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Property Insurance

Property insurance is a type of insurance designed to protect a structure and the contents found inside the structure. There are various types of property insurance policies and the best qualified person to assist in the right policy would be an insurance agent. When searching for property insurance, you need to be specific in the policy that you need for proper coverage. Usually, the main reason property insurance is purchased is to replace the home in the event of a major disaster such as a tornado, fire, flood, earthquake, etc. To learn more about property insurance, take a look at the property insurance questions below that have been answered by Experts.

I work for Major Property Insurance Co. providing pre-inspections for Homeowners policies. My question is, do insurance companies have the right to walk into a back yard just because the gate is unlocked?

Usually, a homeowner has already spoken with the insurance company about a timeframe to inspect the home. This usually happens when the homeowner and insurance company is preparing the property insurance application. So, if both parties have agreed on a time for the inspection, there shouldn't be an issue if the insurance agent enters the back yard. However, the agent may be at risk of trespassing if he/she hasn't been given permission to come to the home. Once the homeowner has given permission, there shouldn't be an issue. If the insurance agent is rudely confronted or attacked for entering after given permission, there is ground for a suit against the homeowner.

Is there a commission that regulates pet insurance cost?

Pets are listed as property by insurance companies. For this reason, most pet insurance is underwritten by admitted property insurance companies. Each state has a Department of insurance that oversees all underwritten insurance applications and makes a determination of whether they will be allowed to be insured or not. The Department of insurance also oversee the cost of the policies are reasonable to the public before being issued. However, the underwriters for non-admitted property insurance companies are not restricted to the rates proposed by the Department of insurance and can set their policy rates as they choose.

My home property insurance is being cancelled because we have a dog in my fenced yard. Is there a remedy for this?

Generally, an insurance company can choose to terminate a property insurance policy if the policy holder has a dog that is prone to biting. Most insurance companies provide a list of the dog breeds that are at risk to bite. If the insurance company thinks your dog is a high risk rate for biting, they can cancel your policy without notice. You may want to search for insurance companies that allow your dog breed to be covered under their property insurance before your current policy is cancelled.

When I refinanced 4 years ago, I failed to buy property insurance. My new mortgage lender wants to escrow the insurance retroactively back to the loan origin. Is this legal?

There is no reason for the lender to charge you for past property insurance. It is a reasonable request to require property insurance from this point and forward. The mortgage company cannot force you to pay past insurance on your property. The only thing the lender can legally do is force you to pay current insurance payments and future insurance payments.

Our property insurance company wants to insure us for the replacement value of my home which has no mortgage and is only worth a third of their estimated replacement cost. Is this legal?

This is a normal practice by property insurance companies and it is legal. The reason the insurance companies offer this replacement value policy is because in the past, people were unable to rebuild from being underinsured. By offering the replacement policy, the homeowner will have enough to rebuild their home in the event of a disaster (fire, tornado, monsoon, etc). However, the homeowner cannot be forced to buy this type of policy.

When you buy a home, one of the most important steps you can take is to buy property insurance. Property insurance ensures that your home is protected from a variety of possible disasters. Generally, if you go through a lender to buy a home, property insurance is required to protect the lenders investment. Not all property insurance policies are equal and you should take your time before selecting one. If you have questions or doubts about property insurance, you should ask an Expert for assistance.
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