Liability insurance is important for contractors and subcontractors. This type of coverage offers financial protection from the results of accidents, injuries and property damage caused during a project. When running a construction project, many workers accidentally damage the property in one way or another. Misused tools, dropped items or misinterpreted instructions are often the cause of property damage incidents. The general standard of business require contractors to have proof of adequate construction liability coverage prior to starting a project or construction on a structure. This standard is also required for subcontractors.

As a rule, commercial contractors performing riskier tasks have higher coverage amounts. A roofing contractor would have a higher amount than a contractor remodeling the interior of a one-story commercial structure.

Residential Building Insurance
This type of coverage is essential for any worker in the home building business. In most cases, property owners decide to sue the contractor for damages experienced during the process of construction. If there are any injuries on the job site, some workers may also want to file lawsuits against the contractor or homeowners. A good construction liability policy will protect contractors from loss in unexpected situations and various types of damage lawsuits. The contract must require every subcontracting party to have their own coverage. The contract must also state that the contractor does not claim any responsibility for damages occurring during the construction process that are the fault of one or more subcontractors. Policy amounts are related to the amount of money the contractor executes, so it is important to estimate a realistic figure. To be fully protected, it is best to have at least two or three times as much coverage as the total amount of the construction project.

Water leakage is the most common form of damage to the home. With an average cost around $ 5,000 for water damage repairs, it’s definitely a problem worth a watchful eye. Most of these damage claims are a result of a broken washing machine or hot-water heater. While these appliances were once put away primarily in the basement, now they are conveniently located on main or upper floors. When they malfunction the water leakage damages walls and ceilings causing extensive, time-consuming and costly repairs.

There are preventative measures you can take to reduce the chance of water damage in your home from a faulty appliance. They involve the following:

An average water heater lasts about 10 years. If you notice wet spots on the floor or rust developing on the tank it is a good idea to think about replacing it.

A deteriorated out rubber or plastic hose is an accident waiting to happen. Examine the hoses on your appliances and under sinks for leaks from water lines or drain pipes. Consider replacing them with stainless steel hoses which have a much longer lifespan.

If your air conditioning unit is located in the attic check it periodically and have it maintained by a professional. Make sure that your service agreement includes inspecting and cleaning the unit annually. A leak starting in the attic will do considerable damage.

Only run dishwashers and washing machines while you are home. If the appliance should malfunction you can turn the water off in order to avoid a huge flood. It is, of course, vital that you know where the main water shut off valve is located in your home.

For less than the cost of dinner you can purchase a water alarm. They work considerably the same way as smoke alarms do and are simple to install. They can be placed on the floor or wall mounted. The alarm’s sensor will trigger if exposed to any level of moisture.

Some water damage is covered by homeowner’s insurance and some is not. In some instances a policy will only cover damage if regular maintenance has been performed. It is therefore essential that these areas are checked before you experience losses that you can’t afford to cover.

When you take out a mortgage, part of the agreement is that you will carry adequate home insurance coverage. Adequate insurance coverage usually means that you are insured for the replacement of your home to 100 % of replacement value or that your home has enough coverage to address the amount of the loan. While the latter may mean that the mortgage company wants enough coverage to pay the outstanding loan balance, most homeowners policies do not cover the loan amount, just the rebuilding of a home. In a nutshell, the mortgage company wants to make sure that they are protected if your home suffers an insurable loss such as fire or water damage. If you are in a flood zone, they will require you to get separate flood insurance, as regular homeowners policies exclude damage caused by flood and ground water.

Your mortgage company will, at a number of times, prompt you to provide proof of home insurance.

This typically happens when:

1. You first purchase your home; this will be done through your title company.
2. At the annual renewal; however most homeowners policies automatically send the lender a copy of the renewal.
3. When you refinance and there is a new lender, this is done by the title company.
4. When a policy is canceled, either at the renewal or for non-payment.

When you get a request, you should always forward the request, along with any instructions, to your homeowners insurance agent. If a title company is involved, you should always provide your agency
information, phone number, fax and email address to the title company. If you are purchasing a new home, you should always contact your broker at least 3 weeks prior to make arrangements for
a policy and notify your title company as soon as you can. Getting the request to your agency right away will allow for fewer problems and a quick resolution to complying with your homeowners insurance requirements.

Should there be any gap in your homeowners insurance, the mortgage company will force place coverage on your home and have the right to do this since it is in the mortgage agreement. This forced placed coverage is usually very expensive and more likely than not will protect the mortgagee’s interests, not your interests. The bottom line is, the coverages are probably very basic, will probably
not protect you to the degree a regular homeowners policy would protect you and probably does not include liability insurance. The reason why these policy premiums are very expensive is the policy is not underwritten, and because of this there may be an assumption that you can not get coverage on your own and that your property may be high risk.

To avoid this very expensive forced placed coverage, pay attention to your lenders homeowners insurance requirement right away. Even if you have a three-day gap in your homeowners insurance, they can still
come back and charge you for those three days, and it’s not cheap. Your agent is here to help you avoid things like this from happening. Maintaining good communication, either via email or phone, is the key for things to go as smoothly as possible.

Following the worst catastrophic storms in the history of the United States, the homeowners insurance industry is heavily focusing on property lines. In the past few years, premiums have spiked almost 20 percent. Many professionals are predicting a time of policy churning ahead. However, customers can benefit from bundling their policies by saving money, and insurers can benefit from offering this option by enjoying better customer retention rates. Insurance companies must understand customers’ attitudes toward bundling coverage compared with their attitudes toward competitors’ options.

Research shows that several factors influence the retention rate of customers. The customer’s tenure and bundle choice often reflect how likely that individual is to stay with the company or look elsewhere. Research shows that the overall retention rate for homeowners insurance was almost 90 percent between 2011 and 2012. Of that percentage, the amount of retained customers who had bundled policies was 95 percent. Retention rates for customers who used multiple insurers was slightly more than 80 percent.

The discovery that customers who pay for multiple policies with one insurer are more likely to stay with that company is something that remains consistent across various generations. This study surveyed people who bought a combination of homeowners and auto policies. However, the retention averages were higher for people who had more than two policies with one insurer.

Customers who were insured with companies that did not offer multiple coverage options did not say that they were certain about renewing their coverage. However, more of the customers who used insurers with added benefits answered that they would definitely renew their policies. Offering the option to bundle auto and home insurance is usually the first and most important step toward building a long-lasting relationship between insurers and customers. In customer satisfaction surveys, customers who bundled two policies were more satisfied. The customers who were most satisfied had three or more policies bundled.

The study also looked at what specific products were the most influential for bundling options. In addition to the combination of homeowners and auto policies, personal liability umbrella coverage followed close behind. This type of coverage has a high bundling rate overall. Secondary residence coverage also had favorable feedback. However, life insurance policies did not have a major impact on retention in relation to bundling. This is likely true because of the uniqueness of life coverage and the issue that customers do not always have the ability to transfer such a policy to another company. However, the option of offering life coverage certainly does not create a disadvantage.

Understanding bundling trends and preferences of customers will help insurers market their products better and provide more efficient options for consumers. It is also important to remember that a customer’s income affects what type of coverage he or she is more likely to buy. For example, people with higher incomes are more likely to purchase umbrella coverage to protect their assets. However, younger people are more likely to bundle life insurance if the option is presented to them. This is due to people in this age group getting married, buying homes and having children. Overall, bundling products with homeowners and auto coverage is something that both customers and insurers can benefit from. Customers who are interested in this option should discuss their concerns and needs with an agent.

For a small amount of money, you can obtain Texas renter’s insurance to help cover your belongings. Based on statistical information, less than half of all those renting their home have insurance on their possessions. Not only does insurance protect your property, but it also serves to protect the property owner in the event of any property damage that occurs.

Most of the time, individual’s will not have enough money to replace all of their belongings in the event of a fire that burns the property down completely. Having Texas renter’s insurance in place provides you with a way to replace all of the items lost in the blaze. Regardless of whether it is a fire, burglary or other catastrophe that strikes, you will have the liability coverage to replace anything that was lost in the process. If there is a disaster that causes you to be dislodged from your home, renter’s insurance helps to cover your living expenses until you can return home.

Even though a basic renter’s policy will cover your personal property, liability, medical payments and loss of use, you can always request an additional layer of coverage for extra necessities that may arise. For example, spoiled refrigerated products from an outage, water damage from a leaking waterbed, liability for your boats and other personal watercraft and professional liability for those in distinct professions are all covered under an addendum to your current policy.

Some renter’s policies allow you to schedule in your jewelry, priceless art and personal computers as part of your renter’s insurance policy. Nothing that is scheduled will have a deductible attached to them. These items will also have a broader level of coverage in the event of a mysterious disappearance. Most of the time, companies will request an appraisal on items that are valued above certain dollar amounts.

In the event someone is injured on your property, renter’s insurance helps to pay for your court costs associated with a claim. Depending on the limitations on your policy, your defense cost, judgment awarded by the court and court costs are all covered by your renter’s policy.

Do you send text messages from behind the wheel of your automobile? If you are, don’t worry you’re not alone.  Statistics on the practice are being evaluated more and more, it’s clearly a growing problem. Over one hundred and fifty billion text messages are sent yearly, and a large percentage of those are sent while driving.

When a driver’s attention is taken off the road, it increases the odds of an accident, including talking on a cell phone, eating, applying make-up or shaving. But texting may be extremely dangerous since writing and sending a message requires drivers to look at the phone rather than at the highway and surrounding traffic for an long period of time.

Texting and driving has been identified as a major factor in several accidents, with police linking the time phone text messages were sent with the occurrence of deadly auto crashes. It seems to be a huge problem among teenagers.  An insurance company survey found that roughly 19% of drivers admit to sending texting and driving, and an astounding 36% of drivers between the ages of 18 and 27 text while driving.

The problem has become dangerous enough for some states, including Washington and Oregon, to take notice and consider laws that makes driving while texting a crime. There are some activists that are lobbying to include texting and driving provisions in existing laws that prohibit hand-held electronic devices to be use on the road.

In fact, a recent Harris Interactive poll revealed that 89% of Americans support legislation to ban texting while behind the wheel. 91%  believed that people who text and drive are just as dangerous as drunk driving.

The best way to help solve this problem is to pull over or wait until you get where you are going to text.  Texting and driving can kill.