damages covered under home insurance..

Message Author
ampm-bookmark
delicious-small Add to delicious
yahoomyweb-small Add to YahooMyWeb
blinklist-small Add to BlinkList
PostPosted: Tue Oct 21, 2008 8:50 am   Post subject: damages covered under home insurance..  

Hi all..the last time I heard about home insurance I was convinced that it doesn't cover the policy holder for any damages upon his car e.g. a tree falling over it. Does it cover any damages done to the basement of my home? If it covers...then I'd also like to know about what would happen to the damaged inventory of self-employed (home-based) people like me?

Regards, Kyliedfoxy


_________________
Register Now to have your Insurance queries solved.
Kyliedfoxy
Guest







PostPosted: Tue Oct 21, 2008 9:33 am   Post subject:   

Good morning Kyliedfoxy, and welcome to the community...your HO policy would not cover a tree falling on your car...however your auto's comp coverage would cover the car...not sure what you mean by the basement? Of course it would depending on what happened, the type of policy you have and so on...same with your property....what peril are you talking about? water damage maybe? can't think of much else in the basement other than fire, theft and water....again re: water damage it matters what caused the damage...please be more specific with your question and I'm sure we can come up with an answer for you.



_________________

"Never, never be afraid to do what's right, especially if the well being of a person or animal is at stake. Society's punishments are small compared to the wounds we inflict on our soul when we look the other way." Martin Luther King Jr.
Lori
Forum Expert
Leave a quick message

Lori
Forum Expert

Joined: 10 Sep 2007
Posts: 8080

Location: Missouri
287.93 Dollars($)

PostPosted: Tue Oct 21, 2008 9:57 am   Post subject:   

Hi foxy, since all the home policies available are different from each other you are required to read your policy document carefully to know what exactly is covered under it.



Most of the insurer will not cover the basement walls or floor if it gets flooded due to rain or receding river or creek, however it may cover the contents within since the contents are covered under the homeowners plan.



Thanks,

Rupert

RupertWBradson
Senior member
Leave a quick message

Rupert W Bradson

Joined: 05 Jul 2007
Posts: 692


131.46 Dollars($)

PostPosted: Tue Oct 21, 2008 10:17 am   Post subject:   

There are alot of different protections from home owners. It ould depend on your policy and what coverage you paid for. Have you talked with your insurance company? They should be able to give you answers and guide you through.

fireyone
Senior member
Leave a quick message

fireyone

Joined: 07 Jan 2008
Posts: 1986


2.38 Dollars($)

PostPosted: Tue Oct 21, 2008 1:35 pm   Post subject:   

Lori is correct at saying that your HO would not go after such damages resulting out of a tree-fall. For that you'd certainly need to maintain a comprehensive auto policy. However, if lightning is the cause of such damages then it is possible.

Purpleheaded08


_________________
Register Now to have your Insurance queries solved.
Purpleheaded08
Guest







PostPosted: Tue Oct 21, 2008 1:42 pm   Post subject:   

Yes, I guess the damages caused by lightning would be covered. But I'd like you to go through the policy benefits very carefully and make sure of the limitations. There could be some restrictions for covering the damages caused to your basement. Such restrictions would vary from one policy to another. Crossbreed


_________________
Register Now to have your Insurance queries solved.
Crossbreed
Guest







PostPosted: Tue Oct 21, 2008 1:53 pm   Post subject:   

Quote:
If it covers...then I'd also like to know about what would happen to the damaged inventory of self-employed (home-based) people like me?


Hey..I have not come across any such instances wherein the HO would reimburse you for such business operations that are being carried on back home. My friend, I'd rather suggest you to obtain an endorsement that would protect your business operations back home. Caromel_merquez

_________________
Register Now to have your Insurance queries solved.
Caromel_merquez
Guest







PostPosted: Tue Oct 21, 2008 1:58 pm   Post subject:   

Hi!

Quote:
My friend, I'd rather suggest you to obtain an endorsement that would protect your business operations back home.


On the other hand you may go for a business owner's insurance. I'd rather believe it to be a more relevant option than HO. It is certainly meant to offer more of protection towards your business operations from within your home. What do ya think!

Regards, Plasticmind

_________________
Register Now to have your Insurance queries solved.
Plasticmind
Guest







PostPosted: Tue Oct 21, 2008 6:17 pm   Post subject:   

Never thought of that one. Does a HO policy cover the business part of the house if anything happens?

fireyone
Senior member
Leave a quick message

fireyone

Joined: 07 Jan 2008
Posts: 1986


2.38 Dollars($)

PostPosted: Tue Oct 21, 2008 6:57 pm   Post subject:   

Many companies (mine included) have the ability to include additional insurance for a "Home Office" - computers, materials, etc. But you have to ask for it..it is not automatic.



_________________

Life moves pretty fast. If you don't stop and look around once in a while, you could miss it. - Ferris Bueller
LifeIsGood
Senior member
Leave a quick message

LifeIsGood

Joined: 22 Sep 2008
Posts: 574


1.31 Dollars($)

PostPosted: Tue Oct 21, 2008 8:00 pm   Post subject:   

Thats kind og how I figured it would be.

fireyone
Senior member
Leave a quick message

fireyone

Joined: 07 Jan 2008
Posts: 1986


2.38 Dollars($)

PostPosted: Wed Oct 22, 2008 3:30 am   Post subject:   

Not sure how we got coverage from an HO policy to address damage from a tree falling because it was struck by lighting.



Does the HO policy provide coverage to a basement? Well, yes and no. As Lori mentioned, the HO policy covers certain things and it excludes others. Such an open ended question can only result in an opened ended answer... yes... and no.

tcope
Forum Expert
Leave a quick message

tcope
Forum Expert

Joined: 22 Nov 2006
Posts: 6175

Location: Salt Lake City, UT
375.37 Dollars($)

PostPosted: Wed Oct 22, 2008 1:55 pm   Post subject:   

It could be a "maybe" though.



_________________

Life moves pretty fast. If you don't stop and look around once in a while, you could miss it. - Ferris Bueller
LifeIsGood
Senior member
Leave a quick message

LifeIsGood

Joined: 22 Sep 2008
Posts: 574


1.31 Dollars($)

PostPosted: Wed Oct 22, 2008 3:31 pm   Post subject:   

Is that your final answer Life?

fireyone
Senior member
Leave a quick message

fireyone

Joined: 07 Jan 2008
Posts: 1986


2.38 Dollars($)

PostPosted: Wed Oct 22, 2008 9:35 pm   Post subject:   

every policy is different but generally your car would be covered under your auto



as far as the basement it depends on what your looking for it to be covered by, if it's a flood it's probably not covered in your plan, but you insurance dec page is going to have more information on that



your business property is most likely not covered unless you let them know you have a business on the property and got extra coverage for it because most of the time home based businesses are excluded from coverage



also look at your personal property limits, do you think it's the same as the amount of stuff you have in your home?

FarmAHam
New member
Leave a quick message



Joined: 05 Sep 2008
Posts: 26


0.37 Dollars($)

Quick Reply
Your Name
Subject
Message body
All times are GMT
1, 2  Next  
Page 1 of 2


Get a Quote
Ask Community Experts

flash plugin

Quick Links

Must See

Community

Hot topics in forums

Latest in blogs

    Connection Error: Connection refused