Home Insurance: Home owners guide to insurance

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PostPosted: Thu Jul 15, 2010 11:45 am   Post subject:   

That 1000.00 is your medpay limit..you probably have a personal liablity limit of 100k..that will only come into play if you were negligent (at faul) in some manner, which frankly I could see...in this case...call your insurance company's 800# for claims reporting, (NOT your agent)...turn in a claim and let them get this investigation started to see if you are liable for this fall/deck cave in or not.



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PostPosted: Thu Jul 15, 2010 6:33 pm   Post subject:   

Quote:
call your insurance company's 800# for claims reporting, (NOT your agent)




Spoken/written like a true professional!!


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PostPosted: Sat Jul 17, 2010 12:30 am   Post subject: Tropical Cyclone Coverage  

I currently have Allstate homeowner's insurance. My policy identifies a 5% tropical cyclone deductible. I asked Allstate about this and they assured me that I would only have to pay 5% of the repairs up to the maximum amount. Speciifically I asked what would happen if I had $20K worth of damage and my deductible was $15K. Do I pay my $15K first? They said no, I would only pay 5% of the $20K repair. Was I told correctly? Who has better insurance?

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PostPosted: Sat Jul 17, 2010 8:04 am   Post subject:   

Your contract will define the deductible. Catastrophic coverage such as tropical cyclone will have a deductible stated differently than the deductible for more traditional property claims, which are usually stated as a round dollar amount (such as $500 or $1000).



For example, a CA earthquake policy will states the deductible a percentage of the insured Property Value (a $400,000 home with a 10% earthquake deductible, would have a $40,000 deductible in the event of a loss due to earthquake.



Your Allstate policy describes the cyclone deductible as "5%". If the policy describes the deductible as a percentage of the loss, then what the Allstate rep told you is correct -- you need to read the language of your contract to know for sure. If there is an upper limit to the property damage claim payable under the cyclone coverage, then 5% times that amount defines your maximum deductible. If, as in your example, the 5% deductible is calculated against the value of the loss, then a $20,000 loss invites a $1,000 deductible.



As to your question, "Who has better insurance?" There are potentially as many answers as there are insurers willing to write a policy on your home. You have to evaluate an insurance company, in part, on the basis of their claims-paying ability (known as a Financial Strength Rating, which is NOT any kind of guarantee), as well as recommendations from friends and coworkers based on their personal experiences with any company. You can also look at their complaint history. No insurance company has an unblemished record when it comes to policyowner complaints. But most complaints are eventually determined to be "unjustified", which usually means that the insurer is abiding by its contract, and the policyowner misunderstood what their coverage is.



This is sometimes the fault of the agent/broker who placed the coverage not taking the time to fully explain the coverage to the client. Unlike life insurance, most homeowner's policies are delivered by mail, not in person, which means the agent has to go out of their way to contact the client to go over the contract, and it doesn't happen nearly as often as it should.



In the classic sense, the best insurance is the policy that is in force and covers your loss at the time it occurs.



Life is better when we have no claims. So most of us dutifully pay our premiums hoping we will never have to file a claim.



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PostPosted: Wed Jul 21, 2010 2:25 am   Post subject: Living Room Window Water Leakage  

Exterior window frame deteriorated - No flashing on this window water leaked due to this. Damage to frame and surrounding wall and structure rotted ( below and beside window ). Would this be covered.


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PostPosted: Wed Jul 21, 2010 3:12 am   Post subject:   

NO. This is the result of "wear-and-tear" or failure to maintain, neither of which is covered. On the other hand, if the house burned down . . .



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PostPosted: Wed Jul 21, 2010 2:45 pm   Post subject: Fraud  

I am a contractor - recently I have had instances where the insured has spent the money recieved from their insurance claim - and I am left with no other choice but to go through the tedious process of fileing liens - I never accept money for a project until we are 100% complete - and never charge more than what our signed contract states - however I feel it is criminal for the insured to be able to spend the money recieved from their carrier for the project and not pay the contractor - is their any laws for this and is this fraud as well?


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PostPosted: Wed Jul 21, 2010 4:42 pm   Post subject:   

Responded to your post on the Auto Insurance forum.



It is not fraud, it is not criminal. Please see the other post and responses from others for more details.



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PostPosted: Sat Jul 24, 2010 9:54 am   Post subject: Insurance agains damage to 3rd party property  

I am the long lease owner of an apartment in London which I rent out unfurnished. Does an insurance policy exist which would cover any damage done to another owners apartment, i.e. water lekage, etc?


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PostPosted: Sat Jul 24, 2010 7:22 pm   Post subject:   

You'll have to check with an insurance agent in the UK. In the US, these policies are known as "Dwelling Policies." There is probably an analogue product available in the UK.



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PostPosted: Wed Aug 11, 2010 7:28 pm   Post subject: Home Owners Business  

I was wondering how can one start a Homeowner's Insurance Company? and how much, approxiamtely would it cost?

Thank You Sil.

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PostPosted: Wed Aug 11, 2010 8:19 pm   Post subject:   

Are you asking what it would cost to start an agency, that would sell homeowners insurance to clients, or an actually insurance company/carrier that would retain the risks and be responsible for paying the claims?



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PostPosted: Fri Aug 13, 2010 5:53 am   Post subject: insurance that an agent carries on themselves  

What is the insurance called that the agent carries just incase they make a mistake.


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PostPosted: Fri Aug 13, 2010 11:48 am   Post subject:   

E&O (errors and omissions)



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PostPosted: Fri Aug 13, 2010 2:39 pm   Post subject:   

Unless they also make the mistake of not carrying any E&O insurance. Then it's called retention (or, self-insurance).



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