Personal Injury Only
David Coyle
take the risk on hazards to the house. However I want insurance for
personal injury, that is, insurance to cover the possibility of someone
injuring themselves on my property. Is there anyone who will provide this
type of coverage outside of a standard homeowner's policy (the property is
in Texas)?
Isa
maybe without personal injury coverage.
It will be MUCH more expensive than a homeowners policy, but any agent
who has access to the excess lines market should be able to get this
for you. Expect it to run about $750, with a nonadmitted (not subject
to Texas insurance regulations) carrier, and a $250 per claim
deductible, including loss adjustment expense.
Isa
"David Coyle" <cryog...@hotmail.com> wrote in message news:<xD7Ja.511$dV5.17...@newssvr11.news.prodigy.com>...
Joe Spratt
Put the home in a Qualified Personal Residence Trust and don't worry about
it. No lawyer in his correct mind would come after you knowing that all he
"might" get is the right to live in the house till the end of the trust
period (not what I would call a liquid settlement). You'd have to draw a
pretty lame judge for him/her to get that.
Although I must say that your line of thinking seems unsound (unless of
course you live in a crack house in the hood that has fallen on hard times).
Why would you not want to protect an appreciating asset?
To answer your question, I don't know of an insurance company who would
write such a policy. Usually they want maximum limits on autos and
homeowners to write excess liability. The reason being, they want to make
sure they provide the highest coverage to people with the most to protect.
Doesn't sound like you and them are singing from the same page of the
Hymnal.
Good Luck,
"Smokin" Joe
"David Coyle" <cryog...@hotmail.com> wrote in message
news:xD7Ja.511$dV5.17...@newssvr11.news.prodigy.com...
David Coyle
Thanks for your reply. Your idea sounds interesting, and maybe I'll check
it out.
For my $300,000 property I am going to pay annually $2,500 for a
homeowner's policy ($500,000 liability) and then about $1,100 for flood
insurance. That's the way it is here in Texas, and other quotes aren't
coming in for much less other than the Fair Plan. If you do a net present
value calculation on that cash flow you will see that I do not have to go
that many years without a big catastrophe before I break even on the hazard
part of the insurance. But yes, there is risk I will be taking.
As far as protecting an appreciating asset goes, it is only the land
underneath the house that is appreciating. Right now about $200,000 of the
$300,000 is land. If the structure and contents are wiped out I will still
do OK on the land which should continue to appreciate.
-DAC
"Joe Spratt" <jsp...@nc.rr.com> wrote in message
news:cyKJa.154425$jp.43...@twister.southeast.rr.com...
Bill Houdek
Back in the "olden days" and before Homeowners policies became popular, one
would get a CPL (comprehensive personal liability) policy and then a fire &
ec policy. The industry continued to sell them separately for special
reasons for a long time. Do not know if they are available now or not. Would
suggest the cost of issuing the policy would be more than the premium for
the individual risk.
Bill Houdek
"David Coyle" <cryog...@hotmail.com> wrote in message
news:xD7Ja.511$dV5.17...@newssvr11.news.prodigy.com...
CW9371
>Sure! You want bodily injury & property damage liability, maybe with,
>maybe without personal injury coverage.
>
>It will be MUCH more expensive than a homeowners policy, but any agent
>who has access to the excess lines market should be able to get this
>for you. Expect it to run about $750, with a nonadmitted (not subject
>to Texas insurance regulations) carrier, and a $250 per claim
>deductible, including loss adjustment expense.
>
>Isa
>
Isa, hes in texas homeowenrs premiums run from 1000 to 6000 for your average
home due to mold and the fact many many carriers have pulled out of the state.
the Last 2 homes i refrerred to an agent were in the 3-4000 dollar range a year
for insurance.
chris
David Coyle
I think you are right about the issuing cost being much higher than the
premium. The personal injury coverage is less than $100, and an umbrella
policy is maybe $200 for a million coverage (but you must have the
homeowner's policy to get it). I think I might just have to pay the premium
for the homeowner's policy and accept it (just like taxes) as an annual
catastrophe. In the meantime I also found out that taking a 2% deductible
instead of 1% saves about $400 out of $2500. This makes sense to me because
if I suffer anything less than $5000 in damage I will probably not be making
any claims anyway. So I will probably take the larger deductible and if my
lender complains I might have to pay off the loan.
-DAC
"Bill Houdek" <bho...@swbell.net> wrote in message
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