So where in my policy do I look and see if I'm covered for wildfires? The danger factor for me is minimal to slightly moderate...but I like to be prepared.
Any insurance people?
Started by
TheDHJ
, Jun 27 2012 02:48 AM
41 replies to this topic
#11
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- VibeTribe
- 8,847 posts
Posted 27 June 2012 - 12:25 PM
I was thinking about you last night watching the news and seeing this was bearing down on you. Good luck Buddy!
And yeah you should be able to call your customer service line and get someone that can explain your coverage to you...if you aren't covered for wildfires don't expect them to writed a new policy for you today.
And yeah you should be able to call your customer service line and get someone that can explain your coverage to you...if you aren't covered for wildfires don't expect them to writed a new policy for you today.
#12
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- VibeTribe
- 13,540 posts
Posted 27 June 2012 - 12:26 PM
Disclaimer: I'm NOT an insurance guy. But I did do a little Googling. While this is from CA, it matches my understanding that fire is typically covered. If it's a fire prone area, though, you may be dropped and have trouble buying a policy in the future.
http://www.insurance...10/23/84486.htm
http://www.insurance...10/23/84486.htm
HOMEOWNERS COVERAGE
Q. If my house burns down, will my insurance company pay to have it rebuilt?
A. The typical homeowners policy covers damage due to wind, fire and lightning. So if your home has been completely destroyed by a fire or if the roof has been burned, your insurance company will pay to have your home rebuilt or the roof replaced. It will also pay if flames and smoke have damaged any other part of your home.
Q. I know my homeowners policy covers my house. Does it cover the contents of my home and my garage?
A. Yes. In addition to paying for damage to the dwelling, homeowners policies cover other structures on the premises, such as a garage or tool shed, as well as damage to your furniture, clothes, appliances and other personal possessions up to the limits of your policy.
Q. My home has been so severely damaged that it is no longer fit to live in. We can live with friends for a week or two, but after that, I don’t know where we’ll live. How am I going to pay for all these extra expenses?
A. Your homeowners insurance policy will pay the extra expense of living elsewhere — reasonable costs to maintain your household — until your home has been repaired or rebuilt. That would include the cost staying in a hotel for a while, and even clothing. Be sure to keep your receipts.
Q. Most of my personal possessions are ruined. Is there a limit on how much my insurance company will pay for my clothes, furniture and appliances?
A. The contents of your home — your personal possessions– are covered up to the limit set out in the policy, often 50 percent or 75 percent of the amount of coverage you have on your home, depending on the type of policy.
Q. Why do I need a home inventory, won’t my insurance company trust that I know what I have in my home?
A. A home inventory is valuable because it can be very difficult to remember everything that was in the home. A good inventory, if supplemented with photos, video, receipts, model numbers and appraisals, can help the homeowner get a more accurate settlement in less time, in most cases. A copy of the inventory should be kept in a safe, or in a location away from the home.
Q. Much of my furniture and possessions were badly damaged, can I get rid of them if I have a home inventory?
A. A homeowner should not throw things away until an insurance company representative has had a chance to assess the damage and make a claim report.
Q. My home was vandalized after the fire and my new television was stolen, am I covered?
A. Homeowners insurance policies cover theft and vandalism, so any losses due to looting in the wake of the fire would be paid.
Q. Are there many different kinds of personal coverage policies?
A. There are two basic kinds of coverage for contents– replacement cost and actual cash value. Replacement cost coverage pays for the damaged item to be replaced with a new item of similar quality. Actual cash value coverage, which is less expensive to buy, pays an amount equal to the replacement cost, less depreciation. So if a 20-year-old washing machine is damaged and you have replacement coverage, the insurance company would pay for a new washing machine. If you have an actual cash value policy, the insurance company would pay only a small portion of the cost of buying a new machine, because that machine has already been used for 20 years and would only be worth a fraction of its original cost. Replacement cost policies usually have higher limits for personal possessions than actual cash value policies because the cost of replacing all the damaged items is higher.
Q. What about the house itself? Is the structure insured on a replacement cost basis or will I have to pay for a portion of the cost of replacing my 7-year old roof myself?
A. The typical homeowners policy pays for repairs to the dwelling on a replacement cost basis so that regardless of the age of your roof, the insurance company would pay the entire bill, minus your deductible.
Q. If your home is old, has not been modernized, and is only worth a fraction of the cost of replacing it, would the insurance company pay to rebuild it?
A. People who own such homes usually have a special older home insurance policy. This policy will pay for basic repairs. If the dwelling is not rebuilt, the insurance company will pay the lesser of two amounts: the cost of repairs or the market value of the house, minus the land.
Q. If I have questions about my homeowners policy, where can I get help?
A. You can call your insurance agent, broker or company representative or you can call the National Insurance Consumer Helpline: (800) 942-4242 and ask for the free brochure, How to File an Insurance Claim.
Q. Does my insurance pay for the loss of any trees, shrubs or other plants I lost from the fire?
A. The typical homeowners policy covers trees, shrubs, plants or lawns on the residence for loss caused by fire. Usually insurers will pay up to 5% of the limit of liability that applies to the dwelling for all trees, shrubs, plants or lawns. No more than $500 will be paid for any one tree, shrub or plant. Insurance, however, does not cover property grown for business purposes.
Q. Does my insurance company pay for the portion of my home that I rent?
A. A homeowners insurance policy covers the fair rental value of premises less any expenses that do not continue while it is not fit to live in.
AUTO COVERAGE
Q. If my car is destroyed or damaged from the fire, is it covered?
A. If you have comprehensive insurance, your vehicle will be covered for damage or destruction.
Q. My vehicle was vandalized after the fire — my windshield was smashed –and my golf clubs were stolen from the trunk. Am I covered?
A. If you have comprehensive insurance, your vehicle will be covered for theft or vandalism. So any damage or destruction of the vehicle due to looting in the wake of the fire would be paid. If you have homeowners or renters insurance, your golf clubs would be covered under the personal possessions portion of that policy.
#14
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- VibeTribe
- 6,644 posts
Posted 27 June 2012 - 12:30 PM
http://www.denverpos...-park-fire-file
Unlike California, which requires homeowners to reduce or eliminate flammable materials and vegetation within 100 feet of their homes, Colorado has no similar defensible-space law. However, property insurers can mandate the space as a condition of issuing policies.
i've been doing this for 35 years and am also a Lic personal and commercail insurance broker.
Unlike California, which requires homeowners to reduce or eliminate flammable materials and vegetation within 100 feet of their homes, Colorado has no similar defensible-space law. However, property insurers can mandate the space as a condition of issuing policies.
i've been doing this for 35 years and am also a Lic personal and commercail insurance broker.
#19
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- VibeTribe
- 13,301 posts
- LocationLI/NY
Posted 27 June 2012 - 02:04 PM
You should ride the subway with him.
TEO, i don't know how to break it to you gently, but this isn't a subway:
also, he probably has his money in that sweet bank with all the rappers running it:
Feck's checking account ain't nothin' to F*** with...Feck's checking account ain't nothin' to F*** with...
#22
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- VibeTribe
- 6,644 posts
Posted 27 June 2012 - 02:27 PM
yeah, but you're from Staten Island. i don't know why but that gives you street creds in my book.
but the fire & DHJ are in Colorado, may as well be China when it comes to this type of thing.
< very good w/ Ferry - only has 2 stops
< pretty good w/ subway
< not so good w/ subway after 2 bottles of wine
#28
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- VibeTribe
- 6,644 posts
Posted 28 June 2012 - 12:36 PM
Nothing about wildfire in the exclusions.
I am protected against spaceships. That I know for sure. Hallelujah.
HO-3 pretty standard, you should be good*, but hopefully not needed.
We do a lot of work with Travelers, my work e-mail address actaully ends with Travelers.com, but i don't work for them.
If something does happen i can monitor them to make sure they don't do anything wrong, and at least tip you off if they are.
They usually take care of things on the up and up, well on the up and up for a large insurance company.
good luck, be prepaired and gtfo if they knock on your door.
*does not guarantee coverage without a full review of the policy, it's riders, endorsments and the actual situiaion of the loss.
#29
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- VibeTribe
- 386 posts
- LocationWestbrook, ME
Posted 28 June 2012 - 12:37 PM
I am protected against spaceships. That I know for sure. Hallelujah.
That's one of those non-benefit benefits, because if we're attacked by spaceships and aliens, then we're pretty much f_cked as a civilization anyway and no benefits will likely ever be paid. The sad part is, some Actuary was probably paid a lot of money to actually figure out the likelihood of an alien attack on earth. He or she probably went as far as to project that likelihood by region.
#30
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- VibeTribe
- 6,644 posts
Posted 28 June 2012 - 12:43 PM
and for those playing along at home
The HO3 Insurance Policy is a Hybrid Policy
The HO3 insurance policy is a hybrid of an open perils policy and a named perils policy. With the HO3, your home is covered on an open perils basis and your contents (personal property) are covered on a named perils basis. An open perils policy does not specifically list the perils your home insurance covers; rather, it lists the perils your home insurance does NOT cover. If the damage to your home is not caused by something on the exclusion list, then you have coverage. A named perils policy specifically lists the perils for which your personal property is covered. If something happens to your belongings that is not on the list of covered perils, you do not have coverage.
Exclusion List for Your Home
The only perils that are excluded on your home are:
1.Earth Movement (earthquake coverage can be endorsed on)
2.Ordinance or Law (some coverage may be provided in your policy)
3.Water Damage (Sudden & Accidental Water Damage is automatically included; others can be endorsed onto the policy)
4.Power Failure
5.Neglect
6.War
7.Nuclear Hazard
8.Intentional Loss
9.Government Action
10.Collapse (some coverage may be provided in your policy)
11.Theft to a Dwelling Under Construction
12.Vandalism or Malicious Mischief (only if vacant more than 60 days)
13.Mold, Fungus, or Wet Rot (some coverage may be provided in your policy)
14.Wear & Tear, Deterioration
15.Mechanical Breakdown
16.Smog, Rust & Corrosion
17.Smoke from Agricultural Smudging & Industrial Operations
18.Discharge, Dispersal, Seepage of Pollutants
19.Settling, Shrinking, Bulging, or Expanding
20.Birds, Vermin, Rodents, Insects
21.Animals Owned by Insured
Perils Insured Against for Your Belongings
The 16 perils that your belongings are protected from are:
1.Fire or Lightning
2.Windstorm or Hail
3.Explosion
4.Riot or Civil Commotion
5.Aircraft
6.Vehicles
7.Smoke
8.Vandalism or Malicious Mischief
9.Theft
10.Volcanic Eruption
11.Falling Objects
12.Weight of Ice, Snow, or Sleet
13.Accidental Discharge or Overflow of Water or Stream
14.Sudden & Accidental Tearing Apart, Cracking, Burning, or Bulging
15.Freezing
16.Sudden & Accidental Damage from Artificially Generated Electric Current
Where The HO3 Insurance Policy May Lack in Coverage
Although the HO3 home insurance policy is the most common protection found throughout the United States, it isn't the best possible policy money can buy. There are two main reasons for this:
1.Water Damage - This policy does have Sudden & Accidental water damage, but it omits any water damage relating to water backup, foundation, or slow leaks. Most of these, however, can be endorsed on the policy for an additional premium.
2.Open Perils on Contents - this policy does cover your home on an open perils basis, but only covers your contents for the 16 perils listed above. The HO5 policy covers your home and belongings for open perils.
class dismissed
The HO3 Insurance Policy is a Hybrid Policy
The HO3 insurance policy is a hybrid of an open perils policy and a named perils policy. With the HO3, your home is covered on an open perils basis and your contents (personal property) are covered on a named perils basis. An open perils policy does not specifically list the perils your home insurance covers; rather, it lists the perils your home insurance does NOT cover. If the damage to your home is not caused by something on the exclusion list, then you have coverage. A named perils policy specifically lists the perils for which your personal property is covered. If something happens to your belongings that is not on the list of covered perils, you do not have coverage.
Exclusion List for Your Home
The only perils that are excluded on your home are:
1.Earth Movement (earthquake coverage can be endorsed on)
2.Ordinance or Law (some coverage may be provided in your policy)
3.Water Damage (Sudden & Accidental Water Damage is automatically included; others can be endorsed onto the policy)
4.Power Failure
5.Neglect
6.War
7.Nuclear Hazard
8.Intentional Loss
9.Government Action
10.Collapse (some coverage may be provided in your policy)
11.Theft to a Dwelling Under Construction
12.Vandalism or Malicious Mischief (only if vacant more than 60 days)
13.Mold, Fungus, or Wet Rot (some coverage may be provided in your policy)
14.Wear & Tear, Deterioration
15.Mechanical Breakdown
16.Smog, Rust & Corrosion
17.Smoke from Agricultural Smudging & Industrial Operations
18.Discharge, Dispersal, Seepage of Pollutants
19.Settling, Shrinking, Bulging, or Expanding
20.Birds, Vermin, Rodents, Insects
21.Animals Owned by Insured
Perils Insured Against for Your Belongings
The 16 perils that your belongings are protected from are:
1.Fire or Lightning
2.Windstorm or Hail
3.Explosion
4.Riot or Civil Commotion
5.Aircraft
6.Vehicles
7.Smoke
8.Vandalism or Malicious Mischief
9.Theft
10.Volcanic Eruption
11.Falling Objects
12.Weight of Ice, Snow, or Sleet
13.Accidental Discharge or Overflow of Water or Stream
14.Sudden & Accidental Tearing Apart, Cracking, Burning, or Bulging
15.Freezing
16.Sudden & Accidental Damage from Artificially Generated Electric Current
Where The HO3 Insurance Policy May Lack in Coverage
Although the HO3 home insurance policy is the most common protection found throughout the United States, it isn't the best possible policy money can buy. There are two main reasons for this:
1.Water Damage - This policy does have Sudden & Accidental water damage, but it omits any water damage relating to water backup, foundation, or slow leaks. Most of these, however, can be endorsed on the policy for an additional premium.
2.Open Perils on Contents - this policy does cover your home on an open perils basis, but only covers your contents for the 16 perils listed above. The HO5 policy covers your home and belongings for open perils.
class dismissed
#33
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- VibeTribe
- 6,644 posts
Posted 28 June 2012 - 01:05 PM
i would start with the comapny you insure your car with, they will probably sell you what you need and give you a multi policy discount. HO-6 for starters, but they should know that.
prices are usually not that expensive unless you live in a high risk area.
depending on where you are, you may need addtional flood coverage, but even then the cost shouldn't bee that high.
prices are usually not that expensive unless you live in a high risk area.
depending on where you are, you may need addtional flood coverage, but even then the cost shouldn't bee that high.
#35
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- VibeTribe
- 386 posts
- LocationWestbrook, ME
Posted 28 June 2012 - 01:16 PM
prices are usually not that expensive unless you live in a high risk area.
depending on where you are, you may need addtional flood coverage, but even then the cost shouldn't bee that high.
Exactly...relative to what you are covering, homeowners and renters insurance is a bargain. The incidence of homeowners policy claims is relatively low, but the average size, or severity, of those claims is quite large.
Incidence varies by region, but on average you get about 5.5-6.0 claims for every year for every 100 policies, which is relatively low. However, the average size, or severity, of each claim is roughly $8,000-$8,500. Paying $500-$1,500 annually for coverage is a bargain considering the average size of each claim, especially relative to other insurance coverages.
Vermont has better-than-average homeowners policy rates comapred to the rest of the country. It's usually ranked in the 30-35 range (1 being the highest premium state, 50 being the lowest). Vermont's average is in the $700-$750 range for annual premium on a home policy, $150-$175 annually on a renters policy. If you want really cheap homeowners coverage, move to the Northwest (except in range of a volcano).
The point - don't skimp on homeowners coverage. It's inexpensive enough to go with a high-end insurer and get high-end coverage.
#36
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- VibeTribe
- 386 posts
- LocationWestbrook, ME
Posted 28 June 2012 - 01:18 PM
It may fall under a War exclusion, since that usually includes declared or undeclared War. An alien invasion could be considered an undeclared War.
#41
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- VibeTribe
- 6,644 posts
Posted 28 June 2012 - 02:10 PM
this may wind up over on P+R come July, but for now we're safe.
The President signed HR 5740, extending the NFIP’s authority for an additional 60 days. The law enables FEMA to enter into flood insurance contracts through July 31, 2012. FEMA is developing procedures to implement Section 2 of the legislation. Guidance will be covered in a subsequent bulletin.
The President signed HR 5740, extending the NFIP’s authority for an additional 60 days. The law enables FEMA to enter into flood insurance contracts through July 31, 2012. FEMA is developing procedures to implement Section 2 of the legislation. Guidance will be covered in a subsequent bulletin.
