Pitman Insurance Services LLC

When you borrow money to buy a home, the lender requires that you purchase insurance to protect their interests. Unfortunately, many people who must buy homeowners insurance never really understand all of its features or how they could save money on premiums. 10 Facts You Should Know About Homeowners Insurance In addition to meeting your mortgage requirements, having a comprehensive homeowners policy is a smart way to protect your financial future. You probably know that it p...ays to repair or rebuild your home after a disaster. In addition, there are lesser-known coverages it includes, such as additional living expenses or ALE, which pays a certain amount of lodging and meals when you're forced to move out of your home while repairs are made after a covered disaster. Plus, you should have liability coverage to stay safe from a lawsuit if someone gets hurt on your property or you injure someone or their property in or outside of your home. Over the next ten days I will share each fact.

How can I buy flood insurance? Although flood insurance has traditionally only been available to homeowners or renters through the NFIPOpens In A New Window, today there are more options for consumers to consider. Flood insurance is now available through private insurers, including surplus lines insurers. Surplus lines coverage is insurance that is provided by an insurer that is not licensed in the insured's state. When purchasing flood insurance, it is important for consumers to consider the kind of coverage that they need. Insurers write different types of flood insurance policies: dwelling - the structure of your home, and contents - your personal property within the dwelling.

We are starting the month of June off with a tremendous savings for one of our clients. We are saving them over $1000 by switching their car insurance from Liberty Mutual to Nationwide. Give us a call to see what we can do for you. 570-509-4129 or email [email protected]

I have homeowners or renters insurance. Am I already covered? No. It is important to be aware that a standard homeowner's or renter's policy does not cover damages resulting from a flood. Remember there may be a waiting period for your flood policy to take effect. For example, there is a 30-day waiting period for National Flood Insurance Program (NFIP) flood insurance policies to become effective. The Federal Emergency Management AgencyOpens In A New Window (FEMA), which administers the NFIP, has many educational pieces to help consumers understand the basics of flood insurance, how to protect your home and what to do if, in fact, you are the victim of a flood. In most cases, the information on FEMA's Web site is available in English, Spanish and other languages.

Why should I consider flood insurance? Flood damage can happen to you, no matter where your home, apartment or business is located. You can buy flood insurance even if your property is not located in a flood plain. Mortgage lenders, pursuant to federal law, may require homeowners to purchase flood insurance. Flood insurance can be purchased through licensed property and casualty insurance agents in Pennsylvania to cover almost any building and its contents, including rental property and condominiums. Tenants can buy protection for their belongings as well

Fact #9: You need to create a home inventory If there's a disaster, the last thing you want is to have a claim denied because you don't have good records. Document what you own by creating a home inventory that lists your personal belongings and what you paid for them or their appraised value, then store it in a safe place or online. Use your smart phone to take video of each room and the contents of closets and cabinet. That would help you remember everything if your home was completely destroyed in a fire, storm, or tornado.

Fact #8: There's a deadline to make a claim When you do need to file a claim for major damage, don't wait too long. Many policies include a 14-day reporting window to make sure that damage doesn't get worse over time. If you miss the claim deadline, you could be out of luck and have to pay repairs out of your own pocket.

While renters insurance is not required by law in the Keystone State, some landlords may require it for you to live in their building. It’s generally a good idea to have at least some form of coverage as your landlord’s insurance is not liable for any damage to your personal property. So in the event of a fire, accident, or burglary you will be responsible for replacing your belongings.

Fact #7: You shouldn't always make a claim Insurance is one of the only products you buy that you hope you'll never have to use. Not only is repairing damage to your home a real hassle, but you may not realize that simply making an insurance claim can cause your rate to skyrocket for years! Insurance companies have statistics showing that after making one home insurance claim, you're more likely to make a second and third one. So the company typically adjusts the cost of your... coverage to compensate for that future potential risk. Depending on where you live and type of claim you make, such as property damage or liability, your annual premium could increase 9% on average nationwide after making just one claim. Insurers track your claims history using shared databases, such as the Comprehensive Loss Underwriting Exchange (CLUE). It maintains all insurance claims you've made for your home and vehicle for up to 7 years. What's interesting about claims history on a home is that even the prior owners' insurance claims made over the previous 7 years, can affect the homeowner insurance rate that you have to pay. While that may seem unfair, an insurer views a property with multiple claims as a higher risk for having more claims in the future and may charge you more. But what's even more surprising to many is that simply talking to an insurance company or agent about specific damage to your home can result in higher rates. In most states, insurers can make a notation in your CLUE report if you simply inquire about damage that's occurred. You can view your auto and home CLUE reports at LexisNexis for free every 12 months. Just like with your credit report, you should review it carefully and dispute any errors right away. The bottom line is that to save money, carefully weigh whether making a claim is in your best financial interest over the long run. Never make small, frivolous claims. Only file a home insurance claim when it's absolutely necessary.

Fact #6: Insurers may not love your dog as much as you do If you love your dog as much as I love mine, you may be surprised to know that your furry friend could cause problems with your home insurance. Since coverage typically includes liability for all members of your household, including your pets, insurers are particular about which dog breeds they'll insure. The average cost of a dog bite is $30,000, and they make up a third of all liability claims.... Large, powerful breeds may be blacklisted altogether or cause you to pay an inflated home insurance rate. Some breeds most commonly excluded from coverage include: AkitaAlaskan MalamuteBoxerCane CorsoChow chowDoberman PinscherGerman shepherdGreat DaneMastiffPit Bull or Staffordshire TerrierPresa canarioRottweilerSiberian huskyWolf hybrids If your dog is blacklisted, consider buying a separate, inexpensive umbrella liability policy. You could get a $1 million of coverage for less than about $300 per year.