NLIC.org

Kristina Said:

What should be done about the insurance and property tax crises in Florida and other US Gulf Coast states?

We Answered:

I guess we'll all have to go north.

Lonnie Said:

What percentage of the property value should be added for insurance (rebuild) value?

We Answered:

It never ceases to amaze how Americans give answers to questions posted on the UK site convinced that they know the answer.

Frankly, however well intentioned, they know nothing about the UK market.

The demolish and rebuild cost is usually condsiderably lower than the value of the property. Why ? Because in the UK houses are the cheap bit.....it's the LAND that is expensive, and your land doesn't burn down. For example take two similar houses, one in central London and the other out in the sticks, property values will be very very different ...but rebuild values will be almost the same. As an example my own house is valued at around £450,000.... but the rebuild costs are only about £125,000.

Most (not all) UK buildings insurance covers any home upto a rebuild value of £ 250,000, it would be unusual for a house to have a rebuild cost over that and you start getting into specialist stuff where internet shopping may not be appropriate.

For us mere mortals and indeed 95% of the UK population though, buying through the internet is a cheap and effecient way of buying your house and contents cover.

The answers you see above saying 'see an agent' are almost certainly posted by American 'agents' who

a) make their living selling insurance so don't want anyone using the internet and
b) don't understand the UK insurance market.

The best way you can get a good (and free) rebuild estimate is to use the rebuilding costs calculator put together by the Association of British Insurers and the Royal Institute of Chartered Surveyors.

http://abi.bcis.co.uk/

You have to register, but that's free and after that you can use it upto 6 times a year without charge. You can do it fairly rough and ready since (as I say) if it comes in miles under 250k which I bet it will..... it really doesn't matter how accurate it is as the policy is almost ceratinly going to be ..."to a maximum of £250,000".

You should read the Policy Summary (what's covered and what isn't) even if you don't read the full policy. And before someone jumps down my throat saying "all policies are different".... no they aren't in the UK, there are only minor differences (and the policy summary will be enough to highlight those !)

Good luck.

Yvonne Said:

Where can I find a comparative of insurance quotes for comercial stable insurance?

We Answered:

I only use 1 site to get all my insurance quotes. It has every type of insurance there is. Check it out. Hope it helps!!

Carl Said:

Any System allows a Consumer to solicit competitive insurance quotes for their property?

We Answered:

Each INDEPENDENT agent in your area has access to multiple home carriers (I quote through 10 carriers currently). Or you can call agents with Farmers, State Farm, Nationwide, Allstate individually and get their 1 policy offering....

My advice: don't submit an online requested at one of those insurance sites. You will be bombarded with calls for weeks. Most sites say they'll get you quotes from 3-5 carriers, but you'll be amazed at how you will get 15-20 calls! And each caller has probably paid $10+ for that lead!

Bypass the headache, call an indy agent and know who you're talking to.

Jessie Said:

Renters Insurance / Personal Property?

We Answered:

Renters insurance does NOT include building coverage. It includes your stuff. Minimum coverage limit is $15,000, and you should be able to get a policy for about $150 a year.

Adam Said:

I am the first home buyer. i did pay the initial deposit and additional deposit. can i cancel the buying?

We Answered:

You already signed a legally binding contract.

You can cancel but it is going to cost you a lot of money.

You will owe the seller, the agents and for whatever processes of escrow have been completed.

Your agent will give you an idea of how much, less a possible law suit from the seller, who can claim losses beyond your deposit.