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Questions tagged [home-insurance]

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3 votes
1 answer
2k views

Mortgage escrow and insurance premium refund

I live in Florida. Two months ago my mortgage company sent payment (almost $5K) to my previous home insurance for auto-renewal. I found another insurance company to cover my home for far less and ...
0 votes
1 answer
173 views

Why does the landlord insurance not cover damage due to an "ongoing water leak"?

I have a property where the tenant has been living for few months. Few months ago, he noticed some water on the groundfloor laundry room, where water heater is also located. He cleaned it and ignored ...
1 vote
1 answer
55 views

How do insurance policies with separate underwriters(?) work?

I have a condo insurance policy with GEICO that is separately underwritten (not sure of the precise term) by Travelers. If I want to get basically the same policy underwritten by Travelers, but not ...
0 votes
0 answers
130 views

Cost of an Umbrella Policy

About me, I am single and I own a car. I also own a home. I live in New Jersey. I recently got a quote on a 5 million dollar umbrella policy and a quote on a 10 million dollar umbrella policy for my ...
0 votes
2 answers
449 views

Apartment owner is listed as Additional Insured on renter's insurance policy

I have concerns about liability protection with my current renter's insurance policy in the US in the state of Texas. I would like to understand if there is anything more I can do or push on my ...
2 votes
1 answer
129 views

If property is a rental, does *only* landlord insurance cover me?

Sort of unsure if this should be in law stack or here... I have seen online that landlord insurance is decidedly different from standard home owners insurance. If my property is a tenant-occupied ...
3 votes
1 answer
229 views

Does PMI removal effect homeowners insurance?

Imagine a homeowner has a loan of $500k. The loan also has a PMI of about 150$. But the home value increases. The homeowner calls the bank to get the PMI removed. The appraised value comes out to 650k....
3 votes
2 answers
266 views

Why does our home insurer want to know details of a previous policy with another insurer?

Our house has some external 'staircase' cracks, and is likely affected by subsidence. We have got in touch with our insurance company about this, and they have started the process of investigating the ...
1 vote
1 answer
131 views

What happens to your Costco home insurance if your Costco membership lapse?

If you bought a home insurance through costco but then you don't renew your costco membership, what will happen to your home insurance? Does the insurance premium go up?
1 vote
2 answers
593 views

Homeowner's insurance and alleged business misconduct

In the US homeowner's insurance usually also covers liability for unintentional acts, such as knocking over a vase in someone else's home. Suppose someone is accused of an act that would be a business ...
11 votes
2 answers
8k views

Can a homeowners insurance demand that I perform specific maintenance at my home?

Our insurance company sent someone out to take photos of our home. They then sent us a letter stating we must fix cracked windows and remove any foliage that is near or hangs over house and out-...
1 vote
1 answer
201 views

Actual Cash Value (ACV) of a remodeled mobile home

I have an investment mobile home manufactured in 1972. Last month a contractor was removing trees and landed a big one on my mobile home, cutting it in half and totaling it. My question is regarding ...
2 votes
1 answer
960 views

What happens to prepaid HOA fees when HOA goes under?

I have been considering paying HOA fees in advance and lowering my my emergency fund. Is this good or bad? My idea is that if I can make mortgage and HOA fees 6 months in advance, I would say that my ...
3 votes
1 answer
2k views

Can an executor to a will renew insurance policies of the deceased person?

A mother, with a relatively high net worth, dies while owning a home. While she was alive, she had home owners insurance and a personal umbrella policy. While the estate is being settled, her son ...
3 votes
0 answers
255 views

Home insurance roofing scam?

I feel so dumb in hindsight. A roofing company approached me in my neighborhood while I was out walking my dog. They said that they had been called by one of my neighbors to give an estimate on roof ...
2 votes
1 answer
400 views

Can unpermitted work cause an unrelated insurance claim to be denied?

For example, if I install a deck on my property without a permit and then a hurricane rips my roof off, could the claim get denied? Or if I install drywall in my garage and turn it into living space ...
26 votes
6 answers
10k views

Why would a home insurer offer a discount based on credit score?

Recently I received a letter from my home insurance company: Thank you for being a Gore Mutual customer. We're working hard to ensure that our products are competitive. And we want to provide ...
4 votes
3 answers
24k views

Can you get umbrella insurance from a different company from where you get your basic home/auto insurance?

I presently have auto and house insurance with a single company (call it company X). They have a local agent and the cost and responsiveness is quite nice, so I'd rather not leave them. However, the ...
1 vote
4 answers
450 views

If a home has increased in value, why would an essential component of the home depreciate?

My parents bought a new home a few decades ago, and since then the value of the home has increased significantly. They just told me there is some damage to the roof (which is the original roof) and ...
0 votes
1 answer
1k views

understanding 150% replacement cost on homeowner's policy

We'd like to switch our auto insurance from Company A to Company B because the premiums are significantly lower. Because both companies offer discounts for bundling home and auto, it might make sense ...
3 votes
1 answer
273 views

Should I lower the liability limit on my homeowners insurance to match the minimum required by my new umbrella insurance?

I just got an umbrella insurance policy (from USAA); my homeowners insurance policy is from a different company. Currently the homeowners policy has a liability limit of $500,000. Now, the umbrella ...
1 vote
2 answers
196 views

In USA, is it possible that the increase in value of a private home is eaten by property taxes or property insurance?

I have lived in a rented apartment for some time, while contemplating whether to stay in this area long enough to buy a home. Some friends have been telling me that I could recuperate the mortgage ...
1 vote
3 answers
169 views

Figuring flood insurance into financing cost

I've been keeping the mortgage on my house, even though I have the savings to pay it off, because it's at 3.8% and my investments are expected to return at least twice that. However: I'm in a flood-...
0 votes
2 answers
317 views

Is there a renter vandalism insurance

I'm renting out my house soon, it there some kind of insurance I can buy to protect me from renter vandalism? I'm living in the Northeast coasts of the US.
1 vote
2 answers
193 views

Should I increase my policy limits when the rebuild costs greatly exceed the mortgage?

I recently changed providers for my home insurance and as part of the process, they sent somebody to conduct a driveby inspection of the property to verify that there weren't any factors which would ...
0 votes
1 answer
63 views

Investing Home Insurance Premiums in Exchange for Higher Deductible

I have recently Feb 2021 paid off my home mortgage. I also have no other debt. My home insurance is $1800 per year with two deductibles based on the Dwelling $284,000. Fire = $5400 Hail and Wind = $...
2 votes
2 answers
172 views

What factors should be considered while buying home insurance?

I own a flat/home/unit in an apartment. I recently paid off all may outstanding mortgage. While the mortgage, the home-insurance was owned by (in name of) bank which is now cleared off. As there is ...
3 votes
2 answers
556 views

brand new townhouse, confused about HOA insurance

We bought a brand new townhouse from a developer. It is a small complex with 2 townhouses (single bulding, sharing wall) and a detached single home. They are all in the same condominium which was ...
1 vote
1 answer
137 views

Homeowners insurance - dwelling replacement cost

When shopping for homeowners insurance you would most likely get quotes from different companies that have different dwelling replacement cost. They use publicly available information about the home ...
1 vote
1 answer
754 views

new roof with insurance claim

i got my roof redone recently and insurance paid 22k and it only cost 18k to replace .my name was on check with the roofing company ,so i signed it and gave the check to the roofing company. i have ...
2 votes
0 answers
73 views

Insurance on investment property, is replacement cost commonly required by lenders?

TLDR: Is it common for mortgage lenders to require insurance with "replacement cost basis" on investment properties? Background: I have owned a rental property (3 units) for a few years. ...
5 votes
2 answers
83 views

Insurance for expensive items in carry-on moving from US -> Canada

I'm repatriating from the U.S. to Canada. My apartment is ending my lease on the day I fly out, then I'll be staying in a hotel for a while before moving to permanent housing. I have some antiques ...
39 votes
2 answers
5k views

House lost in fire.. tax impact?

Like hundreds of others, I lost my house (primary residence) during the Oregon wildfires in September. I had purchased it just two years ago, so still have ~$210,000 on the mortgage. My homeowners ...
5 votes
3 answers
47k views

Home Insurance: Must I use money from a claim for repairing everything I'm receiving money for?

I received a check from my insurance company to replace my entire roof after a recent storm. However, two different roofing companies came out (prior to the insurance adjuster) and said that in their ...
4 votes
2 answers
278 views

Who is responsible for the yearly incorrect payment of my homeowners insurance?

The company that originated my home mortgage (in 2016) transferred the loan servicing to another company very shortly after we bought our house. The new servicer has been an incredible pain to deal ...
0 votes
1 answer
135 views

Can a HO-6 insurance policy cover a master insurance deductible claim from before I moved in and started the policy?

I moved into a townhome in summer 2020. I just got a letter from the homeowner's association stating that they are claiming insurance from a hail event back in July of 2019 (a year before I moved in). ...
4 votes
1 answer
437 views

Earthquake insurance, deductible as a percentage, better to take lower coverage amounts?

I live in an area that's at a high risk for a catastrophic earthquake and I've been considering switching my home insurance to a company that also offers earthquake insurance. All the companies I've ...
6 votes
1 answer
299 views

What kind of insurance do I need for my little house in a garden?

There is a small house located in my orchard in Germany. The orchard contains mostly fruit trees and is situated in a landscape protection area. The house has two stories and is built of stone, but it ...
3 votes
0 answers
228 views

UK - What difference would having a "paying guest" lodging in your house make to your home insurance?

I am currently in the process of buying my first house, and had thought about potentially letting out the spare room to a lodger some time in the future. Having just paid for a home insurance policy, ...
2 votes
3 answers
241 views

How do insurers justify raising premiums after no-fault claims?

I don't know if it applies to other countries, but in Canada practically all auto and home insurers routinely raise your insurance premiums after you make a claim, even for not-at-fault and purely ...
9 votes
1 answer
244 views

What to expect from subsidence repairs

Our house is being damaged by subsidence. The insurer agrees and has accepted liability (actually, passed it on to a specialist third party). At present they are monitoring the situation and ...
2 votes
3 answers
52 views

Home insurance offers from Chicago Title's affiliations

After entering an escrow for a home purchase we have received an email (legit) from a company affiliated with Chicago Title with quotes. I hadn't yet come to this step mentally. We're still in the ...
1 vote
0 answers
118 views

Home insurer asked for proof that my windows can withstand 110 MPH winds

I'm renewing the policy. Got a good quote from Metlife, gave him all the info, even entered CC#. Then he suddenly says his "underwriter" wants something on letterhead stating that my home can handle ...
2 votes
1 answer
161 views

Is it normal to delay initial payment on home insurance by escrow/mortgage company?

A few years ago, I bought a home. The mortgage company had( have) the escrow. One thing that bothered me, is that the mortgage company is supposed to pay the Home Insurance and the amount was deduced ...
0 votes
3 answers
2k views

Does Condo HOA Insurance Cover Damages to Car

I currently reside in a condo. My car was recently vandalized in the condo complex and the cost of repair was lower than my auto insurance so I paid the cost out-of-pocket. Can the condo's HOA ...
2 votes
1 answer
214 views

What happens to the insurance payout on home insurance if the policyholder dies when the home is destroyed?

After talking to my dad the other week, he mentioned his home isn't insured, because he can't afford it. I've been looking up policies which would suit him, and I'm planning on paying for the policy ...
0 votes
2 answers
400 views

How do I make a State Farm policy change without an agent?

My agent is only available when I'm working. When I call "after hours", I always get in touch with another human who seems helpful, but won't make changes for me. She says I need to speak to the agent....
0 votes
0 answers
58 views

Total Claim Amount vs Claim Checks Amount

Some damage was done to my house. I received 2 checks from the insurance company: Check payable to me AND the bank in the amoutn of $x to cover damage to the house Check payable to me in the amount ...
2 votes
1 answer
51 views

Switching homeowners insurance - are there any considerations to take into account during the transition period?

My current homeowner's insurance has bungled a recent repair and I'm ready to move to a new company. I have done the research and found a firm that I feel very comfortable with. I'm planning to switch ...
0 votes
0 answers
161 views

New mortgage co reversing claim decision by old mortgage co

I had a claim in March of last year due to hail/storm damage. The claim was paid by insurance to me and mortgage co. Then the mortgage co sent all the payments due, out to me in my name and the ...