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PostUnlike a homeowner’s insurance policy, condominium (and renters) insurance policies are designed to cover your personal property and liability, not the physical structure you live in. Depending on the master policy held by your condo association, a condo policy may still include walls-in coverage for flooring, fixtures, etc. The coverage difference is due to a...
Unlike a homeowner’s insurance policy, condominium (and re...
PostInsurance Q&A: “What is an insurance binder?” Spoiler alert: It’s not a Trapper Keeper! Insurance is a business of promises and paperwork. Usually, it’s in that order. The insured promises to pay an insurance premium, and the insurer promises to pay for covered insurance claims during the policy period.Read More: How to Read a Homeowners Insurance...
Insurance Q&A: “What is an insurance binder?” Spoile...
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PostHere’s a cliché, but common insurance question: “Does insurance cover my roof if my neighbor’s tree falls on it?”Read More: What does homeowners insurance cover? Fences make great neighbors. Anyone who has had neighbors (which is most of us) can agree that it can be difficult to get along with the people we live next...
Here’s a cliché, but common insurance question: “Does i...
PostA homeowner’s insurance policy is designed to protect the average homeowner against the property and liability exposure that results from homeownership. There are millions of homes in the U.S. As a result, insurers have devised some basic policy forms with equally basic coverage that adequately cover the “average” home. (How to read a homeowners insurance...
A homeowner’s insurance policy is designed to protect the ...
PostWe’ve mentioned time and again that insurance is mostly a “marketing” business. While various companies can offer somewhat unique service and minor coverage tweaks, at the end of the day, there isn’t much difference between what’s available to homeowners in the way of insurance. Homeowners can purchase a bare-bones homeowners insurance policy or opt for...
We’ve mentioned time and again that insurance is mostl...
PostInsurance match-ups: “Named perils vs. all risk homeowner’s insurance policies.” There are plenty of ways to save money on your homeowners insurance policy. Some are good and some may make you uncomfortable once you understand why they cost less. You can expect the type of insurance company whose program you “fit” to be relatively in...
Insurance match-ups: “Named perils vs. all risk homeow...
PostEarthquake insurance protects your home in the event of a…you guessed it, earthquake. But we’re willing to bet you don’t have it. And we assume you probably don’t care, probably because you think you’re already covered, or that FEMA will step in, or that serious damage just won’t occur. While some of this may be...
Earthquake insurance protects your home in the event of a…...
PostIf you obtained a mortgage at any time since 1994, you likely noticed the “flood cert” charge on your Good Faith Estimate, the form that details your expected closing costs. It may also be listed as a “Flood Determination.” Generally, it’s only $10-$12, but its results determine how much you’ll need to spend on one...
If you obtained a mortgage at any time since 1994, you likel...
PostYou might be familiar with this term if you “own” a home, but still owe money to the bank via your mortgage. Let’s square away some basic mortgagee clause definitions before we go into detail. Mortgagor: This is you. The borrower. Mortgagee: This is your lender. It may be a bank, credit union or any...
You might be familiar with this term if you “own” a home...
PostWhile Geico advertises that it sells home insurance, the insurer doesn’t underwrite your policy. Geico partners with national and regional home insurance companies to offer coverage. What company does Geico use for homeowners insurance? That depends on where you live and the types of home insurance you need. Popular partners include Travelers and American Family,...
While Geico advertises that it sells home insurance, the ins...
PostAn Insurance Policy Is a Contract Insurance Q&A: “Do I have to tell my homeowners insurance company I have a dog?”Read More: What does homeowners insurance cover? Drum roll…Yes. But you already knew that. Keep reading if you want to know why. The average homeowners policies state on their contracts that basically, in exchange for...
An Insurance Policy Is a Contract Insurance Q&A: “...
PostIt’s pretty safe to say most American homeowners have a mortgage loan. And those of us with a mortgage realize that we don’t actually own our home…the bank does. Right? This is why it’s necessary to list your lender’s “interest” in your home on your insurance policy. You may remember your insurance agent asking for your mortgagee...
It’s pretty safe to say most American homeowners have a mo...
PostHomeowner’s insurance Q&A: Does homeowner’s insurance cover bedbugs?” The national media is aggressively reporting on the wave of bedbug infestations currently ravaging households in the United States.Read More: What does homeowners insurance cover? There must not be anything more pressing (like the economy) to talk about. Either way, as more and more people and businesses discover they...
Homeowner’s insurance Q&A: Does homeowner’s insuran...
PostRoof damages may qualify for some roof claims, but only when a covered hazard is involved, such as hail damage or a tree falling on your house. Otherwise, roof damages are considered routine maintenance that eventually affects every house, and homeowners are responsible for maintaining their roofs to protect their homes from leaks and other...
Roof damages may qualify for some roof claims, but only when...
PostMortgage insurance, also known as private mortgage insurance or PMI, is a type of insurance that is required on all residential mortgages with a loan-to-value above 80%. Mortgage insurance is not a type of homeowners insurance. Instead, it protects the lender in cases where homeowners default — it does not protect the homeowner if they...
Mortgage insurance, also known as private mortgage insurance...
PostState Farm is the top insurance company in the United States based on market share. It sells more home policies than any other national provider — writing over $17.6 billion in homeowner’s insurance while claiming a staggering 18.42% of the total market share. Allstate was a distant second with nearly $8 billion in premiums written, helping...
State Farm is the top insurance company in the United State...
PostIf you own property, you’re going to need a homeowners insurance policy. Whatever you call it, dwelling coverage, personal property insurance – it boils down to a homeowners policy being absolutely necessary. Needless to say, most homeowners are going to be preoccupied with insurance costs and what types of coverage they’re going to need. Below...
If you own property, you’re going to need a homeowners...
PostInsurance Q&A: “How are homeowner’s insurance rates determined?” One would likely guess would be that the answer is similar to how car insurance rates are determined. And you’d be partially correct. Homeowner’s insurance rates, similar to auto insurance rates, are now subject to our individual insurance scores (for most insurance companies). But don’t fret; if...
Insurance Q&A: “How are homeowner’s insuranc...
PostFirst and foremost, it is important to understand how to read a homeowner’s insurance policy in order to understand what general types are available to you. It’s easy to just choose a policy that seems to give you what you need. The problem is many homeowners find out when it’s too late that the policy...
First and foremost, it is important to understand how to rea...
PostHomeowner’s Insurance Q&A: “How much homeowner’s insurance do I need?” Most of us know that homeowner’s insurance is mandatory if you have a mortgage, but very few know how much coverage is actually needed? You don’t want to be “under-covered” in the sense that you don’t have any extra coverage, but at the same time...
Homeowner’s Insurance Q&A: “How much homeowner’s i...
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