BUYING HOMEOWNER'S INSURANCE

Homeowners insurance is the most overlooked insurance program today by the consumer. We all shop our automobile, life and health insurance , but due to the low cost , the consumer doesn't consider saving money on their possession coverage. In fact , most renters don't even insure their contents , even though a minimum program is only $99 a year !

Here are some considerations when buying your homeowners policy.

(1) Select A Strong Insurance Carrier - Fast, fair claim service is a must - ask about the company.

(2) Don't Guess At Your Cverages - The cost of rebuilding your home could exceed your estimate and you could be left with half a house ! Consult with your insurance agent and complete a " costimater " to determine the amount of coverage you need .

(3) Don't Under-Insure Your Possessions - Saving a few dollars upfront could cost you a significant amount of money at the time of loss .

(4) Always Opt For Replacement Cost For Contents Endorsement - Unless you insure for replacement cost of household possessions , you will be paid only the purchase price , less depreciation for items stolen, burned or vandalized.

(5) Always Opt For Replacement Cost For Dwelling Endorsement - Make sure you can rebuild your house as it was before the fire !

(6) Choose An Appropriate Deductible - The higher the deductible ( the amount of a loss you elect to self-insure ) the lower your premiums will be.

(7) "Living Expenses" - In the event of a fire or other damage to your home or apartment , your policy should provide adequate payment for alternative lodging during the period of rebuilding . Also make sure it will provide housing for any pets you might have .

(8) Ask About " Off-Premise" Coverage - Don't take a chance with your contents , expensive equipment when you go on vacation , to the dry cleaners , or child away at school . Make sure your insurance covers possessions in transit , at a temporary location or for mysterious disappearance . Lack of coverages will be an extremely costly mistake.

(9) Schedule Jewelry,Art,Furs,Antiques and Collectibles - Due to policy limitations of coverage and amount of coverage , make certain all items of this nature are separately scheduled for full replacement value including mysterious disappearance. ** note that some insurance carriers pay claims on amount an item is schedule for and some say we will pay up to that amount .**

(10 ) Liability Coverage - Don't take this coverage for granted .... especialy if you have " attractive hazards" such as a swingset or swimming pool or pets or kids . Increasing this coverage from $100,000 to $300,000 or $ 500,000 is only $ 9 and $ 15 a year respectively.

(11) Water Backup Coverage - provides coverage for damage caused by water due to failure of a sump pump or water backs up from outside pipes and comes in through basement toilet.

(12) Get All Your " Credits " - Many insurance carriers provide discounts for:

A. Multi-policy discounts - automobile insurance program with the homeowners program

B. Alarm systems - whether for burglary and /or fire

C. Being withing 600' of a fire hydrant

D. Being within 5 miles of a fire house

E. Smoke detectors

F.Deadbolt locks

G. Non-smokers

H. New construction discount

(13) Flood Insurance - This is not part of your homeowners program , but if you live near water , it is a program you should consider . Most consumer don't realize that being here in Woodlawn are in a flood zone.

So for pennies a day - you can insure your hard earned possessions . And remember , shopping for the best coverages at the lowest proce will save you concern and money !

For more information , contact Chuck Lurie at El-Mar Associates, Inc., 7000 Security Blvd , Suite # 332 , Baltimore, Maryland 21244 or e-mail at Sanchuck@pop.erols.com or by website - http://www.elmarassociates.com