Nounhomeowners
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From Wiktionary under the GNU Free Documentation License. Home insurance, also commonly called hazard insurance or homeowners insurance (often abbreviated in the real estate industry as HOI), is the type of property insurance that covers private homes. It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one's home, its contents, loss of its use (additional living expenses), or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home. It requires that at least one of the named insured occupies the home. The dwelling policy (DP) is similar, but used for residences which don't qualify for various reasons, such as vacancy/non-occupancy, seasonal/secondary residence, or age. It is a multiple-line insurance, meaning that it includes both property and liability coverage, with an indivisible premium, meaning that a single premium is paid for all risks. Standard forms divide coverage into several categories, and the coverage provided is typically a percentage of Coverage A, which is coverage for the main dwelling. The cost of homeowners insurance often depends on what it would cost to replace the house and which additional riders—additional items to be insured—are attached to the policy. The insurance policy itself is a lengthy contract, and names what will and what will not be paid in the case of various events. Typically, claims due to floods, or war (whose definition typically includes a nuclear explosion from any source) are excluded. Special insurance can be purchased for these possibilities, including flood insurance. Insurance must be updated to the present and existing value at whatever inflation up or down, and an appraisal paid by the insurance company will be added on to the policy premium. Fire insurance requires a special premium charge, plus the addition of smoke detectors and on-site fire suppression systems in order to qualify. The home insurance policy is usually a term contract—a contract that is in effect for a fixed period of time. The payment the insured makes to the insurer is called the premium. The insured must pay the insurer the premium each term. Most insurers charge a lower premium if it appears less likely the home will be damaged or destroyed: for example, if the house is situated next to a fire station, if the house is equipped with fire sprinklers and fire alarms. Perpetual insurance, which is a type of home insurance without a fixed term, can also be obtained in certain areas. From Wikipedia under the
GNU Free Documentation License How much is homeowners insurance in IL for townhome that's not covered by the common insurance? Q. I'm planning to purchase a townhome and the assessments does include common insurance. I've been told it doesn't protect any misc assets I have in my home in case a disaster occurs. I want to factor this into my monthly expense estimates. I'm looking for a purchase price at $200,000. How much should estimate for homeowners insurance? Is it a monthly and annual payment? Thanks Asked by ghmag - Mon Mar 17 13:07:40 2008 - - 2 Answers - 0 Comments A. You need to call an insurance company for quotes, start with your auto insurance company & go from there. There are many questions, what does the master policy cover? You would need to read the condo bylaws to find out. Does that policy cover everything attached to the unit or only to the studs? Does it cover anything that you add to or alter in the unit? So, you would purchase a condo policy (HO6 form), you would need to find out from the condo association what you actually need to cover. That would be the dwelling limit you need. Then you need to tell the insurance company how much contents coverage you want (if you had to replace everything you own), then get at least $500,000 liability, $5,000 medical payments & get $50,000 (or… [cont.] Answered by Sue - Mon Mar 17 15:45:17 2008 How can I find out if my neighbor has homeowners insurance and what company it is with? Q. I am trying to file a dog bite claim against my neighbors insurance, but I do not think he is responding truthfully about his insurance policy. He denies having insurance that has personal liability. He sent a copy of his mortgage protection coverage to our lawyer and claims that is the only coverage he has. He still has a mortgage, so he must have homeowners. How can we force it out of him? He has not provided proof of insurance or lack of from the time of the injury. If he truly does not have insurance, we are going to have to sue him because the medical bills are already into the tens of thousands. Please help. Asked by gatlinburgluvr - Sat May 5 21:12:08 2007 - - 8 Answers - 0 Comments A. You're probably going to have to sue him. Then he has a choice--defend the suit himself or report your claim to his insurance company. I don't believe his mortgage company would allow him to carry a mortgage without a liability policy, but he evidently thinks that if he stonewalls, you'll just go away. That's what litigation is for, and he will learn that this was a situation where he should have made the report up front. Answered by Still reading - Sat May 5 21:16:09 2007 Can I report my lost digital camera to my homeowners insurance?
Q. I lost my $400 camera is there a way I can report to my homeowners insurance to get reimbursed for it? Asked by jen_cook6 - Tue Jun 19 13:27:32 2007 - - 6 Answers - 0 Comments A. Sure you can report it, but it's not covered unless you "scheduled" it seperately, and paid additional premium just for the camera. Reporting even an uncovered claim can count against you. Also, keep your deductible in mind. Answered by mbrcatz - Tue Jun 19 14:12:35 2007 From Yahoo Answer Search: "homeowners" County homeowners eligible for repair grants
The Morning Journal Low-to-moderate income homeowners can receive up to $8000 for home repairs, and up to $15000 is available for septic system replacement through community ... and more » Green loans for homes could push up property prices
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