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Whatever type of home you live in, get homeowners insurance coverage. This policy offers you financial protection in case you run into unpredictable circumstances such as fire or floods. However, home insurance policies are not equal. For this reason, research more on home insurance coverage before purchasing any policy. This article highlights four major types of home insurance policies. 1. HO-1 HO-1 is the most basic type of homeowners insurance policy coverage. The policy only covers the structure of your house depending on the house's actual cash value. Actual cash value refers to the replacement cost of a property after the depreciation value at a particular time. Therefore, if you need to rebuild your home, you need to source additional funds. You may also get compensation for other attached structures in your home, including electrical appliances, garages, and carpeting. The most common damages HO-1 insurance coverage include: Vehicle crashes Fire Burglary Explosion Airplane crashes Smoke Protests Volcanic explosions Criminal damage Windstorm Although the HO-1 insurance coverage is generally less expensive, some people don't like this policy since it does not offer compensation for liability, extra living expenses, or personal property. 2. HO-2 The HO-2 home insurance policy is an upgraded version of the HO-1 policy. This policy covers your home against all the damages in the HO-1 policy, including damages from: Snow weight damage Freezing pipes including plumbing and air conditioning pipes Power surges Accidental water overflow Falling objects Sudden bulging of in-built electrical appliances like the heating system HO-2 insurance coverage offers compensation for your home structure and personal property. Moreover, you may enjoy liability compensation. However, not all companies offer liability compensation under the HO-2 insurance policy. Therefore, contact your company to be sure. With your home's structure, you will receive compensation according to the replacement value (the cost of replacing an item with similar quality and type). For personal property, you will get compensation according to the property's actual value. Some people like this home insurance coverage since the policy offers compensation for personal property regardless of where they were when the accident happened. The items may have been in your house or the car. 3. HO-3 HO-3, also known as special form coverage, is the most prevalent type of home insurance coverage in the US, especially for single-family homes. This insurance policy covers your home and personal items. The coverage also offers compensation for extra living expenses to cater to your bills, especially if you need to live elsewhere as you rebuild or repair your home. Another thing that this insurance policy covers is the medical bills. Most companies agree to pay medical fees for any person injured in your home during the accident, including visitors. Additionally, the insurance company may pay the legal fees if you face legal charges. The HO-3 insurance policy provides coverage against the damages mentioned in the HO-1 and HO-2. However, you need to note that the policy offers open perils coverage. If anything happens to your home, you will only receive compensation for the risks stated in the policy. Nevertheless, insurance companies will not compensate you for nuclear, floods, earthquakes, and landslide damages. 4. HO-4 The HO-4 insurance policy is for people living in rental properties, including apartments or condos. This insurance policy only covers the renter's personal property and liabilities. Additionally, you may receive compensation for extra living expenses. Therefore, you don't need to worry about paying insurance premiums for the housing unit since that is the property owner's responsibility. Often the HO-4 insurance policy offers compensation for the damages listed in the HO-1 and HO-2 policies. Before purchasing an insurance policy from any company, do your homework to avoid making mistakes. If you are looking for a reliable insurance company, contact Accredited Insurance Group Incorporated.

As a car owner, you may not fully understand how your insurance provider calculates the cost of your insurance coverage. But knowing what factors affect your premium rates is a good place to start. Generally, the more the risk involved, the higher the premium rates for specific coverage. However, every insurance firm has its own way of performing risk assessment — hence the different prices for the same coverage. These four factors hold a lot of weight when setting insurance premium rates across the board. To learn about other factors insurance companies also consider, look at this blog post . 1. Type of Car Some car models attract less expensive premium rates than others, mostly because of their safety and risk levels. Generally, your auto insurance provider may give you a discount if your vehicle has solid safety ratings. Safer cars are less likely to have costly claims that your insurance company would have to settle in case of an accident. Your auto insurance company will also use statistics to determine the likelihood of theft of your specific car model. For instance, the Ford full-size pickup may be more expensive to cover since it has the highest theft rates in the U.S. Also, your insurance agent will consider the make of your car by first going over previous claims. The cumulative repair costs for similar cars they may have covered in the past will have a considerable impact on how much you'll pay as a premium. 2. Previous Driving Record Premium rates are highly dependent on your history as a driver, including major traffic violations and accidents that you may have caused. As such, your insurance company might look through your driving record, going back a few years. If you've had several traffic tickets or have previously been at fault for an auto accident, you're likely to pay higher premiums. Also, a DUI conviction can significantly affect your driving record — and by extension, your insurance rates. A clean record will get you off the hook, and you'll pay less for your auto insurance coverage. 3. Location You could pay less for auto insurance if you live in a relatively rural area, but more if in a metropolitan region. Metro areas are densely populated, and so, the risk of vehicle collisions is much higher. Additionally, areas known to have high rates of car theft and vandalism may attract higher car insurance premiums. Your insurer uses theft statistics to assess the amount of risk in covering your vehicle in that region. Also, state regulations may have some effect on insurance pricing. For instance, in Nebraska , every car owner is required to have mandatory liability insurance amounting to a maximum of $50,000. In Michigan, state laws dictate that car owners may take out an unlimited personal injury protection coverage. Therefore, your insurance premiums will usually be higher in Michigan than in Nebraska because of the unlimited clause in your policy. 4. Choice of Coverage Different types of insurance policies have different limits and levels of coverage. For instance, a full-coverage policy is generally costlier than other lower-level coverage. A full-coverage policy may include collision and comprehensive coverage options that protect you if your car is vandalized, stolen, or involved in an accident. Because this coverage accommodates several different risks, its premium costs are higher. Other coverages such as personal injury protection or uninsured motorist coverage only handle a specific risk and are relatively cheaper. Although your type of coverage can affect insurance premiums, be careful not to cut corners just to pay less. Go over your options and determine the best coverage that suits your needs. Our experienced agents at Accredited Insurance Group Incorporated can help you understand the scope and limits of your preferred type of coverage.

Auto insurance protects people from a wide range of risks. However, motorists face different risks in different magnitudes. That is why everyone needs to customize or personalize their coverage. Below are some areas to concentrate on when personalizing your auto insurance. Type of Coverage Auto insurance companies sell different forms of coverage. The mainstream ones include: Liability coverage that compensates others for injuries or damages you might cause while driving Collision coverage that protects you from losses related to crashes with other objects or cars Comprehensive coverage that protects you from losses related to damages other than collision damages Uninsured and underinsured coverage that bridges the gap between an underinsured/uninsured motorist's liability coverage and your damages if such a motorist is liable for your accident Medical payments (MedPay) coverage and personal injury protection (PIP) that covers your medical bills after an auto accident (PIP and MedPay have a few differences) The government requires liability coverage. For anything else, analyze your circumstances and add the coverage that best meets your needs. Here are a few tips to help you: Include collision and comprehensive insurance if your car is relatively new or expensive. Add comprehensive and collision coverage if you have not repaid your car loan in full. Add underinsured and uninsured motorist coverage if your state has a high population of such motorists. Buy MedPay or PIP coverage if your conventional medical insurance seems inadequate. An insurance agent can help you with the analysis so that you can choose the most appropriate coverage. Deductible An auto insurance deductible is necessary for some forms of coverage. The deductible is the amount you must pay when your insurer approves your claim. Insurance companies often have minimum deductibles that you can increase depending on your circumstances. Use these tips to customize your deductible: Ensure you have an emergency cash reserve that can cover your deductible at any time. Choose a lower deductible if you don't want to pay a lot if your car suffers damage. Raise your deductible to enjoy low premiums rates if they otherwise seem high. Whichever deductible you choose, protect your policy by avoiding claims whose values slightly surpass the deductible. Liability Limit State law mandates minimum liability coverage that each motorist must carry. However, insurance companies allow you to buy more coverage, which you should. Here are tips to help you match your liability limit to your circumstances: Increase your liability limit if you have high-value assets. The high limit will protect your assets from third parties who might file liability claims against your policy. Increase your liability limits if you routinely carry passengers. The limit should cover multiple liability claims that multiple passengers might lodge against you in case of an accident. Increase your liability limit if you face a high risk of an accident (for example, if you frequently drive on dangerous roads). Whichever limit you choose, ensure you can afford to pay your premiums on time. Late payments might attract penalties or jeopardize your contract with the insurance company. Premium Payment Schedule Many insurance companies allow different intervals for premium payments. Most companies allow: Monthly payments Quarterly payments Semiannual payments Annual payments You can also further customize your premium payments by matching your payment schedule to your income. For example, a monthly payment suffices if you have a monthly income. However, paying in advance, either semi-annually or annually, is best if your income is irregular. Advance payments ensure you don't default on your premiums even if your income delays by a month or so. Contact Accredited Insurance Group Inc. for auto insurance coverage. We will review your circumstances and needs to help you get personalized coverage.

Many people work hard to secure affordable homeowners insurance. However, don't rest on your laurels once you get affordable coverage. A rate increase is possible if you are not careful. Below are some helpful and practical measures to avoid a potential rate increase. Minimize Your Claims Your insurance history affects your future rates. Insurance companies will evaluate your coverage and claims history to determine your risk exposure to them. Numerous claims within a short period might increase your rates. The interpretation is often that: Something might be wrong with your house if it keeps suffering damage You might not be as careful as you need to be with your house You lack the resources to maintain your house Evaluate your claims and only submit the significant ones. Take care of small damages on your own to minimize your overall claims. For example, don’t file claims that are only a few dollars more than your deductible. Be Careful With Renovations, Remodeling, or Additions Your house's value affects your coverage rates. The value determines how much the insurance carrier might spend to rebuild your house in case of damage. Thus, anything that increases your house's value might increase your rates. Renovations, remodeling, or additions commonly increase property values, so avoid them if you don't want to pay more for your coverage. Note that only significant changes to your house count. For example, adding a swimming pool, finishing the basement, or installing a state-of-the-art kitchen can add thousands of dollars to your property's value. A minor change, such as a new coat of paint, doesn't matter. Maintain the Home While you should be careful with significant changes to the house, you shouldn't let it fall into disrepair either. Good maintenance practices will: Reduce the risk of injuries Reduce the risk of damage Reduce the risk of theft For example: A broken window increases the risk of burglary A leaking roof increases the risk of water damage Broken tiles increase the risk of slip and fall accidents All these risks can trigger insurance claims, which can raise your rates. Maintaining your home will maintain the rates too. Have a Good Credit Rating Some insurance companies use your credit rating when determining your risk exposure to them. Your credit score shows how responsible you are with your finances. Your financial responsibility shows how likely you are to file a claim in case of small damage. You probably had a good credit rating when you got your affordable insurance rates. Maintain or raise the rating if you don't want your coverage rates to increase. Don't Switch Providers Many insurance companies reward their loyal customers after years of coverage. A rate discount is a common reward. You are even more likely to enjoy the reward if you have a no-claims history with the same carrier. In such a case, you might lose the discount if you change carriers, which might increase your rates. Don't Unbundle Your Coverage If you bought multiple lines of insurance from the same carrier, then your low rates are probably due to the multi-policy discount the carrier extended to you. Many insurance carriers give their clients bundle coverage as a retention strategy. For example, you may enjoy the discount if your car, life, and home insurance are all from the same provider. In such a case, moving a policy from your usual carrier to another might see you lose the multi-policy discount. Accredited Insurance Group Incorporated can help you buy affordable homeowners insurance. We will also advise you on how to maintain those rates. Contact us for a quote on homeowners insurance or other lines of insurance you need.

Many people work hard to secure affordable homeowners insurance. However, don't rest on your laurels once you get affordable coverage. A rate increase is possible if you are not careful. Below are some helpful and practical measures to avoid a potential rate increase. Minimize Your Claims Your insurance history affects your future rates. Insurance companies will evaluate your coverage and claims history to determine your risk exposure to them. Numerous claims within a short period might increase your rates. The interpretation is often that: Something might be wrong with your house if it keeps suffering damage You might not be as careful as you need to be with your house You lack the resources to maintain your house Evaluate your claims and only submit the significant ones. Take care of small damages on your own to minimize your overall claims. For example, don’t file claims that are only a few dollars more than your deductible. Be Careful With Renovations, Remodeling, or Additions Your house's value affects your coverage rates. The value determines how much the insurance carrier might spend to rebuild your house in case of damage. Thus, anything that increases your house's value might increase your rates. Renovations, remodeling, or additions commonly increase property values, so avoid them if you don't want to pay more for your coverage. Note that only significant changes to your house count. For example, adding a swimming pool, finishing the basement, or installing a state-of-the-art kitchen can add thousands of dollars to your property's value. A minor change, such as a new coat of paint, doesn't matter. Maintain the Home While you should be careful with significant changes to the house, you shouldn't let it fall into disrepair either. Good maintenance practices will: Reduce the risk of injuries Reduce the risk of damage Reduce the risk of theft For example: A broken window increases the risk of burglary A leaking roof increases the risk of water damage Broken tiles increase the risk of slip and fall accidents All these risks can trigger insurance claims, which can raise your rates. Maintaining your home will maintain the rates too. Have a Good Credit Rating Some insurance companies use your credit rating when determining your risk exposure to them. Your credit score shows how responsible you are with your finances. Your financial responsibility shows how likely you are to file a claim in case of small damage. You probably had a good credit rating when you got your affordable insurance rates. Maintain or raise the rating if you don't want your coverage rates to increase. Don't Switch Providers Many insurance companies reward their loyal customers after years of coverage. A rate discount is a common reward. You are even more likely to enjoy the reward if you have a no-claims history with the same carrier. In such a case, you might lose the discount if you change carriers, which might increase your rates. Don't Unbundle Your Coverage If you bought multiple lines of insurance from the same carrier, then your low rates are probably due to the multi-policy discount the carrier extended to you. Many insurance carriers give their clients bundle coverage as a retention strategy. For example, you may enjoy the discount if your car, life, and home insurance are all from the same provider. In such a case, moving a policy from your usual carrier to another might see you lose the multi-policy discount. Accredited Insurance Group Incorporated can help you buy affordable homeowners insurance. We will also advise you on how to maintain those rates. Contact us for a quote on homeowners insurance or other lines of insurance you need.

Many people work hard to secure affordable homeowners insurance. However, don't rest on your laurels once you get affordable coverage. A rate increase is possible if you are not careful. Below are some helpful and practical measures to avoid a potential rate increase. Minimize Your Claims Your insurance history affects your future rates. Insurance companies will evaluate your coverage and claims history to determine your risk exposure to them. Numerous claims within a short period might increase your rates. The interpretation is often that: Something might be wrong with your house if it keeps suffering damage You might not be as careful as you need to be with your house You lack the resources to maintain your house Evaluate your claims and only submit the significant ones. Take care of small damages on your own to minimize your overall claims. For example, don’t file claims that are only a few dollars more than your deductible. Be Careful With Renovations, Remodeling, or Additions Your house's value affects your coverage rates. The value determines how much the insurance carrier might spend to rebuild your house in case of damage. Thus, anything that increases your house's value might increase your rates. Renovations, remodeling, or additions commonly increase property values, so avoid them if you don't want to pay more for your coverage. Note that only significant changes to your house count. For example, adding a swimming pool, finishing the basement, or installing a state-of-the-art kitchen can add thousands of dollars to your property's value. A minor change, such as a new coat of paint, doesn't matter. Maintain the Home While you should be careful with significant changes to the house, you shouldn't let it fall into disrepair either. Good maintenance practices will: Reduce the risk of injuries Reduce the risk of damage Reduce the risk of theft For example: A broken window increases the risk of burglary A leaking roof increases the risk of water damage Broken tiles increase the risk of slip and fall accidents All these risks can trigger insurance claims, which can raise your rates. Maintaining your home will maintain the rates too. Have a Good Credit Rating Some insurance companies use your credit rating when determining your risk exposure to them. Your credit score shows how responsible you are with your finances. Your financial responsibility shows how likely you are to file a claim in case of small damage. You probably had a good credit rating when you got your affordable insurance rates. Maintain or raise the rating if you don't want your coverage rates to increase. Don't Switch Providers Many insurance companies reward their loyal customers after years of coverage. A rate discount is a common reward. You are even more likely to enjoy the reward if you have a no-claims history with the same carrier. In such a case, you might lose the discount if you change carriers, which might increase your rates. Don't Unbundle Your Coverage If you bought multiple lines of insurance from the same carrier, then your low rates are probably due to the multi-policy discount the carrier extended to you. Many insurance carriers give their clients bundle coverage as a retention strategy. For example, you may enjoy the discount if your car, life, and home insurance are all from the same provider. In such a case, moving a policy from your usual carrier to another might see you lose the multi-policy discount. Accredited Insurance Group Incorporated can help you buy affordable homeowners insurance. We will also advise you on how to maintain those rates. Contact us for a quote on homeowners insurance or other lines of insurance you need.

Many people work hard to secure affordable homeowners insurance. However, don't rest on your laurels once you get affordable coverage. A rate increase is possible if you are not careful. Below are some helpful and practical measures to avoid a potential rate increase. Minimize Your Claims Your insurance history affects your future rates. Insurance companies will evaluate your coverage and claims history to determine your risk exposure to them. Numerous claims within a short period might increase your rates. The interpretation is often that: Something might be wrong with your house if it keeps suffering damage You might not be as careful as you need to be with your house You lack the resources to maintain your house Evaluate your claims and only submit the significant ones. Take care of small damages on your own to minimize your overall claims. For example, don’t file claims that are only a few dollars more than your deductible. Be Careful With Renovations, Remodeling, or Additions Your house's value affects your coverage rates. The value determines how much the insurance carrier might spend to rebuild your house in case of damage. Thus, anything that increases your house's value might increase your rates. Renovations, remodeling, or additions commonly increase property values, so avoid them if you don't want to pay more for your coverage. Note that only significant changes to your house count. For example, adding a swimming pool, finishing the basement, or installing a state-of-the-art kitchen can add thousands of dollars to your property's value. A minor change, such as a new coat of paint, doesn't matter. Maintain the Home While you should be careful with significant changes to the house, you shouldn't let it fall into disrepair either. Good maintenance practices will: Reduce the risk of injuries Reduce the risk of damage Reduce the risk of theft For example: A broken window increases the risk of burglary A leaking roof increases the risk of water damage Broken tiles increase the risk of slip and fall accidents All these risks can trigger insurance claims, which can raise your rates. Maintaining your home will maintain the rates too. Have a Good Credit Rating Some insurance companies use your credit rating when determining your risk exposure to them. Your credit score shows how responsible you are with your finances. Your financial responsibility shows how likely you are to file a claim in case of small damage. You probably had a good credit rating when you got your affordable insurance rates. Maintain or raise the rating if you don't want your coverage rates to increase. Don't Switch Providers Many insurance companies reward their loyal customers after years of coverage. A rate discount is a common reward. You are even more likely to enjoy the reward if you have a no-claims history with the same carrier. In such a case, you might lose the discount if you change carriers, which might increase your rates. Don't Unbundle Your Coverage If you bought multiple lines of insurance from the same carrier, then your low rates are probably due to the multi-policy discount the carrier extended to you. Many insurance carriers give their clients bundle coverage as a retention strategy. For example, you may enjoy the discount if your car, life, and home insurance are all from the same provider. In such a case, moving a policy from your usual carrier to another might see you lose the multi-policy discount. Accredited Insurance Group Incorporated can help you buy affordable homeowners insurance. We will also advise you on how to maintain those rates. Contact us for a quote on homeowners insurance or other lines of insurance you need.