Dwelling Insurance
Dwelling Insurance Tenant Insurance What is included in the calculation of full replacement value of a home for insurance purposes? I am currently refinancing our home and the bank is asking for a coverage for full replacement value. We have a cost of the dwelling in the appraisal report. Do I need to include the cost of exterior porches, sidewalks, patios which we did not renovate in the calculation of the full replacement value? Full replacement value means if aliens came and took the house away, the full cost of building the same house over again, which will normally be [...]
Condominium Insurance Coverage
Condominium Insurance Coverage building improvement declaration cover ceiling and drywall? I own a building (considered a condominium) that is insured for “Building Improvements” with limits of $200,000. The head of a sprinkler popped off outside the building and sprayed water through the soffet, under the roof and got into the drywall and ceiling. The insurance adjuster is saying that because I dont have building(s) coverage, that I am not covered for this loss. I cannot find anything in the policy that talks about building improvements and what that means. Can anyone shed some light on this? It is also a [...]
Condo Insurance Policy
Condo Insurance Policy What does a condo insurance master policy cover? Home > Topics > What Does A Condo Insurance Master Policy Cover? What does a condo insurance master policy cover? All About Condominium – Townhouse Insurance Do I have to purchase Homeowners Insurance if I just purchased a condo in NJ? What are the pros and cons? What does the Condo Association’s policy cover vs my own Homeowners policy? Well, that’s a GREAT question. Read the bylaws, it varies wildly. Some association policies only cover to the studs – you’re responsible for drywall/plaster, paint/wallpaper, carpeting, appliances, obviously your furniture [...]
Condo Insurance Coverage
Condo Insurance Coverage Condo Insurance – How to Get the Best Rate How do I determine dwelling insurance needed on Condo? Dwelling coverage only – not personal property or liability coverage. Apartment-style condo. Responsible for drywall inward (each unit has its own central air, furnace and tankless hot water heater within the unit). No lender involved, so I get to set the amount. My research so far has indicated a range from $10,000 (way to low if my unit was gutted by a fire) to the full purchase price (which is too high since this includes builder profit as well [...]
Dwelling Home Insurance
Dwelling Home Insurance Home Insurance Basics Homeowner’s insurance, also called property insurance, protects you from damages to your: Dwelling: A dwelling is the structure you live in. For coverage purposes, dwelling also includes any attached garages or units. A basic homeowner’s insurance policy may also cover damage to detached structures on your property such as a shed or swimming pool. Personal property: Personal property includes furnishings and other belongings that you use, wear or collect. A basic policy insures these items from theft or peril-related damages. However, jewelry and other collectibles often require separate coverage. Liability: Liability coverage pays for [...]