Carlos Cornejo's Blog
11
Oct

Do you need insurance? Buyers

DO I NEED INSURANCE?

Specifically in the properties, the insurance provides protection against disasters, however, insurance, regardless of the nature, they are little appreciated until they are needed. Therefore, the decision to have an insurance on the property, insurance health, maternity etc, depends on each person's risk tolerance.

DOES THAT PROTECT ME INSURANCE?

There are different policies, however, the covers are important to protect:
The internal and/or external ownership structure
Personal items inside the property
Damage to third parties (accidents within the property)
Damage to other property (in the case of condominiums)

TO INSURANCE DO I NEED?

There are many variations and not all owners need or are looking for the same type of coverage. Therefore, it is convenient to clarify the policy coverage, restrictions, exclusions to cover their possible risks. 
The 3 elements most important to decide the type of coverage you need, are:

 

  • Use of the property:
    • Investment with the aim of renting:
      • Civil liability:
        • protects against legal action and medical expenses in the event that someone is injured on your property
        • Protection against damage to other properties
        • Personal objects and the inner part of the property (floor, walls, roofs, electrical installations, appliances or air conditioning)
    • Residence main
      • Personal objects and the inner part of the property (floor, walls, roofs, electrical installations, appliances or air conditioning)
    • Location
      • Yes this in (required by the Government and lenders) flood zone
      • If in a hurricane prone area (usually an optional policy)
    • Type of property
      • House and townhouse
        • Structural protection, flood, sinister and hurricanes
      • Condominium
        • Buildings usually have a general policy (master policy) that covers the structure and common areas against flooding and sinister
          • Personal objects and the inner part of the property (floor, walls, roofs, electrical installations, appliances or air conditioning)
    • Number of properties
      • If you have several properties, you have the option of using secure "umbrella" that allow to dilute the cost of the policy.

WAYS TO REDUCE THE COST OF THE POLICY

1 increase your deductible. As the owner you can save money if you increase the deductible of their insurance, which is the amount paid before the insurance company to meet a demand. This course is one of the most common ways to hold down the cost of insurance. But remember that a high-deductible is a great way to save money, while you have the money to pay the deductible when needed.

2. install an effective alarm system. Insurance companies give discounts for having an alarm system.

3. try to pay for their own claims of minors, in virtue of which frequent claims are a determinant so that insurance companies set a higher value to the raw material.

Don't forget to ask the advice of an insurance broker at the time of purchasing your property and if you already purchased it is never late to assess the conditions, terms and coverage of your policy.

 



Carlos Cornejo
3371108
Mobile: 7862509463
Website: Visit Website
eMail: Contact

Luxur Realty LLC
2786 NW 79th Avenue
Doral, Fl 33178
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