zombiecupcake asked:


I’ve seen them used interchangeably, are they the same thing? If not how do I know what I need?

audry asked:


We are in escrow buying a 2nd home (vac property) and are having a hard time trying to figure out what type of home insurance we need to get. Our current company is saying we need commerical insurance if we are going to rent it out. Whats the difference between them? We arent sure if we will rent it out. Help…?

silver wings asked:


I got great quotes for car and home insurance combined by colorado casualty insurance which is a member of liberty mutual ,any advice and experience with this company?

gentlevet asked:


Of course when the amount of insurance in increased, the insurance premium also increases. I have only $125,000 left on the mortgage and insurance company has increased the insurance to cover a value of $305,000. Real estate value of the home is $450,000. My credit rating is excellent and I have not had any insurance claims

layla983 asked:


I gotten several insurance quotes, all very fair. We finally decided on a company but after signing the paperwork, which we are suppose to tomorrow, they want the bank to fax a mortgage clause.

I’ve not heard of this, nor has the couple people I’ve asked about this. Can anyone tell me what this is or what it’s for? I should have asked on the phone, I know, but for some reason it slipped my mind as I was writing down all the other info. Thanks in advance.

smartymoneys asked:


Thanks.
So are you saying that with the mortgage insurance…if I die…my house is paid for. My wife can live in it and not pay mortgage?

Dave asked:


an injury that was recieved on someone’s property? My son, who is an adult, tripped fell and broke his arm at a friend’s house. My son has no insurance. Is the friend liable since it was at his house? He has homeowner’s insurance. I wasn’t sure if that covered bodily injury.

Ariel asked:


The property is in Texas.

Thank you for your advices!

Hayzen asked:


My home got flooded. Insurance denied the claim but I believe I still have a case. What kind of lawyer would I need that specializes in home insurance policies to see if I really do have a case?
Sorry, I should have been more specific. My house was flooded due to a pipe burst.

Homeowners insurance is a contract between a homeowner and an insurance company. You agree to pay the premiums, and the insurance company to pay a set amount should a covered loss occur. Examples of things covered under a typical homeowners insurance policy might be fire, vandalism, or injury on your property. You will probably have a deductible to pay, and the policy probably has a maximum amount it will cover. So a standard policy insures the home itself and the things you keep in it.

Homeowners insurance is usually a package policy. This means that it protects your property, and it also protects you against liability claims of injury. This should also cover damage caused by household pets or thefts to items inside your home.

Some times of losses may not be covered by a standard homeowners policies. Incidents like floods or theft usually have to be covered under a separate insurance policy. If you run a business out of your home, you may need a different type of business liability and property policy because your homeowners insurance policy may have limits that are lower than your business assets are really worth.

If you have a mortgage, your lender probably requires homeowners insurance. However, even if you do not have a mortgage, you probably want to cover your home against damages and liability. If you want to save money on your homeowners insurance, shop around between the different local policies. You may also consider raising your deductible. The difference in premium cost between a $500 deductible and a $1,000 deductible can be considerable.

You also need to consider covering the replacement cost of your house and belongings vs. covering the actual worth. Your old TV may cost $500 to replace, but probably wouldn’t bring more than $50 at a garage sale. If you don’t want to shop for replacements at your local thrift shop, you may want to consider having a “replacement value” policy.

Other features of a homeowners policy could include housing assistance if you need to be displaced for a period of time while your house is being repaired. If you need to rent an apartment hotel room for several weeks, the costs could mount.

By: Marilyn Katz

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