Posts tagged "Dwelling"

What is a “Patio Home?”?

Question by mooter: What is a “Patio Home?”?
I was looking at real estate in Scottsdale AZ and saw a beautiful 3 bd. home with a pool and all amenities for only $ 335,000. It is a “Patio Home.” and I was wondering what this means and why they are so cheap?

Best answer:

Answer by Judy M
Hi Mooter,
A patio home is a single-family detached dwelling sitting on land owned by a Condominium Group. The building is actually a condo since the building’s owner does not own the land. Targeted buyers are home owners who do not want to be bothered by lawn maintenance. Most taxing jurisdictions do not have a separate classification for Patio Homes.

Retrieved from “http://en.wikipedia.org/wiki/Patio_home”

What do you think? Answer below!

What Is Building and Contents Insurance?

If want to know more about home, building, and contents insurance, then you have come to the right place. This article specifies what building insurance is and what it covers. In this article you will discover what is contents insurance coverage, as well as what it covers. You will also find out some very important things that you should know about building & contents insurance. After this article, you will find out why you should compare building insurance, and where you can get a building insurance quote.

Building and contents insurance

Building and contents insurance are two different types of coverage; building coverage is the actual building structure insurance coverage that covers the building itself. Contents everything of value that is on the inside of the building or built within the dwelling. All though these are two very different types of coverage, which could be two separate policies themselves, most prestigious insurance companies offer policies with both types of insurance coverage combined.

What is building insurance?

This coverage is similar to home insurance in a sense. There are similarities of building insurance that are alike traits of traditional home insurance coverage like the natural disaster part of the policy. It covers the owner if anything happens to the structure of the building.

Building insurance situation- Example 1

Let us say you have a tree in the backyard of your building that falls and damages the structure of the building or destroys the structure. If you have building insurance, you are covered. If you (the policyholder) have building insurance with natural disaster coverage in your policy terms, you will be covered and reconciled for the damage that the tree has caused to the building.

What is contents insurance?

Contents insurance is insurance coverage that covers all personal possessions or items in an individual’s household. Content insurance coverage; usually found in a home insurance policy, it could cover your most valued items. It can also cover things that are included in the policy but temporarily removed from the property. This type of coverage is a way to cover everything inside of a home or building. Contents coverage insures things like TV’s, computers, stereo sound systems, audio equipment, musical instruments, ect…

Contents insurance situation-Example

Let us say you are just getting back from a weekend road trip, only to discover that your building has been broken into and vandalized. When things are vandalized or stolen that are covered within your contents coverage policy, you will be reconciled for your losses after your make a claim.

Important things you should know about contents insurance

It is very important you take the time out to dissect your contents home insurance policy. You cannot cover some things within your content coverage. It is a known fact that some expensive items will not be covered under a content policy because of the payout amount terms some policies offer. Therefore, in some cases you would have to inquire about an exclusive clause to cover these expensive items, or get a separate policy for these items to assure that you get fully reconciled in the event anything happens to these valued possessions.

Who should have building insurance?

Any individual that owns commercial properties or dwellings not inhabitant by themselves. Business owners, proprietors that own apartments. If an individual owns commercial property or is a property owner, building insurance would be by far the smartest decision the owners could make.Make the a smart decision of getting a building insurance quote or a contents insurance quote now.

When You Need Fire Insurance On House

Article by Justin McHood

Fire insurance on residence is a essential policy if you personal a residence. You never know when disaster may possibly hit you in the type of fire, so have your goods and dwelling covered. That way if you have a issue you will be able to rebuild the house and not lose every thing that you have.

There are four separate parts of a fire insurance coverage policy though. One region which is going to cover your dwelling or residence. The second part will be for items that are detached from your residence. That will consist of such issues as a garage that is detached or even a gazebo.

Third you will have a component that will shield the private property that is positioned in your home. And ultimately the fourth component will be a call lose. That will be one thing that will support if you have had to move due to a fire in your property. Whilst it is getting repaired you have some thing to assist you cover the expenditures of living elsewhere.

If you have jewelry you could want to verify into getting added coverage for such items. Since some of the policies that you locate have a limited quantity of coverage for such items. Most policies that you have might have only a coverage of about , 000 but you will be facing a bigger loss amount than that when fire strikes in a lot of instances.

You need to have to make positive what your fire insurance policy covers and the limits that are set. If you require additional coverage make certain that it really is added, because you don’t want to lose out if you have a fire just before it really is changed.

Most men and women might in no way have to face the difficulty of a fire, but they can happen at any moment. It’s considerably greater to be prepared then loss all your income simply because you didn’t take the time to get the coverage – and finding the cheapest insurance quote achievable is simple!

About the Author

Justin McHood is a loan officer living in Phoenix, Arizona.

ok, what’s the deal with these dwelling insurance policies and phony benefits?

Question by lyong222: ok, what’s the deal with these dwelling insurance policies and phony benefits?
I’m looking for a company to insure a small house I want to buy through a foreclosure auction. I need it insured from the date the deed is in my name to the date the occupant moves out, quietly or through eviction.
I got a quote from an independent agency through J&J and Scottsdale. The premium is a surprisingly low $ 468 a year. It is called a “Dwelling Fire Quote” (DP1), occupancy” tenant and protection class 2.
What does all that mean?

The occupancy: tenant
is not what I asked for, they were specifically told that the house is occupied and the occupant is not me and not a tenant.
So, I need to pay them a visit and speak to an agent and not the phone person at the front who gave me the quote…………because:
Today I decided to check out Foremost. They referred me to two in my city and one gave me a quote. Expensive $ 2600 a year but prorated refund on a cancel. I asked what do I get for a $ 10,000 loss. They said $ 10,000. What do I get for a total loss? They said up to $ 70,000 which was the minimum they could write (80% of the value of the house – tax value).
Expensive but at least I got someone to insure this house. But, here the occupancy said: vacant. They were told point blank the house is not vacant. It’s occupied and it is not me and not a tenant. So, I go to the 2nd agency who can write Foremost. They called Foremost and they said, the previous agent was 100% wrong, the $ 70,000 policy would not pay me a dime. They demanded the name of the agent. I declined. They said if I had bought that policy I would probably get paid but have to fight them slightly, because the error was the agent who quoted the policy benefits.
The 2nd Foremost agent tried their other sources and all said they could not cover this house. The firms were American Modern, American Reliable, Foremost, and Aegus.

So, back to square one looking for someone who will insure it. Businesses can buy insurance on hole in one contest in gold in order to offer a million prize. If I had a dog house made of gold, somebody would insure that. Why not my house? Maybe the risk is high but the coverage I want is only $ 38,000 and a premium of $ 1000 a month would be fine, but it seems no one will insure it at any price.
Do you know any one?
Why do agents offer insurance that won’t pay a dime? Are they wanting to be sued? Someone could be killed in a fire on a policy they wrote improperly.
Allstate and State Farm won’t even write vacant house policies like the one we have on my father’s house right now.

This occupant is not a paying tenant and they can not even be evicted thru the magistrate’s office like normal. Foreclosure evictions are different.

I have to explain my situation to these agents with every last detail or I would end up with a policy that won’t pay a dime.
Someone said maybe Lloyds of London.

Someone said that as the owner of the house (should I be the high bidder at the auction), I would own “interest” in something so that “something” is insurable, but no luck yet.
Feel free to email me with the reason WHY the second agent said no one would write this.

I’m finding no way 2contact u.

It seems u and Stephen W. disagree on tenant-vacant-occupant.
The 2nd Foremost agent who uses other companies said they all had about 7 “foundations” on which 2 write a policy & my situation didn’t fit any of them. The 2nd agent called Foremost & they said the 1st Foremost agent was getting ready to sell me a policy that wouldn’t pay a dime. The foreclosure lawyer did make a comment that fire by vandalism is a crime but if person left the state extradition would be close 2 zero.
I’ve got 9 business days 2 find a way 2 cover this house so I can bid.
The 1st Foremost agent said no co-insurance requirement but they insured the house for $ 70K though I’d only be paying $ 40K. I said what do I get on a 10K loss….answer check for $ 10K or repairs fixed for 10K. Partial loss, I’d want to stay. Total loss, I’d want my $ 40K. Again they said on total loss check of 70K
there is something fishy about the 2nd agent. I left there is a hurry at 2:45 to make it to the lawyer’s office. I left his office at 3:45 and called that agent. She had already found out that none of the companies I stated in my question Foremost, American Reliable, American Modern and Aegus none would cover me. All this in and around the other work she was doing and other phone calls since she works alone. I’m going to call Foremost again.
I called Foremost. They said there are many situations where there is a death in the family and a family member becomes an occupant and is not a tenant and this agent, said they would give me a quote over the phone. They said go back to the first agent and get explanations on the discrepencies in the policy being dwelling fire when they knew I wanted fire by vandalism, that they have it marked vacant when it is not, and they said I’d get $ 10,000 on a partial loss of $ 10,000 and $ 70,000 or a total loss when in fact I would not get a dime.
This phone call agent writes only for Foremost. I find it odd the 2nd agent who works alone, contacted all those other companies and had time to find out none would cover my situation in under an hour when she had already been told on the phone Foremost won’t cover me, which appears false. Someone, maybe more than someone is up to some tricks….and in some cases tricks can be called lies. I’m going back to the Scottsdale agent as well.

Best answer:

Answer by Age of Reason
If the owner (you) does not reside in the house then who ever is living there is considered a tenant
There is no other classification. Have you tried the company that insures your cars?

What do you think? Answer below!

I live in Dallas and Insured with State Farm and was reviewing my home owner insurance policy and found?

Question by rick: I live in Dallas and Insured with State Farm and was reviewing my home owner insurance policy and found?
that under our Dwelling ” Contents ” coverage they have “Titled (line) Items” listed such as: Firearms, Gold & Silver, Furs & jewelry and computers, that we have been paying a monthly premium on. And the kicker is, ( except for 1 personal computer ) we do not own any of the other items! Are these items, a standard ” fixed ” inclusion to a normal home owners policy? And just an FYI, I contacted an Agent yesterday, I asked the rep to explain why these items had been on our policy and she told me that they are apart of a standardized calculation to our “contents” coverage. Nicely, that did not make sense to me since these items are luxuries not a necessity like say, car insurance.

Is there anyone who knows whether or not or not, these items are apart of a regular home owners content material coverage?

Thanks

Very best answer:

Answer by Zarnev
The cause these items are listed by name is since there are limits to the coverage for the items. They are covered no matter whether you own them or not just like tennis shoes are covered no matter whether you personal a pair or not, it is just they are covered as part of the contents coverage up to their limits whereas you could have hundreds of tennis shoes with no limit.

The reaons for the limits and the specific mention is due to the fact in the past these items have been major fraud items. So now, if you want coverage in excess of the limits you must declare and record that you have the items and pay further for a special rider.

Know much better? Leave your very own answer in the comments!

Homeowners Insurance for 2 famlly Dwelling Question?

Question by Alana: homeowners insurance for two famlly Dwelling Question?
Hi. I inherited a property from a relative. it is a 2 loved ones flat. She was staying in one particular unit and I in the other. Now that I own the property, I require to get it insured in my name. i went to one company, and they mentioned since I stayed in one element ( but truly I have stuff in each units). They considred it a vacant unit and they wont insure the property if 1 part is vacant. I told them the home is not vacant, result in I live in the residence and an making use of the ” entire house”. The insurance firm asked me if I would want to rent to someone. I said no. ( I don’t want strangers living in my property). What is going on right here? Is this legit? How do I get the entire residence ” flat/duplex) insured? Is there a thing unique I require to say? is there a specific policy? Everyone with expereince with this or who is in insurance, please help me. Also, I want a very good business to go with–any ideas? Thanks!
More info: It is a two family members flat. One unit is upstairs and 1 is downstairs. There are two separate doors from the outside, but I am utilizing both up and downstairs as a single unit, due to the fact I can go downstairs unit from within the property, down the back methods ( also to the basement from this way). Both units have back doors inside the property that lead to the basement. As far a a tenant, I strategy to let a relative stay in the other unit, but not on a rent or lease.

Greatest answer:

Answer by Paul Ding
If the two halves of the property have a wall in between them, and you have to go outside to go from a single to the other, it’s a duplex. If you have a carpenter put in a doorway, with or with out a door, among the two halves, then you have one continuous living space, and it is a regular residence, not a duplex.

You don’t argue with underwriters. If they don’t want your company, you aren’t going to get a policy. And it’s almost certainly your insurance agent that does not want your business. He writes up the application for your insurance, and he knows how to word issues so that you either get accepted or get rejected.

The very best business may be either the company your aunt used, or the organization you have your auto insurance with. The 1st business is familiar with the property’s background, and the second company is familiar with your history. Houses and people that have a lot of claims, continue to have a lot of claims.

If neither firm will write your business, go shopping, but shop by *agent*, rather than company. When you go in, tell the agent that you’re looking for a new agent because you want every little thing with one particular agency, and if he cannot write each your property and then your car (when your car policy comes due), then there is no cause to do enterprise with him.

That is assuming that you are a decent danger. If you’re a bad danger, it’ll scare the bejesus out of him, and he’ll show you the door.

Give your answer to this question beneath!

Essential Questions To Ask When Selecting Insurance coverage Coverage

When was the final time you sat down and really considered your insurance coverage coverage? Let’s face it, it isn’t precisely on the weekly “to do checklist” for a wide variety of reasons and so… it’s not stunning that many are caught unprepared when an emergency happens. One factor to remember is that you do not have to stay in an area susceptible to a major catastrophe (i.e. dwelling in an earthquake or hurricane prone area) to all of the sudden notice that your present insurance protection is woefully out of date.
Buying insurance coverage is clearly a daunting job for many, but because it is roughly a obligatory evil I’ve listed a number of key components to contemplate while you finally do take the time to ensure your protection is as much as par.
Pre Present Situations and Full DisclosureBefore being permitted for any insurance protection all functions are looked at by an underwriter. It’s an underwriter job to just about look at every part about you associated to your medical history, once you apply for any sort of particular person health insurance policy.
Be sincere about every part and remember to disclose any pre-present circumstances as a result of in most situations the underwriter will discover out about them anyway and in the event that they do and you failed to say them you might get denied coverage. And even if the underwriter doesn’t catch a pre-existing situation that you just failed to say and also you do get authorized you are still not within the clear. The explanation, if you happen to ever file a declare earlier than cost they’re going to have a look at your historical past again and in the event that they discover out about your pre-existing condition at the moment, not only will they deny your declare however you could also be guilty of fraud and should pay a tremendous, possibly something even worse.
Although many corporations will not insure pre-existing conditions, some will however solely with a 30, 60, 90, and a hundred and twenty+ ready period while others are legally mandated to hold “guaranteed problem” policies. Prior to signing on with an organization, get an in depth record of what’s thought of a pre-existing situation, the exclusionary interval and the kind of coverage that will be supplied as soon as the exclusion ends.
Fee ComparabilityOf course, rates are vital however keep in mind to get quotes on policies which have the identical kind of coverage. Get a copy of all quotes so that you could see the sort and amount of protection in each category and then make it possible for each quote you get relies on those self same coverage quantities in order that as the saying goes… you are comparing apples to apples. In case you obtain a quote that’s means below quotes from different corporations make certain it’s legitimate by asking how they can provide protection at such a decreased rate. The answer could also be that a particular firm focuses on a particular type of coverage and they also provide it at a substantially decrease charge but then once more… if it’s too good to be true then it often is. So keep in mind, an excellent dose of skepticism will carry you a protracted way.
Dealing with Unbiased AgentsMany independent insurance brokers are truly a treasure chest of invaluable information about the insurance coverage industry as a whole however perhaps even more importantly, they can also offer you suggestions from other purchasers a few given insurance company, their merchandise and customer service.
You’re the Boss So Have It Your WaySince you and your family are those that should reside with penalties of no matter protection you decide to choose, it’s truly imperative that you simply think by way of your desires and desires before deciding on the kind of coverage to choose. One question chances are you’ll wish to ask your self is… How important is it for you to the have the choice of choosing your individual medical doctors? If it isn’t an issue, then perhaps an HMO could be a great cost-saving choice to consider. On the other hand, when you’ve got a favourite doctor and come hell or high water you want to see them then you might wish to contemplate the pricier PPO.
No matter what firm you in the end decide upon, it’s imperative that its merchandise and protection options can develop with you and your altering needs. Because of this, an organization that specializes in catastrophic protection might not be the best course of action if you happen to’re planning on having children.
A number of other important factors to think about when selecting protection are: add-ons, deductibles, customer support and charge increases.

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I know your homeowners insurance is suppose to go up every year, but what is normal?

My homeowners insurance cost has gone up from $520 last year to $609 this year. Thats a 17% increase . Is that too much of an increase?

In most cases yes. An inflation gaurd will generally increase your Coverage A limit (dwelling) by about 6%. That does not mean your premium goes up by the same amount. What you probably have is either a change to your account ie an endorsment of sorts, a reavaluation, claims will effect you as well. If none of these are the case it could be a disappearing credit. By that I mean a new homebuyer credit that decreases over a few years. 10% your first year, 6% the second year and 3% your third. None after that. If this is a new policy that’s probably what’s happening to you.

Should I report my tenants on the home insurance policy?

I used to live in my house but now I am renting it out. Should I tell my home insurance company that I will no longer live there and tell them about the tenants?

RIGHT AWAY! you cannot have a homeowners policy if you the homeowner do not live in it. your policy needs to be rewritten as a landlord policy. this covers the dwelling (make sure you also keep liability on it). your tenants should then pick up a renters policy to cover their belongings. if you can find a company in your area that will write your property on a commercial package policy, it will keep your premium a lot lower. i have a company that does this and it actually gives them MORE coverages than a regular landlord policy for less premium.

How much is homeowners insurance in IL for townhome that’s not covered by the common insurance?

I’m planning to purchase a townhome and the assessments does include common insurance. I’ve been told it doesn’t protect any misc assets I have in my home in case a disaster occurs. I want to factor this into my monthly expense estimates. I’m looking for a purchase price at $200,000. How much should estimate for homeowners insurance? Is it a monthly and annual payment?

Thanks

You need to call an insurance company for quotes, start with your auto insurance company & go from there. There are many questions, what does the master policy cover? You would need to read the condo bylaws to find out. Does that policy cover everything attached to the unit or only to the studs? Does it cover anything that you add to or alter in the unit? So, you would purchase a condo policy (HO6 form), you would need to find out from the condo association what you actually need to cover. That would be the dwelling limit you need. Then you need to tell the insurance company how much contents coverage you want (if you had to replace everything you own), then get at least $500,000 liability, $5,000 medical payments & get $50,000 (or the company maximum) loss assessment (this covers if you are assessed for damages to common property – simplified definition – you would need to speak to an agent to explain it to you). You would also need to tell the agent the deductible you want (property coverage).
Good luck in your purchase but no one here can give you a quote.
Homeowners insurance is always an annual policy.