A couple of weeks ago, I wrote about insurance for fixer uppers and homes being remodeled and mentioned vacant remodel and builders risk insurance (see https://wiseinsurancegroup.com/home-insurance-remodels-fixer-uppers/). I touched on a couple of their differences but wanted to dive a little deeper into how they are alike, how they are different, and when one may be a better fit than the other.
Some people comparing car insurance cost will request a liability only policy while others request a quote for full coverage car insurance. Most people have a general idea what they are requesting when asking for one or the other, but they may not understand this can be written several ways. Let’s contrast the two and look at how both can be written.
I was talking with a prospective client the other day who’s asked us to review her home and car insurance. She’s been with the same carrier for over 10 years and wants a second opinion on whether she’s paying more for her insurance than she should. After asking questions about her home, car, and driving habits, I asked her if her annual income was more than $125,000. That, combined with a few details she shared indicated she should probably consider an umbrella policy. Let’s review what one is, the additional coverage it provides, and who should consider such a policy.
Many people refer to a major water leak as flooding. Insurance, however, defines flooding, or a flood as rising water caused by rivers, lakes & streams overflowing their banks, rising water from heavy rains, or tidal surge which enters the home. This type of water damage isn’t covered by your home insurance policy, it’s only covered by flood insurance.
My email has been bombarded with notices since Monday from most of the insurance companies and brokers I work with. Each one has announced they are issuing a binding moratorium due to Tropical Storm Cindy. I thought this provided a good time to understand what an insurance moratorium is and how it impacts individuals and businesses when they occur.
You’ve found your new home. It has great bones, hasn’t been updated, and you can make it into something special! All it needs is a little, or maybe a lot, of remodeling love to go with your vision of how to bring it up to date and make it uniquely yours. If you’re planning something like this, don’t let home insurance derail your vision.
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