You wanna make sure you claim everything, even the smallest items. It could be your clothing, it could be furniture, it could be a camera, it could be your phone. You wanna claim everything, so you make sure that you are properly compensated.
Insurance companies love to claim prejudice for late reported claims. Don’t give insurance companies a reason to deny your claim. File early, file now.
RCV or ACV. Get replacement cost value. You will thank me later. ACV, Actual Cash Value means you’ll get the value of the item now versus what it costs to buy a new one. So what that means is RCV is the way to go like and follow for more.
Three critical things to watch out for when it comes to flood insurance. First of all, make sure you get it. Even if you’re not in a flood zone, get the maximum coverage for your home and personal property and last submit a storm proof of loss no later than 60 days after you report … Continue reading “Flood Coverage Pitfalls to Watch for!”
It’s super important. A hurricane is just about to hit. What do you need to do? Make a list of all your personal property. Take a photo, take video, whatever you need to do to make sure all of that will be covered later when you make an insurance claim.
If your homeowner association enters into an agreement with a third party contractor to do some sort of work on the association property, it’s very likely that the association is responsible for any damage that happens as well as the third party contractor. Since they are both essentially part of the reason why the damage … Continue reading “My HOA Uses Third-Party Contractors. Who is Responsible for Damages?”
DP3 refers to insurance policies that are provided to owners that rent their property. The HO3 policy is for owners that are actually living at their property. It’s important because your insurance company will provide different coverages depending on the situation at the property. If it’s rented, or if you’re living there as the owner. … Continue reading “DP3 or HO3? Why Does It Matter?”
As a unit owner, if you are renting your property as a vacation rental, and you have people staying there for short periods of time over VRBO or AirBNB you still want to have your own insurance in place. The insurance offered by these companies may not cover every situation that’s involved in renting out … Continue reading “Should I Rely on the Rental Agency’s Insurance?”
If you’re renting out your condominium unit and the tenant has a situation where there’s a theft on the property. Most likely, any personal items of the tenant within your unit may not necessarily be covered under your policy that you may have since the unit is being rented. That’s why it’s important for you … Continue reading “The Tenant in My Condo was Robbed. Who is Responsible?”
If you’re renting out your condominium unit and the tenant is injured, it’s most likely the tenant is going to point the finger at you, as the unit owner. Whether it’s your responsibility 100% or not, you want to make sure you have liability insurance as the unit owner to protect you in these situations … Continue reading “I Rent Out My Condo and the Tenant was Injured. Who is Responsible?”