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International Political Risk Management: Exploring New Frontiers

This hearing on how the Federal government should oversee insurance took place in the Financial Services Subcommittee on Capital Markets. The hearing notice and witness statements are located here: http://www.house.gov/apps/list/hearing/financialsvcs_dem/hrcm051409.shtml

The witnesses were:

Mr. Baird Webel, Specialist in Financial Economics, Congressional Research Service;

Ms. Patricia Guinn, Managing Director, Global Risk and Financial Services Business, Towers Perrin;

Mr. J. Robert Hunter, Director of Insurance, Consumer Federation of America;

Mr. Martin F. Grace, James S. Kemper Professor, Department of Risk Management and Insurance, Georgia State University

Mr. Scott Harrington, Alan B. Miller Professor, Wharton School, University of Pennsylvania.

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Or if you could help me out further, how much would home insurance normally run on a $200,000 house?

There are several things that go into insurance cost, including how new your home is, how secure it is, how close it is to fire stations, etc. Basically, it’s based upon the risk of your house getting destroyed or damaged.

It shouldn’t be too much though. I’d guess a few hundred dollars a year.

Whenever you get a home insurance quote it asks you if you have ever been refused insurance. Why would that happen? And if it does, does it count against you for the rest of your life? Are there any insurers willing to insure such people?

I don’t know what things are like where you live, however here (Vancouver, BC, Canada) most insurance companies give up to 20% off depending on the protection you have. The better the system the less risk of loss hense lower rates.

Check out this site, if you want to find the cheapest home insurance just in one minute,

http://best-cheap-home-insurance-usa.blogspot.com/

Here you can get free quotes from different home insurance companies in your area, its the best way to find an afforable home insurance with a reliable company.

Best Wishes,

I am buying a condo in a new development and paying cash for it. I understand that mortgage lenders require title insurance, but that isn’t an issue here. I understand that the insurance is there for peace of mind to protect the large investment, but I don’t understand what the risk is, especially since the other 110 new condo owners in the building are likely going to purchase title insurance at the requirement of their lender. The Title Insurance company wants to charge $820 for ALTA Owners Standard Coverage.

I don’t know about new construction, but I too, bought my sisters home for cash and I didn’t do a title insurance….My attorney advised me against it, but I know she didn’t have any liens on the property…..When we went to sell it, the buyers needed title insurance, for they were getting a loan and it came out clean….But I knew my sister and I know she has impeccable credit! I have to agree with the person that said, you don’t know if the builder may not have paid everyone, other contractors, who may come back and placed a mechanic’s lien….I would recommend it for this property…..BUY the insurance, you don’t know who you are dealing with….it just makes sense…

Pacific Way Insurance Services is a full service insurance agency offering home, auto, business, medical and life insurance. Risk Management Services are offered through

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Nationwide insurance is discriminatory aganist pit bulls as they do not give quotes or cover homeowners for homeowners insurance if you have a pit bull. I hate bad owners that make it so hard for good owners and good pit bulls, it’s absurd!!!! Are there other insurance agencies that do this wrongful act too???

I have to say, I support the insurance company on this one. They have to manage risk, and part of that risk the dogs people own. Unfortunately, there are quite a few really bad pit owners out there. Don’t blame the insurance company, blame the irresponsible owners.

Besides, to make a comparison- a regular doc’s malpractice insurance is about a fraction of what it is for a ob- have you ever wondered why there seem to be a larger number of docs getting OUT of the baby business? Used to, all gyns did OB, now, that number keeps dropping. Mostly because they can’t afford to pay the insurance AND deliver babies. Are the insurance companies discrminiating against OB’s?

I plan to turn my first single home into a rental property. Do I need to report the insurance that I will not live in that house?

You definitely need to notify your insurance company. The property will no longer be owner occupied & they can deny a claim. You will need to get a DP3/landlord policy. Your rates WILL NOT go down because the risk is higher. No one will take care of you home the way you do. Tenants increase the risk.

Also, you would Never be liable for the personal property of a tenant (except if you were completely negligent). However, as a landlord I would require your tenants to carry a renters policy simply for the Liability portion of the policy. Liability is the coverage that protects you from you tenants or your negligence. Like, if you were at your property one day to do some yard work & left the hose out on the sidewalk & the postman trips over it. He would probably sue you. Liability covers that. I would suggest no less than $300,000 per occurance. It’s usually pretty inexpensive (around $40.00 a year) to bump it up from $100,000.00 to $300,000.00.

FYI: The insurance company probably would not deny the claim but after the claim was closed they would most definitely set you up for non-renewal. That looks very bad when shopping for a new company. One of the questions will be: Have you ever been non-renewed & why?

Hope this helps

I am renting my home for 4 months and that’s why I need to convert my Primary home owner’s insurance policy to Land lord policy. But after 4 months I can’t change the insurance of my home to Primary home owner policy. But I will have to get the Home owner’s insurance for the secondary home which is more expensive then the primary home. I do not live in this house. So is it okay to go for a landlord policy for 4 months and then to secondary home – insurance policy? Is there a risk of very high premium on Secondary policy, could I change the policy back to primary home owner’s policy? What are the drawback of a secondary home insurance vs primary home insurance policy. Please help. Thanks.

Why not just go to an online site that will give you bids from multiple agencies. It’s quick and you’re not at any risk, and it will give you a ballpark figure to work with and decide what is right for you.

http://insurance.deal4-you.com

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