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Homeowner's Insurance
Homeowner's insurance is a kind of property insurance, which offers both property and liability coverage. Here, a single premium covers all risks. It applies to private homes and requires that at least one of the insured occupies the home.
3,367 Questions
How does homeowners insurance work in a living trust?
If a person has a living trust that allows them to live in the home for as long as they live, they would still be eligible for a homeowners policy. The policy should be in the name of the person living there and the trust name should be listed as an additional insured. This way the home is covered which is legally owned by the trust and the contents are protected as they are owned by the person living in the home. Both are protected by the liability coverage.
What is an HO7 in personal insurance?
ISO has standard homeowners policy forms that most companies use so that when you look at one HO-3 it is the same as another HO-3 unless endorsements are added to change parts of it. They create many different policy forms for all kinds of insurance for use by companies and state insurance departments. An HO-7 is not one of these standard forms. If you look on the internet a few companies describe it as a mobile home policy and some a ramped up homeowners with extra coverages added. Be carefull that you understand what you are buying when you purchase one of these non-standard forms.
How much homeowners insurance should you carry?
It is a good idea to occasionally review coverage limits to ensure you have the best protection you can afford and make sure they meet your current needs. With time, Retirement goals can mature, Personal Net Worth, Assets and liability exposures can grow. Future lifestyle expectations can also have changed since first purchasing insurance. It would be wise to occasionally review coverage limits and adjust as needed to match current security requirements.
One should carry enough coverage to cover the property and liability loss exposures from which one may want to be financially protected. Not everyone has the same concerns when purchasing insurance so we all have different requirements.
Homeowners Insurance is Property and Casualty coverage. Consideration should be given to the Property Valuation and the extent of coverage you want. Either Replacement or Cash Value coverage and Liability exposures associated with home ownership.
Your Insurance Agent or other company Representative would be the best source for coverage advice.
Does co-insurance come into play on a homeowners claim?
Interesting question. I am licensed in Virginia only, so my answers are for VA only. First, let's define Co-insurance. In VA, co-insurance is a method of getting the home owner to insure their home at the proper level. If you insure your home for less than 80% of it's value AT THE TIME OF THE INCIDENT then you would be required to pay a proportional amount based on the home's current value. here's the calculation...
the cost to rebuild your home is $100,000.
You coverage A (dwelling) is at $60,000
You have an incident that costs $10,000 to repair
the insurance company notices the deficiency
60000/80000=.75
therefore you are responsible for 25% of the repair plus your deductible for a total of $2500 plus deductible.
It's very confusing, so please call your local independent agent for more information.
What is covered under an unendorsed homeowners policy?
An "Endorsement" is industry speak for a change to a policy. An endorsement can be adding or removing coverage from your policy. It just depends on what is being endorsed.
What does Texas homeowners insurance cover?
It really just depends on what type of policy and the scope of coverage you select.
Typical perils covered are things like Fire, Wind, Hail, lightning, falling objects and many others.
Talk with your Insurance Agent about risks you may face and the available coverages in your area.
Can you claim poor workmanship on home owners insurance?
No. You can't claim poor workmanship on any kind of insurance, even the contractor's liability insurance.
Poor workmanship is remedied by having the contractor come back out and re-do what was messed up in the first place.
A contractors work product is specifically excluded from insurance if you read the exclusions.
Does homeowners insurance a bike stolen at a store?
Yes, the contents coverage portion of your homeowner's policy would cover your bike if it was stolen somewhere other than your house.
However, you will still be responsible for the insurance deductible and if its a deductible of say $1000 (typical amount), then unless it was a bike more than $1,000, it makes no sense to even make a claim.
How long do you have to cash a insurance claim check?
Just read the check, it'll usually say on it. Checks can go stale within 6 months though
Will your home owners insurance cover stolen wedding ring?
If it is scheduled on your policy and premium was paid, the wedding ring would be covered for the perils specified on the policy.
Can you have two homes with home owners insurance?
Yes, You can own and insure as many homes as you like.
Does homeowners insurance cover a tree falling on your home?
No, that's routine maintenance and prevention. It's the responsibility of a homeowner to keep trees and shrubbery cut back far enough from your home to prevent intrusion and damage to the homes structure.
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BTW, if the tree has damaged the roof, your rate may go up or the insurance policy dropped since you had a maintenance problem that you didn't resolve. If they could prove that you KNEW about the problem and did nothing to solve it, they might not have even paid the claim.
Will your homeowners insurance go up if you file a claim?
Usually not. Most companies do not rate up for a claim. However, at this time it is very hard to get homeowners insurance at a good rate if you are cancelled by another company or if you have claims it is hard to move to another company. Insurance goes in cycles. For the past few years insurance companies have been loosing money on homeowners insurance so they have become much more careful with their underwriting. It is easier to get car insurance than home insurance. Most companies will not even write home insurance unless you also give them your auto insurance.
Does homeowner insurance cover pool leaks?
Insurance rates, upon which premiums are based, depend not only upon the amount of coverage (the "coverage limits") but more, the nature of the risk. Homeowners insurers therefore will consider the presence of a pool in the risk calculation. Further, from the standpoint of physical damage coverage, you will want to include damage to the pool from an adverse event, so you may choose to increase the dollar amount of coverage. Those two factors may, and probably will, lead to an increase in premium.
Here are some other answers:- The simple answer: It depends. Many factors will vary the answer: the situation of the house; how common pools are in the area; above-ground vs in-ground; is there a fence; is there a diving board or slide; and other similar questions. Generally speaking, in Northern climates, where pools are not very common, the rates will be higher. In Southern or hotter climates, where pools are more common, the rates will be negligible. Calling around for informal quotes is your best bet.
- I just bought a home with an in-ground pool & a diving board. I was told by one insurance broker that a number of companies will not insure pools with diving boards. I did find a company that would do so, but the rates were higher.
- I used to work for a major insurance company and wrote homeowners policies. Our main concern was that the pool access was restricted, viz., a gate around the yard or a gate around the pool. Can the pool be seen from the street, in which case a child may be "lured" into the yard by the looks of an inviting pool. Pools are a big liability concern. In addition, please be aware that you can be sued if someone drowns in your pool even if they do not have your permission to be there. I have never understood this thought process, but it's just something to look at. The rate did not change with the company I worked for if you had a pool versus not having a pool.
- The swimming pool at my home has never been affected by my insurance carrier state farm with a swimming pool that has a slide and board. Of course, insurance companies are always looking for a reason for the cost of insurance. Pool Pro-built swimming pools may offer just another benefit when an insurance company is notified.
- Having these items is just another reason to have a swimming pool professional who is licensed and insured as the contractor. Here is something noteworthy: The major manufacturers of swimming-pool deck equipment offer the swimming pool professional -- who is licensed and insured -- an additional insurance liability rider. Again, this could be something which would save you, the owner, in the long run. I know that our company offers a copy of this cert and our regular liability cert to all of our potential customers.
- Don't forget correctly plumbed dual main drains in every swimming pool in-ground (and above-ground) is ANSI/NSPI-5 2003 code. And adopted by most CABO & BOCA building codes also.
- We are installing a fiberglass pool this week. I called my insurance agent -- State Farm -- and was told there will be no rate increase. I do have an umbrella policy and would recommend that anyone with a significant equity in their home -- whether they have a pool or not -- have umbrella coverage.
- As a supplier of pool-safety gate hardware, one thing we run into is people who have to bring their pool enclosure up to code because of an insurance inspection. Some of these folks are in areas where the local department of inspections does not enforce any kind of pool codes. For more information on gate hardware for your pool gate (including a video) please see the Related Link.
- Some companies will require you to make sure the pool has a fence or other barrier around it.
Are you liable if your fence falls on your neighbors car during a hurricane?
No, nobody is liable for an act of nature.
Your neighbors will have to look to their own Comprehensive Auto Insurance to cover windstorm damages to their vehicle
Will homeowners insurance cover a furnace fire?
It depends on the cause of the furnace fire. Remember that homeowners insurance is all tied to the cause and whether or not it is a covered cause. If the furnace fire was caused because of lack of maintenance then it would not be covered. If the furnace fire started because of some other accidental covered cause then it would be covered.
Can your homeowner's insurance be transferred?
No, Insurance is not transferable. Each insured has to qualify based on their own risk factors.
Will homeowners insurance cover damaged the foundation settling caused by drought?
No. Movement of earth is specifically excluded by homeowners insurance. This is the fault of the builder for not compacting the earth properly and providing the proper foundation. Home insurance was not made to cover such.
Does your home owners insurance cover damage to neighbors car due to high wind?
No, Your Homeowners Insurance will not cover windstorm damages to your neighbors vehicle because you are not liable for acts of nature.
Your neighbors will have to look to their own Comprehensive Auto Insurance to cover windstorm damages to their vehicle.
You can file suit against them and this will force them to have their insurance company become involved to defend them and/or settle the claim. Be aware that in order for them to be liable for any injuries you had from your fall they would have had to do something negligently to cause the fall. If you sue them without cause they can file a countersuit against you for any costs to defend the suit. Be sure you can prove their negligence and your injuries.
Will homeowners insurance cover damage to the walkways damaged by trees?
Homeowners insurance is a "Hazard Insurance" It covers your property from unexpected "Sudden Losses" that result from covered perils such as, Fire, Wind, Hail, Falling objects, Theft etc.
What raises household insurance costs?
There are many, many things that can cause an increase in a Homeowners Insurance rates.
Here are just a few;
Poor Credit
General Inflation
Age of Home
Condition of home
Condition of land
State mandated rate adjustments
Certain Pets
Regional Claims
Regional Disasters
Previous claims history
Neighborhood crime rates
Regional Construction Costs
Attractive Hazards ( trampolines, Pools )
Construction Type, ( Brick, Frame, Stucco )
Proximity of neighbors
Proximity of Fire Facilities ( Fire Stations, hydrants )
Basically, any change in risk factors or associated costs can cause a change in rates.
