The answers are, “An excess liability policy,” and “It depends.” Before we get into who needs one, let’s really outline what an umbrella policy is, what you need to have in order to get one and then who we advise have one.
?Is a town home a house, a condo or something else? Since we’re discussing it from an insurance standpoint (we’ll ignore the real estate perspective), town homes can be viewed as;
A single family home (yes, even if it’s connected on both sides to neighbors)
It can also be viewed as a condo
?The Thanksgiving meal is over and the shopping season is beginning. Are you going to join the throngs of shoppers and brave the malls to find the perfect gifts for family, friends and loved ones? If so, let’s consider a question and reminder that can make this holiday season more enjoyable and help reduce your likelihood of being victimized.
?Last Monday’s blog post was, “An introduction to flood insurance.” If you missed it, here’s the link for it http://50.87.248.161/~wiseinsu/an-introduction-to-flood-insurance/. It provides a good foundation of flood insurance. I thought I’d share some interesting tidbits of information I learned in writing that post as I always learn something in every blog I write!
There are a number of perils, types of things that can happen to your home, that aren’t covered by your home policy. The same is true for renters, condo and town home policies. One of those perils is flood. Hurricane Sandy, and even Irene from 2011 are great reminders that flooding happens. Damage to your home and even your personal property or contents is not covered if it’s lost or damaged by a flood.
?There are always an interesting set of numbers about any storm like Sandy. Here are some of the ones I thought to be interesting,
– 932 – The number of miles across / wide for the storm. This distance is about the distance from New York to Jacksonville, Florida. At its largest, Sandy would have covered almost 1/3 of the United States.
– 13.88 – The height in feet for the storm surge that occurred from the wind pushing the water that high.
As Hurricane Sandy bears down on the east coast, I’m reminded how important it is to be prepared for a natural disaster. It doesn’t have to be a hurricane that forces an evacuation. The disaster could be a flood (remember what happened in the Midwest last year), wildfires (Texas last year), hurricanes (Katrina, Ike, & Sandy), tornadoes (Joplin, Missouri & Tuscaloosa, Alabama) or an earthquake.
If you’re about to buy a home or change insurance companies, did you know the insurance company will perform an inspection of your home? Inspections are performed on homes, rental properties, town homes and in some cases condos. There are three types of home inspections for Texans …
Where you live influences the rate you pay on home and car insurance. The premium difference between different areas is greater for home insurance than car insurance. The real question that needs to be answered is why the difference in premium if everything else is roughly the same, such as
?On July 28th The Dallas Morning News reported Farmers Insurance was seeking to raise home insurance rates an average of 15% statewide. This was Farmers second increase for 2012. The first homeowners increase was announced on March 16 and was an average of 10%. If the Texas Department of Insurance accepts the second increase, the combined average increase will be 25%.
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