Home Insurance: Home owners guide to insurance

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PostPosted: Thu Aug 18, 2011 8:27 am   Post subject: house fire  

can ihave a builder of my choice rebuild my house or do i have to use the insurance company builder which has put in aredicilous quote and is not buildind the house evenclose to the specs that it was before the fire. i have two quotes with in two thousands of each other with the same specs that the house was before the fire


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PostPosted: Thu Aug 18, 2011 8:27 am   Post subject: house fire  

can ihave a builder of my choice rebuild my house or do i have to use the insurance company builder which has put in aredicilous quote and is not buildind the house evenclose to the specs that it was before the fire. i have two quotes with in two thousands of each other with the same specs that the house was before the fire


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PostPosted: Tue Aug 23, 2011 6:14 am   Post subject: insurance?  

i am having a local retired contraccctor do a 20000$dollae project in my home due to a inside home fire but i am paying the contractor unerthe book will my insurance company ask for legal documentation? my contractor cannot have documentation because of his disibility so therefor i cannot submit documentation of my contractor is the insurance company ganna investigate?

mikesmassacre
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PostPosted: Wed Oct 19, 2011 5:44 pm   Post subject: umbrella policy  

will my umbrella policy also cover my second home coop whuch is unoccupied and for sale for liability? thanks.in nj.


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ac c soor
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PostPosted: Thu Oct 20, 2011 7:32 am   Post subject:   

No, umbrella policies don't cover second homes if it's not added to the policy. Umbrella policies pays for liability costs


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PostPosted: Fri Nov 18, 2011 4:40 pm   Post subject:   

Never reveal any kind of personal information in your posts.



No standard home insurance policy cover natural disasters like flood or earthquakes. For these natural calamities you should buy separate policies.


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PostPosted: Sat Jan 21, 2012 12:55 am   Post subject:   

Hello...Not sure it applies equally in each state, but I think that you have to have Workers Comp insurance for them. You an contact your homeowners' insurance policy holder and ask, but I think that covers guests and other visitors to your home. We all know that you can rent part of your house on a permanent basis and all of your house on an occasional basis and still have MOST of your HO insurance intact.



thanks,

Delfina



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DelfinaManotas
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PostPosted: Thu Jan 26, 2012 5:38 am   Post subject: NFIP  

I have a NFIP flood ins policy with my home owners. Bought home in 2007. NOW morgage co says thats not good enough. It has to be a separate policy. They have lender force another flood policy on me. Which has raised my payments $510 more a month. So now I have 2 flood policies. Is it legal for them to do this? Need HELP PLEASE


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PostPosted: Thu Jan 26, 2012 12:22 pm   Post subject:   

Quote:
will my umbrella policy also cover my second home coop which is unoccupied and for sale for liability?




No, that won't cover your unoccupied home. Some companies do insure vacant homes. If you already have a homeowners policy covering a vacant property, find out if you can purchase and attach a rider which will extend the coverage to vacant homes. Remember that there are quiet a few exclusions as insurers tend to classify vacant homes to be 'high risk'. Paint and glass doors or windows are generally excluded after the first month or so of coverage. Insurers calculate that the risk of theft and vandalism progressively increases the longer the home stays vacant.



Quote:
If it is not covering natural disasters like earthquakes flood etc.




Standard policies exclude coverage for earthquakes and floods. You need separate policies to cover for each of them. For earthquakes you'd have to buy 'mini policies' which cover your dwelling ONLY. If you are looking for more comprehensive coverage against earthquakes, you should look into California Earthquake Authority (CEA) affiliated insurance companies.



For floods, there are many insurers out there who can sell you comprehensive flood insurance. You can also look into the FEMA's National Flood Insurance Policy.



Quote:
I think that you have to have Workers Comp insurance for them




Yes, you should carry workers compensation insurance but not in this case. Simple third party liability should just do.



Quote:
my contractor cannot have documentation because of his disability so therefor i cannot submit documentation of my contractor




Why can't he have documentation? Is he doing his job even though he is disabled and claiming disability benefits while he is on the job? That would amount to fraud on his part.
Heller
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PostPosted: Thu Jan 26, 2012 4:53 pm   Post subject:   

Quote:
So now I have 2 flood policies. Is it legal for them to do this?




Its not technically illegal to insure a single property with multiple policies. You are required to declare the fact that you are insured by two different parties to both your insurers. Otherwise, it will amount to insurance fraud. In case of a catastrophe, each insurer will a claim amount in proportion to the premium you are paying each of them.



Quote:
NOW morgage co says thats not good enough. It has to be a separate policy. They have lender force another flood policy on me.




Coming to the question of purchasing a separate policy, did the bank say why they need you to buy a separate policy? Is your flood coverage not adequate for the zone you are situated in? Please check up on the Flood Insurance Rate Map (FIRM) and find out which zone you are situated in. In case you don’t have adequate flood coverage, your bank will have to inform you in writing before asking you to buy additional coverage.
Heller
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PostPosted: Sat Feb 11, 2012 11:58 am   Post subject: Home owners guide to insurance  

For every individual, the most important place on Earth is their home. And most people do everything to protect it. But when was the last time you looked into your home insurance policy, to see what is covered, and if it is up to date? Chances are, your circumstances might have changed since you took out the coverage. If you wanted to add extra services to your existing policy, you might get a sky-high price. Whenever you are looking to change the level of insurance coverage or want to take out additional extras, you should get in touch with a home insurance quote expert, to find you the best prices for your needs.



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MCDaniel
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PostPosted: Wed Mar 14, 2012 6:51 am   Post subject: premium rising  

why does it seem that one you use your homeowners insurance for a covered peril your premium go up

nes
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PostPosted: Thu Mar 15, 2012 11:15 pm   Post subject: leinholder  

does my lein holder have the right to make me carry more insurance than i have left on my loan? I have 52,000 left and I have insurance for 60,000.


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mandy
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PostPosted: Sat Sep 13, 2014 5:45 pm   Post subject:   

Switching homeowners coverage from any other carrier to Allstate.



Please be sure to ask whether underwriting is final before inspection, or if inspection may be done after U allow them to underwrite U causing you to switch your policy from your current carrier.



Don't allow any carrier to "play bait and switch" on you as was just done to me.



I do not have the funds just yet to have the minor repairs done to my garage and home's fascia and soffitts. I will be terminated if repairs are not done by October 26, 2014.



I am an experienced secretary and I did not see this coming, so be careful when switching either homeowners or automobile insurance carriers.

carimason
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PostPosted: Sat Nov 22, 2014 5:26 pm   Post subject: Minimum ACV  

Hi, I have an insurance claim at my house that roughly looks like this:

Replacement Cost: $10,000

Depreciation: $4,000

Deductible: $1,000

Net: $5,000 Paid by the insurance company



My adjuster told me that in order for me to receive the depreciation, I had to have the work done, spend the depreciated amount and show that I owed the money for the remaining work.

I signed a contract with a restoration company to do only $3,000 of work from the adjuster's estimate. Going through the adjuster’s estimate, I calculate that roughly $1,800 of this is the depreciated amount and $1,200 is the depreciation. I paid the contractor the $1,800 and asked the insurance company for $1,200 from the $4,000 total Depreciation for this work. Here's the problem. The insurance company said I had to spend the total depreciated amount $5,000 to get ANY depreciation. I’ve thought a lot about this and it makes no sense to me. My insurance is supposed to pay for current market value of damaged items, the depreciated amount. I told them that my items, building or personal, have current market value and this is what they are paying for. I can then chose to replace it or not. If I replace it then I’ll get the depreciation too. Why should replacing one item effect replacing another one. Another way of looking at this is suppose I had 5 damaged coats for $500 each with a depreciation of $100 each. They would initially pay me 5 X $400 = $2,000. If I chose to only replace one coat, shouldn’t they pay the depreciation on that one, $100?? Why do I have to spend $2,000 to get any depreciation? Please advise. I’m at my wits end… !

THANK YOU!


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