Tag: Lakewood home insurance

Vacant Remodel vs Builders Risk Insurance

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.

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Home Insurance for Remodels and Fixer Uppers

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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Duplexes and Home Insurance

A homeowner called me last week to discuss home insurance on her Dallas area duplex. It was coming up for renewal and she wanted to confirm she was not over paying for her home insurance. I was delighted to review her current rate and advise her on her coverage. Based on that conversation, let’s review insurance considerations for a duplex.

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Home Insurance and Federal Pacific Electric Panels

I reviewed Sheri’s and my home insurance in March. It had gone up again and we’d been with the same company for several years, so it was time. I was very pleased with the rates I found with a couple of my other carriers and decided to call the underwriter to discuss our home since it was built in the mid 1950’s. She told me it would require an interior inspection, in addition to the exterior inspection. I was curious what they’d review and the criteria they’d use to determine whether to write my home insurance or cancel it. What I found out caused me to go to the next option on my list!

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Home Insurance and Roof Depreciation Schedules

I sat in a meeting with one of our carriers last week and heard an interesting statistic. On average, insurance companies who wrote Texas home policies in 2016 paid $1.30 out in storm related claims last year for every $1.00 of premium they received. That doesn’t include non-storm related claims such as fire, theft, water damage, etc. The issue facing all home insurance companies is how to remain profitable without raising rates astronomically. One method carriers are examining is roof depreciation schedules.

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Home Insurance Claims and How They are Paid

A client called me Monday morning after receiving the estimate to replace his roof from the March hail storm which struck north Texas. Before calling, he’d emailed me a copy of the claim estimate to help guide our conversation. He had a couple of questions about the estimate and payment structure, however, his biggest concern centered on one issue. If his home insurance policy is a replacement cost policy, why does the repair estimate refer to the depreciated value of his roof.

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Roof Replacement and Home Insurance

I’ve had several conversations with clients and home buyers about roofs and home insurance since the March 26th hail storm which struck north Texas. Hail, ranging in size from golf ball to softball, fell on Justin eastward to McKinney. Thousands of roofs were damaged or destroyed by the hail resulting in the roofing industry spinning into high gear. Let’s examine some of the questions I’ve addressed in the past week pertaining to replacing roofs and its impact on home insurance.

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Purchase Price, Loan Value, and Home Insurance

Rising home prices in the Dallas / Fort Worth area mean larger mortgages in most cases which raises an interesting question, “How much home insurance is needed when you buy a home?” Stated another way, should the amount of home insurance be equal to the purchase price, the loan value, or some other number?

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How Recent Hail and Tornados Impact Home Insurance

2015 ended with a bang as tornados swept across north Texas damaging or destroying over 1,000 homes and damaging vehicles and commercial properties. Spring of 2016 was not to be outdone either. Last March and April, north Texas was struck by 3 hail storms and San Antonio suffered the worst hail storm in Texas history. The four hail storms combined claims totaled about $1.3 billion in damages to cars, homes, and businesses. Let’s examine how home insurance is being impacted this year.

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How Home Insurance Can Impact a Home Purchase

The spring buying season started early this year. February felt as busy as any April, May, or June, I’ve ever experienced, and it should only grow as we move into the prime spring buying season. I believe it’s a perfect time to look at how home insurance can impact home buyers when purchasing a new home.

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