Posts Tagged ‘over’
Need to find cheap home insurance?
I’m buying a house and one of the requirements of the grant that I’m receiving is that the insurance on the house can’t be over 0.00 a year. ( a month). I’ve tried Progressive and Sagamore already and they’re over. So does anyone know of anything?
Answer:
ask a local independent insurance agent how that can be done. S/he probably represents 10 to 20 companies.
likely, you’ll have to accept some limitations you wouldn’t otherwise want.
why would my home owners insurance send me to the local agent for my claim?
my house was broken into (we’re in the middle of remodeling it) and my list of items was “over” the amount small claims handles. So they’re refering me to the local agent.
Answer:
Are they sending an agent or an adjuster? An adjuster is a professional who determines the amount of damages that you suffered and how much your insurance will cover. The agent is the person who sells insurance. The license to be an agent is different from a license to be an adjuster. It would seem possible that a person could have both but not too likely. (A good adjuster is so in demand, that he wouldn’t have the time to be an agent too. In addition, sending your agent to look at your claim might be somewhat of a conflict of interest.)
Whenever a claim is over a certain amount, they want to have an adjuster come look at the situation to determine a fair and reasonable settlement. You do not have to accept the first offer they make if you feel that they are setting too low of a price. You can negotiate for a higher settlement, but you often won’t get as much as you think you should. Claims adjusters have training to make determinations as well as reference materials to check the costs related to the claim. (In the case of storm damage to a house, he has to know not only the cost of the materials needed to do the work, but also how much labor on such a job costs in that area.) Most adjusters try to be fair.
Sometimes they have to handle claims differently than usual. One time, we lost a lot of shingles from our roof in a bad windstorm. (The whole west side of the house.) Usually, in a claim of that size, they would send an adjuster to determine the loss. However, since there were so many claims in the area due to the storm, they realized that most claims like ours would be real and that there were too many to send adjusters out on all of them. They had us take photographs of our roof and mail them the photographs. The adjusters could look at the photos and make a preliminary adjustment from their desk in the office. Since we live in the same city as the home office of the company, after making the prelim adjustment, an adjuster from the home office could plan a route around the city. He would drive from location to location and determine if the photo sent in matched what he saw. He could also determine if there were some places that needed more follow up in case he saw something looked like it might need more work than the home owner had thought it would. It saved them a lot of time in taking care of a lot of storm damage fast. For anyone who was claiming a lot of damage (more than just roofing) from the storm, they had to go to the site to make a thorough examination to make a repair estimate. (And the adjuster could look for hidden damage that the home owner didn’t even know existed. He might end up with more than he expected in some cases.)
In your case, you didn’t have a natural cause like a storm that was reported all over the news. You had a break in. The police have to examine the scene for evidence. The insurer also wants to see for itself just what happened. Therefore, the insurer will send the adjuster out. They want to be fair to you and they want to be fair to everyone else An adjuster would be aware of some to look for that might have been damaged that you aren’t even aware of. Just because most people are honest and you most likely are part of the most people, they want to know that you are. If they just paid on every claim submitted by everyone without checking the claim out, there would be criminals out there making money off of insurance by making false claims. They are protecting themselves and everyone who has insurance with them from the possibility of fraud.
This is just standard in cases where the claim is more than a certain amount. The way they did our roof a few years ago was a short cut that was reasonable in that case. There is no short cut in theft. If it exceeded their set limit for being a small claim, they have to go strictly by the book.
In addition, when settling your claim, you need to understand if you got your insurance on an actual cash value basis (ACV) or on a replacement cost basis. You also need to know what your deductible is. Here is a made up example of how ACV and replacement cost work.
The price you paid new for items x, y and z that were lost was ,500. Your deductible is 0.
Case #1 You have ACV basis coverage. If you had sold x, y and z in working order used at the time you had lost them, you would have gotten ,587. In that case, you would receive ,087 on your claim. The actual cash value (value as used merchandise) of the items less the deductible. If your refrigerator was just purchased new recently, it would be valued basically with its full price, but a 20 year old refrigerator will be depreciated a great deal.
Case #2 You have replacement cost basis coverage. The current cost to replace x, y and z with new merchandise that is the most like what x, y and z were is ,521. You will receive ,021. If you have replacement cost, you will get brand new merchandise that may have better features than the old. If a refrigera
How much do you pay for insurance on your manufactured home?
Looking to buy a Double wide in Polk County, FL. This is the home I’m looking to buy:
http://century21.com/property/index.jsp?id=34627455
I’m looking for an estimate on what you typically pay for insurance before I decide if I should buy this kind of home….
Answer:
you could end up paying anywhere from 650-1500 a year over in polk county. Call 813-655-0910 for a free quote.
m home was broke into and the insurance adjuster came out been over a week now what happens.?
i just purchased a home i guess in a bad part of town i purchased insurance and my home was broken into.the adjuster came out.haven’t heard from him what happes after and how long before i hear from my insurance company?
Answer:
It’s going to take at least a month. They’ll need an official copy of the police report first.
Who do I complain to about the way my Home fire insurance claim with Westpac General Insurance has been handle?
fire 11/1/08 and i am still getting absolutely no co-operation with Westpac and assessor. Took 8 months to get back into house am still arguing with them over contents loss. I have tried complaining to Westpac and am ignored. I am on my own with 6 young children and at my wits end in trying to get someone to help with bringing this to a conclusion. I really would love any advice anyone can offer .
Answer:
Contact your State’s Department of Insuance. There should be a 1-800 number on your policy somewhere or GOOGLE your State Department of Insurance.
if i sign over part of my interest in home, does the insurance company find out? must we inform?
or can i just keep paying the isurance and taxes like normal… as long as i keep paying is the insurance company and mortgage company likely to never find out that i signed away a good chunk of the homes interest?
Answer:
The insurance company won’t find out, until something happens (like a big claim) and they need to check ownership.
Keep in mind, the NEW ‘partial owner’ isn’t covered under your policy.
Your coverage is only as honest as you are. And, the only way you can legally transfer interest in your home, is by deed – which you cannot do without the lender’s permission. You don’t HAVE clear title to your home.
Whatever fancy little trick you think you’re pulling, it’s going to backfire, spectacularly, if there’s a serious claim.
car insurance, military home of record where do you insure your car?
home of record is one state. station out of state right now where do you insure your car?
Answer:
I am serving in the military in Hawaii and here you do have to have Hawaii state insurance. I personally always have my insurance of where i am stationed as opposed to where my home is. I used USAA when I first got insurance on my 300zx, I used them for over a year and never had any problems with them or anything. I then bought a new Jeep and wanted full coverage on it, so I got a quote from USAA that just was horrible, I did a few quotes with other companies. I am now with Geico, they have an excellent military department. USAA still offers alot of things for service members, we are getting my wifes car loan through them, but just check other places for insurance, everyone these days does a free online quote.
If i switch a phone at home using *228 will my insurance transfer to the new phone?
i currently have the first generation env form Verizon Wireless.. I am looking to switch to the first generation flip chocolate (which is my friends old phone she let me have) at home using *228. I already have insurance on my env so will the insurance transfer over to the chocolate once I switch phones?
Answer:
no, the insurance will not carry over to the new phone. what you may consider though since it sounds like you have been paying for insurance for quite some time (probably never filed a claim), and obviously have friends and family that have old phones, if the latest and greatest model isnt that important to you, why not cancel the insurance and save a month. for the a year you will be spending, you can almost buy 2 first edition chocolates on e-bay should you have an accident with your phone…. just a thought!! but no, your insurance will not cover the phone after switched.
do I have to rebuild a home destroyed by tornado with insurance payout?
My home was destroyed in a tornado. Can I use the insurance money to pay off the mortgage and walk away from the property or do I have to rebuild the home. All my kids have grown and my wife and I would like to start over in Arizona, but she thinks we are required to rebuild the house and then try to sell it if we want to start over.
Answer:
Very simply you are not obligated to rebuild. You would be entitled to receive an Actual Cash Value settlement (Actual Cash value excluding the value of the land). If that settlement is enough to pay off your mortgage then it’s “Honey, pack your bags were going to Arizona”.
My Mortgage Insurance was financed with the home and does not appear on 1098, can I still deduct it?
My Mortgage Insurance was financed with the home and does not appear on 1098, can I still deduct it? and if I can how?
The amount is over 2K and it is listed on my Settelment Statement. Mortgage is though Bank of America. I was planning to call IRS and my bank but they are closed on the weekends.
Answer:
Dear Eva: You can deduct it but you may need proof of payment by the IRS. Contact your lender or provider and get documentation. If you paid it, deduct it.
This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more Errol Quinn Enrolled Agent