Posts Tagged ‘value’
What does it mean “financially” if your mobile home is totaled from a fire by an insurance company?
My mobile home caught on fire but only one room was destroyed.The rest of the house,about 90 %, sustained smoke damage. What would happen to the home? Would it be mine or the insurance company’s?
Answer:
They will compare the ‘insured value’ of the home and the cost of repair.
If they believe the repair cost exceeds the value, they will ‘total’ it and pay you the ‘insured value’ (which may be a lot less than the replacement cost).
The damaged property is then owned by the insurance company.
However what are they going to do with a half wreaked house/car etc ? = it’s a real pain for them (sorting ownership documents, selling at auction etc) so almost ALL will offer you the chance to ‘buy out’ their interest in the property by taking a lower ‘value’ pay-out ..
Often you will find the ‘value’ you get will be more than enough to do your own repairs (assuming you put in a lot of your own effort and only pay for specialist for things you can’t do yourself)
I want to notify my neighbor’s insurance company that they do not maintain their home. How do I contact them?
My neighbor has water damage to the outside of her home and big notches in the wood paneling, and also an unpainted home. I want her to do something about it because it reduces the value of my home. How can I notify her insurance company so she has to maintain the outside of her home?
Answer:
You ask her who her insurance is with so you can call them.
There is no public database with this information.
How much should i expect to pay for Home Owners Insurance on a small condo in florida?
The appraisial value is about ,000, its 700sq.ft bottom floor unit.
Answer:
Why didn’t you tell me you were thinking about moving here?
Home Contents Insurance Valuation?
I live in middle england in a detached 4 bedroom house. I think my contents insurance in too low. What is the average contents valuation for my size house?
Answer:
Depends if you have specified items of exceptional value such a jewellery, paintings, antiques., these can be separately shown on your policy…. excluding these maybe £30,000 should cover it….go around with a calculator and work out how much the main things would cost…carpets throughout, curtains, furniture, electrical goods, cutlery, bedding, beds, pots and pans, will be surprised how much it is…better to have more than less and generally insurance companies will not pay out more than a specified percentage on one item…
Also check if the Policy is linked to inflation, or on a new for old basis…lots to look into.
Must I carry insurance on my Canadian home that backs my line of credit?
I see no mention of an insurance requirement in the fine print of my bank line of credit contract that places a chattel mortgage on my home. Am I in trouble if I don’t insure my home, or if I reduce the coverage to less than the full replacement value. I’m in Canada
Answer:
If it’s not contractually required, then no you do not need to carry insurance on your home. However you would be better off speaking to the person who arranged the line of credit and confirm this just to be sure as you may have misread the contract. Beyond that you are only in trouble with yourself unless you somehow have enough money to rebuild your house on your own saved somewhere. No insurance company is going to let you insure your house for anything less than the full replacement cost of the house. If you try they will just cancel the policy as they will see you as a moral hazard and not worth the trouble. You may be able to get away with it on a commercial type policy, however that will be difficult to arrange and will end up costing you way more.
Im a first time home buyer, how much should I expect to pay for homeowners insurance in Connecticut?
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.
On average, how much does home owners insurance cost?
I’m filling out somethings for a project for one of my classes. I do not at all need this number to be accurate, I am not going to go and speak with an insurance agent, I just need a number that is about what I would be paying forinsurance if I bought a house.
Answer:
There really isn’t an “average” price. Premiums vary from about 0.5% to 2.5% of the homes value, based on location, construction, discounts applied, etc. If I were using a ball park figure without knowing any details, it would be 1% of the value. i.e. A 0,000 home would be ,000.
Is it a good thing that replacement value of a home (in terms of insurance) is higher than purchase price?
We are buying our first home and I just found out that the replacement value that our homeowners insurance will cover is ,000 more than what we are buying the house for…. is this a good thing?
Answer:
Yes!! The replacement value coverage is what you would need monteraily wise to build a home from the ground up, in the event from a fire, you would need your mortgage paid off, also what about you personal property there should be an amount for that, liability coverage and also guest medical or it is an incomplete policy. Liabilty is what you would have if someone got hurt on your property and also guest medical is a onetime payment for a guest on the property that gets hurt and requires medical attention. Ask your insurance agent if you are unsure the cost sounds right depending on where you are located in the country and what percent financing you did for the home. Premiums depending on your credit score and your location are about 1 percent of the purchase price of the home or less.
How do insurance companies pay your home contents after a fire.?
If the total amount of your home contents exceeds the amount of coverage, will the insurance company pay you a lump sum or will they still depreicate the amount? My coverge provides for 4,000.00. My contents list comes to 1,000.00. Will I get a check for the depreicated value up front and then once I replace the item get the difference or will they just write me a check for 4,000.00.
Answer:
You still have to make up a list.
But if your coverage limit is 4,000, that’s the most you can get.
Yes, you get the depreciated value of your 1,000 up front, and as you replace items, you send in the receipts, and they’ll write checks for the recoverable depreciation, until the total amount hits 4,000.
when filing a home insurance claim do you have to purchase?
the same items you reported loss or can you purchase something comparisonable
Answer:
The policy will owe you for similar items up to a certain amount per item. For example if you have a 27″ TV that you paid 0 for 6 yrs ago. The policy will pay for a similar 27″ TV at todays prices. (Replacement Cost) Let’s say 0. Most policies will pay the ACV (actual cash value) of an item up front. Then they will allow you 6 months to 1 year to show receipts that you replaced the item then you can collect the balance.
If the company paid you up front an ACV of 0.00 on the TV but you went out and bought a flat screen for 00, the company will still pay only the difference between the Replacement Cost 0 and the Actual Cash Value of 0.00.
So you can buy whatever you want but you will only be PAID for the comparable value of the stolen or damaged item.
Sorry for such a long answer.