Property, Liability and Auto Insurance: A Handbook and Guide for Insurance Concepts and Coverage!

By Revathi Raja Kumar and Saravana Gupta Ravindran

A Handbook and Guide for Insurance Concepts and Coverage!!

• Language: English
• Publisher: Revathi Raja Kumar
• Release date: May 26, 2022
• ISBN: 9781005099398

Revathi Raja Kumar

I started my real estate journey when I bought my dream home several years ago. I didn't know a lot, but was very curious to learn more. This curiosity drove me to keep learning more. I refinanced the mortgage multiple times to take advantage of the lower interest rates. I refinanced to 15 year mortgage to lower interest rate even further.Had a mindset change to focus on expanding income instead of reducing expense. Explored further on this to understand the single family rental market. Spent several hours on BiggerPockets website to learn and then became a landlord. To expand my understanding further completed hundreds of hours of Pre-Licensure education, took the license tests on Mortgage Broker, Real Estate Agent, Insurance Agent, Notary Public and aced all.Teaching and helping others has been a passion for me since my childhood. I am passionate and dedicated in whatever I do. I became a volunteer to teach Tamil to kids. To take a step further became a woman entrepreneur to help others in their real estate journey.I am now a licensed Mortgage Broker in California & Texas, licensed Insurance agent providing services in California & Texas, Real Estate agent in California Bay area.Come join me and Let's make it happen!

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Revathi Raja Kumar & Saravana Gupta Ravindran

Property, Liability and Auto Insurance

First published by Fractal Infinite LLC 2022

Copyright © 2022 by Revathi Raja Kumar & Saravana Gupta Ravindran

All rights reserved. No part of this publication may be reproduced, stored or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise without written permission from the publisher. It is illegal to copy this book, post it to a website, or distribute it by any other means without permission.

First edition

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I dedicate this book to my loving mom, beloved husband and my wonderful son for inspiring and supporting me through this journey!

Contents

About the Author

1. Importance of having Insurance

2. Home owners Insurance VS Renters Insurance

3. What are the most common home insurance claims?

4. Ways to lower your Homeowners Insurance

5. Unusual things that your Homeowner’s Insurance may cover

6. Renters Insurance

7. Landlord Insurance

8. Condominium insurance and its coverage

9. Business Owners Policy & its coverage

10. Umbrella Insurance

11. What is full coverage car insurance? Who should buy it?

12. What is usage based insurance? How can you reduce your auto insurance premium?

13. How to file a car insurance Claim?

14. What is Gap insurance? Is it worth to buy?

15. How to save money on Car Insurance

16. Does my insurance cover hitting a deer?

17. Earthquake Insurance

18. Flood Insurance

19. Homeowners Insurance Floaters and Endorsements

About the Author

I started my real estate journey when I bought my dream home several years ago. I didn’t know a lot, but was very curious to learn more. This curiosity drove me to keep learning more. I refinanced the mortgage multiple times to take advantage of the lower interest rates. I refinanced to 15 year mortgage to lower interest rate even further.

Had a mindset change to focus on expanding income instead of reducing expense. Explored further on this to understand the single family rental market. Spent several hours on BiggerPockets website to learn and then became a landlord. To expand my understanding further completed hundreds of hours of Pre-Licensure education, took the license tests on Mortgage Broker, Real Estate Agent, Insurance Agent, Notary Public and aced all.

Teaching and helping others has been a passion for me since my childhood. I am passionate and dedicated in whatever I do. I became a volunteer to teach Tamil to kids. To take a step further became a woman entrepreneur to help others in their real estate journey.

I am competent, skillful, and work with the highest level of integrity. My clients can depend on me to ensure that all elements of the transaction are completed properly and professionally. My comprehensive knowledge in real estate, mortgage and insurance provides my clients with an efficient experience throughout the process.

I am now a licensed Mortgage Broker in California & Texas, licensed Insurance agent providing services in California & Texas, Real Estate agent in California Bay area.

Come join me and Let’s make it happen!

One

Importance of having Insurance

Chapter Separator

Importance of having Homeowners Insurance

Our home provides shelter and comfort, making it one of our greatest assets and it is important to protect our precious asset.

Homeowners Insurance is an insurance policy that you buy from an insurance provider which helps protect your home and family from unexpected events or disasters. It generally provides coverage to both your interior and exterior parts of your home.

Though it is not mandatory to have Homeowners insurance by law, it is wise to invest in an insurance to protect your home and family and have peace of mind from unexpected events and disasters.

Homeowners Insurance usually includes both property and liability insurance. In addition to protecting the homeowner from damages to their home, it also offers protection against damages arising from liability issues by the homeowner and to them.

In spite of their awareness of the importance of insurance, many homeowners are unaware of the type of coverage they need for their homes.

In the event of a disaster, if the home has a Actual Cash Value also known as Current market value coverage in the policy,, then the coverage usually provides for the current value of the home. It does not provide the coverage to replace the damage on the property.

In the event of a disaster, if the home has a Replacement Cost, then the coverage usually provides the cost to replace the damage of the home. This might increase the premium of the insurance policy but it is worth having a peace of mind. Though, the replacement cost covers the cost of the home to rebuild the home, it does not exceed the limit outlined in the policy. The replacement cost may also be extended according to the coverage needs of the home.

Actual cash value = The amount needed to fix your home - Depreciated amount (Value of your home reduced because of age or use).

Replacement Cost = The amount needed to replace the home into its original new condition.

If you have a mortgage and do not have an insurance policy, the lender may provide you a coverage for the property according to the Consumer Financial Protection Bureau. The policy provided by the lender usually costs more than the regular policy.

Liability coverage is a coverage that is usually included in the home owners policy which help you from paying out of pocket for the damage caused. It provides coverage