0
An Insurance Policy in an appropriate Property Line can certainly offer you security for your paid off property.
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
Does a landlord or owner have to have a property insurance?
If the property in question is not paid off and there is still a mortgage to be paid, the mortgage company requires that the purchaser have full insurance coverage on the property. They do not want to lose their investment to a careless fire! If the property is paid for and there is a different person living in the house and paying rent, usually the property owner requires the renter to carry full coverage insurance on the house. I hope this is helpful and answers your question.
Do you have to purchase full coverage auto insurance in Illinois if your vehicle is paid for?
You do not have to purchase full coverage auto insurance in Illinois if your vehicle is paid for. You do still need Bodily Injury Liability, Property Damage Liability, and Uninsured Motorist coverage.
Can you take out an insurance policy on a dwelling you do not own and if so who gets paid if there is a claim in that dwelling?
Only the property owner can receive compensation for a loss to their property. So if you purchase coverage you are required by law to name the legal owner of the property as the beneficiary of the policy.
Who needs to get property insurance?
Anyone that has a home that they own, even if it is not paid for needs to get property insurance. Property insurance is a type of home owners insurance. If you would like to save money make sure that you get quotes from several companies. Property insurance is a must for everyone.
Do you need homeowners insurance on a vacant home that is fully paid off?
If you want to protect your investment you should have a vacant property policy. There are specialized markets for this coverage.
Where can you find the homeowners declaration page?
You will find the homewoners declaration page in your homeowners insurance package. The declaration page is a summary of the insurance you have paid for. The declaration page details out the coverage you maintain on your property.
Is life insurance personal property?
Since life insurance policy is issued on individual life, it can be treated as personal property. However, in Keymen policy, where the premia is paid by the co. on his/her behalf,it will be the property of the co. till the policy matures and benefits paid by the insurance co. to the co. is reverted back to the keyman.
Property Insurance What does the 90 percent coinsurance mean on the property insurance?
It requires you to have the property insured for a minimum of 90% of its actual replacement value. If you do not meet the 90% requirement, any claim payment made can be reduce by the same percentage in which you are underinsured. This deters people from insuring property for limits lower than their insurance value in an effort to save premium dollars. Bottom line: Make sure you have enough coverage on your policy to satisfy this requirement, otherwise if you have a claim you will not get paid the full amount.
What is a insurance schedule?
Often, the term is used to refer to a listing of specific property insured under a policy. For example, a homeowners policy provides very broad coverage for both property and liability. However, under the broad coverage, the policy will probably provide for a maximum payment for any particular item or class of property (for example, furniture or firearms), If you wish more coverage for that class or item of property, it can be "scheduled", insured for more, and an additional premium paid. The insurance schedule is the listing of that additional coverage. An alternative possibility is that the term is being used instead of "declarations". The declarations page is a summary sheet, usually appearing at the front of the policy, that summarizes the categories and amounts of coverage provided.
What is schedule of loss in home insurance?
Wikipedia defines it as "A property owner may purchase insurance to indemnify against the loss of use of property, especially real property, such as a home, office, or business premises." Visit www(.)gibl(.)in for more info
Can a spouse drop another spouse from home-owner's insurance?
No. Homeowner's insurance insures the property against loss not the individuals. If both own the property the proceeds of any claim will be paid in the form of a check made payable to the legal owners of the property.
Can you a sue a title company if they did not give clear title. They are willing to pay up to the coverage limit but the actual damages asre twice that amount. It's a catch-22 for me?
The policy limit is the policy limit. You paid for an insurance policy based on the amount you paid for the property. As far as I remember, Owner's Policy's are never issued for more than the amount of the contract price paid for the property.
