Having a green home insurance used to be just a thought. Not anymore because Fireman’s Fund Insurance Company made it possible by offering two types of Green-Gard home insurance. The company will cover the cost of replacement for insurers whose buildings are already green-certified or with particular green features. As added attraction, the company [...]
It is inevitable that home insurance policies may have disputes and limitations. Majority of home insurance providers recommend that the amount of the insurance is 100% of its replacement cost. If there will be a discrepancy in handling a claim, it is best to contact the insurance company. Proper documentation is the right thing to [...]
Just as there are different home styles, insurers offer a menu of different policies. For the majority of single-family homeowners, the most appropriate policy is the HO-3, sometimes called the special policy (in Texas, for some reason, it’s known as the HO-B). It insures all major perils, except flood, earthquake, war, and nuclear accident.
You’ll need [...]
First, you need to determine the cost of rebuilding your home.
Insure your home for its replacement cost - that is, the amount it would cost to rebuild it if it were totally destroyed. That means determining the average local building cost in your region, and applying it to your home’s size, style, and quality of [...]
1. You’re a statistic.
To an insurer, you’re not a person; you’re a set of risks. An insurer bases its premium (or its decision to insure you at all) on your “risk factors,” including your occupation, who you are, what you own, and how you live.
2. Know your home’s value.
Before you choose a policy, it is [...]
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