Home owners insurance questions

[dreamingat30fps]

So I've been looking at insurance for the property we are buying in NC. I have gotten quotes as high as like $1500 and as low as $700. I have noticed some of them don't put any liability or medical payments coverage labeled coverage E and F. They state this would be covered under my insurance for my primary home in FL. Is that true or do I need liability coverage for both?

Honestly I'm thinking of dropping the insurance on the house here in FL soon or at least decreasing it drastically (maybe just get flood) because it's pretty ridiculous and they have never paid for anything, but it keeps going up every year.

Anyways what do you guys think would be the best way to set this all up?

[jsf721]

I have homeowners on my homes , flood, and an umbrella.

I think it’s worth it for peice of mind and Peace of mind.

[jsf721]

I have homeowners on my homes , flood, and an umbrella.

I think it’s worth it for peice of mind and Peace of mind.

It is crazy expensive and gets worse every year.

[vreihen16]

A related question is whether you should use separate insurance companies for both properties, and whether it is a useful way to separate the two properties' liability or just muddy the insurance company finger-pointing if they are ever asked to write a check.

Does owning one of the properties in a trust separate them for insurance/liability purposes if the other is owned in your own name(s)?????

[dreamingat30fps]

Originally Posted by vreihen16

A related question is whether you should use separate insurance companies for both properties, and whether it is a useful way to separate the two properties' liability or just muddy the insurance company finger-pointing if they are ever asked to write a check.

Does owning one of the properties in a trust separate them for insurance/liability purposes if the other is owned in your own name(s)?????

Well in my case its not much of a choice since practically no one will write policies in FL. I have to go with Citizens which has some kind of deal with the government or something and is one of the few who will insure you in FL.

Part of the reason I'm thinking of dumping the FL policy and maybe just get flood or something. The hurricane damage has it's own deductible anyways which I believe is quite high. Total rip off!

[kscarrol]

Do you have an umbrella policy? If so dropping all coverage on FL except flood may void that policy…

[dreamingat30fps]

Originally Posted by kscarrol

Do you have an umbrella policy? If so dropping all coverage on FL except flood may void that policy…

No. All I have right now is the insurance on the FL home. Although if what they say is true that the liability coverage on my FL home owners insurance would cover liability on the NC house then would the opposite not be true also? If I had liability on the NC house would that not cover the FL house? Very confusing.

[vreihen16]

It may be a matter of which one is your primary residence.

Is there a mortgage on your Florida residence? If so, the bank will probably not let you drop your coverage. I know that every vehicle loan contract I've ever signed has a clause that the lender has the right to buy insurance and bill you for it in the event that you fail to have an adequate policy in place to protect their interest in your vehicle. I'm not sure, but I think that their policy would not pay you in the event of a loss.....

[MurrayB]

I have the liability of my primary extended to other owned properties. One is a house and the other is a building lot both in a state where the primary does not write policies.

Everybody should have an umbrella policy. You still need the underlying coverage.

Good Luck!