FEATURE/Dream Home, Nightmare Insurance?; Do You Have All the Home Coverage You Think You Have?To download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. high-resolution, print-ready JPEG JPEG in full Joint Photographic Experts Group Standard computer file format for storing graphic images in a compressed form for general use. JPEG images are compressed using a mathematical algorithm. images, click on the thumbnail A miniature representation of a page or image that is used to identify a file by its contents. Clicking the thumbnail opens the file. Thumbnails are an option in file managers, such as Windows Explorer, and they are found in photo editing and graphics program to quickly browse multiple image above. WARNING: these images are very large (800K+) Click here for caption Feature Editors/Real Estate Writers MULTIMEDIA AVAILABLE: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=4522740 FEATURE... WARWICK, R.I.--(BUSINESS WIRE)--Nov. 25, 2003 If your home hasn't been broken into, or damaged by lightning, hurricane, fire, or hail, consider yourself lucky, because millions of homes across America suffer these damages each year. As if that weren't bad enough, homeowners are often stunned stun tr.v. stunned, stun·ning, stuns 1. To daze or render senseless, by or as if by a blow. 2. To overwhelm or daze with a loud noise. 3. to find out that their home insurance may not cover everything they may anticipate. Since the home is typically a person's biggest financial investment, this can leave consumers in a state of financial shock. "Too often, the importance of having the right insurance is not realized until a loss occurs, and consumers are left paying more than expected for home repairs," said Cathy Rein, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of MetLife Auto & Home. "There are many out-of-pocket expenses out-of-pocket expenses n. moneys paid directly for necessary items by a contractor, trustee, executor, administrator or any person responsible to cover expenses not detailed by agreement. that consumers need to be aware of, because all insurers are certainly not the same." Below are some questions you should ask before purchasing home insurance: -- What's covered? Familiarize yourself with what the policy you are purchasing will cover--as well as what it will not. For example, damage caused by flooding is not covered not covered Health care adjective Referring to a procedure, test or other health service to which a policy holder or insurance beneficiary is not entitled under the terms of the policy or payment system–eg, Medicare. Cf Covered. under the standard insurance contract. Also, determine in advance what your expected out-of-pocket responsibility will be in the event of a loss. Many contracts contain more than one deductible That which may be taken away or subtracted. In taxation, an item that may be subtracted from gross income or adjusted gross income in determining taxable income (e.g., interest expenses, charitable contributions, certain taxes). , depending upon the nature of the loss. -- Does the insurer offer "guaranteed replacement cost" coverage for the property? This coverage provides peace of mind that your home will be repaired or replaced, even if your coverage limit is inadequate. This is important if your house were destroyed and needed to be completely rebuilt. It can be especially helpful for older homes or in a market where home values are rapidly appreciating in value. Also, find out what exactly the company considers a "guarantee." Most companies cap the coverage provided at 125 percent of the limit, while only a few carriers offer a full guarantee. -- Is an inflation factor built into the policy? It's important to make certain that you have enough coverage on your property to keep pace with inflation, particularly in these times of rising contractors' fees. Look for a company that offers an "inflation guard," which means that every year, your level of coverage will automatically increase to keep up with the level of home repair inflation in your area. -- Does the insurer offer replacement cost coverage for contents? Most insurance companies will cover a home's contents for "actual cash value," which includes a deduction deduction, in logic, form of inference such that the conclusion must be true if the premises are true. For example, if we know that all men have two legs and that John is a man, it is then logical to deduce that John has two legs. for "depreciation"--meaning that the older the age of the contents, the less the contents would be worth. There are carriers, however, that would reimburse re·im·burse tr.v. re·im·bursed, re·im·burs·ing, re·im·burs·es 1. To repay (money spent); refund. 2. To pay back or compensate (another party) for money spent or losses incurred. contents on a replacement cost basis, taking age out of the equation. -- In the event of a loss, can the insurer guarantee the work performed? Because of the number of claims they handle, many insurers have developed a familiarity with local contractors, and can offer guarantees that reputable rep·u·ta·ble adj. Having a good reputation; honorable. rep  u·ta·bil , licensed service providers will complete and stand behind necessary repairs to a property. This can offer peace of mind, if you don't have a reliable contractor in mind at the time of loss. Finally, an important consideration in selecting home insurance involves flexibility. "One size does not fit all," said Rein. "The insurance needs for a brand new home are dramatically different than that of a Victorian. Talk to your agent to obtain an appropriate level of coverage to fit your insurance needs, by selecting the level of coverage you want, as well as securing additional coverage for items that are important to you--for example, jewelry jewelry, personal adornments worn for ornament or utility, to show rank or wealth, or to follow superstitious custom or fashion. The most universal forms of jewelry are the necklace, bracelet, ring, pin, and earring. or computers. By asking questions before the loss, the customer has the option to either accept limited coverage or secure a more complete policy." MetLife Auto & Home, an affiliate of MetLife, Inc. (NYSE NYSE See: New York Stock Exchange : MET), is one of the nation's leading personal lines property and casualty companies with more than 2.7 million policies in force. For more information about MetLife Auto & Home, visit MetLife's website at www.metlife.com. MetLife Auto & Home is a brand of Metropolitan Property and Casualty Insurance Company and its Affiliates, Warwick, RI. MULTIMEDIA AVAILABLE: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=4522740 |
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