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A guide to property insurance

 
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youbetcha1018



Joined: 12 Sep 2008
Posts: 64

PostPosted: Thu Jan 14, 2010 12:58 am    Post subject: A guide to property insurance Reply with quote

Property insurance is one of four types of coverage under a homeowners’ insurance policy. Many businesses, renters and mortgage holders have this type of insurance for their dwellings and personal property. Personal liability, medical payments and additional living expenses are the other three types of available coverage. Dwelling and personal property coverage pays for damages to the structure of a home and accessory buildings located on the property (usually 10% of dwelling value) such as a garage or garden shed, as well as for any damage to personal property you own.

Insurance companies offer different types of coverage and costs vary, so it pays to shop around. To find the coverage and policy that best fits your needs, compare policies using the same deductible and coverage. Insurance companies also offer discounts for installing safety protection devices (smoke or burglar alarms) or having multiple policies with the same insurer.

Try to avoid what is called a named perils (a peril is an accident or event) policy because anything that falls outside of what is named in the policy is not covered. Ask for a policy that covers damage caused by anything except what is specifically excluded. It is important that you are not underinsured and to review your policy every one to two years, especially after remodeling, making a major purchase, or starting a business from home. Consider a separate business insurance policy for a home based business because most homeowners’ policies have set limits on payouts for damages.

Dwellings

Guaranteed-replacement-cost coverage, which was once the norm, is no longer offered by many insurance companies. Although it is difficult, it is not impossible to find an insurance company that offers it. With this type of coverage, once the deductible has been met, the insurance company pays for rebuilding a home at replacement value, not market value. Today, most insurance companies offer extended-replacement cost coverage, which limits the amount an insurer pays to rebuild a home, typically 120% to 125% of the insured value.

For example, if a home is insured for $100,000 but costs $130,000 to rebuild, once the deductible has been met, if costs have exceeded the 20 to 25% cushion, any additional costs are the responsibility of the homeowner. It is a good idea to give the insurance company an estimate every year of how much your home would cost to rebuild based on inflation costs, or if there have been home improvements such as a new kitchen, bathroom, or landscaping.

Floods are always an excluded peril. Flood insurance is available only from the federal government’s National Flood Insurance Program. Other perils that are typically excluded are power failures, sewer and water damage, and earthquakes; however, coverage may be available if you ask for it and so your water damage restoration expert will not have problems about it.

Personal Property

Clothing, furnishings, and personal belongings are considered personal property and are typically insured at 50% of the value of the dwelling. Trees, shrubs and flowers that are part of your landscaping are also considered personal property but are insured up to a specific value, not as a percentage of dwelling value. For personal property losses, the insurance company pays what is called actual cash value, which is the original purchase price minus depreciation, unless the policy specifies replacement cost. Personal property insurance also covers damage or loss when you are away from home.

A detailed written inventory of your belongings accompanied by photographs or video footage, and receipts, is useful for calculating how much your personal belongings are worth and determining the amount of coverage needed. Property such as art, jewelry, furs, coins, or silverware that would cost above and beyond the standard replacement value stated in your policy requires a rider or endorsement. A rider lists each item with a description and replacement cost based on a bill of sale or official appraised value, and excluded perils.


Source: .://..essortment.com/home/guidepropertyi_sjre.htm
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sofia24



Joined: 01 Jul 2009
Posts: 23

PostPosted: Fri Jan 15, 2010 8:48 pm    Post subject: Reply with quote

Property insurance is the kind of insurance that provides protections against certain risks on property like fire, theft or weather damage. Thanks for info, could you provide some tips on how to look after property insurance?
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ubh



Joined: 25 Oct 2009
Posts: 4

PostPosted: Sat Apr 03, 2010 2:28 pm    Post subject: Reply with quote

Property insurance is good but protect your income also.
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desideriascott



Joined: 28 Apr 2010
Posts: 3

PostPosted: Thu Apr 29, 2010 8:13 pm    Post subject: Reply with quote

Property insurance is one of four types of coverage under a homeowners’ insurance policy. Many businesses, renters and mortgage holders have this type of insurance for their dwellings and personal property. Personal liability, medical payments and additional living expenses are the other three types of available coverage.
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basujunera0710



Joined: 09 Jun 2010
Posts: 1

PostPosted: Wed Jun 09, 2010 7:17 pm    Post subject: Reply with quote

hello guys ...



its really nice and informative post....



i just liked it....



thanks for your information guys ...........
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DamianaIndu



Joined: 31 Jul 2010
Posts: 87

PostPosted: Thu Aug 26, 2010 12:40 pm    Post subject: Reply with quote

Property insurance provides coverage for insured property and compensates for loss associated with fire, theft, vandalism or natural calamities. The contents within the property are also covered by property insurance. Property insurance includes many forms of insurance, including:
# Fire Insurance
# Flood Insurance
# Earthquake Insurance
# Boiler Insurance
# Home Insurance
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jakkenglish



Joined: 23 Aug 2010
Posts: 1

PostPosted: Sat Aug 28, 2010 5:28 pm    Post subject: Reply with quote

Nowadays, there are still people do not know what are the real benefits and importance of having insurance. They all know is having an insurance is expensive, but it was not.
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dear007



Joined: 17 Sep 2010
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PostPosted: Fri Sep 17, 2010 10:12 pm    Post subject: Reply with quote

hello guys ...

its really nice and informative post....

i just liked it....

thanks for your information guys ...........
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flying37



Joined: 30 Sep 2010
Posts: 4

PostPosted: Thu Sep 30, 2010 10:58 am    Post subject: Reply with quote

dear al, i would like to know how to balance between land cost and building cost.. as we now, the land is being excluded fr the insurance as it won't damage despite fire happens.. assuming a unit cost 1mil, how u guys estimate what would be the building/construction cost so as to not under, neither do we over insure our property. I found insurance co. also don't quite know about this and wil just follow the selling price or whatever u required. End of the day, u got to bear if if under insure or u wasted the extra prem paid if it is over insured. Probably valuer or contract wil know better?? Thx.
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Stephanie Clark



Joined: 12 Oct 2010
Posts: 11

PostPosted: Fri Oct 22, 2010 4:37 pm    Post subject: Property insurance is a must for your assets Reply with quote

This is indeed a great piece of information. Property insurance is a must for your assets & can cover damages in case of mishaps.
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