Last week we examined the top four home insurance factors that have nothing to do with your home including credit, marital status, occupation and education. Let’s flip the script and look at those items that impact your rate that are related to your home.
Last week, I gave a presentation to a group of people on Home Insurance Frequently Asked Questions. It was a delightful time that spurred even more questions from the audience. This gave me the idea to take some of the points and write a series of posts on them, many of which I write about annually. With that as our guide, let’s look at four factors insurance companies use to determine your annual rate that have nothing to do with your home. They do, however, have everything to do with you!
Most home insurance policies provide a wide array of coverage on the home you’re your personal property. However, one policy area that is purposely weak when it comes to coverage is when it applies to certain items such as jewelry, artwork, and collectibles.
The third category of home insurance options is oriented toward financial protection. These are options can be added to some home insurance policies are designed to protect the homeowner from a financial loss. Admittedly, all insurance policies are designed to protect the policy holder from a devastating financial loss, yet these are focused on certain types of financial loss.
There are three areas or categories home insurance options tend to fall into. Last week I opened this series with a look at property-oriented options. These options provide additional coverage that either extends the base limits of coverage contained within a home, renters, or condo insurance policy, or they provide additional coverage that isn’t a part of the base policy. In this week’s post, we’ll examine options that provide coverage for personal liability.
Home insurance has several options which can be added to a home or condo policy. Some may even be added to a renters policy. These options provide additional coverage to further protect the home or the owner’s contents. Some options may provide additional liability coverage or enhance the protection of the policy holder’s financial status. We’ll examine each of these three areas over the next couple of weeks.
Over the past few weeks, I’ve written about home insurance covering traditional homes, condos, and town homes, as well as, renters insurance. In all the posts, I’ve mentioned the term replacement cost. On a renters policy, this refers to contents or personal property, while on a home, condo, or town home policy this refers to the actual structure and the contents. Let’s examine what replacement coverage is and how it’s different from the other type of coverage.
Home insurance can cover a lot of different things depending on the options offered by the company and selected by the homeowner. There are three broad areas that are common to most policies regardless of the home insurance company. These are coverage for property, personal liability, and policy extensions.
Townhouse insurance can be written in one of two ways, either as a single-family home or as a condo. The key to knowing which way to write the policy is determined by the homeowner association policy.
What kind of insurance policy is needed to protect personal property or contents while it’s in storage? This was the question a friend of mine texted me the other day. She put her home on the market and received an excellent offer within a few days, however her new home won’t be finished for another couple of months.
Subscribe to my newsletter by filling the form below.
A confirmation email will be sent to your mailbox: please read the instructions to complete the subscription.
