personal finance: Many homeowners confused on tree damage rules
- 01/10/12 08:13 AM
While most consumers are aware that home insurance policies cover damage to their property resulting from fire or wind, a recent poll finds many are unclear regarding tree damage. A recent survey conducted by PEMCO Insurance asked consumers what would happen if a tree planted in a neighbor's yard fell and caused damage to their home. The company says 82 percent of respondents incorrectly answered that their neighbor's insurance company would pay for the claim. In reality, the company says that the incident would likely fall under a homeowner's own insurance coverage unless there was some kind of negligence on the … (1 comments)
personal finance: Why you shouldn't lower your home insurance coverage when your home value drops
- 01/09/12 05:28 AM
It’s a really common mistake and one that can cost a homeowner a ton of money in the event of a total loss to their home. Homeowners across the country see their property values dropping and assume that it’s a good time to lower their home insurance coverage. The problem with this is that your insurance covers the replacement cost of your home NOT the market value. The replacement cost and the market value of your home are two very different things. The market value of your home is the price it would sell for in the current real estate market … (4 comments)
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While most consumers are aware that home insurance policies cover damage to their property resulting from fire or wind, a recent poll finds many are unclear regarding tree damage.
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