insurance: พฤษภาคม 2009

What are good insurance companies for male learner drivers? no ความคิดเห็น

Posted at 13:30 in

We are starting to think about a car and insurance for our son who is 17 shortly. Have you any advice on types of car and how the insurance system works, is it better for him to insure himself or for to do it through his father, and which companies are the best.

Thanks

================================================================
Special offer: Free Domain & cPanel Hosting for only $2.99 at https://SecureSignup.net !
================================================================

Spam Filtered (ID:3479463)

What kind of insurance should we buy from car rental? 1 ความคิดเห็น

Posted at 13:00 in

My friend came from Taiwan and want to rent a car in USA. The car rental company offer differet kinds of insurance. Which insurance is most recommended?

I work for an insurance company and I am licensed in 17 states. It is important to realize that your insurance will not cover your friend even if you sign for the vehicle and let him/her drive it.

The rental company does actually maintain insurance on all of their vehicles because it retains ownership and only rents the vehicle to your friend. Most people do not know that.

Your friend is still going to have to purchase the full package which includes liability, collision and comprehensive coverage. The coverage for loss of use is optional but is also a good idea. The benefit of purchasing adequate coverage is that your friend will be able to walk away and not get bogged down in legal problems if there is an accident.

Even if your friend is a good driver, there is a relatively high risk of an accident because your friend will be driving in a strange environment.

As her insurance is no good in the USA, take the collision total package. I know it is more than some, but trust me, when people see that a car is rented, and most now carry the UPC code sticker on the windshield for inventory purposes, the BAD people see it and "make" an accident happen to make a claim to the insurance company. They know that a rental company will have good insurance and pay out "well". It should cost about $8-12 perday, but trust me, well worth it. Also, depending on your friends history of driving in the US, she/he might not feel comfortable and get nervous and have an accident out of nerves. Good luck and by the way, HI to your friend and welcome her/him to the USA with open arms from me too.

Guyster/Bubba

well i know it cost a bid more but trust me it good you never what may happen to you. just in case.. you feel better.

Spam Filtered (ID:3479463)

What kind of insurance for a horse boarding stable? no ความคิดเห็น

Posted at 12:00 in

I have a riding stable with 5 of my own horses. A friend is boarding her daughter's pony here. Board covers the bare minimum of costs and the family helps with barn work.

There is a demand for boarding in our area and I have had numerous requests.

What kind of insurance do I need if I want to take on boarders? Also, what kind of insurance do I need if I allow boarders to also ride my horses?

Our one boarder wants to work with a trainer using my horse as she is rapidly outgrowing her pony. The daughter is 14 years old and a very fine rider.

I want to make sure everyone is protected and no problems occur if someone gets hurt on my property.

I carry a basic property insurance that includes my own horses (Not boarders). I hate to sound like a cheap skate but my attorney drew up a set of very iron clad release from liability forms. That release myself, my staff and my property from any liability to the boarders, thier horses, their tack, their vehicles or any and all property they bring on my premises and and damage to others caused by their horse should it escape.

Check your states equine liability act if it has one and see exactly how far you are released from liability under your states act.

USE and attorney to write your releases, one that is well versed in your states equine laws. In my state by signing the releases it constitutes a contract that will stand up in court.

In todays world of stupid people sueing businesses for their own individual stupidity and claiming negligence at every turn, I would not b e concerned about the boarders health and well being. I am more concerned with the litigation and finacial ruin they will put you through for their own gain.

One example is a suit brought against me in 2002 where a parent signed the releases for her child to ride in my arena, claiming the child (15) was a very experienced rider. Long story short the kid had never ridden before he got on his gelding in my arena and lost control of the horse almost instantly and got tossed hard into the arena panels breaking his arm, fracturing his skull and breaking several ribs.

A month later I recieved notice I was being sued, It was being claimed I was negligent in letting the child ride a horse beyond his ability.

The release with the parents signature relieved me of responsability and the clause that I was not going to enforce (riders are responsable for damages to my property while riding) Got them ordered to compensate me for the bent up corral panel.

I do carry a liability insurance that covers people with out releases that is pretty cheap. I am more worried about people tresspassing and getting in the wrong paddock and a wild horse killing them.

Your insurance rates will be considerably lower also if you have a strict release policy. I won't let my own kids ride without a signed release from my X wife, hell I wouldnt let my own mother on the property with out signing a release.

IL. has a very good equine liability act, when used in conjunction with releases. The only way to get in any real trouble here is if you knowingly and intentionally cause someone or their animal harm. Thus I dont carry insurance for boarded horses or their owners or guest. Depending on your states liability laws really depends on your level of insurance if any.

Spam Filtered (ID:3479463)

What kind of insurance rates should i expect? 1 ความคิดเห็น

Posted at 11:31 in

I am planning to get a bike next spring but am going to save up over winter for it. I am looking for a sport bike but nothing to crazy. (GSXR) (Ninja) (R6). This is going to be my first bike but i am going to take a 25 hr class that teaches you how to ride and everything. I'm 19 and live in NY. No accidents and have already taken defensive driving. I pay about 2 grand a year for car insurance. How much should i expect to pay for motorcycle insurance? Also wouldn't mind any opinions on this.

You don't have to guess. I would just go to Progressive.com like the other poster said. I never understood the formulas well enough to predict what any bike would cost to insure. Just a few years ago, I couldn't afford to insure a Hayabusa so I went with another bike. Now they only wan't $400.00 per year? What changed in the last 2 years, I don't know. I guess I didn't get a ticket and I got a little older, but the drop was HUGE. I only pay $160 per year for full coverage on my Buell right now. Even that surprised me because it was a huge drop from last year too.

Good luck! It's expensive to be a young rider, but in NY I wouldn't want to just run liability.

i pay $220 a year for liability coverage with progressive for a 2004 600rr, i live in kansas. which is cheap

****go to progressive.com and get a free quote***

just a guess.... about $4000. per year full coverage and possibly more.

If you dont finance and need only liability it will be perhaps $250. per year.

Spam Filtered (ID:3479463)

Lost my insurance and now husbands insurance says we have to wait for open enrollment? no ความคิดเห็น

Posted at 11:15 in

We moved here from out of state so until we could get on our feet my husband and I applied for medi-cal. Now that he's working he now makes too much money for us to continue, but open enrollment for his health insurance through his work isn't until March. We have two young boys that just can't be without insurance. Is loss of one insurance plan considered a reason for his insurance to add us prior to open enrollment?

Check with his HR department. Some insurance plans have the option to add or dis-enroll family members due to a 'change of status' which may occur during times other than open enrollment. The loss of your insurance may qualify as a 'change in status'. If HR doesn't know, ask for a complete copy of the plan, not just a list of available benefits, if it is applicable, it should be there.

Good luck.

Generally your loss of coverage would qualify you to become eligible in a spouses plan outside of the open enrollment period. If you have school age children, United Healthcare offers "kids only" health insurance plans that provide children's coverage for sickness and accidents. Their plans are written through school districts and many private K12 schools throughout the US. Their health plan is designed to be affordable, at just $98 every 2 months. Check out www.k12studentinsurance.com to see if your child's school district (or private school) is participating. Click on the "Plans & Pricing" tab, enter the district name or private school name and the state in the search box and review the plans.

Most insurance policies have an open enrollment period and a qualifying event clause. Usually losing your insurance is a qualifying event.(Meaning you can sign up even though it isn't an open enrollment period). Read through his insurance booklet carefully.

Spam Filtered (ID:3479463)

What is the difference between Commercial Vehicle Insurance and Private Insurance? 1 ความคิดเห็น

Posted at 11:01 in

What is the difference between the two when it comes to hitting someone's car and totalling it? Is it true that companies with commercial insurance are most likely to "replace" a totalled car versus private insurance to keep from being sued. Also what is the practicality with settlements after the car has been totalled? Anyone ever get in an accident involving a company owned vehicle with commercial insurance?

Whether a PAP (personal auto) or BAP (commercial auto), the same rules & laws applies when resolving auto claims. The only difference is the amount of liability carried by each...BAP's are generally much higher than PAP. So to answer your question, NO a commercial carrier will not "replace" your totaled out vehicle. Both carriers have a duty to settle claims fairly & do their best to keep their insured out of court.

As for the settlement of a total loss....the law states if it's cheaper to total the car than repair it because the repairs exceed the value of the car, then the car must be totaled. Financially it doesn't make sense, whether it's your neighbor paying or some company with deeper pockets than your neighbor. You do have the option to "retain salvage," where you keep the car & you receive the value of your vehicle less the salvage amount. At that point you can pay to have it repaired if you want but the insurance won't give you additional money during the repair process to pay it b/c you have been compensated...you do not get to benefit from both.

My professional experience with commercial carriers has been they penny pinch right down to the last penny, and rarely ever do they directly pay a claim without it going thru subrogation first. On the rare chance they have stepped up and taken the repairs on first hand they have been slow to respond, slow to issue payments.

If your car is a total loss, have BOTH carriers provide you with a t/l offer and go with who ever gives you the higher amount.

If you are using your vehicle in a commercial venture, or for hire, you must have commercial insurance. There is no practical difference between commercial and private insurance policies, they both protect you financially from liability in the case of an accident.

Spam Filtered (ID:3479463)

What type of insurance and where to get quotes? 1 ความคิดเห็น

Posted at 10:32 in

I am looking to insure a small apartment complex 6 units. I have had several quotes from brokers telling me I need a commercial insurance. In reading the terms, it does not meet my needs. Can any other apartment complex owners/managers share experience? What types of insurance and suggest a contact?

Thanks

You need a local, independent agent. When you say, the commercial policy doesn't meet your needs, what EXACTLY does that mean? A six unit apartment building IS a commercial risk. With commercial policies, you can pick and choose which coverages you want.

You have to buy your insurance from someone who's licensed to sell insurance in your state.

But as you might have noticed - habitational isn't exactly something insurance companies are crazy to write. The losses are higher, and the account maintenance is WAY higher, so the premiums are ALSO higher.

If you're comparing the coverage to a HOMEOWNERS policy, that's like comparing a cat to a parachute.

Call around to a few LOCAL, INDEPENDENT agents, and go talk to them.

Spam Filtered (ID:3479463)

Am I required to get rental car insurance if I don't have my own auto insurance? no ความคิดเห็น

Posted at 09:45 in

I am planning to sell my car and cancel my auto insurance. If I want to rent a car, am I required to buy their rental car insurance, since I wouldn't have any other auto insurance otherwise?

Yes Yes and Yes! It's very important to have rental insurance. Let's say you park the car on the street, and come back and its side swipped. They are going to come after you for it But if you have insurance, it should cover it.

you don't need to have auto insurance to rent a car. but you will most likely have to purchase there insurance. even if they dont require you to purchase it i would suggest doing so cuz you never know what might happen. its pretty cheap to no more than a few bucks a day for the minimum.

Yes, they will not let you drive the car without insurance.

I might be wrong but I think you have to have auto insurance to rent a car. I remember haveing to give my auto insurance card to the agent when I rented a car.

Rental cars come with basic insurance. If you want to be covered for any damage which might be your fault, take the additional coverage. No, it's not required, but if you run into a tree you would pay out of pocket to get it fixed.

Yeah, you are require to get it just in case you get in a car accident, but go talk to your insurance, even though you sell your car, you should keep the insurance and use that towards the rental car, it's cheaper than renter insurance.

depends on where you are located, most likey yes. It actually shouldn't cost much though.

no i don't think so, i've rented 2 times before i have auto insurance, but it doesn't cover their car...give me a break they sell seperate insurance to cover their car. but my insurance covers the daily fee for the car. not to insure it.

I'm not sure if it is required, but I would recommend it. Other wise you are responsible for any damage to the rental vehicle.

you have to carry some type of insurance on the rental car. If you don't have your own policy that the car can go under, you will have to purchase the rental insurance through the rental agency.

just to be safe, i would, but make sure you know what you're getting, also, take pics of the rental car, all over , and with the agent in the pics. Guarantee this is Very important. Save your paperwork for 1 year later. Just in case!

Spam Filtered (ID:3479463)

What individual health insurance is good but cheap in Forida? 1 ความคิดเห็น

Posted at 09:15 in

Hey. Please somebody help me. I am employed but don't get any health insurance. I am 27 and single and need a good health insurance but cheap. I live in Florida. Can somebody can help me with that?

Health insurance can be very tricky. Since I live in Utah I'm not sure about Florida laws and regulations, so I suggest you contact a nearby insurance agent. http://www.goodinternetdeals.com/Health-Insurance.html They will be able to assist you.

Ultimately, you are the one who determines the affordability of your health insurance plan by deciding how much you will participate in sharing the cost of your health care with your insurance company.

If you choose a plan that covers everything i.e. doctors office visits, prescription drugs, preventative health benefits, maternity coverage as well as low deductibles, low copays and optional vision and dental benefits your monthly premiums will be significant.

On the other hand because you are young, presumably healthy and rarely use the health care system you could consider a plan that covers only the major health catastrophe which will result in a relatively low monthly premium. You then can use the monthly premium savings to pay for the occasional doctor visit and still come out ahead.

You need a trusted adviser to help you through the process of purchasing health insurance so that you understand what you are purchasing. That adviser can answer questions as to what is and is not covered by the policy, explain deductibles and copays and show you the hospitals and doctors that participate in the network. Check with the agent that writes your home or auto insurance he/she can provide you a health insurance proposal that takes into account your budget and health situation.

Some may suggest going on line to get a quote but you probably already know that there is much more to health insurance than price. Some might even "pitch" a discount plan that is not insurance at all. Use the Internet to educate yourself but use an agent to purchase the coverage.

insuranceinformation.org is really good site. I guess florida laws are really different from rest of US.

I like this site for quotes

http://www.lowcost-healthinsurance.org/

You can get a bunch of them... and the quotes are pretty low,

health-quotes.isgreat.org - my family have this health insurance. It is affordable and has good coverage for dental issues.

I guess maxnewyork is really good option. They are cheap and are easy to work with

I have met this sort of situation before,here http://www.HealthInsuranceIdeas.info/free-online-health-insurance.htm is the resource I found helpful.

Spam Filtered (ID:3479463)

What kind of insurance company do I go through to insure a rock show? no ความคิดเห็น

Posted at 09:02 in

Setting up a concert through a venue and they require me to have insurance, in case something happens like someone gets hurt or the venue breaks apart. What kind of insurance am I supposed to go through? Who should I call?

You'll need a commercial liability policy of some sort. That's a fairly specialized type of coverage, and not every company carries it. I would suggest going to Yahoo! and searching for "liability insurance for musicians." You also might want to call insurance agents in your area.

Spam Filtered (ID:3479463)

Is it necessary to buy Rental Car Insurance even though i have my car insurance policy with me? 1 ความคิดเห็น

Posted at 09:01 in

I have a car and have taken Auto insurance for it.

Now my question is if i take a rental car, then my auto insurance policy for my car covers it or i need to take separate insurance for the rental car? When i took the auto insurance policy, they have taken my car details and its present in the insurance card also.

If i need to take insurance for rental car, what type of insurance do i need to take excluding my auto insurance policy coverage that applies to all cars?

Also if i am driving someone else car, will my insurance cover if there is any accident i have made?

When you rent a car, you have to have full coverage on the care that you own (your personal vehicle) and then that will automatically carry over to the rental. If you do not have full coverage you can add it to your existing policy for the amount of time you'll be renting the car OR just buy the insurance from the rental place. And to answer your other question, no your policy will not cover somebody else's car just because you're driving it. Insurance covers vehicles, NOT people, even if you were in an at fault accident, your friend/relative's insurance would have to cover that loss.

My mistake. I thought your insurance covered you, not the vehicle being used. http://answers.yahoo.com/question/accuse_write?qid=20080515075134AAauCnD&kid=EcMvDzTvUTZKwfLEiDgJNhIz4ANplFLN5bXm0Tj1jU8_R.3yRzWs&s=comm&date=2008-05-15+19%3A33%3A39&.crumb=

I think it varies from state to state. In Michigan, primary coverage goes with the driver, not the vehicle. Your policy pays no matter what you're driving. Looks like in Georgia it goes with the car. http://answers.yahoo.com/question/accuse_write?qid=20080515075134AAauCnD&kid=G4RSW0nlMm6DRCNFKJdW&s=comm&date=2008-07-01+10%3A10%3A51&.crumb=

No, you don't need the insurance a rental company tries to sell you. Just understand that if something happens to the rental, you (your insurance) are responsible. This means paying your whatever your insurance deductible is.

But since CDW (collision damage waiver) is about $20/day on top of the rental rate, if you rent a car for ten days, you're out $200. If you have a $500 deductible, did you save that much? No.

It's profit for the rental company if you don't use it, possible profit for you if you do ding up the rental.

You are covered in any car you drive, by your insurance. Check your policy and state laws.

you don't need rental car insurance. you can take it, but for the most part, its just another way for the car rental firm to make more money. if you don't take the rental insurance and you do have an accident, the claim will be filed your car's insurance.

if you are driving someone else's car and have an accident, it may not be covered since you are not an insured driver under that vehicle

Ok. You have asked 2 different coverage questions here.

Let me answer the first one. No you do not need to purchase the car rentals insurance. They will tell you that you need there rider insurance as your insurance company will not pay for the cars rental while the car is being fixed. That is bunk. You have a deductable regardless if you are the guilty party. If you are hit by someone else then there insurance company pays the rental fee loss.

Now for question number 2 if you are driving another person car you will need to look up on your auto insurance policy to see if you are cover or ask the agent.

(please see your coverage for all answers above)

yes by all means buy the insurance... they can sue you.. that insurance covers you for collision and libality... the extra price is worth it .. if you damage that car or someone lets say scratches it or puts a dent in the door you are liable.... when you rented the car with all that paper work you AGREED TO PAY FOR DAMAGES.. ok buy it..

Your policy only covers your vehicle and the the drivers of said vehicle. Other specified drivers can be named on your policy (like a spouse, parent, room mate etc..). The insurance does not carry over to other vehicles unless you include another vehicle on your policy (second car, child's car). You will pay for coverage on each vehicle that you have designated to the policy.

If you are looking to rent a car for travel purposes, the lease will include a charge for for the insurance coverage of the vehicle that you're renting. Companies like Hertz, have deals with insurance companies to pay a flat rate for their rental cars. The amount of coverage that you will pay depends on the amount of travel or time of lease. Again, this surcharge will be included in your rental fee.

If you drive someone else' car and have an accident, the insurance of the owner or policy holder of that vehicle will have to cover the damage. Again be careful, because while a few states offer policies in which any driver of a vehicle is coverered, most states require you to list the names of drivers on your policy. If a listed person has a lot of violations or is a high-risk driver, having them on your policy will cost you more.

* It is true that in states that do not require auto insurance, you are free to opt out of the insurance offered by the leasing company; however, if anything happens to the vehicle, you are financially liable. If you're spending the money to lease a vehicle, then the extra $10-20 daily coverage is certainly worth the expense and will save you the hassle of taking out year long rental coverage with your own insurance co. After all, how many times throughtout the year do you find yourself renting a vehicle?

Spam Filtered (ID:3479463)

What kind of insurance would a Bicycle Tour Guide need in NYC? no ความคิดเห็น

Posted at 08:46 in

I am in the very early stages of planning a tour guide company that offers themed tours throughout NYC. Any lawyers or insurance people out there? Any idea what kind of insurance I'd need. I'll have a fleet of 15-20 bikes, everyone wearing helmets and operating mainly in Brooklyn and Manhattan.

Thanks!

You are going to have to contact a local insurance broker in your area. The property coverage, the coverage for the bicycles, won't be big problem however the liability exposure of taking people on a bicycle tour of a busy, major metropolitan city is HUGE. No standard insurer is going to look at this (forget State Farm), so you're going to need the services of an insurance broker.

Talk to your local State Farm agent about the requirements for starting a Business Liability policy. You can have your bikes insured through them if you let them know how you are going to be using the bikes, how many there are, and how much they cost (each one). From there, someone will walk you through the rest of it.

Just be ready and have some paperwork ready. Most insurance companies get very picky about exactly how and why you'll be using your equipment.

Hope this helps!

Like in your situation,I would like to advise you have a look here http://www.InsuranceFreeTip.info/insurance-for-free.htm

Spam Filtered (ID:3479463)

How do life insurance agencies make their profit? 1 ความคิดเห็น

Posted at 08:31 in

I have a few questions here and thanks in advance.

Can anyone please explain how do life insurance agencies (or financial advisory agencies) make their profit?

Is that true that the life insurance companies are paying around 100% of total first year premium to the agents? How do the agencies split that with the agents?

I would appreciate if you can throw in some numbers, since i am looking to invest some angel capital into an agency, so you would help if you give numbers.

Agencies make their money from First Year Commissions (FYC) on new policies, and renewal commissions and service fees on policies which have been on the books beyond the first year.

If an agent works for an established agency, he/she will get paid a percentage of the total FYC. The total FYC could be anywhere between 40%-120%, depending on the insurance companies the agency represents, and what type of policy is being sold. Health policies pay a lot less than life insurance policies.

Of the total FYC, the appointed sub-agent would receive anywhere between 50% and 90%, depending on the sub-agents contract with the agency. Most agencies will pay advance commission on 75% of the sub-agent's FYC.

Example:

Let's say that the sub-agent writes a life insurance policy, and the annualized premium is $1200. ($100.00 per month). Let's assume that the agency's FYC is 100%, and the sub-agent's FTC is 80%. The agency's FYC would be $1200, and it's advance would be $900 (75%). The sub's FYC would be $960, and the advance would be $720 (75%). The balance would be paid as earned on the final 3 last payments of the first policy year premium. If the total ANNUAL premium was paid initially with the application for the same policy, it would be a little less than $1200, around $1162 give or take. ALL FYC would be advanced in this case.

Once the policy is in force for 12 months, renewals and/or service fees will be paid, 2-20%, depending on the carrier, and the sub-agent would get his/her percentage of that. (I had a company that paid $100% FYC and 20% renewals)

Some companies pay bonuses, based on your total production and persistency rate, the percentage of business that stays on the books.

If you work for an insurance company as an employee/captive agent, your commission rate will be somewhat less, but your benefits will make up the difference, such as company-paid retirement, 401K, health and life insurance. In this case, your commissions would be put in a commission pool, and you would draw from that on a weekly or bi-weekly basis. When you initially start selling for one of these companies, you are on a guaranteed salary for a specified period of time, while you build your commission pool. Some of these types of companies will guarantee your salary, (based on production quotas), for up to three years, on a depreciating basis.

After the first year, you start earning renewals/service fees. Let's say that over time, you build up your book of business to $500,000 of life insurance annualized premium, and your renewals are 3%. Your base pay would be $15,000, plus your FYC and bonuses.

Some of the captive companies will offer you an established book of business, with renewals and service fees. It's possible to be offered an agency which is paying $300-$500 or more per week, which would either go into your commission pool, or be paid as part of your initial guaranteed salary. If you are assigned to an existing book of business, you have all those policyholders as potential prospects for new business, along with their family members and other people they know.

Here are some names of companies that have guaranteed starting salaries: (Not in any particular order)

New York Life, Met Life, Monumental Life, American General, American National, Western-Southern Life, Prudential, Liberty Life.

Before you buy life insurance you should get a free online quote

which is 7 times faster then getting a quote over the phone. Plus,

there is no personal information being taken online. You do not have to provide your social security number here. Try: http://www.abbalifeinsurance.com http://answers.yahoo.com/question/accuse_write?qid=20090107155550AAYDc40&kid=NplxJHr.LzOqAcSIuMZf&s=comm&date=2009-01-13+08%3A19%3A40&.crumb=

The real truth about life insurance is out there. Discover for it yourself: http://finance1o1.blogspot.com http://answers.yahoo.com/question/accuse_write?qid=20090107155550AAYDc40&kid=BcBZPFvgUXJPDLoxsdxL&s=comm&date=2009-01-24+19%3A34%3A10&.crumb=

go to http://life-insurance0909.blogspot.com/ http://answers.yahoo.com/question/accuse_write?qid=20090107155550AAYDc40&kid=M45pXFTcGEVqJUVYskNv&s=comm&date=2009-03-26+23%3A36%3A21&.crumb=

Life insurance agencies make their income from selling policies. Yes, it's usually to receive a first year commission of 100% of the premium. Agencies usually split commissions roughly 50/50 with producers.

95% of producers/agents wash out - they can't make it the first year. It's really, really hard to produce, and KEEP producing.

And I'd strongly suggest if you have no agency experience, you shouldn't be investing in the agency.

They make their profit from the premiums. Imagine getting money from 1000 people yearly and yearly only having to pay one or two people (who die) off.

They base their premiums according to life expectancy statistics, that's the underwriter's job to analyze it all.

There's an orcanization I believe in Chicago that holds your data for 7 years if you ever apply for life insurance and they pass it on to carriers on demand.

I would NOT invest money in an insurance agency unless I was running the agency.

They make their profit off of selling insurance policies.

Spam Filtered (ID:3479463)

Whats the difference between home insurance and rental insurance? 2 ความคิดเห็น

Posted at 08:02 in

for my rental property? Is it a good idea to switch home insurance to rental insurance when a tenant is living in my rental property just in case if they smashed some holes on the wall, or some damages on the property?

Thanks!

You need to change or they will not pay if you have a claim.

Holes are not covered, neither is most tenant damage.

But, you still need fire damage, weather, etc etc.

Also, if you are going to allow animals check your policy, they are not likely to cover your property if you allow any dangereous animals.

I am a landlord AND an insurance sales rep so I have experience from both sides of the situation.

You couldn't get "renters" insurance because that is the coverage a tenant gets to cover their belongings, it don't cover the home.

Now you don't need "full" home owners insurance. It is a waste of money on your part. If your personal home burns down you need coverage on the home and your contents inside. If your rental home burns down, what do you need covered? Just the home, not the contents. As a landlord you are NOT responsible for the tenants contents. You need to reduce your home owners policy to only structure coverage. It will cost much less and is best when it comes to responsibility, if something should happen.

You should contact a company like State Farm(they pay claims really well), Farm Bureau, American Family(although I personally don't care for them and how they pay claims). They are going to have more knowledge on what you are looking for.

I know of homeownerâ€™s insurance which covers the ownerâ€™s property, and renterâ€™s (not rental) insurance, which covers the renterâ€™s property. You should inquire with your home insurer to make sure your current policy is the best one for your needs.

If you have a mortgage, you are required to maintain homeownerâ€™s insurance. Renterâ€™s insurance is something your tenant chooses to get on their own.

OWNERS get home insurance to cover the structure and the property incase of fire and things like that.

TENANTS get renters insurance to cover their personal belongings.

If a tenant puts a hole in the wall THEY have to pay for fixing it - that would have nothing to do with any insurance anyway.

Insurance on your rental property is much reduced from the coverage on your home. There is much more risk with a stranger living in it. It costs the same but covers less. It covers accidents but a hole in the wall is seldom covered. Fire would be covered.

No. You are the property owner and need home owners insurance. If your tenants cause damage you will be covered under that. Your tenants need rental insurance to cover their own belongings in case of a fire.

Insurance on your personal residence covers the house and contents. A fire policy on rental property only covers the structure, but not the tenant causing damages. That's what the security deposit covers.

home owners protects you the home owner.from loss..just insure it as a rental. If the renters want to protect their stuff they need renters insurance.

You definitely need to switch your coverage if the home is not owner-occupied.

Spam Filtered (ID:3479463)

Whats the difference between home insurance and rental insurance? 1 ความคิดเห็น

Posted at 08:00 in