ADA Compliance: What Renters Need to Know
Apartment complexes must be in compliance with ADA rules.
The post ADA Compliance: What Renters Need to Know appeared first on Apartment Living Tips – Apartment Tips from ApartmentGuide.com.
Apartment complexes must be in compliance with ADA rules.
The post ADA Compliance: What Renters Need to Know appeared first on Apartment Living Tips – Apartment Tips from ApartmentGuide.com.
Check out these tips on how to clean an iron to make it look brand new.
The post How To Clean An Iron To Make It Look Brand New appeared first on Apartment Living Tips – Apartment Tips from ApartmentGuide.com.
The post How to Free Up Cash to Save for Retirement appeared first on Penny Pinchin' Mom.
One mistake so many people make is that they don’t think about retirement quite enough. Â They might be putting a little bit away, but it is smart to really visit with a professional and take a look at where you will be when you retire. Fortunately for my husband and I, we are in … Read More about How to Free Up Cash to Save for Retirement
The post How to Free Up Cash to Save for Retirement appeared first on Penny Pinchin' Mom.
Slovenia, a country known for its castles and caves as well as a high number of bee-keeping aficionados, shares borders with Italy, Austria, Croatia and Hungary. While it isn’t one of the most popular retirement destinations, this predominantly Roman Catholic … Continue reading →
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The post 5 Times Landlords Are Willing To Renovate Your Apartmentâand Even Pay for It appeared first on Real Estate News & Insights | realtor.com®.
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The pandemic lit a fire under the cityâs high-end home market. Real-estate agents say it could become even more competitive, as President Biden appointees descend on the U.S. capital.
The post Covid-19 Kindled Washington, D.C.âs Luxury Market. The New Administration Could Make it Even Hotter appeared first on Real Estate News & Insights | realtor.com®.
Youâve decided to take the first steps to go from renting to buying. Once youâve stopped window-shopping on real estate sites and decide to see the real thing, open houses are the best low-pressure way to see your potential dream house up close. Worried you donât have enough experience to tell if a house has […]
The post Open House Tips for First-Time Buyers appeared first on RealtyBizNews: Real Estate News.
This week, I had to evacuate because of Hurricane Dorian. If you’ve ever experienced a natural disaster or had to evacuate your home, you know that insurance is a top concern. No matter where you live, there are common threats—such as California earthquakes, Oklahoma tornados, and Texas floods—that affect renters and homeowners.
Let's review five essential insurance tips that every renter and homeowner should know. You’ll learn the variety of protections you get from basic renters and home policies, mistakes to avoid when buying a policy, and ways to save money on premiums.
Here’s more information about each insurance tip.
A basic homeowners policy pays for claims when a natural disaster—such as a fire, tornado, hail, or windstorm—damages your property. Personal belongings like your furniture, electronics, and clothing are generally covered up to specific limits for damage and theft.
Home insurance includes liability, which protects you from legal issues that could arise if someone is hurt on your property.
Homeowners coverage also pays "additional living expenses." That might include things like some amount of hotel and meal expenses if you can't stay in your home after a covered disaster.
If you’re a renter, you also need insurance, because your landlord is not required to cover you. Renters insurance gives the same protections as a homeowners policy. You get coverage for your personal belongings, liability, and additional living expenses. But it doesn’t cover damage to rental property because that’s your landlord’s responsibility.
Unfortunately, about half of renters don’t have renters insurance. Many mistakenly believe that their landlord would pay to repair or replace their damaged or stolen personal belongings. Or they mistakenly think a renters policy is too expensive. The good news is that a typical renters policy is quite affordable, costing just $185 per year on average across the U.S.
The good news is that a typical renters policy is quite affordable, costing just $185 per year on average across the US.
But what surprises many people is that a standard home or renters policy doesn't cover some natural disasters. These include earthquakes and flooding from groundwater.
If you live in an earthquake-prone area, you can typically add earthquake coverage to a home or renters policy. But flooding is a different category of insurance that must be purchased separately. Flooding is handled differently than other types of disasters because it’s the nation’s most common and expensive disaster. Floods can happen anywhere, and they don’t even have to be catastrophic to cause significant damage.
If your town or community participates in the National Flood Insurance Program, you can buy a policy for your rental or your home. And if you buy a home in a designated flood zone, mortgage lenders typically require you to have flood insurance.
Most flood policies have a 30-day waiting period, so you can’t wait until a storm is bearing down on you to sign up. You'd be too late.
Even though the federal government backs flood insurance, it’s brokered by regular insurance companies or agents. You can learn more at floodsmart.gov.
Most flood policies have a 30-day waiting period, so you can’t wait until a storm is bearing down on you to sign up.
Remember that water damage from rain, high winds, or a tree that fell on your roof are covered by a standard home or renters insurance policy. But damages to your home or personal belongings that occur due to rising groundwater are never covered, except when you have flood insurance.
Also note that if you have a home-based business with inventory, specialized equipment, or customers who enter your property, you typically need a commercial policy. Likewise, if you turn your home into a rental, Airbnb, or a vacation property, you generally need additional coverage or a landlord insurance policy.
Just like not every disaster is covered, not every type of personal belonging is fully covered under a home or renters policy. Some belongings, such as cash, aren’t coved at all. Many others have coverage caps.
For instance, jewelry, watches, furs, silverware, electronics, and firearms are typically limited to one or two thousand dollars of coverage. If you have jewelry that’s worth $10,000 and it’s lost or stolen, you’d come up very short with just $2,000 of coverage.
If you have items worth more than the coverage caps, you can add an insurance rider for more coverage. This addition is known as “scheduling” your personal property. It costs more, but it gives your most expensive items separate coverage so they could be replaced.
Another often-overlooked protection you get with renters and home insurance is that your belongings are covered outside of your home.
Another often-overlooked protection you get with renters and home insurance is that your belongings are covered outside of your home. If your vacation luggage gets stolen, you lose valuable jewelry, or your laptop gets stolen from your car, your homeowners or renters policy covers it.
So, pay close attention to the insurance limits for possessions inside and outside of your home and consider adding a rider or property schedule to beef up coverage when needed for valuable items.
It can be a little confusing to know exactly how much money you’d receive from a renters or home insurance claim. So be sure you understand the different types of policies you can buy.
Actual cash value coverage pays to repair or replace your property or possessions up to the policy limits, minus a deduction for depreciation. The calculation can vary from insurer to insurer. But what you need to know is that a cash value policy only pays a percentage of what it would cost you to go out and buy a new item.
Cash value coverage is the least expensive option. However, it means that if you experience a severe disaster, you probably won't receive enough to rebuild your home or fully replace personal belongings.
Replacement cost coverage pays to repair or replace your property and possessions up to the policy limits, without a deduction for depreciation. That means you would receive enough money to rebuild a home with materials of similar quality. Or buy new items to replace your damaged belongings.
Yes, replacement coverage costs more than cash value. But it would allow you to replace what you lost.
There are also guaranteed or extended replacement cost policies which give you even more protection. They pay to replace your home as it was before a disaster, even if costs more than your policy limit.
Remember that a home insurance policy is based on the cost to rebuild your home and any outbuildings, not the amount you paid for the property or its appraised value.
Remember that a home insurance policy is based on the cost to rebuild your home and any outbuildings, not the amount you paid for the property or its appraised value. You never include the value of your land in your home insurance. Depending on the age, location, and style of your home, the insured value could be much higher or lower than its market value.
A deductible is an amount you’re responsible for paying for an insured loss. The higher your deductible, the more you can save on premiums. So be sure to get quotes for different deductible amounts when shopping for renters and home insurance.
As I previously mentioned, disasters such as windstorms, hailstorms, and hurricanes, are typically covered by standard renters and home insurance. However, in some high-risk areas, you may have separate deductibles for damage caused by these disasters.
According to the Insurance Information Institute, nineteen states and the District of Columbia have hurricane deductibles: Alabama, Connecticut, Delaware, Florida, Georgia, Hawaii, Louisiana, Maine, Maryland, Massachusetts, Mississippi, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Texas, Virginia and Washington D.C.
These special deductibles are additional and separate from the regular deductible for all other types of claims, such as fire or theft. A hurricane deductible applies only to damage from hurricanes, and windstorm or wind/hail deductibles would apply to any wind damage.
Hurricane and wind deductibles are typically given as a percentage that may vary from 1% to 5% of a home's insured value but can be even higher in some coastal areas. The amount you must pay depends on your insured value and the "trigger" event.
For instance, if you have a 3% hurricane deductible and your home is insured for $200,000, you’d be responsible for the first $6,000 ($200,000 x 3%) in repair costs. That’s much more expensive than paying a standard $500 or $1,000 home deductible.
In some states, the triggering event for hurricane deductibles to apply is when a Category 1 storm causes damage whether it made landfall or not. Other states allow Category 2 to be the threshold. In others, a hurricane deductible applies from the moment a hurricane watch or warning gets issued until 72 hours after it ends.
A hurricane deductible can only be applied once each hurricane season, from June to November.
When it comes to the price of renters and home insurance, there are some factors you can control and some you can’t. Here are some ways to save and typical discounts to ask for:
No one enjoys paying for home or renters policy, but when disaster strikes, you’re the victim of theft, or you get involved in a lawsuit, having insurance can be a financial lifesaver.
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Andy Green began his real estate career in 1999 as a New Home and Community Specialist for Costa Pacific Homes in Bend, Oregon and has since been marketing and selling new homes for the past 13 years. He then made the decision to move back to his home town in Boise, Idaho to raise his family and had the opportunity to work for one of the largest builders in the state of Idaho. Over the next three years, he was one of the company’s top New Home specialists and helped hundreds of families achieve the American dream of home ownership. Finding that he needed a new challenge he entered the re-sale real estate business and formed his own company, Green Group Real Estate. While developing his sales skills and seeing a different side of the real estate business he gained invaluable experience that will serve him well in his current position. Join us as Andy shares his mindset and a glance at his journey to becoming a Real Estate Rockstar by becoming a top selling real estate expert.Â
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