One question many insurance providers hear from clients is whether or not it is legal to take out double homeowners insurance policies on a single property. While it is technically legal, there is usually language within each individual policy contract stating which company pays out the bulk of acclaim, should one arise. Sometimes this involves the companies splitting the payout equally or in terms of who has the higher coverage limits.
However, whether you are double insuring a home with two different policies on purpose or as an oversight, it is important to realize that a claim will most likely not be paid twice. Many states prevent insurance customers from gaining anything more than they initially had from a claim. In fact, most insurance regulation limits policyholders to receiving only the payments needed to indemnify (aka get you back where you were previous to the claim.) A double payment, whether it is from one company or two, would exceed this.
How can a home become insured twice? Usually, this has to do with a simple error regarding remembering who the property was insured with in the first place. It can also happen when homeowner’s switch companies and forget to cancel the previous policy in writing.
So, why should you make sure that your home isn’t double insured? Paying two yearly premiums can be a drain on your bank account, especially if it has no benefit in terms of filing a claim. Save yourself all that cash and spend it on something that’s a little more important to you.
For more information on auto insurance and/or homeowners insurance in Coppell, Texas, please contact your independent agent today.
Selling a property can be confusing, but taking care of your homeowners insurance needs is actually quite easy. If you are selling your home during the policy period, contact your independent agent. He or she will often propose one of two different routes of action.
First, if you are not buying a new home after yours is sold, the policy can be canceled as of the closing date. This will usually require a written notice and any prorated premiums already paid will be refunded to you. (Note: Send this written notice after the closing date, as last-minute changes are always possible when trying to conduct a real estate transaction. As frustrating as waiting for your title company to finish their work and do their job is, it happens. Often.)
Second, if you are purchasing a new home, talk to your independent agent about purchasing a policy for your new home ahead of time. Most mortgage companies will want to see some sort of declarations page before closing on your new home, which can be provided to your from your agent. In some cases, any pro-rated premiums you are owed from your own policy could be transferred to your new policy, depending on your underwriting company. This can also be done if you are going to be renting an apartment or home after yours is sold, as renter’s insurance policies are often similar to homeowners policies.
While other scenarios are sometimes applicable, all changes made due to the sale of a home in Coppell, Texas during your policy period need to be discussed directly with your independent agent. From there, an appropriate course of action can be taken to ensure you have coverage when you need it and do not cancel your policy too soon.
For more information on this and many other insurance-related questions, please contact your Coppell, Texas independent insurance agent today.
Whether you are moving from your parent’s home or transitioning from the shared housing you enjoyed with friends and roommates in college, renting your own apartment is an exciting new step to take. You should know that new responsibilities will come with having your own place to live in Coppell, Texas.
Just as people who own a home will want to arrange for homeowners insurance to protect their assets, people who are renting an apartment will also want to make sure that they have coverage.
While your landlord’s insurance policy should cover any damage to the physical structure of the apartment, you are responsible for insuring the contents. This includes all of your valuable appliances, furniture and other expensive items.
Imagine coming back to your apartment after a long day at work to discover that someone has broken in and stolen your computer, big-screen television and the rest of your entertainment equipment. It can cost thousands of dollars to replace these items. Since burglary can happen to anyone, it’s prudent to obtain coverage.
Renters insurance will protect your items in case of a covered incident, such as burglary or a disaster like a fire. What’s more, your renters insurance will cover your items no matter where you are, so if someone steals things from your backpack, purse or car, you will have protection—even if you are traveling on vacation. In the event that you happen to break someone else’s property in their home, your renter’s insurance policy should help you pay for the damages.
It makes sense to consider your options when it comes to protecting your property. For more information about obtaining the best renter’s insurance policy for your particular needs, we can definitely help you out. Contact us today to speak with an independent agent so we can give you the details you need to make sure your apartment is covered.
Credit scores are based on an analysis of an individual’s credit history. Insurers often generate a numerical ranking based on a person’s credit history, known as an “insurance score,” when underwriting and setting the rates for insurance policies. Actuarial studies show that how a person manages his or her financial affairs, which is what an insurance score indicates, is a good predictor of insurance claims. Insurance scores are used to help insurers differentiate between lower and higher insurance risks and thus charge a premium equal to the risk they are assuming. Statistically, people who have a poor insurance score are more likely to file a claim.
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Some people enjoy going boating so much that they eventually wind up buying their own boat, so they can go out on the water whenever they want. There’s plenty of fun and relaxation to be had, from water skiing to fishing and taking the kids to go out swimming in the middle of a lake. However, despite our best-made plans, it’s easy to become so busy with the demands of work and family that you can find yourself not using your boat all that much.
With that in mind, it seems prudent to wonder: If you don’t use your boat often, do you really need boat insurance in Coppell, Texas?
While you are not required to obtain boat insurance, it’s prudent to make sure that you will be covered for unexpected situations. You spent a great deal of money to purchase your boat as well as for regular maintenance, and it’s prudent to protect your asset regardless of how much you use it.
For example, what if you were planning to take your boat out to go fishing with your friend, only to discover that the outboard trolling motor has been stolen? Alternately, imagine getting involved in an accident and damaging another person’s watercraft, as well as parts of the dock. You must be prepared for such incidents, even if you only take your boat out a few times per year.
It’s possible that your homeowner’s insurance policy might give you some protection for your boat, but coverage is typically limited to small amounts that may be woefully inadequate to pay for the repair of the outboard motor and other damage. What’s more, you may wind up being responsible for damage caused to someone else’s property.
For the sake of your peace of mind, we urge you to contact us to speak with an independent agent as soon as possible. This way, we can provide you with the specific details for your particular boating insurance needs.