Pamela Madore
The Pamela Madore Group
http://iloveamarillo.com
Five Types Of Homeowners Insurance
You must know your choices when buying a house!
This will not be an exhaustive list but we'll talk about several different kinds.
Replacement Cost--This is the most expensive typically but it is also the most comprehensive. Should something happen to your house such as a fire or your hot water heater broke and flooded the house, or someone ran into the house, you will be covered to have it brought back to the standard and condition it was in before the occurence.
The Way It Was |
Actual Cash Value ACV--This type of insurance is less costly so as you can expect, it covers less. Let's say we had a hail storm and the roof had damage. On an ACV policy the adjuster will establish what he thinks the roof's remaining years are and he will depreciate it that much. Now you are left with a bad roof and not enough money to replace it.
Enough Money To Fix Half |
Flood Insurance--Since Amarillo had the change in the 100 year flood plain many properties that were not in a flood zone are now considered in a flood zone. Flood insurance is very expensive, however, FEMA has established relationship with some agents where you can get the insurance for maybe one-fourth of what you have been quoted by an agent.
Commercial Insurance Policy--Although there are many kinds of commercial policies for different types of properties. The commercial policy I am referring to has to do with rental properties. Instead of carrying individual policies on each property, you can buy one policy that includes all of your properties. You can purchase this policy as a replacement cost policy or an ACV.
An Umbrella Policy--In this instance, I am talking about an insurance policy that a condominium carries. This policy covers all of the units within the condo development. It generally covers liability for the common areas if any, and any other structures that are for common use. It also covers from the studs out so if anything were to happen to the buildings themselves, fire or a hair storm, the building is covered and you aren't required to do any of the fixing.
There are probably hundreds of types of insurance but these are the common ones that have to do with real estate. A good insurance agent with point you in the right direction for what you need.
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Pamela Madore
The Pamela Madore Group
Pink House Team
Keller Williams Realty
3955 S. Soncy
Amarillo, TX 79119
http://iloveamarillo.com
806-290-1920
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