You should give careful consideration before even filing a Columbia SC homeowners insurance claim. Filing just one claim — even a small one — can send your premiums soaring through the roof (no pun intended!)
Factors Affecting Columbia SC Homeowners Insurance Rates
According to a new study from InsuranceQuotes.com, the average premium increase is 9 percent for the first claim. Even a denied claim can cause your premium to go up. Make sure to know your policy's specific guidelines and only file a claim when absolutely necessary. Winning a small claim could actually cost you money in the long run.
The type of Columbia SC homeowners insurance claim also matters. Liability claims, such as from personal injuries, are the most expensive type of claim, with insurers raising premiums by an average of 14%.
Other claims that lead to big premium increases are theft and vandalism, which often indicate that the home is in a neighborhood that is unstable or possibly falling prey to various forms of contamination or corruption. In bad neighborhoods, these crimes can recur, and the high premiums reflect that.
Once your Columbia SC homeowners insurance premiums are raised, it can be difficult to get them reduced.
Insurers keep a database called the Comprehensive Loss Underwriting Exchange, or CLUE, which tracks seven years' worth of your auto and property insurance claims, as well as any inquiries you may have made about a claim. The database then compiles a report based on your claims history that is then used to determine whether to cover you and how much to charge.
The information is available to all insurers so even if you switch providers, your rate with the new carrier may be just as high.
Ways to Try and Keep Columbia SC Homeowners Insurance Costs Down
Raise your deductible. But not so high that you can't afford to pay out-of-pocket costs if damage occurs.
Don't make small claims. Getting a few hundred dollars back if a tree limb falls on your shed may feel good but you could be paying that back to your insurer over the next few years — and then some.
Don't use Columbia SC homeowners insurance as a maintenance tool. Don't file a claim to pay for small repairs, such as when wind blows some old shingles off your roof. Use it for catastrophic repairs only.
Shop around often. Look for quotes once a year. There's lots of competition in the industry and you may be able to buy equal coverage and service for a lower price.
Get more Columbia SC homeowners insurance information in our section on Columbia SC Insurance to the right under Columbia SC Real Estate Categories.
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Getting Columbia SC homeowners insurance is not considered a dumb buy, but some forms of insurance do qualify as a dumb insurance. Some insurance is a total waste of your money, as outlined in this short video…
When it comes to real estate, just about everything is negotiable, so don't ever let anyone tell you that services like Columbia SC title insurance and closing costs (escrow services) aren't.
Columbia SC title insurance companies are hired, in part, to issue title insurance protection for Columbia SC home buyers and lenders. Lenders require the service to protect them against loss resulting from claims by others against the Columbia SC home you are buying.
How Columbia SC Title Insurance and Escrow Services Work
Title insurance comes into play during the "closing" period of the real estate transaction and is usually packed with escrow services.
Escrow services (sometimes attorneys, sometimes just a neutral third party) handle all the paperwork, transaction, deposits, mortgage signing, and various other "closing related" issues.
Before hiring title or escrow services, obtain several referrals from those you trust, family, friends, co-workers, real estate agents and others who've recently had a satisfactory closing of escrow.
Compare the costs of different escrow and Columbia SC title insurance companies before agreeing to use one. Fees can and do vary widely. Ask for EACH AND EVERY escrow cost from title insurance and search and escrow service fees, to all the little so-called "garbage fees" that crop up during a closing.
Make sure you get a good faith estimate from your lender, and double check the lines that cover these title and escrow services. Remember, an estimate is only that.. an estimate, so do your homework, and make sure you know the EXACT figures, and what you're getting for your money, before you go to the closing.
On closing day, be prepared with plenty of time, pencils, paper, a calculator, and an inquisitive, demanding mind. You are allowed to have your representative — a real estate agent, mortgage counselor or other professional — attend closing with you.
If we are involved in your real estate purchase, we will accompany you to your closing.
If you have questions or comments about this article on Columbia SC title insurance and escrow services, please don't hesitate to contact us. We'll get back to you with any answers you need.
Get all the facts that affect buying a Columbia SC home, including Columbia SC title insurance, as well as other insurance, like homeowners insurance, right here at our website. For more articles and tips on Columbia SC title insurance, as well as homeowners insurance, check out our Columbia SC Insurance section under Columbia SC Real Estate Categories to your right.
Many prospective homebuyers in the Columbia SC real estate market don't consider the risk of natural disasters like hurricanes, earthquakes, tornadoes, and flooding when buying a home. But like many markets throughout the U.S., the Columbia SC real estate market is at some risk of a natural disaster.
Darren Blomquist, Vice President of RealtyTrac, takes a look at the risk of these natural disasters, and their impact on the Columbia SC real estate market, and other markets across the country…
It pays to be informed, and that also applies when buying a home in an area that may be at risk for some sort of natural disaster like the Columbia SC real estate market. It's very hard to find any place that is totally immune from some sort of natural disaster. So make sure when you buy a home anywhere that you are adequately covered for things that could strike which you have no control over, like storms and earthquakes.
Get more insurance information as it pertains to the Columbia SC real estate market at the Columbia SC Insurance link to your right under Columbia SC Real Estate Categories.
Every year the same question about insurance rolls around about this time. "Do people really need flood insurance for Columbia SC homes?"
Consider this: Hurricane season in the Atlantic began June 1st and ends November 30th. The Eastern Pacific hurricane season began May 15th and also ends November 30th.
Hurricanes don't just affect coastal homes, but flooding well inland often occurs with land falling tropical systems.
Hurricanes are strong storms that can be life-threatening as well as cause serious property-threatening hazards such as flooding, storm surge, high winds and tornadoes. Preparation is the best protection against the dangers of a hurricane. And that includes deciding whether flood insurance for Columbia SC homes is a smart investment.
Hurricanes cause heavy rains that can cause extensive flood damage in coastal as well as inland areas. Everyone is at risk and should consider flood insurance protection. Flood insurance is the only way to financially protect your property or business from flood damage.
Predictions are pointing to the 2014 hurricane season being a mild season with a below average number of named storms predicted. But it only takes one storm hitting our area to make it a tragic season. In 1992, Hurricane Andrew was one of only four hurricanes that season. Still, it created widespread destruction.
Regardless of whether 2014 is active, or inactive, don't be caught off-guard. A regular homeowner's insurance policy does not cover Columbia SC homes for rising water. You need flood insurance to cover this, and in order to get flood insurance, you must have your flood insurance policy in force for a full 30 days before it will cover your property. And once there is a named storm anywhere in the Atlantic, no new policies can be written to cover that storm.
Flood insurance for Columbia SC homes is the only way to make sure your assets are covered in the event the Columbia SC area experiences any sort of flooding from rising water, not just from tropical storms. Consider yourself warned.
Find more tips under Columbia SC Insurance below Columbia SC Real Estate Categories to your right to help you decide if flood insurance is right for you.