Posts tagged "Property Insurer"

Protecting your Real Estate- All About Homeowners Insurance

homeowners insurance companies rates can vary from one company to the next as much as 100 percent for them same amount of coverage. It is crucial to shop around for the best insurance policy. While making comparisons write down quotes for equivalent coverage. You will want to know whether the insurance carrier has a reputation for prompt and dependable claims service, so it’s a good idea to check references.

California law prohibits a lender from requiring the borrower to carry fire insurance in excess of the replacement value of the improvements on the property, even if this is less than the loan amount. However the borrower’s property insurer must establish replacement value.

Underinsuring a property can result is serious consequences. Even over-insuring your home can result in major money wastes. Guaranteed replacement cost coverage provides the widest range of coverage available if the home is insured 100 percent of the cost to replace the structure. The entire structure must be replaced at the insurance owner’s expense with guaranteed replacement cost coverage. This applies even if the cost to rebuild is more expensive than the coverage amount. Without this type of important coverage the insurance company will pay up to the coverage amount, even if the price to rebuild is higher. Also look out for policies that offer guaranteed replacement cost coverage but put a cap on the amount of a single loss.

By selecting a policy with a high insurance deductible you can save a significant amount of money. The amount of savings by opting for a $500 or $1,000 deductible over a $250 deductible will vary from one company to the next.

If you are paying all cash for your home, it is strongly advised that you insure your property for its replacement value at the close of escrow. All buyers who take out a loan are required to insure the home with a fire insurance policy that names the lender as the loss payee.

You also should consider adequate personal property coverage to protect yourself against the loss of your personal belongings. In addition to personal property coverage, you should consider liability coverage to protect against claims for injury or damage to another.

Another common addition to a standard homeowner’s policy is earthquake insurance. Earthquake insurance usually carries a very large deductible, about 5 to 10 percent of the replacement cost. If you live in an older home, the insurance company may require that your home be secured to the foundation with anchor bolts. This can be installed by your local contractor or structural pest control company.

If you live in a flood prone area you lender might require you to obtain insurance through the National Flood Insurance Program.

Insurance agents will want detailed information about the property being covered prior to issuing the insurance policy. Insurance agents will commonly want to physically inspect the property.

There are insurance premium discounts available if the home has a smoke and security alarm, close to a fire hydrant, is new or remodeled.

Joe And Colleen Lane
http://www.articlesbase.com/home-improvement-articles/protecting-your-real-estate-all-about-homeowners-insurance-86236.html

Condo Insurance – What should I consider when purchasing?

Looking to buy condo insurance in NYC, any tips, suggestions and best practices welcome.

Okay. To be honest, this is a question that the Condo-owners Association normally doesn’t understand themselves. The answer to your question, lies in the Condo. Assn. Documents. It’s in the "doc’s" under headings, like "Insurance Requirements" or some similar verbage. Now the "doc’s" can be some 300 or more pages, so a little investigation is necessary.

You should go to a large, well known property insurer for the state of New York. It may cost a couple of bucks more a year to do this, but believe me, It’s worth it if you have a claim….Ask the agent for a "Condo-Owners Policy". Now, I am assuming that you own the condo. If you are a renter, then the whole story changes, but…

The HO-6 Condo policy, will cover, pretty much, whatever the Condo Association policy doesn’t, as far as, your property. From, floor and wall coverings to the comforter on your bed, though these are separate parts of the HO-6 policy. The policy is broken down into 5 basic coverage sections.

A – Building Items (Kitchen cabinets, floor & wall coverings,sinks, Vanities, Etc..)

B – Other Structures ( Sheds, Fences, etc…)

C – Personal Property (From your best pair of shoes, to your toothbrush)

D – Additional Living Expense ( If your house is too damaged to live in)

E – Personal Liability ( Anything, legal, that you might be "legally liable" for. This coverage also includes "Medical Payments to Others" coverage, if someone slips and falls at your home, or the like.

The coverage you purchase, will normally be based on the "Coverage A Limit". So if it would only take $50,000 to rebuild the inside of your condo, you may only get $25,000 for "Personal Property" coverage. If you need more, it can be purchased.

Was that a long answer to a short question?

Go find a good local agent, and make him /her explain the coverages. If they can’t do it, you might just want to keep looking……You could already know more about it than them.