Home owner's insurance can mean different things to different people depending on the type of policy that is in effect. The two things that all policies do, or at least should do, are protect the home in case of damages, and protect you from personal liability should someone be injured while on your property. This article will examine some of the issues concerning home owner's insurance and perhaps answer some questions you may have on the subject.
When it comes to asset protection, how much insurance do you really need? That is a question that many home owners ask. With home owner's insurance it should be remembered that the more coverage you have the less money you will have to pay out of your own pocket should something happen. You should spend some serious time calculating how much cash you would have if you needed to make repairs and then adjust the level of coverage to that.
You should also ensure that you have enough coverage to handle any personal injury claims that may come your way. If you are not sure about how to do this, sit down with your home owner's insurance agent and have him or her go through the numbers with you.
In most cases where there is a mortgage outstanding, the lender will want you to have at least enough coverage to cover the remainder of the mortgage. However, do not let this minimize the coverage that you feel you really need. In other words, if you need more insurance than what the lender requires, then get it. You will sleep easier.
There are some issues that affect the price of home owner's insurance as well. For example, brick homes are usually less expensive to insure than frame (wood) homes. Older homes, especially those in disrepair, may cost substantially more to insure than newer homes. Some newer homes may qualify for discounts and you should ask about that if you are building or moving into a new home. These discounts can add up fast and save you a lot of money.
There are some common (or basic) types of coverage that most homes need. These include property damage, living expenses, medical payments, personal liability to name a few. You want to get as much coverage as you can for the money you are spending.
If you live in a flood prone area, you will want to ask about additional flood insurance. Do not assume that your basic home owner's policy has flood insurance. Chances are very good that it does not.
Home owner's insurance is there to protect you, to protect the lender, and to protect anyone who may be visiting with you in the event they are injured. It is one of the most important forms of insurance that a consumer will buy. The type of policy and the riders associated with the policy should be reviewed and chosen with care. You do not want to find out later that your home is not covered for something that you assumed it was covered for. When a mortgage is paid and there are no liens on a home, home owner's insurance is not mandatory, but home owners should consider carrying it anyway because the cost of having it is far less than the cost of replacing a home and everything within the home out-of-pocket.
What Is Home Owners Insurance
Not many people will admit it, but the majority of us have mold in our homes. Some don't even realize it and everyone should know a few basic things about mold. There are many different types of mold. Molds are part of the environment. Molds play a major part in our outdoor environment by breaking down dead organic matter. Mold growth indoors should be avoided. Molds reproduce by releasing tiny spores. These spores are invisible to the naked eye, but they are there and they float around in indoor and outdoor air. Mold may begin to grow if a spore lands on a wet surface.
Here is the big question, can mold cause health problems? Molds are not typically an indoor problem, unless spores happen to land on a damp spot and start growing. If that happens, molds then can become a health problem because it produces irritant, allergens and in some cases, a potentially toxic substance or mycotoxins. If one is to touch or breath in mold spores it can cause an allergic reaction to people who are sensitive. Reactions to mold are common. The reactions could be immediate or delayed. If somebody is prone to asthma, mold can cause asthma attacks. Mold exposure can irritate the skin, nose, eyes, throat, lungs of both allergic and non allergic people.
Research is ongoing but it is impossible to get rid of all the mold and spores indoors. Some can be found floating around through the air and in house dust but they will not grow if moisture is not present. Indoor mold growth can and should be controlled by controlling moisture indoors. If you find that there is mold growth in your home, you must clean it up and fix the water problem as soon as possible. If you clean up the mold, but don't fix the water problem, then, most likely, the mold problem will come back.
Who should do the cleanup depends on a number of things. One consideration is the size of the mold problem in your home. If the moldy area is less than about 10 square feet in most cases, you can handle the job yourself, following the guidelines below. However: If there's been a lot of water damage and/or mold growth covers more than 10 square feet, you need to consult the U.S. Environmental Protection Agency (EPA) guide: Mold Remediation in Schools and Commercial Buildings. Although focused on schools and commercial buildings, this document is applicable to other building types. It is available free by calling the EPA Indoor Air Quality Information Clearinghouse.
If you decide to hire a someone to do the cleanup, make sure they have experience in cleaning up mold. If there is suspicion that your heating/ventilation/air conditioning system may be contaminated with mold, you would need to consult EPA's guide on whether you should have the air ducts in your home cleaned. Before taking any further action. Do not run your system if you know or suspect that it is contaminated with mold as it could spread throughout the building. If the water and/or mold damage was caused by sewage or other contaminated water, then call in a professional who has experience cleaning and fixing buildings damaged by contaminated water. If you have health concerns, consult a health professional before starting cleanup.
Both Peter Kenny & Michael Russell are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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