In the context of your homeowners insurance, you’ll want to learn the difference between actual cash value and replacement cost right away before it’s too late. Large sums of money can ride on the way that they’re distinguished. Read More
You’ll always be asked if you want to buy insurance when you’re at the rental car agency counter. Most people decline because they have insurance on their own personal vehicle, but whether they’re actually covered, the type of coverage and its limits depends on their existing personal auto insurance. Read More
When you own condominium property, you individually own everything inside of the walls of your unit. You share an undivided interest with other condominium owners on anything outside of the walls of your unit. Because of the nature of this dual ownership concept, insurance requirements are different than those for a single family home. Your lender will most likely require you to insure your unit, and show proof of coverage at time of closing. Remember that your condominium association will ordinarily ensure everything outside of your unit.
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Renters insurance doesn’t just insure your personal property. Like homeowners insurance, most renters insurance also covers your personal liability and the personal liability of anybody else designated as an insured person. You’re all insured up to the extent of your policy limits. Personal liability generally extends to property damage and personal injury. Read More
The general rule is that condominium owners have title to the interior of their individual units in their own names. They share common ownership of anything outside of their units like the roof, exterior walls, hallways, parking lots and green space with their condominium association. That’s why condo insurance and homeowners insurance are two different types of policies. Anything on the interior of your condo premises is your option to insure. Anything else outside of your unit is the condo association’s responsibility. The difference is, if you own a home and not a condo, your homeowners insurance covers both the interior and the exterior of the premises.
Even if you live in an apartment, you want insurance coverage. When you start shopping for renters insurance, you’ll want to be sure that you’re going to be covered for fire, theft and other risks. You’ll want to make an accurate estimate of how much coverage you’ll need. Read More
When you’re taking out a mortgage to buy a home, the real estate serves as security for the loan. Since your lender is going to maintain an interest in that property, it wants its interests insured against damage or loss by fire, explosion, weather or the like. That’s why either prior to closing or at time of closing, you’re going to be required to show your lender that you’ve purchased homeowners insurance with an appropriate mortgagee’s clause designating the lender as an additional insured. Read More
When you allow somebody to use your vehicle, the issue arises as to whether that driver is covered by your automobile insurance. The general rule is that use with your permission is covered, but every general rule has its exceptions. Read More