Posts Tagged ‘homeowners insurance’

7 Ways to Trim Insurance Costs This Month

Thursday, January 19th, 2012

Thanks to Maine’s rural nature, mature population, low crime rates and high percentage of insured drivers, buyers of Maine auto insurance and home insurance pay some of the lowest insurance rates in the U.S. Still, there are ways to reduce your insurance costs. Avoiding accidents, tickets and homeowners claims is an obvious one. Here are some others.

Shop Around

Insurance is a very competitive business, as evidenced by the volume of advertising in the media, mail and internet.  Every insurance company sets their own rates, and evaluates people differently. If you bought your policy directly from an insurance company (like Allstate, GEICO, State Farm, etc.), they only offer rates from their company. You’ll have to shop on your own.

Consult a Maine independent insurance agent who represents many companies; they will do the shopping for you. Many of them even have web sites where you can compare Maine  home and auto insurance quotes from multiple companies.

The Best Time to Shop for Insurance

Your home and car insurance rates depend greatly upon your insurance score. That score is based on most of the same information as your credit score. The higher your score, the lower your car and home insurance rates. To get the best price, shop for insurance when your score is good.

In general, your insurance score decreases when you:

  • Make a late payment on any type of loan or bill.
  • Use a higher percentage of your available credit
  • Apply for a loan or credit card (applying for insurance does NOT affect your score).

The time to get the best insurance rates is BEFORE refinancing or buying a home or car, and when your credit card balances are low.

Package Your Policies

Most insurers offer a significant discount for buying more than one policy from them. If you insure your property and your autos, you can often save $200 or more per year. The same goes for boats, snowmobiles, motorcycles or other types of insurance. Some insurers can even combine your billing, to simplify your bill-paying process, and reduce the clutter in your life.

Don’t Let Your Insurance Lapse

Every month, thousands of people get insurance cancellation notices due to non-payment of premium. This happens for reasons ranging from inattention to bills, to being on vacation, to simply not having the money.

If your insurance lapses, the insurance company may choose not to reinstate your coverage – especially if you’re a frequent slow payer. Few insurance companies will accept you after you have had a lapse in coverage – and they charge higher premiums to account for the additional risk. An easy way to save $250 per year or more: don’t let your policy cancel in the first place.

Communicate with Your Agent – Get the Discounts You Deserve

Your agent knows more about insurance discounts and rules than you do. They know which companies offer auto insurance discounts for driving few miles, owning a hybrid car, or a child being on the honor roll; discounts on home insurance for installing a generator or an alarm system; and which ones have best rates for young drivers. Some companies even offer a discount if you have your policy delivered electronically instead of by mail.

Certain life events affect your insurance, like sending a child off to college, inheriting a vehicle or property, and a child getting their driver’s license. By talking regularly with your agent, you will get advice on the best rate and coverage for your current situation.

Adjust Your Coverage

Pay attention to your deductibles and coverage. When you first bought your home, you may not have had the cash reserves to pay a $1,000 bill for damage. Perhaps now you do. Increasing your deductible from $500 to $1,000 can save hundreds of dollars a year.

Likewise, your auto policy may still have collision coverage on a vehicle with a very low book value. Your agent can help you estimate the savings by removing unneeded coverages or increasing deductibles.

Pay Bills Automatically

Most insurers now allow you to pay your insurance  in monthly installments by Electronic Funds Transfer (EFT). Many charge very little – or nothing – for this option. Compared to the traditional “get a bill, write a check” method, this could save you $60 per year per policy. It also assures that your insurance continues without lapse, and improves your “on time payment” record, which helps your credit and insurance scores.

If you live in Southern Maine, and have questions about your insurance, contact Noyes Hall & Allen Insurance at 207-799-5541.

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Posted in Car Insurance, Condo Insurance, Finance, Home Buying, Home Insurance, Homeowners Insurance, Insurance Discounts, Personal Insurance, Renters Insurance, Uncategorized | No Comments »

Space Heaters: How to Stay Warm AND Safe

Wednesday, October 26th, 2011

It’s getting colder in Maine. With today’s high fuel prices, many of us try to delay turning on the heat as long as possible. For some people, that means using a space heater to “take the chill off”. As with any appliance, it’s important to know the associated hazards and best practices for avoiding them.

Fires and Burns

The Consumer Product Safety Commission estimates that space heaters are involved more than 25,000 home fires every year, causing more than 300 deaths.The SPSC estimates that another 6000 people, many of them children, visit emergency rooms for burns from touching hot surfaces.

  • Check the wires, fuel lines and tanks often to make sure they’re in good condition.
  • Keep combustibles at least 3 feet away from space heaters.
  • Leave your space heater on the floor, unless it’s designed otherwise.
  • If you smell gas, turn off all controls, open a window, and leave the area.
  • Propane is heavier than air. Avoid electrical switches or appliances if you smell gas. And, of course, no smoking!
  • Do not use electric space heaters in wet areas, such as the bathroom.
  • Keep children and animals away from space heaters.

Carbon Monoxide Poisoning

CO is an odorless, colorless gas produced by incomplete combustion of gasoline, natural gas, propane, kerosene, coal or wood. Symptoms of CO poisoning include:

  • Dizziness
  • Nausea
  • Headache
  • Fatigue
  • Weakness

Prolonged exposure can cause lack of coordination, confusion, loss of consciousness, and even death.

Modern space heaters (made after 1983) have sensors that automatically shut off the appliance if a reduced level of oxygen is detected. In addition, your best protection is a good, working CO detector.

If you have property in Maine, and have questions about home, renters or condominium insurance, our Portland area insurance agency can help. We’re locally owned, and represent many of  Maine’s best insurance companies. That means we can provide you with customized choices.  Contact a Noyes Hall & Allen agent for answers!

Here’s to a mild – and safe – heating season!

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Posted in Business Property Insurance, Condo Insurance, Fire, Homeowners Insurance, Personal Insurance, Renters Insurance, safety, Weather | No Comments »

Am I Covered if a Falling Satellite Hits My House or Car?

Friday, September 23rd, 2011

I realize I’m out of the loop, but was I the only one surprised to wake this morning to news that a huge piece of space junk is headed straight for Earth?

As usual, my friend Sabine was way ahead of me. She had already tweeted this insurance question (and blog post idea!):

 

 

The Answer to Every Insurance Question is: “It Depends”.

If you have  Maine homeowners insurance, business property insurance, or anything other than the most basic kind of property policy, you’re covered for damage caused by “aircraft, including self-propelled missiles and spacecraft”.

If you have  Maine car insurance, commercial vehicle insurance, or contractors’ equipment coverage, and have included “other than collision coverage”, you’re covered against hurtling space junk. If you bought “liability only” coverage, you’re taking your chances.

Fortunately, your chances of getting hit are infinitessimally low. Probably.

If you live in Southern Maine, and  have questions about your insurance, our Portland area insurance agency can help. Call Noyes Hall & Allen Insurance at 207-799-5541. Or, post on our wall by finding Noyes Hall & Allen on Facebook or tweet us @NHAIns on Twitter.

 

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Posted in Business Insurance, Business Property Insurance, Commercial Vehicle Insurance, Condo Insurance, Home Insurance, Homeowners Insurance, News, Personal Insurance, Renters Insurance | No Comments »

What is “Dwelling Fire” Insurance?

Tuesday, September 20th, 2011

Most Maine home insurance is written on a homeowners policy. But certain types of property do not qualify for homeowners policies, either because of the characteristics of the property or its occupancy. Properties that do not qualify for Maine homeowners insurance are often insured on a Dwelling Fire policy.

Does a Dwelling Fire Policy Only Cover Fire?

The name is misleading. All Dwelling Fire policies cover more than just fire. How much more depends on which policy form you have.

Dwelling Fire policies offer 3 common flavors: DP-1, DP-2 and DP-3. Homeowners policies also have 3 options, HO-1 through 3. The vast majority of Maine homeowners policies are HO-3; likewise, DP-3 is the most common coverage level found on Maine Dwelling Fire policies.

DP-3 Dwelling Fire policies and an HO-3 Homeowners policies have very similar coverage for buildings. Building coverage is considered “open perils”: unless a cause of loss is excluded, it is covered. The lower-numbered policies provide more restrictive “named perils” building coverage; only specifically listed causes of loss are covered. The DP-2/HO-2 building section covers 12 named perils. The DP-1/HO-1 only covers 4: Fire & lightning; windstorm; explosion; and vandalism.

The Difference Between a Dwelling Fire Policy and a Homeowners Policy

There are several key differences between the two policies.

  • Dwelling Fire policies do not automatically include Liability or Medical Payments coverage.
  • Theft of contents is not covered by Dwelling Fire policies (you can sometimes purchase a small amount for an additional premium).
  • Dwelling Fire policies typically don’t permit optional coverage extensions that are common to homeowners policies (e.g. water backup; identity theft; fallen tree removal; food spoilage).

Why do I need to Buy a Dwelling Fire policy?

A Dwelling Fire policy may be required for:

  • Property rented to others.
  • Seasonal property.
  • Other properties as determined by an insurer’s Underwriting Department.

A Dwelling Fire policy covers your property for more than fire. Coverage is generally not as broad as a homeowners policy, but it’s not as limited as the name implies. For advice about your particular situation contact your Maine insurance agency or Noyes Hall & Allen at 207-799-5541.

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Posted in Business Property Insurance, Home Insurance, Homeowners Insurance | No Comments »

Maine Flood Insurance Unavailable

Monday, March 29th, 2010

For the second time in a month, The National Flood Insurance Program lapsed on March 28 due to lack of continued federal funding. The Senate left for Easter recess until April 12 without addressing HR4851, which would have offered an extension. This leaves anyone looking to buy Maine flood insurance – or in any other state – high and dry, in the height of flood season.

If You’re Buying a Home and Need Flood Insurance
Flood insurance servicing companies are collecting applications, but cannot accept them or bind coverage until the NFIP is re-authorized by the Senate. If your lender requires proof of flood insurance, this may delay your closing. Talk to your lender for more information. You literally can not buy flood coverage without an act of Congress.

If You Already Have Flood Insurance, and Need to Make a Claim
Claim payments  will be continued as usual for all policies currently in effect.

If You Have Flood Insurance and Need to Increase Your Coverage
Coverage cannot be increased on existing policies until the NFIP is reauthorized. This may delay a loan closing if you are refinancing or taking out a home equity loan.

If Your Flood Policy is About to Renew
Renewal policies can not be issued during the lapse. Many companies sent renewal bills prior to March 28. If you received a bill and paid it, your coverage should be in force. If your premium was not paid before March 28, coverage cannot be bound until after the NFIP is reauthorized by Congress.

What You Can Do
The NFIP is the only primary flood insurance available for residential properties. Many insurers have a servicing contract to issue business on behalf of the NFIP, but it is a government program. Without reauthorization, the program is essentially shut down. Call or email your senator to let them know what this lack of funding means to you. While there’s no guarantee, the NFIP reauthorization will likely be retroactive to March 28 – once it’s finally passed. That’s usually what happens in these cases.

Even during normal operation, the National Flood Insurance Program operates differently than most insurance programs. There are waiting periods and underwriting rules and requirements that are unique to this program. It’s impossible to advise you about your individual situation with a blog post like this. Call a Maine homeowners insurance agent for advice about your own insurance.

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Posted in Business Insurance, Current Affairs, Home Buying, Homeowners Insurance, News, Personal Insurance | No Comments »

Advice from a Maine Insurance Agency: Help Prevent Ice Dams This Winter

Monday, November 23rd, 2009

A quick bit of home maintenance this fall can prevent the headache of ice dams this winter. For more information about Maine homeowners insurance, call Noyes Hall & Allen at 207-799-5541.

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Posted in Business Insurance, Business Property Insurance, Condo Insurance, Homeowners Insurance, Personal Insurance, Renters Insurance, Weather | No Comments »

Maine Homeowners – Thinking About a Pellet Stove?

Thursday, November 12th, 2009

Pellet stoves are hot. Over 50% of stoves bought in the U.S.  in 2008 were pellet-fueled, according to the Pellet Fuels Institute.

A Wood Pellet StoveAny kind of wood-burning appliance causes concern for fire insurance companies. Insurers are often slow to adapt to new technology, since they rely on experience statistics to help them set rates and underwriting guidelines. However, most insurers understand the popularity of these stoves, and are trying to accomodate home owners who use them.

Operated and maintained properly, well-built stoves can be a safe, economical way to heat your home. If you buy one, your insurance company will probably ask some questions about it. Here are some of the insurance company guidelines we’ve seen.

5 Keys to Making Your Pellet Stove Insurable

  1. Make sure your stove is UL listed. Many U.S. insurers will only insure American or Canadian built pellet stoves.
  2. Many companies will only insure top-fed stoves. Bottom and side-fed stoves are considered to be harder to consistently maintain. This may change with future designs and as more experience develops.
  3. Avoid an appliance that is capable of burning Standard PFI rated pellets. Some insurers will not accept them.
  4. Although manufacturers’ requirements may be more lenient, insurance companies tend to require the same heat shielding and fireproof hearth as they would for a standard wood stove.
  5. If your stove has a power exhaust vent, many companies require a 1 foot projection of the vent from any combustibles (e.g. siding) through an approved thimble. Because power exhaust vents require electricity, several insurers require a battery backup or generator to prevent a puff-back in a power outage.

It’s always smart to ask your agent or insurance company before installing a wood-burning appliance. If you have any questions, contact Noyes Hall & Allen Insurance .

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Posted in Condo Insurance, Home Buying, Homeowners Insurance, Personal Insurance, Renters Insurance, safety, Trends | No Comments »

Alternative Heat: Burning Wood

Monday, August 18th, 2008

Rising heating oil prices have Mainers thinking about the cold of winter in the middle of summer. Firewood supplies are scarce, and prices high, the newspaper reported last week. Consumer advocates are warning about unscrupulous dealers and unsafe wood-burning practices. Even Gov. John Baldacci is using his bully pulpit to spread the word.

Maine insurance agents and companies have been concerned for a few years about the prospect of paying more Maine homeowners insurance claims due to fires caused by inexperienced woodstove operators. Presque Isle’s MMG Insurance has some of the best material, from a two-page brochure (pdf) to a 13 page manifesto (available upon request).

If you’re thinking of burning wood, check them out.

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Posted in Business Property Insurance, Condo Insurance, Homeowners Insurance, Personal Insurance, Renters Insurance, safety, Trends | No Comments »

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