Hazard Insurance vs Liability Insurance in Albuquerque

Source: https://www.podbean.com/eau/pb-kpz4f-f85783 Tego Venturi: Let’s just talk about hazard insurance versus liability insurance and that you always see those on every policy. So what’s the difference? What are those covers? William Tobin: The hazard insurance covers the structure of the home itself.…

Hazard Insurance vs Liability Insurance in Albuquerque

Source

0
(0)

Source:
https://www.podbean.com/eau/pb-kpz4f-f85783

Tego Venturi: Let’s just talk about hazard insurance versus liability insurance and that you always see those on every policy. So what’s the difference? What are those covers?
William Tobin: The hazard insurance covers the structure of the home itself. liability insurance goes with your home and that covers, in case you hurt somebody, again, doesn’t include vehicles or motorcycles. But if somebody slips on your property as the most common, gets hurt your pool, your dog bites them, the liability covers the other person.
Tego Venturi: Got it? What other type of let’s say coverage or riders are additional first off to find what a rider is for people.
William Tobin: That’s where you pay me more money for riders or
Tego Venturi: additional overcharged overcharge, is that what it is? Yeah, it’s
William Tobin: an Upshot. Now, the riders The most common is when homeowners policies, almost invariably have limits on jewelry, firearms, you know, artwork, things like that. So if you want a rider, it means you’re going to pay the insurance company more money to specifically insure an item that we limit. And again, jewelry i think is, you know, wedding rings all day long.
Tego Venturi: So what about personal property? Otherwise, let’s say you know, you’re you’re ordering your homeowner’s policy. Okay, so you got hazard insurance to cover this structure structure, you’ve got liability to cover in case somebody gets hurt and tries to sue you. Right, right.
William Tobin: What about all the other stuff? That’s, those are contents. And that’s the stuff that you keep in your home. So the way when I teach a class, I’ll explain it, if you turn your home upside down and shake it was thought like that? Yeah, it’s easy for me to understand.
Tego Venturi: So wrap your brain around that. Yeah,
Tego Venturi: let me just before we go ahead, go ahead. We say that in the real estate business, too, because we have you know, the the real property right, which right real estate, the building and the land and everything, and then you have personal property, right. And we say the same thing, same thing, if you turn the house upside down and shake it, that’s personal property, right? And the homeowner’s
William Tobin: policy will also cover that
Tego Venturi: got it. But you can have different limits on that. So you know, let’s say you have all this expensive, whatever, right? You right, you can do that. In that brings up another question that that I we always recommend and people should always do this is documenting the contents of your home. How do you recommend people do that? Easy on it’s really funny. We all know how many couches and TV sets we have. But when whenever there’s a loss by fire, and there were some in California were literally in Los Alamos as well. Right. It was brutal,
William Tobin: it leveled the house, there was nothing but ashes. It’s our clothing, our socks, our silverware stuff that we accumulate, nobody goes to target and buys $100,000 and outfits, their kids there, right. It’s done over time. Yeah. And so I recommend a video of those open all your drawers, you know, shoot all your socks, your clothes, your you know, things that we don’t think about. And for God’s sakes, don’t keep that in the kitchen cabinet above the stove. Yeah, right. Right. Keep
Tego Venturi: it Well, yeah. in the cloud, do it. Well do it in your phone. Right and keep it in the cloud. Exactly. I gotta tell you a story on that. So when I first house I owned up here in Rio Rancho. I did it. I did it with one of those big old VHS rigs. Yes, yes. Yeah. I
William Tobin: mean, that’s we’re dating ourselves.
Tego Venturi: But yeah, I mean, some people probably don’t even know what that is. Now. I think most of the listeners here know what that is. But yeah, I mean, now we just carry around. Yeah, use your iPhone. Yeah, you put it out in the cloud. And it’s there. So that’s good. So So documenting is good, smart. It’s something that that as of 2020, I think is obviously become to the forefront is working at home. Yes. And so a lot of people are working from home, maybe, you know, have built out a home office now. Maybe they’re doing kind of CO working spaces, you know, they’ve still got their office space, but they also have a home working space, which I have. How, what would you recommend to somebody that has that situation?
William Tobin: That’s an unbelievably appropriate question right. Now,
Tego Venturi: of course,
William Tobin: I know. Yeah, sure. But it is especially during COVID. Every homeowner’s policy will have limits on business properties, stuff you use for business. Okay, so to get back to your writers, you can get there really inexpensive, you know, you can get a rider for that to cover, quote, business property, because one of the things that homeowners policies exclude, are, quote, business properties, most of them will give you a little bit to ego. They’ll gi

0 / 5. 0

Leave a Reply

Your email address will not be published. Required fields are marked *