To save money, consider going with a higher deductible. The deductible is the amount of money you have to pay toward a loss before your insurance kicks in. The higher your deductible, the more money you can usually save on premiums. For instance, a $500 deductible may be the most common for a certain policy, [...]
Some of the factors that an insurance company uses to determine the cost of your premium on the homeowners insurance include the following: The square footage of the house and any additional structures.
Sometimes this includes not only improvements you make but also those made by previous owners. In other cases, the association is responsible only for insuring the bare walls, floors, and ceiling. The owner insures everything else. Other coverage options you may be able to get depending on the area, association, or board are: Unit assessment, [...]
When you buy a condo or co-op, you’ll likely pay for two policies. The homeowners association or co-op board buys a master policy that covers the common areas such as roof, basement, elevator, boiler, walkways, and infrastructure for liability and physical damage. The cost of this coverage is passed along to you as part of [...]
Personal Property All HO-3 policies include coverage for the contents of your house, but often the amount isn’t enough. Basic plans commonly pay 50 to 70 percent of the policy amount. For example, a $175,000 policy would likely give you anywhere from $87,000 to $122,000 for the contents. This may sound like a lot, but [...]