Insurance Conversions?
Hello all,
What are the advantages or disadvantages of converting insurance policies? I moved out of a repaired repo, and now have a tenant. The insurance hasn't been converted yet. Is it worth changing or does it make a difference?
[ Edited by MRCCAL on Date 11/12/2003 ]
You will need to change it. Whats it worth to you if you cannot collect? In our area there are a lot of insurance companies offering cheap insurance, just make sure you can afford the deductable when the time comes. You also may want to have the renters get renters insurance as well, to pay for any of there belongings. One house without insurance could cripple you for a long time. Even with my ugly mobiles I get cleanup fees of 2-6K to take care of removal, and in some cases replacement.
Good Luck,
Kyle
Prop P&C is a very specialized area and you need to find and work with a good P&C agent for prop ins...and if your agent won't help you, find another one.
Don't try to wing it yourself or you'll find yourself with NO ins on your next claim.
As a lawyer I've seen all too many ins-less claims where property owner decided what he/she needed, without consulting any agent...and he/she was the one who got stuck or burned, not any ins. co.