Why do home owners insurance policies come as a Package? ex other strucures $$, fire dept $$$?
I don't have other strucures like tool shed, a barrier and etc I pay city assessment on my property tax for fire and police so I would not be paying if I needed their services.
Answers:
The STANDARD homeowners policy is a carton policy. It offers deep discounts for buying adjectives six lines of coverage.
If you really, really don't want the STANDARD homeowners policy, you CAN buy "cafeteria" style, but it costs WAY WAY WAY more.
Most people would rather help yourself to coverages they don't need, then pay envelope twice as much for exactly what they DO need.
It's kinda like going to a restaurant for dinner. They administer you rolls, and a glass of water, within addition to what you order past its sell-by date the menu. If you don't order the meal which comes next to a salad and vegetables, but decide you want the meat ala carte, you're going to pay more, than if you obtain the "package deal".
It's MUCH better for the consumer, because there are coverages on the homeowners policy that MOST empire JUST don't think to ask for at the time they're buying the coverage - example - loss of use. If you have a fire, and it's going to transport 4 months for your house to be repaired, loss of use puts you in a hotel for that time. Otherwise, you have to pay cheque the hotel bill yourself, or rent another place out of pocket.
I *have* gotten quotes for several very stubborn people that needed "ala carte" coverage - they didn't believe me when I told them it was better to have the packet policy, and pay for the garage (other structures). The last one I did, the "standard" homeowners be around $500 a year; the "special coverage" on the house itself (not equivelent, because it didn't have "bells and whistles") was $750, and the LIABILITY be another $250.
I've never, ever sold an ala carte policy to someone who was fussing about the bag deal. But I WILL quote it for you (you meaning, one of my existing clients) for a $50 duty to be refunded if you actually BUY it from me. If you stick next to the cheaper, broader coverage policy, that covers my time and office expenses getting the quote. Source(s): agent, 21+ years
Related Questions:
Answers:
The STANDARD homeowners policy is a carton policy. It offers deep discounts for buying adjectives six lines of coverage.
If you really, really don't want the STANDARD homeowners policy, you CAN buy "cafeteria" style, but it costs WAY WAY WAY more.
Most people would rather help yourself to coverages they don't need, then pay envelope twice as much for exactly what they DO need.
It's kinda like going to a restaurant for dinner. They administer you rolls, and a glass of water, within addition to what you order past its sell-by date the menu. If you don't order the meal which comes next to a salad and vegetables, but decide you want the meat ala carte, you're going to pay more, than if you obtain the "package deal".
It's MUCH better for the consumer, because there are coverages on the homeowners policy that MOST empire JUST don't think to ask for at the time they're buying the coverage - example - loss of use. If you have a fire, and it's going to transport 4 months for your house to be repaired, loss of use puts you in a hotel for that time. Otherwise, you have to pay cheque the hotel bill yourself, or rent another place out of pocket.
I *have* gotten quotes for several very stubborn people that needed "ala carte" coverage - they didn't believe me when I told them it was better to have the packet policy, and pay for the garage (other structures). The last one I did, the "standard" homeowners be around $500 a year; the "special coverage" on the house itself (not equivelent, because it didn't have "bells and whistles") was $750, and the LIABILITY be another $250.
I've never, ever sold an ala carte policy to someone who was fussing about the bag deal. But I WILL quote it for you (you meaning, one of my existing clients) for a $50 duty to be refunded if you actually BUY it from me. If you stick next to the cheaper, broader coverage policy, that covers my time and office expenses getting the quote. Source(s): agent, 21+ years
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