of the damage, USA Today reports.

Leonard did not have a separate flood insurance policy, as his agent seems to have reassured him that he is covered for everything. Then Katrina happened. The insurer denied most of his claim for the ground floor of his home that was damaged by water. He has paid $30,000 from his own pocket to fix it.

Time to jog your memory on your policy and what the agent said while you bought it.

1. Did your agent tell you that you are covered for hurricanes and that is all the insurance you will need?

2. Did your agent warn you that you need separate flood cover?

Watch out for the Leonard case proceedings here, I'll keep you posted.

Leonard’s attorney, Zach Scruggs in his opening statements said that the agent in this case did not want to write a flood policy “because he didn’t make much money off of it.” This case could be it for thousands of hapless homeowners who were denied claims by providers stating, “flooding” the reason for damage.  What is your verdict on this trial?

Insurance heartburn continues for residents

It isn’t the best of times to be a homeowner – I think I can boldly claim that things have rarely gotten so bad as it is now. After Nationwide Insurance Co. of Florida filed a request with the state to increase homeowners' insurance rates by an average of 71 percent, the Martin County Commission is mulling a $58 hike in property taxes for residents with median-priced homes and a homestead exemption. Tcpalm.com reports:

In May, State Farm — Florida's second-largest insurer — requested a 79 percent increase in homeowners insurance rates. Last week, the company withdrew its petition. Why? State Farm officials said the proposed increase isn't enough.

Read more: Steep increases in insurance rates will place added financial burden on homeowners

Flood Vs. homeowners insurance

You have heard the information by now that a standard homeowners insurance policy does not provide flood cover for your home. You need a separate flood policy and you need to check if you are in the flood zone and what your chances are for flooding even if you have not had floods for donkeys years.

However, standard homeowners insurance policy can provide coverage for many types of water damage to your home. As an active hurricane season is being predicted you need to know about all the insurance protection you can claim if your home gets flooded.

Examples: If torrential rain soaks the roof and thereby allow water to drip through your ceiling or attic is something that is covered by a standard homeowners policy. Similarly broken water pipes that flood your home are also covered and so do damaged windows that let in rain, which happened because of a hailstorm, cause flooding.

Homeowners can still buy flood insurance before the hurricane season gets into full swing - from late August through mid-September. But that still may not be enough time as federally sponsored flood insurance doesn’t go into effect until 30 days after it’s purchased. 

It is generally believed by insurance experts that even if you’re not in a federally designated high-risk area, it’s worth considering flood insurance. If a property is in a high-risk flood zone, where there is a 1 percent annual chance of flooding, mortgage lenders typically require homebuyers to get flood insurance. 

However, not everyone needs to buy flood insurance if you go about the check properly. Your need depends on several factors, including elevation of your home and how close you are to a body of water. You can find out whether your home is in a low-, moderate- or high-risk area by entering your property’s address at the Web site of the National Flood Insurance Program, www.floodsmart.gov.

Check out if your house is underinsured!

Here is a startling revelation - according to a survey by Marshall & Swift / Boeckh, at least two out of three American houses are under insured. The survey also revealed that a typical homeowner is underinsured by at least 27%. This means that should a catastrophe strike, the out of pocket expenses for this two third population would be very high.

There are several factors at play here. The Construction costs are on the rise and the insurance cover is definitely not in pace with it. Also noteworthy is the observation that more and more homeowners are remodeling their houses without actually revisiting or changing their homeowners insurance. But the most noteworthy is the change in how the policies are drafted today. Today Insurance policies cover less than what they used to in the past. Earlier the home insurance company would rebuild the victim’s home no matter what it cost them. But today most insurers cap how much they pay to 120% of your policy’s stated coverage amount.

Flood insurance, FEMA flood maps - News

Reading about flooding and home insurance lately the first thought I had was - "Do I need homeowners insurance or just flood insurance for my home?" The article points out that Ninety percent of all natural disasters in the U.S. involve flooding. Ninety-nine percent of the homeowners policies do not cover flood damage to the home or the contents.

Flood insurance numbers: The maximum amount per home of flood insurance that a homeowner can buy under the N.F.I.P. is $250,000 but $250,000 is not always enough. The owner of the larger homes can buy an excess flood policy to cover the full amount. The average cost of policies countrywide as of June 2005 was $446.00. The cost of the cheapest type of flood policy is $112.

FEMA has posted new satellite-generated flood maps post Katrina for Jefferson, Orleans, upper Plaquemines and St. Bernard parishes online. Diana Herrera, a FEMA natural hazards program specialist, said the maps were hand-delivered to the four parishes before being posted online. FEMA planned no public notice of the new resource on its Web site.

Maps appeared online without any publicity but why was this so? Maybe because it’s not going to be very helpful for regular homeowners - "They're useful for land surveyors and city planners and code enforcement agencies, but the average person isn't going to know what to make of it," said Michael Centineo, New Orleans' safety and permits director. "It's hard to explain to them that unless they get a survey, there's no way to know how high they need to build."

Now moving on to California - The Federal Emergency Management Agency is slated to release a new set of flood maps in early October that could force Central Valley cities to spend millions on repairing local levees to keep every homeowner in town from having to spend roughly $1,200 a year on mandatory flood insurance. This is making things uncomfortable for lawmakers here as they are facing elections and they have promptly asked FEMA to delay the release as it could influence the election result.

What you need to know about Texas Homeowners insurance

If you own a home in Texas, here are a couple of things that you should know. For starters, the Texas law does not require you to purchase homeowners insurance. However you may be required to purchase insurance if you are financing your home.

Homeowner Insurance companies in Texas generally base your premium on factors such as replacement cost of your home, its construction materials, the area where you live and the likes. What may also be of importance is information pertaining to your claims history, your credit score, and local fire protection.

Do remember that Homeowners Insurance Companies in Texas are required by law to disclose their rates to the Texas Department of Insurance. This ensures that the homeowner does not end up paying more than he actually has to. In addition to this, he is assured that the company is offering rates that are adequate and are not excessive to the risks for which they apply. At no point can the charges be unfairly discriminatory.

Choose the type of insurance for your home

You may be on the look out to buy or rent a home and it goes without saying that you need homeowners insurance to get coverage for unforeseen things that may happen to your home and its contents. So, what types of homeowners insurance are available?

A traditional homeowners policy includes four types of coverage - 1) Coverage for the structure of your home 2) coverage for your personal belongings 3) additional living expenses in the event of disaster and 4) liability protection. This means that your home is usually covered for fire or lightning; windstorm or hail; explosions; riot or civil commotion; aircraft; vehicles; smoke; theft or vandalism; falling objects; weight of ice, snow, or sleet; and freezing of a plumbing, heating, air conditioning, or other system.

Renters insurance provides the same kind of general personal property coverage and liability protection as a homeowners policy. A renters policy will also protect you in the event you damage or destroy the landlord's building. Without renters insurance, you could be held liable for the total loss. Renters insurance is a must if you want to protect your belongings in your rented apartment or home.

A condominium owners policy protects the inside of the condominium unit as well as what is inside the unit. The building and common area is protected by structural insurance taken by the condominium association and this should suffice ample coverage for common property.

Disaster insurance should be taken separately as standard homeowners insurance does not cover floods, earthquakes, and some other natural disasters. If you live in a designated flood zone, you will be required to purchase flood insurance. You can purchase flood insurance directly from your insurance agent, but the policy is actually provided by the Federal Flood Insurance Program. You can purchase earthquake insurance either as a separate policy or as an endorsement to your standard homeowners or renters policy.

Title Insurance could be your life line.

Imagine getting a notice from the bank saying you may be losing your home and of really no fault of yours! This is exactly what happened to homeowners in a quiet Caledonia subdivision where dozens of homeowners got a 100-page stack of documents naming them in a lawsuit filed on June 12 by Irwin Union Bank.

The bank is seeking foreclosure, alleging over $3 million was never paid by the property owners and the builder GBW. The homeowners contend they have done everything correctly from closing to paying their mortgages on time, not knowing until now the bank never got the money. Rob Wardrop, an attorney for GBW builders says the case stems from the misappropriation of funds by broker Prime Title and one of GBW's owners. Prime Title is now out of business and the GBW executive in question is somewhere in Florida.

The good news is that these homeowners should be protected if they have title insurance and it's industry standard that lenders require it. Most of the homeowners 24 Hour News 8 talked to say they have it. In that case, the Title insurance company is obligated to fight the court battle.

So, what really is title insurance? Title insurance is protection against loss arising from problems connected to the title to your property. Before you purchased your home, it may have gone through several ownership changes or problems like forgery/fraud in the past. This may crop up later as law suits and could lead you to foreclosure. Title insurance covers the insured party for any claims and legal fees that arise out of such problems.

Title insurance is mandatory if you need mortgage or refinance your mortgage<