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Does Homeowners Insurance Cover Destruction of Property by a Government Entity?
Jeff Ryan - CLU, ChFC, AIA, CIC, CPCU
May 22, 2022
Review your policy with your agent for specifics
Most property insurance forms contain specific language regarding coverage in the event of what is typically referred to as “governmental action”.
For example, below is a snippet of the exclusionary verbiage found in the common ISO Homeowners policy:๏ปฟ
Another example is below from an ISO Commercial Property Form:
You can see that both the personal and commercial versions of the ISO property forms generally respond if the destruction of property is to prevent the spread of fire. One can safely assume that other forms of governmental action will be excluded in most property policies.
๏ปฟNon-ISO policy forms may have different language and some policies may include unique coverage extensions. Consult your agent or company’s claim representative or read your entire policy for specific reference.
This article may have been originally published at Quora.com.
To see Jeff's Quora.com profile click here.
“Am I covered if I drive someone else’s car?” Or, “Am I covered if someone else drives mine?”
Many don’t realize that the insurance industry is one of the country's most regulated business segments, especially in New York State. The New York State Department of Financial Services (NYS DFS) wields significant control over the insurance business and has a stated goal of protecting consumers.
Most property insurance companies offer Actual Cash Value or Replacement Cost settlement options. Typically, insurance companies will require that you insure the property to the settlement value you choose. If you select Actual Cash Value, the amount you may be required to insure the property for will be less than the corresponding Replacement Value.
In that spirit, the Ryan Agency is sponsoring a Stearns BBQ Dinner pickup at our office on 57 Broadway Mall in Hornell on September 12th from 3:00 PM to 4:30 PM.
Today, an individual’s credit history can play a more significant role than any one of those traditional factors. Good Credit Scores lead to a Positive Insurance score. A good Insurance Score greatly influences what someone will pay to insure their vehicles.
Insurance companies offer various discounts for which their policyholders may qualify.
Great Eight number Six (6) suggests taking a look at removing Comprehensive and Collision on Older Vehicles.
By reducing the number of claims in your insurance history, you can significantly affect your rates in the future.
Sometimes, this concept meets with resistance from policyholders. The thought of paying more in the event of a claim is off-putting to some. Even if that means I pay more for my insurance.
OK. Admittedly, this strategy doesn't benefit everyone, but it can be very beneficial for those it does. You may have unique home or auto insurance needs that prevent you from bundling with the same company. Alternatively… you might have a better rate without the bundle discount by splitting up your insurance between multiple carriers.
