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.
… 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.
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.
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