House insurance covers only damage to the actual house and contents. Additional insurance may be needed for outbuildings and other structures, such as fences. Liability insurance may also be needed in case somebody gets hurt on the property.
In a word... Co-insurance penalty. Not every property insurance policy has a co-insurance clause, but most do, and it is one of the least explained but potentially most important things policy holders should understand. The co-insurance clause is represented by a percentage - 80% or 90% are common. This percentage represents the amount of coverage you are required to carry in relation to the replacement cost of the property insured. For instance, if have a warehouse of stock worth $1,000,000 and a property insurance policy with an 80% co-insurance clause, you would need $800,000 of coverage to be compliant. The co-insurance clause only becomes relavant at the time a loss occurs. At that point the insurance adjuster must determine if you adequately insured, to the co-insurance requirement. The formula to determine co-insurance is as follows: Coverage Carried / Coverage Required x Amount of Loss For example, suppose you had an inventory worth $1M and only carried $500k of insurance, with a 90% co-insurance requirement. You have a devastating fire and suffer a loss to half your inventory. Co-insurance would work like this: 500,000 / 900,000 x 250,000 = 138,889 The $138,889 is the amount your insurance company is obligated to pay you. Does seem like craziness? You paid for $500,000 of coverage any only got $138,000? Let me further explain.... Believe it or not, the purpose of co-insurance is to keep things fair for the insurance company. Most consumers and business owners know that the odds of them ever having total loss - that is the entire sum of their property destoyed - is extremely low. Many insured only want to buy enough coverage for what they perceive is their average potential claim. The problem is, they also want the policy to provide coverage on a replacement cost basis. Insurance companies, for their part want to insure the property for its entire replacement cost - for real estate this is the cost to rebuild the structure; for stock or personal property it is the cost to replace old with new. The purpose of property insurance is to protect the policy holder from the possibility of a complete and total loss. Co-insurance is an in-elegant way of forcing policy holders to insure their stuff for its full replacement value in the event of that total loss occuring. Now, what if you don't want to insure your stuff for replacement value? No problem, just buy a policy that pays on actual cash value basis. Or, find a policy with no co-insurance clause built in (expect to pay more). Or, use something called "blanket" insurance to eliminate the possibity of a co-insurance penalty. Don't let all this scare you though. In the real world of claims adjusting, co-insurance doesn't come up all that often. Policies often have clauses built in to accomodate seasonal fluctations of inventory values. Buildings are typically inspected to determine an estimated replacement cost. However, as the policy holder it is still your responsibility to ensure the policy coverage limit is appropriate to prevent a co-insurance penalty.
It is true that insurance is able to curtail inflation, however, whether or not that means it should be made compulsory is a matter of personal opinion. Many economists believe it should be compulsory.
I don't know how insurance calculate it, i think they should go after gross income instead of net income
Yes you should as the dead person has given you a gift.
Wealth is created by funneling the resources that should belong to everyone, such as money and property, into the hands of an
The person's collision insurance should cover the damage to their car, and their liability insurance should cover the damage to the fence and property. If they have no collision insurance, they will have to fix their car on their own.
For someone who owns a snowmobile a good insurance would be Progressive snowmobile insurance. You should probably get the bodily injury and property damage liability. progressive.com
Yes, you should have no issue getting renters insurance with a pool on the property.
If your name is on the deed, it is your house. A judge's decision should go in your favour if you have paid the insurance and taxes because she has no real claim to owning the property.
A renters insurance policy offers coverage on a tenant's possessions and contents of the rented property in the event of loss or damage from fire or other catastrophe. While a tenant has no responsibility to ensure the property itself, should they incur a loss the insurance would help them replace their possessions.
A probate procedure would need to be filed for each member who died owning an interest in the property. You should consult with an attorney who specializes in probate.A probate procedure would need to be filed for each member who died owning an interest in the property. You should consult with an attorney who specializes in probate.A probate procedure would need to be filed for each member who died owning an interest in the property. You should consult with an attorney who specializes in probate.A probate procedure would need to be filed for each member who died owning an interest in the property. You should consult with an attorney who specializes in probate.
Yes, landlords should obtain insurance to protect their property. It is always a good idea because it will protect their property and insure that if something happens to it, it will be fixed.
Every renter with valuable property in thier apartment should get renter's insurance for protection. Weigh the cost of insurance with the cost of replacing your property to decide if it is worthwhile in your situation.
If you purchased an owner's title insurance policy and now you find the deed that conveyed the property to you was fraudulent you should make a claim against the title insurance AND against the malpractice insurance of the attorney who represented you when you purchased the property. Someone didn't do their job.
Landlords can purchase landlord or rental property insurance to protect their properties. A landlord insurance should cover the building and any contents that are the property of the landlord.
There are no mandatory legal requirements for insurance for rented property. However it is advisable to review your homeowners insurance if renting out the property or part of it is covered. If it isn't covered you should get a landlord insurance policy in order to be safe.
Landlord Property Insurance is insurance that a landlord should have on any properties that he or she owns. Landlord insurance will protect the landlord from any damage that may happen to the property as well as any liability claims that may be made against the Landlord.