Home Insurance: Home owners guide to insurance

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PostPosted: Wed Feb 02, 2011 9:07 pm   Post subject:   

If you have coverage for "Other Structures", the gaezbo is covered, same as a detached garage, up to your policy limits.



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PostPosted: Thu Feb 03, 2011 5:42 pm   Post subject: How much coverage should I carry on my homeowners policy?  

So I have been told not to carry as much as the resale value of my home because it is not the land that we need to cover with the home. So if my home has recently appraised at $274K, then should I take 20% off for the land and cover what is left on home owners? How do I find this info out?


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PostPosted: Fri Feb 04, 2011 2:34 pm   Post subject:   

You are supposed to insure the STUCTURE for 100% of its current replacement cost (not less than 80% of replacement cost to avoid what is known as a "coinsurance penalty" which reduces your payable claims by the percentage of underinsurance). You DO NOT consider the value of the land -- the land cannot be "lost" to any named peril in the policy.



If you are insistent on NOT USING AN AGENT/BROKER to help you obtain your property insurance, then you should consult the most expensive building contractor in your area and ask for an estimate to completely rebuild your structure from the ground up, together with all of its built in components (no upgrades, no additions/expansions).



Then you'll have an idea of the amount your insurance minimum should be. From there, your policy should increase its limits annually consistent with estimated construction costs. Remember, market value and replacement cost are two VERY DIFFERENT things -- and they are rarely, if ever, the same.



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PostPosted: Fri Feb 11, 2011 8:30 pm   Post subject: will a mobile home insurance agengy  

would a in surance company take a policy out on if you have had a fire Sad


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PostPosted: Fri Feb 11, 2011 8:52 pm   Post subject:   

Possibly. Possibly not. The determining factor is what is the likelihood of a loss in the future?



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PostPosted: Wed Feb 23, 2011 12:44 am   Post subject: homeowners insurance  

Recently i was denied renewal of my homeowners policy because of three plumbing leaks in the slab foundation of my home. I brought the house new in 1993 and had the property covered since. Now I can't find any insurance company that will insure me I have excellent credit but bank of america mortage have place a lender policy with no coverage for personal and liability coverage what am i to do. Evil or Very MadTwisted EvilQuestion


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PostPosted: Sun Feb 27, 2011 1:00 am   Post subject: INFORMATION  

COVERAGE ON POLICY PRF107796 11 ASSURANTGroup


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WH GRIFFIN MOBIL HOME INS
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PostPosted: Mon Feb 28, 2011 10:41 pm   Post subject: Home fire ins.  

When you own a home free and clear, is home fire ins. still require by law?


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PostPosted: Wed Apr 06, 2011 8:19 pm   Post subject: New Roof  

We had a hail storm.The insurance adjuster came,said "we need a new roof",I have received the settlement check from the insurance company.

Our roof is only 9yrs old and is not leaking or missing any shingles, my state still allow layovers of up to two layers (putting shingles over existing shingles) would this be consider a new roof?

We had other damage as well I plan on fixing this myself. Do I need to send proof that the damage was fixed by me or others to the insurance company and if I do in what form? Since I have received payment and they say I can use a contractor of my choice or do the work myself if I can get the work done for less will they want the left over money back? It wonÂ’t be much.

Thanks for your time

SM


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PostPosted: Fri May 13, 2011 2:35 am   Post subject: Home Owner  

I am the policy holder on my home owners insurance. I fell off ladder in my back yard. Does home owner insurance cover the medical expenses?


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PostPosted: Thu Jun 02, 2011 2:58 pm   Post subject: denied roof damage claim  

We had a hail storm and our roof was l6 days old. The hail dented our metal truck yet the adjustor denied our claim for roof damage. We asked for a second adjustor and they are sending the same one that said no to start with. What can I do when he says no again?

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PostPosted: Mon Jul 04, 2011 3:58 am   Post subject: water damage upstairs bathroom  

We had a leak under the sink in the upper bathroom and it stated gusting into the family room downstairs. The ceiling looked like it was ready to fall. My three piece sectional there is a vent over the sofa and I have a light fan the water was pouring out of all the vents . I did not ask for a new sofa or fan light. This happen 10/26/10.I received one check of almost nine thousand dollors. Then when we went shopping for ever thing we needed that just covers the carpet. Our family room has no ceiling and behind where I had the sofa the wall is falling apart. Also I did not ask for money for my sofa, has a awful smell. I mentioned that to the agent. But he did not think so. Now they will know I want my sofa replaced and because of the odor of the house it has to be painted. AAA does not me to hire a trucking company to move our furniture which fills up a 2400 sq.Ft. home. We also noticed the boards in the all upstairs are sweaking the worker told me they have to be replaced. I was going to stay at a hotel for two to four weeks and they will only pay for two weeks after fighting over this. This has been a battle just to get what I need, Months after this damage my husband had a massive heart attack and he only has twenty percent of his heart is alive and his doctor told him he cannot lift more then five pounds and he cannot push or pull anything. Do you know who can help me with this situation Grace Cruz 909-861-3898


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PostPosted: Mon Jul 04, 2011 6:57 am   Post subject:   

Quote:
I was going to stay at a hotel for two to four weeks and they will only pay for two weeks after fighting over this.




If your homeowner's policy includes a "Loss of Use" benefit, it most certainly is longer than a mere two weeks. You can contact the CA Dept of Insurance at 1-800-927-HELP for assistance.


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PostPosted: Mon Jul 18, 2011 5:46 pm   Post subject: home insurance  

by insuring for depreciated value, what percentage discount can the homeowner receive?


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PostPosted: Mon Jul 18, 2011 9:17 pm   Post subject:   

You don't insure for "depreciated value". You insure for "replacement cost" or "actual cash value". No one can tell you what the "discount" is except the agent you deal with, because each insurance company has its own rate book.



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CA-licensed Life & Disability Analyst. CA Insurance Lic #0596197. Also investigating insurance company abuses, and providing litigation support/expert witness services. Send me your questions, and I'll send you my answers.
MaxHerr
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