The Motley Fool

DECEMBER 1, 2023

If a homeowner has their stuff stolen, the big question is, do they have to pay to replace it out of their checking account ? That's because a homeowners insurance policy will usually cover the stolen items. When does homeowners insurance cover stolen property? Image source: Getty Images More than 1.1

Accounting 246

Accounting Companies 246

The Motley Fool

JANUARY 17, 2024

And then there's the insurance. Your new home gym may actually require some additional homeowners insurance (or renters insurance, if you don't own the property). Your new home gym may actually require some additional homeowners insurance (or renters insurance, if you don't own the property).

Liabilities 245

Liabilities Professional Services Debt Companies 245

The Motley Fool

JANUARY 7, 2024

Let's look at a few reasons why knob and tube wiring is a problem for homeowners insurance, and how you can solve it. Read more: check out our picks for best homeowners insurance companies Knob and tube wiring can't be installed anymore, and the modern form of electrical wiring (called "romex") is safer and better.

Companies 246

Companies 246

The Motley Fool

SEPTEMBER 26, 2023

Image source: Getty Images Homeowners insurance is supposed to provide asset protection. The money won't have to come out of a homeowner's bank account when something goes wrong. It's important to realize, though, that homeowners insurance doesn't necessarily cover every possible calamity.

Financial Services 245

Financial Services Banks Assets Accounting 245

The Motley Fool

OCTOBER 8, 2023

There may also be one other task to check off your to-do list: Purchasing homeowners insurance. Homeowners typically must have the required minimum homeowners insurance coverage in place prior to closing on a loan. Here's what homeowners need to know about this essential coverage.

Collateral 246

Collateral Debt Assets Funds 246

The Motley Fool

OCTOBER 31, 2023

Image source: Getty Images When buying homeowners insurance , property owners must decide on their policy limits. Sometimes, homeowners don't do that, though. Basically, this rule says that the home must be insured for at least 80% of the replacement cost of the property. That's what it would cost to rebuild.

Liabilities 246

Liabilities Assets Accounting Companies 246

The Motley Fool

JANUARY 16, 2024

Image source: Getty Images In all the fun and bustle of comparing shopping equipment and designing your perfect home gym, it may not occur to take time to consider your homeowners insurance. When you need extra property insurance The total amount of property you can get reimbursed for will be limited by your policy.

Liabilities 246

Liabilities Legal Professional Services Financing 246

The Motley Fool

FEBRUARY 3, 2024

The precise amount would depend on the buyer's down payment, how much they pay for homeowners insurance, and the rate of property tax they're responsible for. In short, an escrow account holds the money that will be used to pay property taxes and homeowners insurance.

Taxes 246

Taxes Accounting Debt Funds 246

The Motley Fool

MAY 13, 2024

You also have to account for added costs like property taxes, maintenance, repairs, and insurance. The average cost of homeowners insurance for a 12-month policy among insurers in Progressive's network ranges from $999 ($83 per month) to $1,655 ($138 per month) for policies effective on or after April 1, 2020.

Liabilities 130

Liabilities Prospects Taxes Accounting 130

The Motley Fool

APRIL 8, 2024

Image source: Getty Images There's no getting around the fact that insurance costs ballooned over the past year. Bureau of Labor Statistics data shows that car insurance premiums rose 20% in 2023, and the average annual amount a driver pays for car insurance is now a staggering $2,543.

Accounting 246

Accounting Companies 246

The Motley Fool

AUGUST 5, 2023

Image source: Getty Images Homeowners insurance is an unavoidable expense when you own a home. And in the past, my homeowners policy has picked up the tab for a number of issues that otherwise would have cost me thousands of dollars. Liberty Mutual says the average homeowners insurance deductible is $1,000.

Companies 246

Companies 246

The Motley Fool

MAY 6, 2024

But it's important to know that your standard homeowners insurance is likely not sufficient all by itself. As an owner of an Airbnb rental myself, here are three important things you need to know about insuring a short-term rental property. Some rivals offer significantly lower coverage and exclude issues like pet damage.

Liabilities 130

Liabilities Assets Companies Investing 130

The Motley Fool

MAY 29, 2024

If you're a first-time homeowner or soon will be, you'll likely want to fill up your new space and make it your own. The couch also has fantastic reviews, earning 4.6 stars from nearly 1,600 reviewers. Image source: Getty Images The first time I bought a home, I was shocked at how much I spent once I moved in.

Financing 130

Financing Finance 130

The Motley Fool

JANUARY 8, 2024

Image source: Getty Images Most people might not know this, but if you buy a house that needs repairs -- and you're not careful -- your homeowners insurance can get canceled. We were suddenly left scrambling to find a solution so we could keep our homeowners insurance, and, well, our house. It was a bit of a fixer upper!

Liabilities 200

Liabilities Legal Private Companies Companies 200

The Motley Fool

SEPTEMBER 21, 2023

Image source: Getty Images Homeowners insurance is a necessary purchase that can save you a lot of money if the worst happens. Unfortunately, getting a homeowners policy isn't always cheap or easy, and it all has to do with your home. Insurers might also consider your proximity to police and fire stations when writing a policy.

Liabilities 246

Liabilities Companies 246

The Motley Fool

SEPTEMBER 27, 2023

If you own a home, your homeowners insurance can cushion you financially against a host of unexpected events, including those of the climate variety. Unfortunately, that insurance is getting more expensive. Per Consumer Reports, S&P Global Market Intelligence says that homeowners insurance premiums are likely to increase by 7.1%

Liabilities 244

Liabilities Assets Companies Funds 244

The Motley Fool

JULY 5, 2023

Image source: Getty Images Putting homeowners insurance in place is a prerequisite to signing a mortgage loan. Without homeowners insurance , you could end up liable for expensive repair bills if your property sustains damage, whether from a fire or an outside storm. And over time, your premium rates could rise.

Liabilities 245

Liabilities Companies 245

The Motley Fool

JANUARY 2, 2024

Image source: Getty Images Paying for insurance can be expensive -- especially in today's environment. In fact, the cost of a homeowners policy has risen 21% on average compared with the prior year. And in some states, homeowners insurance costs have jumped as much as 68% since 2021.

Accounting 246

Accounting Banks Companies 246

The Motley Fool

APRIL 5, 2024

But insurance payments are typically not reported to the credit bureaus -- for better or for worse. On-time insurance payments generally will not help your score because they're not reported. And on the flipside, if you're late paying your homeowners insurance , it generally will not impact your credit negatively.

Liabilities 130

Liabilities Debt Companies 130

The Motley Fool

DECEMBER 12, 2023

Image source: Getty Images If you've been struggling to cover the cost of auto insurance , you're not alone. A May survey by Policygenius found that 43% of insured drivers were paying more for car insurance during the spring of 2023 than they were a year prior. Bundle with your homeowners policy Own a home as well as a car?

Companies 264

Companies 264

The Motley Fool

JANUARY 8, 2024

Review your savings account now and try to add to it if you barely have enough money to cover an additional week's worth of food. Make sure you have enough money in the bank to cover your homeowners insurance deductible You never know when your home might sustain damage, but that may be more likely to happen during a winter storm.

Financing 246

Financing Finance Debt Banks 246

The Motley Fool

APRIL 10, 2024

Image source: Upsplash/The Motley Fool One problem with being a new homeowner -- other than turning into your parents, like in the Dr. Rick commercials -- is that it brings a lot of new expenses into your life. And what might "stink" even more is: sewage problems are not always covered by homeowners insurance.

Consultants 130

Consultants Consulting Companies Funds 130

The Motley Fool

APRIL 21, 2024

Doing so will help you avoid private mortgage insurance , a costly expense that's typically tacked onto your monthly mortgage payments with down payments under 20%. Also, let's say that property taxes and insurance on your home cost $550 a month combined. As of this writing, Freddie Mac puts the average 30-year mortgage rate at 6.82%.

Taxes 243

Taxes Debt Banks Funds 243

The Motley Fool

APRIL 27, 2024

Image source: Upsplash/The Motley Fool The average yearly cost of a car insurance policy is $1,547, according to U.S. But the cost of auto insurance can hinge on several factors. It's not unheard of for the cost of car insurance to rise over time. It's not unheard of for the cost of car insurance to rise over time.

Companies 242

Companies 242

The Motley Fool

MARCH 24, 2024

Image source: Getty Images Filing a homeowners insurance claim is stressful under the best of circumstances. But it's a whole lot worse if the insurer denies the claim because the damages aren't actually covered under the policy terms. Here's what homeowners need to know to prepare themselves.

Companies 130

Companies Investing 130

The Motley Fool

DECEMBER 28, 2023

Unfortunately, becoming a homeowner means more than just paying a mortgage lender every month. Here are three that you weren't paying as a renter, but will need to add to your budget as a homeowner. Homeowners insurance Once you buy a home, you'll need to insure it. Congratulations -- it's in mine, too!

Taxes 242

Taxes Collateral Accounting Funds 242

The Motley Fool

SEPTEMBER 9, 2023

But, what we didn't know is that we would face an added challenge when it came to getting homeowners insurance coverage. Home insurers have certain minimum requirements when buying coverage In order to be able to close on our home loan, we needed to have insurance for the home that we're buying. Here's why. Here's why.

Depreciation 246

Depreciation Financing Finance Companies 246

The Motley Fool

APRIL 15, 2024

This includes the cost of your mortgage loan, homeowners insurance , and other housing-related costs like homeowners association (HOA) fees. Before you buy, figure out what your home will cost by using a mortgage calculator that takes taxes and insurance costs into account.

Banks 243

Banks Taxes Accounting Debt 243

The Motley Fool

APRIL 5, 2024

The data brokers then sell that data to insurance companies, which can be disastrous for some drivers' car insurance rates. The data brokers then sell that data to insurance companies, which can be disastrous for some drivers' car insurance rates. That means shopping for the best car insurance is more important than ever.

Companies 241

Companies 241

The Motley Fool

AUGUST 31, 2023

The legal climate for insurers also isn't very favorable in the Sunshine State, as a state Supreme Court ruling in favor of plaintiffs in 2017 opened the door to lots of property claims litigation. An Insurance Information Institute Analysis recently found that while the U.S.

Legal 246

Legal Accounting Companies Funds 246

The Motley Fool

MAY 23, 2024

But no matter which membership you choose, here are a few ways you can benefit from joining Costco as a newly minted homeowner. Access to homeowners insurance If you're taking out a mortgage to buy your home, you'll need a homeowners policy for that loan to go through. Want to replace worn flooring or carpet?

Accounting 130

Accounting Financing Finance 130

The Motley Fool

FEBRUARY 26, 2024

You also need to show proof of a homeowners insurance policy before your mortgage can be finalized. Why do mortgage lenders insist on homeowners insurance? That's why lenders insist on homeowners insurance. But as long as you have a mortgage you're paying off, you're required to have homeowners insurance.

Assets 130

Assets Companies 130

The Motley Fool

MARCH 5, 2024

Image source: Getty Images Car insurance premiums are soaring, with prices up around 26% at the start of 2024 compared with the year prior. Unfortunately, paying so much for auto insurance can be a huge financial burden. As a result, some insurers reduce premiums by as much as 20% for those who have the grades to qualify.

Banks 242

Banks Accounting Companies 242

The Motley Fool

APRIL 27, 2024

Insurance for hybrid cars costs too much" It's true that hybrid vehicles tend to have slightly higher auto insurance costs. But hybrid cars are often misunderstood. There are a few big myths and misconceptions about hybrid vehicles that could lead you astray from boosting your fuel economy. Don't believe the anti-hybrid hype!

Taxes 237

Taxes Funds Companies 237

The Motley Fool

MARCH 2, 2024

Image source: Getty Images Homeowners insurance is expensive in the state where I live. And when I let my insurance company know that I had done that, I saw my monthly premiums drop. Wondering just how much my home insurance costs fell after the roof install was completed? And I used good quality roofing material.

Assets 130

Assets Companies 130

The Motley Fool

FEBRUARY 28, 2024

Many think their homeowners insurance has them covered, but the truth is a real gut punch to the wallet. To be truly protected, separate flood insurance is a must. Traditional homeowners insurance doesn't cover flood damage It's largely due to these high costs that homeowners insurance companies stopped covering flood damages.

Companies 130

Companies Investing 130

The Motley Fool

MARCH 13, 2024

Image source: Upsplash/The Motley Fool Property owners need homeowners insurance coverage because houses cost a lot of money. Homeowners insurance can also provide coverage for the property inside of a home, which is important since most people keep all their stuff where they live.

Financing 130

Financing Finance Assets Accounting 130