Posts tagged "Quot"

News3 new results for “term” “insurance” House passes five-year flood insurance billMiamiHerald.com”It also elim… http://bit.ly/njP7Op

News3 new final results for &quotterm&quot &quotinsurance&quot House passes 5-year flood insurance coverage billMiamiHerald.com&quotIt also elim… http://bit.ly/njP7Op – by term_insurance7 (Term Insurance)

Question on condo insurance (HO-6) coverage?

Hypothetical: I determine that all my personal belongings in my condo are worth $10,000 total, and I buy $20,000 worth of coverage. Two years later everything is completely destroyed by some accident. Will I be paid the whole $20,000 by the insurance company (which essentially gives me a $10,000 profit)?

No, you have to prove your losses, draw up a list, use your inventory, etc.

I’ve never seen an "agreed amount" clause on contents. It’s the LESSER of, the value of your stuff, or the policy limit.

It makes the inventory part pretty important.

BUT, the average person has more than $!0,000 of stuff, also.

How much condo hazard insurance should I carry?

I bought the condo for 95k. The HOA insures from the studs out. My personal property is worth approx 10k. It has 2 bed 2.5 bath, a living & dining room totaling 1024 sq ft with a 512 sq ft basement.

The inside is basic with mostly carpet and vynal, basic countertops, appliances, and shelving.

Please take the time to sit down with a local agent who can calculate the cost to rebuild the interior of your unit based on the square footage and local labor and building supply costs. Most agents have the software available to help you determine this as accurately as possible. In terms of your personal property your calculation should not be based on the current "used" value but the value to "replace" or purchase these items brand new. Your personal items includes your clothing, your furniture, your small appliances, computers, electronics & media (games, cds, dvds, software,etc), dishes, pots & pans. As a rule of thumb if you tend to buy your personal property at Wal-mart or K-Mart a 2 bedroom unit contains between $25,000 to $40,000 in personal property. Also purchase the replacement cost coverage option on the personal property and on coverage A–the building coverage. You need to make sure that this figure is as accurate as possible. If you are underinsured at the time of a loss, you will be penalized by the same percentage that you are underinsured. Also make sure to include ordinance and law coverage, loss assessment coverage and sewer/water back up coverages. In addition I would have a minimum of $500,000 personal liability coverage and $5,000 medical payments coverage. To save money, please consider the following–have whoever writes your auto insurance quote this for you so that you can possibly get a multi-policy discount, take a deductible of at least $500 or $1,000, consider putting an alarm, fire extinguisher, etc.

What should i ask insurance agents when i am shopping for homeowners insurance?

We are trying to buy homeowners insurance b4 hurricane season…we live in fl. but i wanted to know the right answers to ask the agents when i am shopping for quotes. Is there any? what are the basic questions? i want to make sure i’m covered for all the right stuff and i get what i want and need. thanks for all of your help!

In FL, it’s "will you write me" and "who are you going to quote me with".

You want an A RATED CARRIER, with someone like AM Best. There are a buncha new, unrated carriers cropping up, like Cypress, but since they aren’t rated at all, you don’t even know if they’ll be in business the day after a major hurricane.

For the most part, a good agent will ask YOU lots of questions, to be sure that you’re insured propertly.

I know a GREAT insurance agent in FL – www.huttinsurance.com I’m not affiliated, but I’ve brokered stuff through them, and they do a bang up job.

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.