Finance Metric - Q&A: Home Insurance

Question: #1: home insurance?
i live in southern california and my home value is 600,000. I pay 2,200 for insurance every 6 months. i think this is a little too high but would like to know if this is average. When i bought the house i was too excited that i didnt even talked to my insurance agent, who is located in Fresno, Ca. I do live near a school could that also be the reason why my home insurance is so high? Could the location make any different? Can i also change insurance or will there be a penalty? I have no clue? My insurance is through Farmer. thanks in advance!!!!! - asked by chiv576sunford

Answer: ... - answered by: Richard_CA
View All Answers (2)

Question: #2: Why is home insurance limited to each and everydifferent type of disaster?
The home is either livable or NOT livable...it matters NOT what disaster ruined the home.. Why then is it that you have to pay extra for each different type of circumstance? An accident is an accident.... a disaster is a disaster... the home can only be burned, flooded, distroyed by earthquake / tornado / hurricaine ONCE.. why pay for all the different ways insurance-wise? How covered is covered? And WHY !!!! Why?? Is it if you Never have any type of claim you aren't refunded some of that money you spend year after year after year? Again, once you've paid in insurance the amount of the home value.. what difference does it make if you replaced the home 'money-wise' already in insurance premiums? Why not spend those premiums on a second home instead? Just shooting in the dark here of the many complaints I have heard ranted from my elders recently.. their solutions were hysterical.. I'd love to hear more solutions. - asked by Craptacular Wonderment

Answer: ... - answered by: DC
View All Answers (2)

Question: #3: How the home insurance for secondary homedifferent from primary home insurance?
I am renting my home for 4 months and that's why I need to convert my Primary home owner's insurance policy to Land lord policy. But after 4 months I can't change the insurance of my home to Primary home owner policy. But I will have to get the Home owner's insurance for the secondary home which is more expensive then the primary home. I do not live in this house. So is it okay to go for a landlord policy for 4 months and then to secondary home - insurance policy? Is there a risk of very high premium on Secondary policy, could I change the policy back to primary home owner's policy? What are the drawback of a secondary home insurance vs primary home insurance policy. Please help. Thanks. - asked by Cosmos

Answer: ... - answered by: MartinM
View All Answers (3)

Question: #4: Will an insurance company insure our home if thereis a unpermitted cottage?
I'm in the process of buying a foreclosure home (Saratoga,CA, can't transfer the insurance since it has already lapsed) that has a detached unpermitted cottage (2 bedrooms, kitchen, bathroom and living room total of 900 sq ft), the main home also has a unpermitted converted garage that is used as a in law quarter (separate entrance and full bathroom), it also has a unpermitted sun room too. I really love the home and tried looking for home insurance but it looks like no one will insure me. Is there anyway I can get insured for this property without having to lie about these unpermitted additions to the insurance company? Any advice would be appreciated and any suggestions which insurance company would insure me for a reasonable price. Thank you in advance. - asked by Happy

Answer: ... - answered by: Princess Leia
View All Answers (2)

Question: #5: Who pays for the home insurance when you let yourhouse?
I ask this question on behalf of my friend, who lives in Malaysia. He wants to know what the law in England will be in this case.My friend is gonna let his house to another, so that he can have some income. A question arises: They need to buy a home insurance in case there is an accident like fire. Apparently in Malaysia, a homeowner doesn't have to buy insurance for his house.So in this case, who should pay for the home insurance, the homeowner or the tenant? I mean, the rental period is 2 years, and the insurance, if paid, will cover for 2 years only. - asked by fantasyvn2002

Answer: ... - answered by: jane
View All Answers (14)

Question: #6: Does home insurance cover when you rent out thehouse and the tenant causes a house fire?
Does home insurance cover when I rent out the house and the tenant causes a house fire (assuming the house completely burnt down)? If not, do I need to buy landlord's insurance or ask the tenant to buy renter's insurance? Thanks - asked by rlou

Answer: ... - answered by: Katie W
View All Answers (8)

Question: #7: Can I ever get home insurance again if a previousone has been cancelled?
About 1 yr ago I cancelled my DD for my home insurance to cut costs. My bank then said as I never told them directly they have refused my insurance policy and that I would find it difficult to get another policy. I am now looking to start another home insurance policy but they all ask the question if I have been refused before? What does this mean? As it is obviously important to have it as you never know what will happen. - asked by Mrs Captain

Answer: ... - answered by: ernesto_tig
View All Answers (5)

Question: #8: Is it standard procedure for home insurance agentsto visit your house before they insure it?
I was told by my ex that a home insurance agent was coming to look at the INSIDE of my house. I was under the impression only appraisers came to look at the inside of your home. Do home insurance agents do that now too? - asked by milandranyx

Answer: ... - answered by: mbrcatz17
View All Answers (8)

Question: #9: What do you know about home insurance involving afire?
My friend had a fire in her home, during the final days of the sale. The insurance company is trying to prove fraud on her part, which there is none, and she has not paid out since Sept. 28, 2006. She is going for a polygraph test later next month, in the mean time she has no where to live, they have given her $2500 living allowance and refuse to give her more at this time. Any suggestions on what she can or should do? - asked by pepermint p

Answer: ... - answered by: Faye H
View All Answers (6)

Question: #10: I buying my first home in Georgia and need homeinsurance, what should I pay to have covered?
What do I need to ask to be covered in my home insurance plan? - asked by Adam S

Answer: ... - answered by: eskie lover
View All Answers (4)

Question: #12: How much should I expect to spend on homeinsurance?
I am planning a home purchase and I want to budget my monthly payment. In the area where I live, I expect to pay approx 650K for a 3bed, 2 bath home. When I calculate my monthly payment, I want to know the Home Insurance component as well as Property Tax for Fremont, CA if possible. - asked by stukazumper

Answer: ... - answered by: jay p
View All Answers (2)

Question: #13: Why does the premium drop when you add homeinsurance to an car insurance?
When one has car insurance alone, insurance companies state that if one is to also get home insurance from the same company, the sum of the two insurances will be less than the original car insurance alone... Why should insurance companies take less premium for providing more service? - asked by Katelyn B

Answer: ... - answered by: Alexa B
View All Answers (7)

Question: #14: How much is your home insurance premium in Torontoeast neighborhood?
Please give me an idea of your home insurance premiums if you live in a neighborhood in Toronto East. For example, I was quoted $1,046/year by a company for a semi-detached home. I'd like to do a really loose comparison. - asked by Rae

Answer: ... - answered by: Tony Q
View All Answers (1)

Question: #15: Why do people get refused home insurance?
Whenever you get a home insurance quote it asks you if you have ever been refused insurance. Why would that happen? And if it does, does it count against you for the rest of your life? Are there any insurers willing to insure such people? - asked by Tim

Answer: ... - answered by: Marlboro Man
View All Answers (14)

Question: #16: Can a home insurance company increase the amountof insurance on your house without your request?
Of course when the amount of insurance in increased, the insurance premium also increases. I have only $125,000 left on the mortgage and insurance company has increased the insurance to cover a value of $305,000. Real estate value of the home is $450,000. My credit rating is excellent and I have not had any insurance claims - asked by gentlevet

Answer: ... - answered by: mbrcatz17
View All Answers (10)

Question: #17: How much do you pay for your home insurance?
There are so many types of home insurance that I'm confused. Could you roughly estimate how much you should pay if you have a house in Dartford, 3 bedrooms, semi-detached in a good area? The house is in very good conditions according to the survey. - asked by lankhai2006

Answer: ... - answered by: sxy_kitty3
View All Answers (10)

Question: #18: Will home insurance cover tree roots causing waterto enter my basement?
I live in montana, and tree roots have grown under my foundation and drawn up ground water, created a path for the water to follow, and separated my foundation from my footing allowing water to enter my basement. Will any home owner's insurance cover this type of damage or repair? It is a city tree, would they be liable? Thank you. - asked by kmcdonald

Answer: ... - answered by: mbrcatz17
View All Answers (4)

Question: #20: How does a home security system affect yourinsurance rates?
Any advice, negative or positive, would be nice.We're considering it, and we're meeting with the guy who would put it in tomorrow.How much did you pay?Is it worth it?How was your home insurance affected? - asked by FaZizzle

Answer: ... - answered by: www.keepsafesystems.ca
View All Answers (4)

Question: #22: What is an Average Home insurance rate of a 2story house?
4.5 baths5 beds3000 sq feetfinished basement3 decks1 fenced in gorund poolPlease, just and average for 1 month home insurace.No super valuables or anything. (It's for a project) I just can't find anything that won't just give me a chart or some thing. In class we had to make up an imaginary house and get all this different stuff for it. I've found everything,but home insurance rate without having to put in my personal info.the home would be located in southern michigan - asked by Cutie Kitty

Answer: ... - answered by: mbrcatz17
View All Answers (7)

Question: #23: How do u get insurance on a 2nd home/ vacproperty?
We are in escrow buying a 2nd home (vac property) and are having a hard time trying to figure out what type of home insurance we need to get. Our current company is saying we need commerical insurance if we are going to rent it out. Whats the difference between them? We arent sure if we will rent it out. Help...? - asked by lipnmin

Answer: ... - answered by: Angie
View All Answers (1)

Question: #24: How much is home insurance per year in SouthFlorida ?
Were purchasing a home around 300,000 how much is insurance yearly ? Anyone pay around this much ? - asked by ISRAEL R

Answer: ... - answered by: mbrcatz17
View All Answers (4)

Question: #26: On average how much does home insurance cost?
Or if you could help me out further, how much would home insurance normally run on a $200,000 house? - asked by ☠ ☠ ☠

Answer: ... - answered by: Pi_Boy314
View All Answers (3)

Question: #27: How would I claim on my home insurance?
I've got a bit of a problem with my shower at the moment - there is wooden panelling around the base of the shower which is getting damp probably due to a leak from the base. I've called a plumber out to take an initial look, apparently there's a strong possibility I'll need to get a completely new cubicle and tray installed, new tiling done & also to get the floorboards underneath treated. The plumber told me I may be able to claim some of this through my home insurance.This is my first home & I've never had a big problem like this before - how do I go about seeing whether my insurance would pay out? And are there implications for my future monthly premium?Thanks - asked by gotaquestion123

Answer: ... - answered by: ISOintelligentlife
View All Answers (10)

Question: #28: Must home insurance be in the name of jointowners?
My brother and I own a home as joint-tenants. Can we insure the home in my name only, rather than put both names on the policy? Or is his name required on the policy as co-owner?My brother has a mental disability. We split the property taxes, but I'm willing to pay for home insurance, to save him some money. Thanks! - asked by mauryb

Answer: ... - answered by: mbrcatz17
View All Answers (7)