On-line Quarterly Newsletter                                                      


Tips for Homeowners Insurance Coverage

Page 1

Volume 2, Issue 3
November 7, 2003

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Alford Real Estate Services, Inc.
216 Landing Lane
Bluffton, SC 29909
(843) 705-7888

With wildfires and natural disasters more prevalent than ever, experts are urging consumers to make sure their homeowners' insurance coverage is sufficient. It's important to update the policy every year due to appreciation and the rising costs of construction materials and labor. In addition, a review is warranted anytime property owners make improvements that boost the home's value.

Otherwise, they could discover that their policies don't cover total rebuilding costs in the event that their homes are destroyed. One solution is to purchase a "guaranteed replacement endorsement" so that the policy value automatically rises annually. Meanwhile, homeowners should obtain HO-5 policies rather than HO-3 coverage so both the dwelling's structure and contents are covered.

They also must make sure they will receive the replacement cost of each item, rather than the cash value. Moreover, those who live in flood- or earthquake-prone regions should purchase separate coverage for these events.

Though coverage changes drive up premiums, homeowners actually can save money by hiking their deductibles to as much as $2,500 at the same time

~SOURCE: CBSMarketWatch.com (11/04/03); Martin, Ray

Free Credit Reports Likely Under Next Version of Law

The Senate favors making permanent the national credit standard that makes it easier for borrowers to obtain mortgages, loans, and credit cards.

The standard is part of the Fair Credit Reporting Act, which the Senate is expected to reauthorize

and make permanent in a vote on Tuesday. Some senators have been critical of the emerging legislation because it doesn't allow states to craft their own rules on how businesses use, share, and report data on consumers.

However, Sen. Richard Shelby, R-Ala., chairman of the Senate Banking, Housing and Urban Affairs Committee, declares, "This bill reflects a careful balance between ensuring the efficient operation of our markets and protecting the rights of consumers."

~SOURCE: Tacoma News Tribune (WA) (11/05/03); Holland, Jesse J.

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