Last week, I wrote about when home insurance may cover a remodel project (see https://wiseinsurancegroup.com/will-home-insurance-policy-cover-remodel-project/). It may hinge on if the home is occupied as most home insurance companies do not want to write a policy when a home is vacant. In cases when your home insurance policy won’t cover the project, then I suggest either a vacant remodel or builder’s risk policy.
A friend of mine texted me the other day and asked me to quote her home insurance. I called her to discuss some questions I had about her home when she informed me she would be starting a remodel project in the next week or two which coincided with when she wanted to start a new policy. Her concern was if she changed home insurance now, would it cover her home remodel project?
Your offer on the home has been accepted and you’re working your way through the tasks to close. One of those tasks will be to find home insurance for your new home. If you’re wondering how you compare this offer with that offer, you’re not alone! Over 95% of the people I talk with don’t know anything about home insurance or how to compare multiple offers. Aside from rate, there are 4 areas you should review when comparing.
Roof age has become increasingly more important over the past 3 years to home insurance companies due to the amount of money they’ve paid for hail damage claims in north Texas. Knowing when it was last replaced can have a positive or negative impact for the home buyer. Here are 4 ways the roof’s age can impact a home buyer.
When should a home buyer obtain a home insurance quote once their offer has been accepted? Should it be right away, before the inspection, after the inspection, or before closing?
Sheri and I visited family in Alabama over the Memorial Day weekend. We all watched the weather reports on sub-tropical storm Alberto as it turned north in the Gulf and headed toward the Florida panhandle and Alabama. It serves as an excellent reminder that hurricane season officially begins on Friday, June 1 and runs through the end of November. With that in mind, let’s review home insurance and remember a hurricane or named storm can impact central and north Texas residents as easily as it does our coastal neighbors. Specifically, I’ll address two key areas of your home insurance policy to review along with two other related policies.
… what does home insurance cover when it comes to firearms and was addressed in an Insurance Journal article that appeared after the Parkland shooting. There are two coverage types within most home insurance polices that potentially address firearms, personal property and personal liability coverage.
I’ve been fascinated watching the news on the Kilauea volcano eruption and its lava flows from the 17 or so vents that have opened across the area. It’s amazing to see the lava sprays and flows as it moves downhill through the forests and into populated areas. I can’t imagine what the people living in the area are going through wondering and waiting to see if their homes and anything else they left behind will be there once the volcanic activity subsides. One of the things I’ve wondered about is if home insurance covers such a force of nature as it’s engulfed about 25 homes and 10 other structures so far.
There are two questions I’m frequently asked, either by home owners or buyers as it relates to the insured value of their home. The first question is about the appraised value of a home as listed in the county appraisal district and the second is about the purchase price and/or loan amount of their home. In both cases, the question is what is the relationship between the amount of insurance they have on their home and either the tax or loan value of their home? Let’s look at all three and contrast them.