Recently in Home Insurance Category

There are two news from fire in California.

Fires could alter Calif. insurance landscape
Some insurance company stop writing new homeowner policy in California.
It will be seen that the premium of homeowner policies will hike.

Regulator says insurers can bring in out-of-state adjusters to help
There is not enough adjusters in state for this big fire losses.

It can keep increase for now; agency vows to pursue battle on other fronts.

Now Allstats can increase the rate.

I don't think the department should get involve into the rate. Let business as business.

IMO, if the rate is too high, the homeowner will shop around to find another insurance company. If the margin profit is very high, more investors will join in insurance industry. It will be more competition when more competitors. Then the rate will drop at that time.

The department just need to rule that all major changes of insurance coverage, rates, conditions favored to Insurer should notice to insured and give them enough time to consider and/or find a replacement.

via

Rate is up and down.

In a unanimous ruling written by the chief Justice, the Supreme Court of Canada held on May 5, 2006 that "as a general rule, a social host does not owe a duty of care to a person injured by a guest who has consumed alcohol."
Private citizens who hold social parties, except in rare circumstances where they are actively implicated in creating the risk fiving rise to an accident, will not be found liable.

Q: My car was broken into while I was shopping at the mall.A brand new golf bag and a leather briefcase I had just purchased for my husband were stolen from the trunk. Do I claim these items through my automobile or homeowners insurance policy?
A: Your home insurance will cover items stolen from you car that are not permanent fixtures of your car, as long as you have receipts to prove ownership of those items.

The following infomation are excerpted from the BC insurance broker flyer. I think it is good enough to explain the basic need for home insurance and limit of coverage.
A house is more than the place where you live. It is your home. It represents security for those who live in it. It is probably the biggest investment you’ll ever make; it is independence for first-time homebuyers, and so much more. Something as valuable as your home needs a lot of care.
This is why you need insurance. Insurance is vital to protecting yourself from unexpected losses.Your homeowner’s insurance policy covers your house and personal property, and protects you from liability claims. It is something you cannot do without, and should purchase as soon as you become the owner of a house, even if it is still under construction.
All homeowner’s policies provide coverage for:
• The house and the structures attached to it.
• Personal property or the contents of the insured dwelling, such as the furniture, the appliances, your clothes, etc., as well as the personal effects of your family members.
• Liability, when, due to negligence, you may be held responsible for an act causing injuries or property damage to others.
However, policies differ with respect to coverage and claims settlement. For example, most policies will cover the dwelling(s) on a Replacement or Rebuilding Cost basis.
This is why the limit of insurance provided for your house can be higher than the purchase price of the house.

Do you own a personal computer? Protect your investment with the proper insurance.

A growing number of people are purchasing personal computers. For many, this is a major investment trailing only behind buying a home and car in terms of expense. It is important to know how to insure your computer, says the Insurance Information Institute (I.I.I.). Coverage for computers and related accessories such as software and modems can vary from company to company, so it is very important to call your insurance professional for guidance.

Coverage Under a Homeowners or Renters Policy
If you have a homeowners or renters policy, your personal computer would be covered, in the home, against all of the basic disasters listed in the policy. So, if your computer is stolen or destroyed in a fire, you would be covered.

Some companies, however, have dollar limits for electronic equipment. This means your computer; printer and related items would be covered only for the amount (usually $5,000) listed in your policy. If you need additional coverage, you can usually raise the limits.

Unlike driving a car, you can legally own a home without homeowners insurance. But, if you have bought your home and financed the purchase with a mortgage, your lender will most likely require you to get homeowners insurance coverage. That’s because lenders need to protect their investment in your home in case your house burns down or is badly damaged by a storm, tornado or other disaster.

If you live in an area that is likely to flood, the bank will also require you to purchase flood insurance. Some financial institutions may also require earthquake coverage if you live in a region vulnerable to earthquakes. If you buy a co-op or condominium, your board will probably require you to buy homeowners insurance.

Your agent will ask you what kind of home you own or rent, roughly how much your possessions are worth, and what kind of liability coverage you will need. The agent will also want to know how many people live in your household, what pets you own, and the general condition of your house. You should also tell him if you own any particularly valuable items that might need special coverage called a floater.

When an apartment building owner are approached, some questions will be asked. These answers will affect the premium very much.
To save your money, take care your property and investment first.

1. Name of principal(s).
2. Total square footage (floor area) of the strata property, and of each structure.
3. What kind of building is it, regular private apartment building, subsidized housing, co-ops., or senior homes?
4. What’s the present vacancy rate?
5. Please provide a sketch of the property showing the location and the distance between the various structures.
6. Any updating done? (especially for those over 35yrs old)
7. Any building cost calculator?
8. Any recent appraisal?
9. If stated amount co-insurance is required, please provide appraisal within the last 3 yers.
10. If bylaw coverage is required, please provide separate limits for increase in cost of construction, demolition & debris removal, and undamaged portion of building.
11. Is there sprinkler system in the property?
12. Are there smoke detectors in each unit?
13. Is the property managed by professional property management company?
14. Any caretaker on site? or property manager on site?
15. Does the caretaker/property manager have keys to all the units?
16. Any swimming pool or gym?
17. Any precautions taken after loss (if any) ?

There are many factors an insurance company uses to determine the price of your policy:

*The square footage of the house and any additional structures.
*Building costs in your area.
*Your home's construction, materials and features.
*Amount of crime in your neighborhood.
*The likelihood of damage from natural disasters, such as hurricanes and hail storms.
*The proximity of your home to a fire hydrant (or other source of water) and to a fire station, whether your community has a professional or volunteer fire service and other factors that can affect the time it takes to put out fires.
*The condition of the plumbing, heating and electrical system.

If you rent your home or own a condo/co-op, your insurer will not consider the size of the dwelling or building costs. However, it will take into account factors that make damage to your possessions more likely.

You need enough insurance to cover the following:

1)The structure of your home.
2)Your personal possessions.
3)The cost of additional living expenses if your home is damaged and you have to live elsewhere during repairs.
4)Your liability to others.

Homeowners insurance provides financial protection against disasters. A standard policy insures the home itself and the things you keep in it.

Homeowners insurance is a package policy. This means that it covers both damage to your property and your liability or legal responsibility for any injuries and property damage you or members of your family cause to other people. This includes damage caused by household pets.

Damage caused by most disasters is covered but there are exceptions. The most significant are damage caused by floods, earthquakes and poor maintenance. You must buy two separate policies for flood and earthquake coverage. Maintenance-related problems are the homeowners' responsibility.