February 29, 2008
This is a continuation of the FAQ sections of this blog.
Q: A big expensive repair need to be done to my house, will my homeowners insurance cover it?
A: Homeowners insurance covers unexpected occurrences. Policies and coverage vary by state, but repairs to a house are usually not covered unless the damage was caused by a covered risk.
Typically excluded items: earth movement, settling, faulty material, faulty workmanship, tree roots, old age & wear and tear, insect, vermin and pet damage.
So unless the proximate cause was something covered: fire, wind, falling objects, vehicle damage, building collapse, broken pipes, you have no coverage. Water backup is an endorsement that usually has to be added to a policy; don’t have it, no coverage.
Just so you know, if you call the insurance company claims center, they will log your call and start the count on number of claims you’ve filed in the past 5 years. Chances are 2 claims in three years will trigger a cancelation even if 0 dollars are paid on one claim. So you may want to hypothetically discuss this claim with YOUR AGENT.
See more about Homeowners coverage at:
http://ohio-insurance-forum.blogspot.com/2007/07/homeowners-insurance-covered-or-not.html
Q: How do I get SR22 Insurance for my car? Is it expensive?
A: The SR22 is a certificate issued by an insurance company that guarantees you have a policy in force. If you get caught without insurance, you’ll get your license suspended. If you purchase insurance as part of a court agreement, the SR22 lets the suspending authority know you have a policy in force and they’ll reinstate your license. If you cancel your insurance, the insurers will let them know (via a SR26) and they’ll re-suspend your license.
Since you don’t currently have insurance, you don’t qualify for any insurers’ best rates. Since most people who got busted without insurance did so because they had an DUI, accident or were pulled over for a moving violation, you’re also going to get charged for that. So, yes your insurance is going to be expensive. For all you ever wanted to know about SR22: http://www.insuranceyak.com/2007/09/17/sr22-what-is-it-why-do-i-need-one/
