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me | House insurance question? |
We were looking over our policy the other day and are kind of confused. These amounts are not our exact just a sample.
Dwelling 200,000
Personal property 120,000
Other buildings 30,000
???? 15,000 i forget what that one was. My question is if something god forbid would happen is that 120,000 under personal property supposed to be for everything that's in your house? Or is that all included under the 200,000 for the dwelling. I'm asking if the 200,000 is strictly for the house and the 120,00 is strictly for you stuff in the house. thanks for your help |
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mbrcatz
 |
OK, personal property, other structures, and loss of use are a PERCENTAGE of the dwelling amount. The minimum percentages are 50-70 (varies) for personal property, 10% for other structures, and 20% for loss of use. You can ALWAYS increase these amounts higher, if you want - you just can't LOWER them.
They are SEPERATE limits. So, if, God Forbid, everything burns to the ground, you get $200,000 to rebuild your house, and up to $120,000 for your "stuff" - HOWEVER, you have to prove the $120,000 limit - meaning, you need to give them an INVENTORY and VALUE for each item.
The EASIEST way to do that, is walk through your house with a camcorder, take video inside closets, attic, garage, everywhere you have "stuff". Then if the worst happens (don't keep the tape at home!), you have to watch the tape, pause it a lot, and you can work up your inventory from that. |
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Bingo
|
Personal property is for the things in the house including all appliances, computer, furniture, clothes etc.. make sure you carry enough coverage to replace everything at today's cost and every year check to see if you need to increase this amount to cover the replacement cost. |
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jcdevildog
 |
I think the others who've answered have done a good job in explaining what the different coverages pay for in the event of a loss. The one thing I don't see mentioned is that you can ask to have your coverages adjusted if you feel some or all of them are inadequate.
Usually your agent will suggest an increase in all the coverages every few years: but if you feel, for example, that the value of your personal property is higher than normal (say you have a Steinway grand piano, a lot of antique furniture, lots of computers & electronic equipment, etc.), you might want to ask for a higher limit on personal property without necessarily increasing your coverage on the house itself. What you need to ask yourself is whether your current limits are enough to replace each category of property if you should have a total loss. (Remember that the value your property is assessed at includes the land--unless it's a condo--so you may not need coverage at the assessed value, as insurance covers only the structure & contents, not the land it's on.)
Also consider your deductibles--if you put your deductible not at the minimum but at what you feel you can afford to absorb in a minor loss (for example, $1000 versus the minimum of $100 or $250 in case of a theft, lightning damage, etc.), you'll save money on your premiums. |
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Gambit
|
The $15,000 sounds like the limit for additional living expenses, which is the coverage that will pay for costs that are in addition to your usual living costs because an insured peril has made the house uninhabitable. So the costs of a hotel room would be covered, however the insurer would not make your mortgage payments because this cost would still be required to be paid by you even if the house had not been damaged.
The limits on your policy are separate limits for each coverage (unless you have a Single Limit policy, which we'll assume you don't). The coverage for the 'Building' TYPICALLY include: the dwelling and attached structures; permamnently installed outdoor equipment; pools, hot tubs, saunas; materials located on or adjacent to the premises which are to be used to repair or alter the dwelling. Contents would be all other contents and personal property that doesn't fall in the definition of 'Building' or as a detached structure (which is what 'Other Buildings' would cover). |
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ernesto_tig
|
In the event of a claim, you would receive $$ from multiple coverages. Say your house burns down, you'd get $200K for the house, up to $120K for your stuff, up to $30K for structures other that the house (garages, fences, other permanent structures on property) and loss of use (coverage for temp housing & expenses).
Your policy may have endosements for code related upgrades (bring old houses up to modern standards) or removal of hazarous material (a property of mine had a fire, they removed old asbestous siding).
Additional coverages include clean up costs & costs of securing (board up) damaged property.
So for one fire you could receive up to:
$200K dwelling
$20K Cleanup
$120K Contents
$20K Loss of use
$40K for code upgrades or haz mat removal
SO in an extreme case, your policy could be on the hook for $400K if all coverage limits are paid out. Again, this would be extreme as most claims are for less than $50K. |
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Broker Brian
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If you have personal property appraised at more than $2,500, you'll want to insure them seperately with a personal floaters policy. An HO3 homeowners policy will pay up to $2,500 for a single item. Make sure to use the same insurance company for the coverage as to get the multi-policy discount. |
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