Posts Tagged ‘policy’
State Medicaid for nusring home resident–do they take life insurance upon passing?
My grandmother is a nursing home resident under state medicaid. She has a small life insurance policy that only family is aware of. Upon her passing, if we used the life insurance policy, would the state take the funds?
Answer:
If your grandmother has named a beneficiary the beneficiary receives the death benefit with no encumbrance from the State. If she does not name a beneficiary or if the beneficiary (or beneficiaries) are no longer alive the death benefit would go to her estate and the State would claim the assets of her estate.
With whom should I insure my home, now that State Farm is letting go of their Florida home insurance policies?
Answer:
It pays to start shopping around for a new policy. The good news is that more than a dozen insurance companies have entered the market since the hurricane-induced meltdown of 2004-06.
Citizens Property Insurance Corp., the state’s insurer of last resort, has been farming out hundreds of thousands of its policies to startup companies. Firms in that group include American Integrity Insurance, United Property & Casualty and Federated National Insurance. Many have been dubbed poor financial risks, though none has been tested thanks to our mostly storm-free hurricane seasons since 2006.
Companies with stronger ratings have been branching out in Florida, too. One is St. Petersburg’s ASI, which recently insured only newer homes, but now is taking on older homes.
If you struggle to find coverage, contact the Florida Market Assistance Plan at www.fmap.org or by calling toll-free 800-524-9023. FMAP helps consumers find coverage. If you still can’t secure a policy, an agent will place you with Citizens Property Insurance.
home insurance? renting to my brother do i need landlord insurance?
i am buying a flat and my brother is going to rent it from me. i will not be living in the flat he will be in it himself.
he will pay me the amount of the mortgage so i will not be making any profit rom the rental.
do i need landlord insurance or what are the options?
Answer:
Yes you need a dwelling fire policy (some people call it landlord insurance). A Homeowner’s policy is only for owner-occupants, so since you do not live there you need a different policy. As the previous poster wrote Talk to your broker!
As for your brother, it is also in his best interest to get a renter’s policy. His contents and his liability cannot be covered by your policy, since it is your policy and not his policy.
Do I need insurance to teach at home?
I’m thinking about giving some music lessons from home to boost my income, would I need special insurance – and would it affect my mortgage?
Answer:
It should not affect your mortgage unless you are running a full time business from your home. You should increase your liability coverage and maybe look at an umbrella policy since you have an increased liability exposure (to protect you if someone says they got hurt coming to your home for lessons). Talk to your agent. Important to do before you start to figure out the increased cost and adjust your rates to cover this business expense.
Whta is home contents insurance for exactly?
my policy says laptops are now covered: covered for what? if i get burgled or if i break it?
Answer:
The laptop would be covered against perils listed in your policy. The basic perils covered would be fire, wind, etc. Theft may or may not be covered as it depends on your policy.
I need to purchase home owners insurance, what are the most important things to look for in a policy?
Answer:
An A rated, admitted carrier
A local agent, who will take the time to be sure you have all the coverages/endorsements you need (like that jewelry floater), and adequate limits
Guaranteed replacement cost on the dwelling (you can’t get that everywhere)
replacement cost on the contents
building ordinance or law enhancement
backup of sewers & drains endorsement
Some carriers have a “bells & whistles” package that incorporates most of these extras, at a discounted price. Plus, you need someone to explain each of these to you, and explain why you may or may not need them.
Keep in mind, some coverages (like flood and earthquake, and depending on where you are located, wind) are NOT available on a standard homeowners policy, and must be purchased seperately.
Can I purchase a car, and tow it home without insurance?
I want to purchase a car from a small car place, the man puts 30 day tags on it and mails the title to the DMV, but my father cant get off work to come put insurance on the car for me. So can I buy the car there, have the title put in my name, but have the car towed home and stored off the street until I can add it to insurance and get my own tags? or is it illegal to tow a car without insurance on it?
Answer:
Have your dad call his insurance agent, if you are covered by his insurance on another car most policy’s will cover you for the drive home and for a few days…. But have you dad check first
Does home and contents insurance cover a lost/stolen mobile phone?
It fell out of my boyfriends pocket in a taxi and have tried to call today, but it is switched off. Was wondering if insurance would pay for it?
Have never made an insurance claim. What is the deductable?
Answer:
Call the taxi company and find out if the phone was turned in by the driver. The taxi company should be able to determine what car you were in.
As far as homeowners insurance goes….unless the phone is scheduled on the policy (and it’s probably not) there is no coverage for a lost phone.
If you claim it stolen….you have to file a police report.
Your deductible will apply. Usually a deductible is 500 or 1000. (using 500 as an example) the deductible means that your boyfriend agrees to pay the first 500 of damage if the insurance company pays after that.
So….if the phone is 0 and the deductible is 0 – the insurance company will not pay out anything…..the loss does not exceed the deductible.
If the phone is 0 and the deductible is 0 – then the insurance company will only pay 0.
Odds are, the value of the phone is less than the deductible.
does your home owners insurance cover a new stove if there was an electric fire and smoke damage?
Answer:
Depends on the type of policy you have.
Some policies are replacement cost. This pays for the cost of a new stove similar to your existing stove. It will not pay the complete cost of an upgrade. But you can take the money and apply it toward an upgrade if you wish.
Some policies are actual cash value. That means they take depreciation. It will pay the cost of a new stove less deprecation.
In either case, your deductible will apply.
You should give your agent a call on money or go by his/her office and ask them. Since they can see the details of your policy – your agent will be your best source of information.
whats included in home insurance contents cover is my lawn mower covered against accidental damage?
Answer:
You’ll need to check your individual insurance policy, but if you have got accidental damage, then it’s likely that you are covered. But, as per the answer below, you’ll need to check your policy excess. £100 excess is quite standard, and you may lose a no claims discount. For the best advice, ring your claims helpline.