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Should the limits on a homeowners insurance policy be at least equal to the fair market value of the home being insured?
Wiki User
∙ 18y ago
The dwelling coverage (coverage A) should equal the amount necessary to rebuild your house. Market value has nothing to do with it. However, if your house can be rebuilt for say, $150,000 and you have a $200,000 mortgage your mortgage company may require additional coverage beyond the estimated replacement cost. Remember the market value of your house also includes the dirt it sits on. There is no need to include the value of your dirt in the insurance policy unless required by the mortgage. Or due to a depressed market there might be a house that is only worth $65,000 on the market but would cost $125,000 to rebuild. This happens a lot in small rural communities.
Wiki User
∙ 18y ago
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Is Life Insurance Company of the Southwest FDIC insured?
FDIC only insures bank deposits. Insurance company obligations are insured to certain limits by state insurance guarantee boards. If you contact your state insurance department, they can provide you with the limits of that state's coverage.
Does homeowners insurance cover bodily injury to the remaining owner from a homicide committed within the residence?
Yes, homeowners insurance typically covers bodily injury to the remaining owner from a homicide committed within the residence. This coverage would fall under the personal liability portion of the policy. It's important to review your specific policy to understand the terms and limits of coverage.
How much is a double break on a foot from home owners insurance?
There is not enough information to answer your question. Did this injury occur in the home or away from the home? Who was injured and how did it occur? Was an insured household resident injured at the insured home? A homeowners insurance policy often provides a small amount of medical coverage if the insured elected it at the time of purchase for minor household injuries but does not replace a medical insurance policy. Was a guest injured on the premises of the insured home? Homeowners insurance policies often provide Liability coverage if the insured elected the coverage at the time of purchase that might provide coverage if the insured home owner was at fault for the injury. You would need to check your home insurance policy or contact your agent to determine if you purchased medical coverage or liability coverage depending on what occurred and if so, what limits are available.
How do you find your neighbors homeowners insurance for liability?
You will just have to ask them for the insurance information. there is no central registry or database for homes and the insurance companies that insure them. You should first determine if your neighbor even has Liability insurance. Not all homeowners purchase liability coverage with their insurance policy. A home insurance policy can be bought with or without liability coverage. If the homeowner has elected liability coverage, The homeowners insurance policy will provide the homeowner with legal defense for the cost of defending against a suit that is brought against them claiming liability on the part of the insured. If the Insured is found at fault or liable in court, then their insurance company will cover the cost of those liabilities up to the specified policy limits. Alternatively you can sue your neighbor. Then If your neighbor has Liability coverage on his home insurance policy, You will then meet your neighbors insurance company attorneys in court.
What does homeowners insurance pay for in case of damage to your house?
Your Homeowners insurance policy will pay for damages that result from the covered perils specified on your insurance policy subject to the policy limits and any deductibles listed therein.
How much will homeowners insurance pay for living expenses?
You have to review your policy limits. Every policy is different.
Does homeowners insurance cover lost items?
Yes, but check your policy as there are limits and additional riders that may have to be purchased.
Can you collect more than the at fault person is insured for?
You can win an award for more than the insurance limits. Now, try to collect the extra directly from the insured. Good luck.
What is umbrella coverage?
An Umbrella olicy is financial protection that exends the covergage limits of underlying insurance policies of the named insured(s). If the insured suffers a loss that exceeds the limits of an underlying policy, the umbrella kicks in to offer coverage at the higher limit.
What is the average claim payout for liability insurance?
Payout is dependent on the sustained losses and coverage limits of the policy the insured purchased. There is no average.
If you own a car can someone else insure it adding you to their quote?
First off...there is a HUGE difference between a Quote and an Insurance Policy. A Quote is nothing more that an ESTIMATE for an insurance premium based on the information that you give an agent/insurance company. In regards to an valid insurance policy:A vehicle HAS to be insured the way it is registered....ie., husband & wife own a vehicle & it is registered in both of their names then the insurance policy should be in both of their names. Some companies allow just one spouse as a named insured but will list the both spouses as 'insured' drivers. Likewise, if a parent buys/obtains an auto loan with a licensed youth(such as a son/daughter) then the vehicle, again, should be registered in both names and both names should appear as the 'insured' on the insurance policy. Remember the 'named insured' on the insurance policy is covered within the limits set forth in the insurance policy.
Am I considered an uninsured motorist If I am driving my son's car which is fully insured and driving with permission but I do not have insurance and at fault in an accident?
No. The car is insured and your son's policy will provide coverage up to its policy limits.
