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Beatrice Said:

Is this home insurance coverage good for me ?

We Answered:

You can easily check your quotes in internet, for example here - homeinsurance.awardspace.us

Leah Said:

home insurance coverage?

We Answered:

The one who's read your policy form, and knows well about homeowners insurance - YOUR AGENT, has already recommended option 1. Take it.

Extended coverage is a good thing, but exactly what it does for you, depends on the insurance company. It's not a standard form.

Rebecca Said:

How much home insurance coverage should I get for the dwelling?

We Answered:

The insurance agent should be doing some work to help you figure out what the cost of rebuilding the home is. It would just be an estimate and its up to you to pick the coverage, but the agent should be advising you. And, you do not need the insurance until your ready to close.

Call and ask escrow. Escrow is the place that needs the insurance info and NOT the bank. Escrow will give the bank the insurance info when they are suppose to get it. Tell the bank to get the insurance info from escrow and not from you. And, have your insurance agent call escrow to give them the insurance info and what they need.

Leona Said:

Is air conditioning unit included in home insurance coverage?

We Answered:

OMG,,,, the answers you get.

First,,, the air conditioner, either in the window or a whole house unit is normally considered part of the house with regards to insurance. Portable units, that have vents through a panel in the window, are not.

Second,,, if they are covered, has everything to do with the cause of loss. And the causes of loss covered are subject to your policy. For example, the most simple and cheapest coverage is a fire only policy. So,,, only fires are listed as "COVERED PERILS". The medium coverage is Broad Form coverage, and will include more COVERED PERILS. The normal highest amount of coverage is from ALL RISK coverage, but this is a misnomer, as not perils are covered on an all risk policy. YOU HAVE TO READ YOUR POLICY,,, under COVERED PERILS. Fire, theft, wind, vandelism, are normally covered. FLOOD, EARTHQUAKE, RIOTS, WAR, CIVIL DISOBEDEANCE, TERRORISM, and damage from dead trees on property you own,,, ARE NOT NORMALLY COVERED.

Last point,,, look at the value of the unit, and compare it with the amount of your deductible. If you have a $500 deductible, and you are talking about a window unit,,,,, it's a wash in the value. Covered, but no check.

READ YOUR POLICY.....

Jaime Said:

Is home insurance dwelling coverage the amount they will actually rebuild?

We Answered:

They will only replace what your home is actually worth. It doesnt matter how much you had it covered for. If you insure it for under the amount it is actually worth, you will only recieve the amount that you insured it for. Its important to habe the exact property value, or atleast round it to the next thousandth. You should reevaluate the value every year because of inflation

Nicholas Said:

Home insurance?

We Answered:

OK, market value has NOTHING to do with INSURED VALUE, 95% of the time. You need to insure your house for the cost to rebuild it.

I have no idea what the area of your house is, but on average, it's $150 to $200 per square foot, cost to rebuild. So if you think $96,000 is too much, that means your house is, what, under 500 square feet. One bedroom, kitchen, living room bathroom, all really small. A single story matchbox.

What you need to do, is call the agent. Have them come out, and calculate replacement cost.

A little industry secret - it might actually SAVE you money, if you INCREASE the dwelling value. More insurance claims happen on lower value houses . . . so most insurance companies have a serious "rate threshhold" - example, if you insure your house for $99,000, it's $400 a year, but if you insure for $110,000, it's $300 a year. That might be the case.

Also, MOST standard insurance companies have a "minimim" level of coverage - they flat out don't want to write insurance on a house valued lower than $90,000, or in some cases, $110,000, because they have more claims.

The BEST way to save on your insurance, is talk to your agent, and raise your deductibles to $1,000. Make sure you're getting all the discounts your entitled to. Maintain the house, and update all the major systems BEFORE any of them are 20 years old (plumbing, electric, heating, roof).

Rose Said:

different type of home insurance coverage if spouse dies?

We Answered:

Homeowner's insurance only pays you if your home is damaged, destroyed or suffers another loss like a burglary.
To pay off a home when one spouse dies, you need one of two kinds of insurance....either life insurance or something called credit life.
If you don't have a lot of income and just want to make sure the house is paid off, you might want to try credit life...the premium can be rolled into your mortgage.
If you can afford it, it's better though to have pure life insurance because you can use the money for other things.

The difference is in what's called underwriting...or figuring out how risky it is to sell you insurance.

With staight life insurance, you may not get a policy if you are too old or sick.

With credit life, you can be sick and still get the policy. You pay based purely on how old you are.