Covering all issues involving insurance
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I have a friend who lives in a horizontal property regime in New Jersey. For the past 40-years each unit has been contributing an equal share to pay for one master policy for the common elements of fire and liability insurance. Recently, several owners did not want to pay, as they say they carry their own insurance. It was put to a vote to amend the master deed declaring that they are individual private homes. They are connected row homes and supposedly only have a firewall between every other unit. Can amending a Master Deed fix this problem where you can each pay for your own unit’s individual outside insurance? Don't you have to "structurally" be an individual unit?
Answer: While we know a fair bit about insurance, we don’t know as much about the legal implications of amending a master deed or whether there are structural issues that would prevent such a declaration from being valid. This question is one for the legal professionals.
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I have three cars on my insurance. My son is using my third car. I am listed as the driver of the third car on my insurance. Do I have to tell the insurance company that my son is now driving the third car? He does not live at home.
Answer: In general, any change that might affect your insurance (or your ability to rightfully make a claim) should be reported to your insurance company. You can certainly list your son as an occasional driver of the third car, so that you make it clear to the insurance company that he could be in the possession of the car.
However, if your son is the primary driver of the third car and he has the car in his possession on a full-time basis, it could become a problem if he does have to make a claim. If he is going to have the vehicle full-time, you may have to consider further changes to your policy.
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I need a quote on a mid-size minibus, which holds 21 passengers. I need a quote for personal use and also for business use.
Answer: Let me take this opportunity to remind the readers of this mailblog that we at InsuranceGuide101 are not in the insurance business. We are in the information business. All we do is try to give you the most accurate and up-to-date information that we can on insurance and insurance products. We don’t sell insurance. We don’t have insurance agents. We can’t give you a quote.
But, if you want get insurance, please make use of our information to become informed.
In your case, go to our section on Car Insurance at http://www.insuranceguide101.com/car-insurance/. There you will find links to trusted sponsors that are in the business of insuring vehicles. It should help you with the process of getting a quote!
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Will my home insurance policy cover a pit bull if it bites someone?
Answer: It may; it may not. In most cases, it will not. Unfortunately for pit bull owners, insurance companies generally consider Pit Bulls to be a “dangerous breed.” As such, it is quite possible that you could be without liability coverage if your animal bites someone. I would read your policy carefully, and be sure to note any ‘exclusions’ around dogs or dog bites, and particularly around dog breeds. You can also call your insurance company and ask if their liability coverage stays in force if you own or purchase a pit bull type dog. If the answer is no, you should start immediately looking for another insurance provider. But be aware -- you may not be able to get any insurance for your pet, given its breed.
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I have recently accepted a position at a new employer, and the employer offers disability insurance as one of their benefits. However, the agent for the insurance provider says I must provide copies of my tax returns for the past five years including all schedules included with those returns. I have had disability insurance before when working for other employers but have never had to provide any retrospective income information, never mind tax returns. In this day and age of identify theft, I really do not want to provide these returns since they are joint returns listing all kinds of information about my family and dependents. If it is verification of past income, I might be willing to provide a copy of my most recent social security summary since this shows information pertinent only to me individually.
Would you give me an idea of what kind of retrospective income information is generally collected for disability insurance and whether I must indeed provide tax return information?
Answer: In my personal experience, I have never been required to provide retrospective information from other employers in order to qualify for disability insurance. However, it is true that disability insurance coverage is based on what you make. However, this sounds excessive. I would suggest to them exactly what you have in your question -- that you provide only your social security summary. You don't tell me which state you are from, so I can't be sure of any legal requirements or legislation that would otherwise affect you. So, I'd recommend that you consider a half-hour of free legal advice.
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My aunt recently bought a used car. I would like to know if she could put my name on the insurance policy when she signs up for one? Will I get the right coverage?
Answer: Yes. Your aunt could add you as a driver on her insurance policy. As long as she has added you as a driver, you should have the same coverage as she does. If you need a different level of coverage, that's also possible. Each driver can have a different level of liability, although I believe that the components of the insurance that cover the car (such as collision or comprehensive) would remain the same. One thing to be aware of: some policies exclude drivers based on age and gender. Therefore, you'll have to read the fine print on her policy so that you are sure of the coverage that you do have, and if you have any questions, call her company right away.
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We are having a disagreement with friends about homeowner insurance. Does home insurance cover septic systems and/or mound system replacements? We say no, they say yes.
Answer: While I hate to get into the middle of an argument between friends, I’d have to side with you, depending on the circumstances of the “replacement.” If the septic system has to be replaced because of “regular maintenance” issues, insurance is not going to cover that. However, if the septic system needs to be replaced because of damages that are covered under the policy, then I’d have to say yes.
In every case, you would have to read the fine print on the policy and see what is covered and what is not. Some policies will not cover septic systems at all; others will provide coverage but you will need a special endorsement; or you may have a policy in which such “structures” are included but only up to a certain maximum.
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If you live in New York City and have a car in New York City, is it possible to go to Atlanta, get a DMV ID and get a car insurance from there since it's cheaper? Then go back to New York and stay there, driving a car with a New York plate and Georgia car insurance?
Answer: Nope. Generally, you must take out insurance in the state in which you reside. However, I’m sure that others have tried such creative solutions to high car insurance prices. Unfortunately, if you ever have a claim, you could find yourself without coverage.
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As a beneficiary on my sister's life insurance policy I am requested to provide: my name, address, date of birth, and social security number to the insurance company and her employer. Is this normal information that a beneficiary should provide?
Answer: All the information that you list is normal, but I would personally refuse to provide my Social Security Number. Your Social Security Number can be the object of a lot of fraud and misuse. Unless required by law, I don't give my SSN out.
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My sister’s car was totalled in a recent accident. She had the 2005 model car for one year. She has full coverage through her insurance company, but they only want to pay the bank off and she gets nothing. Is this right?
Answer: In most cases, the insurance company will only pay out the “book value” or depreciated value of the vehicle. If this amount is the amount of the bank loan, they could be telling your sister the truth. What you'll need to do is check the book value for that model of car and that year. Since you haven't told me the model and year, I can't comment on what the actual value of the car might be.
Remember: in a claim situation, your insurance company is not really on your side, since you are about to cost them money. It can be well worth the effort to get someone involved that is truly acting on your behalf.
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My teenage daughter recently got her driver’s license. Before I was able to call and add her to my Florida automobile insurance policy, she had an accident. Is there a grace period I might have to add someone on to my policy and still be covered in case of an accident?
Answer: As far as I know, there is no ‘grace period’ between when you get your license and when you should get insurance coverage. If so, then your daughter has had an accident as an uninsured driver.
I would get legal advice as soon as possible. Also, if you can afford to handle the accident without reporting it to your insurance company, it could be in your best interests.
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I am trying to find an insurance company for homeowners insurance. My husband and I just finished paying out our Chapter 13 Bankruptcy. We have been pre-approved for a loan and are putting a down payment on a home but my insurance company will not write for us.
Answer: This is one of the challenges of insurance after bankruptcy. Many companies will consider you too “high risk” and will not write insurance for you. The issue is that you might not pay your premiums. You might want to work with a couple of brokers who are familiar with obtaining insurance for clients after a bankruptcy. You might also want to check with local credit counselling agencies, or with the agency or accountants who worked with you during your bankruptcy. There are companies out there that will give you insurance; it’s a matter of finding them. However, you will also have to be prepared to pay much more for insurance than you normally would, until your good credit rating is restored.
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I need as much info as possible on Bed and Breakfast insurance policies.
Answer: The Internet is a great source for information on insurance! What I can tell you is that there are specialized policies for “guest houses”, including bed and breakfast places. As with any other kind of insurance, be sure to get more than one quote. It’s a simple thing that can save you a lot of money.
As for the kind of insurance you'll need, you should be looking at both contents insurance and a healthy amount of liability insurance, in case a guest is hurt in some way while on your premises.
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My homeowner Insurance has quadrupled in price, presumably because I was forced tofile bankruptcy. Are you aware of any programs, state or federal that would help me so that I can retain my home?
Answer: This is a little known fall-out from bankruptcy: since insurance companies use your credit score as part of their “risk assessment” of you, it can have disastrous effects on the amount of premium that you pay in order to be covered.
You don't mention your state so I can't be sure of any specific programs to help defray insurance costs after bankruptcy. I’d recommend speaking with your current credit counsellor, assuming that you have one, to find out if there is any help to be had in your area. You could also try your state's Department of Insurance or Insurance Commissioner.
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I have just purchased an expensive ring as a gift and need to insure it. My partner has household insurance but I want it to be a surprise. I am in rented accommodation and do not have insurance. What do you suggest? I would presume that she can add the ring to her insurance once she knows!
Answer: I believe you can insure the ring without homeowner or rental insurance. You might want to check with the jeweller from whom you bought the ring. That person may be familiar with insuring expensive items individually as part of the business. However, your best bet would be to get some contents insurance on your apartment to protect your own belongings, and temporarily add a special rider or endorsement to cover the ring until you give it to your girlfriend. Your own goods should have insurance, and an endorsement is likely the most cost-effective kind of insurance for the ring.
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