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82 votes

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

The simple answer is that their underwriting models show that customers with higher credit scores are less expensive to insure. The general argument is that credit score is a reasonable proxy for ...
Justin Cave's user avatar
  • 27.3k
56 votes
Accepted

House lost in fire.. tax impact?

Fortunately, in general, none of the things you have received are taxable to you. They fall into two categories: Insurance claim: this is supposed to replace the value of the property you lost, and ...
TTT's user avatar
  • 47.2k
52 votes
Accepted

Should homeowners insurance cover the cost of the home?

Homeowners insurance only needs to cover the cost of rebuilding a home, it does not need to cover the cost of land. In some areas, the cost of the land can be more than the cost of rebuilding a home.
mattm's user avatar
  • 2,136
41 votes
Accepted

Can Homeowners insurance be cancelled for non-removal of tree debris?

The state insurance regulation office (Florida) has told her that this is totally within their right to do so. Respectfully, mom contacted her state regulatory agency, and received an answer, but ...
JTP - Apologise to Monica's user avatar
41 votes

Home inspection for home owners insurance revealed damage my inspection and my lender's appraiser did not see

The seller could be liable, if they knew about the issue and didn't disclose it, but it can be hard to prove they knew. The inspector could be liable, but many inspection agreements are limited to ...
Hart CO's user avatar
  • 70.5k
39 votes

Home inspection for home owners insurance revealed damage my inspection and my lender's appraiser did not see

When reading the responses, it seems like everyone is reactionary but there are some good points made. I will say that I am answering this question as a home inspector and previous to that worked in ...
John Hutchins's user avatar
19 votes

Home inspection for home owners insurance revealed damage my inspection and my lender's appraiser did not see

I would talk to a local attorney and see what your options are. Inspectors are human and can have differing opinions on severity, but it may also be something that the first inspector missed. Not ...
D Stanley's user avatar
  • 137k
19 votes

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

Insurance companies pay for the cost of unexpected events not for the cost to maintain your house. Without any unexpected events, you need to replace your roof about every 20 years and insurance won't ...
minou's user avatar
  • 7,536
19 votes

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

Can they do this? Yes. They're trying to identify potential hazards/liability and have you mitigate that before problems happen for which they'd have to pay. Cracked windows and seemingly neglected ...
littleadv's user avatar
  • 177k
14 votes

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

This was discussed in an article in Consumer Reports in June 2017. The explanation given was that people with higher credit scores have the means and inclination to pay for issues out-of-pocket, ...
DrSheldon's user avatar
  • 493
12 votes

Can Homeowners insurance be cancelled for non-removal of tree debris?

It depends a bit on the actual policy she has, but yes, they can cancel the policy. Tree B (the debris) now poses a threat to the property and its inhabitants. If you do not remove the debris and ...
BobbyScon's user avatar
  • 14k
12 votes

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

These values are completely disconnected You say "price of a house" but that's wrong. The sale price is the value of house + the land it is on. Shockingly often, the value of the house ...
Harper - Reinstate Monica's user avatar
12 votes

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

Can they do this? If your insurance contract says they are allowed to cancel the insurance if you don't make certain maintenance work they identified as possible hazards, then they can do this. If ...
Philipp's user avatar
  • 24k
9 votes
Accepted

Vehicle in Garage Covered by Auto and Home Owners, Can I claim both?

Almost all insurance policies have clauses insisting that benefits be coordinated with other insurers, specifically so you do not get paid twice for the same loss. That reduces the temptation to ...
keshlam's user avatar
  • 48.2k
9 votes

Can Homeowners insurance be cancelled for non-removal of tree debris?

My family background is in real estate and law. I have a good amount of experience in dealing with homeowners insurance / insurance companies. This has little to do with policy coverage and more to ...
Andrew's user avatar
  • 99
9 votes
Accepted

Can I pay off mortgage in full to keep my insurance claim check?

The reason the mortgage company's name is on the check is because the insurance company knows you have a mortgage, and the mortgage company wants to protect their asset. They want to make sure that ...
mhoran_psprep's user avatar
8 votes

Can Homeowners insurance be cancelled for non-removal of tree debris?

Ask the insurance carrier to explain to you, in writing, why they regard the tree as dangerous. Then take that back to the insurance regulation board and complain that they are refusing to cover ...
Brythan's user avatar
  • 21k
8 votes
Accepted

Homeowner's Insurance - Didn't Make Deductible - Must I Make the Repairs?

You don't have to make the repairs, if they're just cosmetic. The insurance company doesn't care if your house looks good or not. On the other hand, if the repairs are structurally necessary to ...
keshlam's user avatar
  • 48.2k
8 votes

Should homeowners insurance cover the cost of the home?

You need to consider the point of insurance: it's to protect you (or if the property is financed, the lender) against catastrophic losses. So in the case of homeowner's insurance, you have to ...
jamesqf's user avatar
  • 11.1k
8 votes

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

I have been in your situation. The tax office said they sent the bill to the loan servicing company, the loan servicing company said they never got the bill, they also did nothing to solve the problem....
mhoran_psprep's user avatar
8 votes

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

The executor of the will should contact the insurance agent to make sure that relevant coverage continues. The policies are used to cover the assets until they are disposed of. Once a property is ...
mhoran_psprep's user avatar
7 votes

Does Condo HOA Insurance Cover Damages to Car

The only real answer can be "ask the HOA contact." The chance, in my opinion, is not likely. Even in my own home, there's two policies, one for the house and contents, the other for the car. The ...
JTP - Apologise to Monica's user avatar
7 votes

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

is it possible that the increase in value of a private home is eaten by property taxes or property insurance? Yes of course it is possible that any profit from increase in house value is nullified by ...
DJClayworth's user avatar
  • 33.6k
7 votes

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

You need to read your insurance policy carefully to see what is covered and under what conditions. You don't mention what country you are in, but in the US insurance policies typically require that ...
Charles E. Grant's user avatar
6 votes
Accepted

What is important when purchasing homeowners insurance?

Answer all of their questions honestly and as accurately as you can, but don't stress too much about it. If you don't know the answer to something, ask the insurance agent what it means; that's what ...
Joe's user avatar
  • 35.8k
6 votes

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

How much you owe and how much you pay taxes have very little bearing on how much it would cost to rebuild your home if a disaster strikes. It can very much be so that the market value of your home is ...
littleadv's user avatar
  • 177k
6 votes

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

Some friends have been telling me that I could recuperate the mortgage paid for the house You can't assume that you'd "recuperate" anything. No-one is going to pay you back the mortgage ...
littleadv's user avatar
  • 177k
6 votes

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

This will depend heavily on the details of your present and past coverage. If your current insurer can demonstrate that the cracks existed before they started coverage they may argue that they are not ...
Charles E. Grant's user avatar
5 votes

Do I have to replace the roof immediately after insurance payout?

you'd certainly want to check your policy. For something with the impact as great as a roof, there may be a clause in the policy requiring the repair in order to maintain coverage. Look for wording ...
fred_dot_u's user avatar
5 votes

Vehicle in Garage Covered by Auto and Home Owners, Can I claim both?

Insurance is used to help cover the reasonable replacement value of the insured item. In short, don't expect to profit from having 2+ insurance accounts covering one specific item. During the ...
tTurn3's user avatar
  • 51

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