Being a landlord involves establishing a system of trust between the landlord and the tenant, which will be a system on which even the landlords house insurance will depend. If you own a house and are renting it out to people there is a large system of trust that must operate between you and your tenants - a system that should cover many aspects of the shared ownership and use of the building and its contents. Most importantly this trust will extend into how you deal will the matter of any damages that the building or its contents might suffer.
Mostly, the landlord rents the house unfurnished so that the contents of the building are owned by the tenant. This makes it easier to deal will situations where any damage is wrought to the contents - as is most likely to happen over and above any damage wrought to the building, which is less probable. This is so because the person who is most likely to cause any damage to the contents of the building is the person who uses them most - specifically the tenant - and he or she should take care of his or her belongings.
This is why a basic landlords house insurance plan will only cover the building and not its contents - this means it will cover the structural parts of the house like the windows, doors and walls - which are part of the architectural structure of the building - but not the furniture or the accessories contained within the building like the carpets or the chairs and tables. If the landlords house insurance plan needs to include any of the contents of the building - extra clauses must be added to the basic coverage plan. Moreover, the addition of contents to the coverage plan means that the insurance costs become higher.
The landlords house insurance is different from the insurance policy that a person who both owns and lives in the house insures himself with because the insurer is not directly responsible for the damages that the agency will have to pay for. The agency must trust in the trust the landlord has for his or her tenant - and this relationship is indirect and complicates the insurance policy somewhat.
Usually, landlords house insurance covers damages that the tenant could not help causing but not damages that the tenant caused because of his or her actions. This is because the landlords house insurance takes into account that the landlord has trust in his or her tenant, which makes the actions of the tenant the landlord's responsibility.
For example, if the tenant has a party and his or her invited guests break the windows, the costs will not be covered by the insurance agency. However, if random people gatecrash the party and cause the building to be damaged, the insurance agency will pay the costs, as the incident was not the fault of the tenant or the responsibility of the landlord.
Finding affordable -and yet dependable - house insurance for landlords is not very difficult. There are plenty of insurance quotes online that one can compare and research on before finally choosing the right insurance company and coverage plan.
For more great information about cheap house insurance, and some great ways to compare house insurance visit our website today.
Filed under Home Insurance by on May 30th, 2010. Comment. 
What is knob and tube wiring?
It is one of the oldest methods of electrical wiring in buildings and had been a standard method of wiring in North America from the 1880's to the 1930's. This wiring method uses knobs which help hold in copper wires that are insulated by ceramic tubes that run through the joist and stud drill-holes. The actual wire consists of only a hot (black) and neutral (white) wire with no ground wire. Both wires must run separately to fixtures as opposed to those used now which are contained within a plastic sheathing.
Is it safe?
It is safe but the downside of this wiring system is that it is too outdated to be used in the modern home especially with all the heavy duty electrical appliances we use these days. In fact several insurance companies are not willing to cover homes that have existing knob & tube wiring, or will do so only at a much higher rate.
The wiring can have a few problems under certain circumstances. The insulation used in rather brittle and can't withstand high temperatures like modern wiring. If the knob and tube wiring has been used inappropriately it can cause the insulation to break leaving the wire exposed.
Improper splicing can be a hazardous problem too especially because splicing into the knob and tube wiring is not a simple process. Another problem with this wiring system is that it is not a grounded system. This means it cannot be used to wire modern electrical outlets but only for ungrounded applications.
How do you maintain the knob and tube wiring system and ensure safety in your home?
If your house was built more than 50 years ago you might have the knob and tube wiring system. It is extremely important to conduct thorough inspection of the wiring system. You can hire the services of an experienced electrician or get an electrical contractor to conduct the inspection for you. A proper inspection will help find the faults with the wiring. Furthermore timely repairs and proper maintenance can ensure longevity of the wiring.
Hire the right electrical contractors to get your upgraded or changed In case you need to get the wiring changed an electrician will be able to replace your existing with copper. In fact you can even get your entire house wiring upgraded to meet all the current electrical codes and standards. There are several highly qualified and experienced electricians and electrical contractors who can run new wires with minimal damage to walls. Look for electrical contractor who offer comprehensive installation services including arranging for all permits and inspection, to even plastering the holes they make in the walls.
Filed under Home Insurance by on May 28th, 2010. Comment.
Buying homeowners insurance is not easy. The process of buying homeowners insurance can be frustrating, complicated and confusing. Sometimes, it's difficult to accurately compare rates, since coverage isn't usually identical from insurance company to insurance company.
However, to help you understand the factors that insurance companies use to determine your homeowners insurance rate, I've listed the Top Ten factors that affect your homeowners insurance rates.
1. Geography. The further your house is from a fire station, the higher your premium will be. So, homes in cities, where fire stations are closeby, will have lower rates than homes in rural areas.
2. Construction. Homes built of non-flammable materials, like brick, stone and concrete, have lower rates than homes built of flammable materials like wood.
3. Age. The age of a home probably has less affect on rates than any of the other factors. Some older homes are extremely well built, and some newer homes are quite cheaply built. More important is...
4. Value. When you calculate the value of your home, leave out the value of your land. Only consider the replacement cost of the dwelling at today's prices.
5. Occupancy. A single family home will have lower costs than a duplex. But if you operate a business from your single family home, the premium will increase.
6. Contents. The value of your personal property is usually calculated by the insurance company as 50% of the dwelling value. So, if your personal property has value in excess of that amount, you need to increase the policy limits on Contents.
7. Liability Limits. Homeowners Insurance is a package policy with a minimum liability limit built in. I recommend that you increase your liability limits significantly above the minimum. Jury awards on liability claims can run into the hundreds of thousands of dollars. A minimum liability limit will leave you dangerously under-protected.
8. Additional Living Expense (ALE) Limits. ALE is usually 20% of the Dwelling limit. So, increase the ALE limit if you feel it is too low for your needs. It usually is.
9. Deductibles. The deductibles you choose will have a significant affect on your insurance rates. Generally, the higher your deductible, the lower your rate. Always choose the highest deductible your budget will allow. Then, set aside one deductible in your savings account to take the financial pressure off your deductible choice.
10. Claims History. If your home is free of previous insurance claims, you'll get the best insurance rates. If you have had previous insurance claims, the insurance company will consider those claims when they calculate your premium rate.
A change in any of these Top Ten factors can cause a change in your homeowners insurance premium. Make sure that you fully disclose the correct information about each of these factors to your agent. That way, you'll be most certain to get the lowest homeowners insurance rates you can.
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Filed under Home Insurance by on May 27th, 2010. Comment.