Hi,I own a property with residential mortgage and I will switch to buy to let very soon.With residential mortgage I just had life insurance because it was compulsary.Now I would like to know what kind of insurance or cover I need for a property that I will rent it out.
Do I need contents insurance or not???
Building insurance,rent cover,legal expences cover........
Please help I am very confused,I don't know which one I need and which one is good for this situation.And I also want to know if life insurance is a must for a Buy to let.
Thank you
Answer: Life Insurance is typically only a requirement if you have an 'Endowment' Mortgage = these have been largely discredited and have been the subject of much miss-selling (and compensation has been paid in many cases) = so if you still have one taken out 'years ago' you realy need to check if you have a claim before giving it up ..
Buildings Insurance is a requirement of all Mortgages - if you are not aware of this as a separate item it may have been 'rolled up' into your Mortgage repayments - typically the Buildings Insurance offered by the Mortgage provider is 'very poor value' (i.e. a rip-off) so expect to make some savings here.
Assuming a furnished let, most Landlords
Should I Call My Insurance Or Let The Roofer Try And Repair The H20 Damage From The Rain?
Question by golfguy650 | Posted in Maintenance & Repairs
The licensed roofer tore off half my roof before the rain set in. He tarped it well, but not well enough because at 4:00 AM, my pregnant wife and I awoke to puddles of streaming water coming in the closet ceiling. The house was built in 1964. I'm not sure if asbestos or lead paint is an issue. Now there is damage in master bedroom closet, bedroom, hallway, bathroom and downstairs living room. The big questions are: is mold and mildew a concern? Can he just paint over the water stains or should he replace all the drywall, texture and paint? Or should I call my home insurance and let them make sure it done correctly? The contractor says he'll fix it all, but where do I draw the line?
Answer: I'm a roofer. It's never good to tear off more than you can roof if you can help it. if it looked like rain, he should have torn off small sections at a time. If it's a straight roof (no valleys or walls), it shouldn't be hard to tarp so that it doesn't leak, unless the tarp has a hole in it. You can easily get a hole in a tarp without noticing it. Chimneys and other obstructions make it difficult to tarp properly. Once I had a leaky tarp. I went straight to a hardware store, bought another tarp, and put it over the other one. The roofer should be responsible for all damages. As little as I know about the law, you are expected to mitigate (do your best to minimize them) the damages if you can.
An Insurer Provides Earth Quake Insurance To A Manufacturer. Given That A Claim Is Filed, Let X Represent The
Question by ken | Posted in Mathematics
An insurer provides earth quake insurance to a manufacturer. Given that a claim is filed, let X represent the total amount of the claim and Y represent the part of the claim arising from damages to the manufactures building. The joint density of X and Y is given by:
f(x,y) = [ 1/10x, for x +1> x > y, x > y > 0.
0, otherwise.
Calculate the conditional variance of the total claim, given that part of the claim arises from damages to the manufactures building.
Think About It , As Consumers How Long Are We Going To Let Insurance Companies(All) Screw Us Anyway They Want?
Question by Warlock | Posted in Insurance
Even though I pay almost 600.00 a month in the state of Georgia for automobile insurance ( full coverage), I found out if I was in an accident and even though it was not my fault ,a insurance company can charge me with 25% of the accident even though the other driver was ticked for failure to yield, And they are within the law? In this case they are stealing 12,000.00 in damages by just saying Our adjuster see's it this way contrary to police and eye witnesses statements and oh yea we total led your car.How many of you can relate to begging these insurance companies to charge you a outrageous premium so they can refuse to pay when needed. As consumers we let it go, maybe to proud to admit when
Answer: If you pay $600.00 a month for insurance...I hope you have at least 5 cars and 3 young drivers, because that is a ton of money for insurance. 1st you should shop around for insurance $3600 every 6 months for auto insurance leaves a lot of wiggle room for a better quote. 2nd its in your insurance companies best interest to NOT have you charged for any portion of the accident. That means YOUR company had to pay. Where is the slight of had there? They would be screwing themselves over just to get a tiny bit of premium from you? I don't think so.
You example about gave about the contractor as little to nothing to do with insurance and insurance companies. Sure builders are supposed
Do Firefighters Enter Or Try To Stop The Fire If No One Is Trapped In The Building/house?
Question by hamster143 | Posted in Law & Ethics
I just watched a Hong Kong movie about firefighters and they said that in America, firemen would let a building burn down without saving it if there is no one is trapped in it, because the insurance company will compensate. Is that true?
How much does a fireman make a month in US dollars?
Answer: No, the firemen put out the fires ... the only time they let a house burn is if the building has already been damaged beyond repair and is too unstable to enter. Even in that case they will fight it from the outside so it doesn't spread.
Average pay for a firefighter is 45k ($3750 per month)
Small towns often have volunteer firefighters and get no pay.
contents insurance claim after break in assesser coming to house ...
by Editor
If you feel uncomfortable with them or feel they are not professional, then ask them to leave report them to Ins co get someone different. Make copies of all paperwork so that if it gets lost between loss adjuster Insurance, you have them safe. When you take out insurance, you answer certain questions re: the standard of the locks, whether there is an alarm etc. List any missing items see if you have any receipts, photos etc.
Ilene Gordon of Corn Products, Deanna Mulligan of Guardian LifeInsurance, Denise Morrison of Campbell Soup, Ursula Burns of Xerox, Carol Meyrowitz of The TJX Companies, Ellen Kullman of Dupont, Heather Bresch of Mylan, Gracia Martore of Gannett,
If your home has one or more of the following it could be more at risk from subsidence Trees close to buildings - Trees are a major cause of subsidence because they remove moisture from the ground. A single large deciduous tree can remove more than
BALTIMORE -- Remember when the Yankees used to sweat over building a bridge to Mariano? Now, it's all about building a bridge to Soriano. Let's just say it's still under construction, and Joe Girardi is working off only a rough blueprint.
The Cottage Food Act of Washington would let small, home-based entrepreneurs sell cakes, cookies, jams, jellies and other so-called "low-risk" foods without requiring that they rent commercial kitchen space. By Melissa Allison Under the state's new
The states of Illinois, Nevada, Oregon, South Dakota, Tennessee and Washington will receive $181 million in grants from the Health and Human Services Department to help them establish health insurance exchanges. This round of awards brings the total of
BALTIMORE -- Remember when the Yankees used to sweat over building a bridge to Mariano? Now, it's all about building a bridge to Soriano. Let's just say it's still under construction, and Joe Girardi is working off only a rough blueprint.
The states of Illinois, Nevada, Oregon, South Dakota, Tennessee and Washington will receive $181 million in grants from the Health and Human Services Department to help them establish health