Insurance World

With the home improvement season upon us, there is no better time than now to review your homeowners insurance to make sure you have the coverage you need. While Americans spent more than $198 billion in 2004 for home improvements and repairs, only 31 percent said they changed their homeowners coverage to reflect the increased value, according to a recent, national survey of 1,000 people by Farmers Insurance Group.

Not reporting major home improvements — such as updating a kitchen or bathroom, enclosing a porch, or making an addition — to your insurance company puts you at risk of being underinsured.

“Many homeowners are not adequately adjusting their policy to cover the new value of their home,” says Jeff Beyer, senior vice-president & chief communications officer for Farmers Insurance Group. “Often, the only time people review their homeowners insurance is when they first purchase the home.”

Farmers recommends contacting your insurance agent or company to increase your coverage before or shortly after remodeling begins.

“Homeowners should review their policy each year on renewal to make sure they have enough coverage to rebuild their house in the exact style and quality of the original home,” Beyer says. “Raw materials such as lumber and stone continue to rise as do labor costs for construction.”

Only 45.6 percent of the respondents said they have floaters or riders attached to their policies to cover jewelry, furs, art, antiques and other items that may not be otherwise adequately covered by their homeowners insurance.

Farmers recommends these tips to consumers to keep their home properly insured:

* Always update your homeowners insurance to reflect the increased value after any remodeling or additions.

* Conduct a home inventory – Photograph or videotape your belongings in every room in your house. Open drawers, closets, etc. to make sure you capture all of your personal items. Also, make a list of all highly valuable items in the house (major appliances, electronics, etc.) and include the brand, make, serial number, model and year of purchase of each item.

* Keep information in a safe place – Store the inventory list, along with the photos and/or videotape, in a safe deposit box or at the home of a friend or relative so it will be safe in case your home is damaged or destroyed. Another option is to store the photos on an online Web site.

* Additional insurance - Make sure you have coverage for big-ticket items like furs, artwork jewelry or antiques. You may want to consider purchasing an endorsement or floater that provides a specific amount of coverage for high-priced or precious items based on their appraised value. Adding a rider to your policy can help ensure that your home office is fully covered.

Finding providers who offer individual dental insurance plans may be difficult but not impossible. So do not let this minor point stop you from finding an insurance provider, because having dental insurance fulfills two great benefits:

Excellent Oral Health
ADA studies have shown that cleanings and regular dental check ups is one of the best ways to keep ones’ teeth and gums healthy, and safe from diseases. Many plans provide and pay for the insured to go for regular dental check ups.

Relief From Costly Dental Bills
Cavities, root canals, crowns and teeth extraction are an unpleasant reality. Without dental insurance, these simple procedures can become expensive. Many dental insurance providers offer plans where they pay for a bigger percentage or pay for the entire dental procedure.

What To Consider In The Search For Individual Dental Insurance Providers

Short or no waiting period
Some dental insurance providers impose a waiting period, to ensure that the old problems from the previous provider are not carried over to the new plan. This can be a problem for you if you need to undergo a procedure, but the new dental insurance has a waiting period of 6 to 8 months before you can avail of the coverage. You will end up paying for this treatment out of your pocket. So, do not delay your search for a dental insurance plan.

Buyer Plans or referral plans
Consider third party companies, which offer referral plans. Under this arrangement, the individual pays a monthly fee to a third party to gain access to dentists who have agreed to a reduced fee schedule. The third party’s services involve securing individuals to dentists. The individual pays the discounted dental fee directly to the dentist.

Independent insurance carriers
You can easily find these carriers on the net or the yellow pages. The better ones offer a flexible dental insurance plan, which can be written as stand-alone coverage or as a part of your present dental insurance plan.

Some of these carriers provide plans with the following benefits:
• The flexibility to seek treatment from your preferred dentist, but they will offer you bigger discounted fees if you choose a dentist from their network.
• Inform you what the contracted rate is for the treatment before you undergo this.
• Provide you complete coverage from preventive services such as check ups to major procedures like full dentures.