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Eduardo Said:

How does liability insurance apply to a house?

We Answered:

You can't make sure he actually pays for anything.

You can sue him, but state law would say how much he has to pay.

The safest thing, is to file the claim with your insurance company, and let them chase him down, assuming there's a lot of damage. If the damage is under $1,000, then you just have to trust that his insurance will do right by you.

But if your roof was old, and needed to be replaced ANYWAY, they don't pay as much as they would, if your roof was brand new. THEY don't have to pay replacement value - legally, they only have to pay actual cash value (replacement less depreciation). They pay what it's WORTH. Only YOUR policy has to pay for replacement value, IF you have that kind of coverage.

Joan Said:

If a home is unoccupied does the insurance rates go up? & Should the insurance company be notified ?

We Answered:

technically, yes , you should notify the company, but if you do, they will increase the rate- or worse- drop your coverage- because an un-ocuppied house is more dangerous to insure beacuse it is un-ocuppied and could be trashed by vandals or whatever-- the thing i would do-on a practical basis is nothing- i have sold and bought 3 homes over the last 5 or 6 yrs- primary residences- due to job changes etc. and have told the companies nothing- because the realtor told me they could increase my rate, or worse they could cancel your coverage, since they dont want to insure an un-ocuppied home- this seems to be true- i did not want to find out the hard way- reagardless of what is legal or not- on their part or mine- AS A PRACTICAL MATTER- DO NOTHING- DO NOT TELL THE INS CO ANYTHING- JUST LIST THE HOUSE FOR SALE AND WHEN ITS SOLD- GO THROUGH YOUR CLOSING- TRUST ME- I AM AN ETHICAL PERSON- YET IN THIS CASE IF YOU CALL THE INS CO- YOU WILL JUST CREATE PROBLEMS FOR YOURSELF--- I AM A RETIRED INDEPENDENT INSURANCE BROKER,& CFP, & CPA, & LUTCF- TRUST ME- I KNOW WHAT I SPEAK OF- TALK TO YOUR REALTOR TO DOUBLE CHECK IF YOU WANT TO- GOOD LUCK TO YOU !!!!!!!

Jamie Said:

Will insurance rates go through the roof if this Cap and Tax bill passes?

We Answered:

The House version of the bill was compromised, and watered down significantly. It was no where as bad as the original proposal. And even the watered down version won't pass the Senate.

http://www.carbontax.org/blogarchives/20…

Wallace Said:

What home insurance rate should I expect for a house in southern West Palm Beach Florida?

We Answered:

I would go on InsureMyHouse.com
You can find a local agent through there.
I know the state program just issued a warning that the state program is going to have a big rate increase. Its like 40% up to 140% depending on where the house is located.