Home Insurance Information, Articles And Guides

Posts Tagged ‘time’

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.

I have a moutain vacation home that I may rent out once a month just to cover the applied mortgage. Is ther any caveots with insurance and what will have to be adjusted and cost extra? Thanks in advance.

Answer:

You should probably just call your insurance company and ask them, tell them you are thinking about doing that and ask them for a quote. If you don’t like it shop around, it might be worth it.

I am purchasing a second home near Canyon Lake, Texas. This house will be occupied by me or my immediate family approximately 50% of the year. The other half, I plan on short term rentals (3-5 days at a time). What would be the appropriate insurance(s) for this? I also plan to live in this second house full time in approximately 5 years, if that makes any difference.

Answer:

as the owner and in the event you owed a second/third party you must have an insurance, regardless you want to rented later, the renter should have rental ins on his/her own. If you do not owed such property to a second/third party, is just a good precaution to have it insured. no change will be necessary once you moved into it permanently later as you said just an update.

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.

I work full time and study full time, he doesn’t work at all, just being really lazy…

Answer:

lay down the law honey hes a lazy good for nothing and your doing all the work it takes two to tango and if he cant be botherd to do a few things that in the long run helps out then you should say you have a few months to sort things out before you boot him out and find some one whos willing to do help ther is no excuse for laziness

Other than certain longevity discounts, what are the benefits of staying with the same insurance company for a long time. Why not just find the lowest rates and switch every couple years?

Answer:

None, staying in the same company with not give any loyalty discount. the lowest rate depends on you claims history, driving record, age, credit score, the area ur living in, non smoker , etc…
there is a lot of discounts but there is nothing called loyalty discount.

–
Reem Alnunu
Insurance Agent
GLIGA Insurance
reemalnunu@yahoo.com

my mother filed a claim recently, shes done all the insurance company asked of her. In new york state does an insurance provider have a legal time limit requirement to settle and or pay claim…thanx

Answer:

I’m getting an online quote through Admiral and it asks if I am a 1st time buyer (I’m not), but I’m wondering what relevance this has and if you benefit or lose from being a 1st time buyer in these quotes. Answers from those in the know please.

Answer:

Well, if you’re NOT a first time buyer, then you have prior homeowners insurance – and a track record at maintaining (or not, as the case may be) a home in good condition.

In either case, they are going to run a CLUE report, so if you have any prior claims (homeowners OR renters) they’ll show up.

Sometimes, if you have prior insurance, there’s a credit available.

I am looking for an engine which can compare rates of home insurance, and possibly along with car insurance without wasting time. One that is best for New Jersey would be nice. Thanks. Also, any tips on buying home insurance would be greatly appreciated. Thanks- Hong
if you can, buy where is a good site to find a good indep. home insurance.

Answer:

Well, they’re out there, but you have to buy it, and it’s really expensive. Most independent agencies buy the software, and then pay monthly to pay for rating updates. We’re talking several thousand for the initial software, and about per month, per company, for the rate updates.

You are trying to be your own agent.

Unless you know the difference between replacement cost and GUARANTEED replacement cost, and unless you know which extra endorsements you need (are you familiar with an HO41?), you will be making MAJOR mistakes by trying to do this yourself. You likely won’t even be able to get the accurate (for each company) limit for the building.

Go visit a local, independent agent, and ask them to give you quotes with 10 different companies. Have them print it out. Then go to another one or two, and get 10 or 20 more quotes, from 10 or 20 more companies.

You can’t get the policy, anyway, without using an agent. So let them do ALL the work for you.

I am looking at buying a 5,000 home, I have excellent credit, I have no past insurance claims, and my home would have a replacement value of 0,000.

Answer:

Home insurance is actually very flexible. I’m not sure about Connecticut regulations, so I suggest you contact a local home insurance agent. http://www.easyhomeinsuranceguide.com/Connecticut-Home-Insurance.html They will be able to help you.