|
|
5 Things to Understand About Homeowners Insurance
- Look for exclusions to coverage. For example, most insurance policies do not cover flood or earthquake damage as a standard item. These coverages must be bought separately.
- Look for dollar limitations on claims. Even if you are covered for a risk, there may a limit on how much the insurer will pay. For example, many policies limit the amount paid for stolen jewelry unless items are insured separately.
- Understand replacement cost. If your home is destroyed you’ll receive money to replace it only to the maximum of your coverage, so be sure your insurance is sufficient. This means that if your home is insured for $150,000 and it costs $180,000 to replace it, you’ll only receive $150,000.
- Understand actual cash value. If you chose not to replace your home when it’s destroyed, you’ll receive replacement cost, less depreciation. This is called actual cash value.
- Understand liability. Generally your homeowners insurance covers you for accidents that happen to other people on your property, including medical care, court costs, and awards by the court. However, there is usually an upper limit to the amount of coverage provided. Be sure that it’s sufficient if you have significant assets.
Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS®
Copyright 2004. All rights reserved. www.REALTOR.org/realtormag
Southfield
Price: $22400
2 BEDROOM RANCH HOME, 1 FULL/1 HALF BATH. HOME HAS MANY UPDATES, WINDOWS, NEW ROOF OCTOBER 2008, VINYL SIDING, GLASS BLOCK WINDOWS IN THE PART FIN BASEMENT, HARDWOOD FLOORS IN LIVING ROOM AND FOYER, TILED KITCHEN AND LAUNDRY ROOMS. ENJOY THE SPACIOUS PRIVATE REAR DECK, LARGE FENCED LOT. GREAT FOR ENTERTAINING. REAR YARD HAS 2 DOG KENNELS WITH ACCESS INTO THE GARAGE. LANDSCAPING INCLUDES MANY TREES & PERENNIALS.
|
Detroit
Price: $12000
Well maintained home! New driveway, porch, and garage in 02. Complete tear off Roof in 99. Bonus 13x9 room upstairs (sitting room). finished hardwood floors throughout the main level and upstairs. Spacious Living Room! Partially finished basement and central air. Buyer to order city inspection and sign acr with city. All Offers Are Subject to Bank Approval!!
|
|
