Buying renters insurance to protect your stuff may seem like an unnecessary expense, until you experience a theft or fire in your rented home or apartment and lose some of your most treasured possessions forever.
Whether you're a longtime renter or starting out in your first place, renters insurance policies provide important benefits and coverage. If a fire or similar incident destroyed your home and you didn't have renters coverage, it would be up to you to replace everything you own. Plus, if someone claimed you caused an injury or property damage, without adequate insurance protection, you could be at risk for an expensive lawsuit and paying that person for his or her damages. As you consider whether to buy renters insurance, here are four things you need to know: 1. Renters Insurance Provides Off-Premises Coverage Renters insurance does more than cover the cost of lost or damaged possessions in your home. There is coverage if your bicycle is stolen from a bike rack at the park, or if your laptop is taken from your car while you're at the supermarket. 2. You Can Be Compensated if You're Forced to Relocate Most renters policies provide additional living expenses coverage if your home becomes uninhabitable due to an event such as vandalism, theft, fire or water damage from home utilities.1 This benefit usually includes the cost of living expenses, up to your policy limits. This coverage typically is limited to 30 to 50 percent of your insured personal property. For example, if your belongings were insured for $100,000, the limit on additional living expenses would be $30,000 to $50,000, as outlined in your policy. 3. A Home Inventory Can Determine How Much Coverage You Need Before you decide how much coverage you need, it's important to know how much it would cost to replace your possessions. You can calculate replacement costs by conducting a home inventory and checking with your insurance representative to make certain you're fully covered.2 4. You Can Reduce Your Renters Insurance Costs There are a variety of ways to reduce the cost of renters insurance. An option is to select a higher policy deductible, the amount you must pay before your insurance coverage takes effect. Increasing a deductible from $250 to $500 could create an annual savings of up to 15 percent. You also may want to consider buying all your insurance policies from one carrier. For example, when you bundle your auto and renters policies , you receive additional savings.
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This may sound obvious, but selling a house sometimes comes down to just how appealing your home is to potential homebuyers. The attributes that make your house attractive to buyers can include price, the condition of your home and its curb appeal, as well as details like the number of bathrooms, bedrooms and whether the home appears dated. Discerning buyers typically want to walk into a house and immediately feel at home. How quickly you sell your home ‒ and at what price ‒ may depend on your ability to create that I’m-already-at-home feel.
Here are 10 easy home remodeling ideas that can help transform your home sweet home to the gotta-have-it house of your buyer’s dreams. 1. Replace the garage door. The surprise most home sellers discover ‒ often too late ‒ is that most sellers won’t fully recoup the cost of a renovation when they sell their home. When it comes to getting some bang for your renovating buck, however, the garage door is one suggestion to consider; it also can give a boost to your home’s curb appeal. 2. Upgrade the front door. A relatively inexpensive yet effective home improvement idea is a new front door ‒ one of the first things a home shopper will notice when they view online photos or arrive for a showing. For example, a new steel door can be both eye‒catching and energy efficient ‒ a boon for cost-conscious buyers-to-be. Or you could consider the pricier installation of a grand entrance ‒ perhaps a new front door with dual skylights ‒ which can help increase the attraction from upscale buyers. 3. Re-face the house. Another way to help increase your home value is by improving the exterior of your home. A good pressure washing may cost a few hundred dollars and can reduce or remove the unsightly dust, grime and mildew that often clings to exterior siding. For a house with more exterior wear, new siding is a pricey project but one that can help add a dramatic boost and take years off your home’s exterior appearance. 4. Maintain your lawn and refresh landscaping. You only have one chance to make a great first impression ‒ which is why renovations affecting curb appeal make our list. Home improvements that help add value and appeal to buyers include standard lawn care and landscape maintenance. Consider it a smart investment that can eventually turn out to be money well spent when you’re prepping your house for sale. 5. Refresh the kitchen. For many homeowners, the kitchen is where guests and family gather, making it one of the top house renovation ideas that come to mind when preparing a home for sale. Still, a major kitchen renovation may not be worth the cost when it comes time to sell; however, smaller, cost-effective upgrades can help make the kitchen more attractive. Consider replacing laminate countertops with granite and replacing a sink and faucet, for example. Leave cabinet boxes in place but replace out-of-date doors and hardware ‒ or hire a professional to give doors and drawers a fresh coat of paint. Finally, you can replace older appliances with slide-in, energy-efficient, stainless steel models. It’s your call as to whether spending money on these kitchen redo’s is feasible; think about your individual circumstances and what your goal is for selling your home. It also may be helpful to contact your homeowners insurance representative, to make sure that any renovations you’re considering will be covered. A savvy refresh doesn’t have to include all kitchen elements. Instead, to help save on cost, pick and choose the features that can make the greatest impression within your space. 6. Deep clean and declutter. When it comes to selling a home, you want to make a great first impression. Messy playrooms, cat or dog odors (even if Fido isn’t home), or an unmade bed can all be a turnoff to potential homebuyers. That may be why many real estate agents suggest their clients declutter and deep clean before listing their house for sale. While the main living spaces should take center stage, potential homebuyers may open your cabinets, drawers and refrigerator, so be sure to give them a good once-over, too. 7. Hire a professional home stager. When it comes down to it, the buyers who can envision themselves living in your home are the ones most likely to buy. That’s why staging your home to sell is such a popular tactic. A professional home stager will suggest removing personal items like photographs and excess furniture. Many professionals suggest storing or removing a quarter to half of your possessions, including sofas, bookcases, knickknacks, books and even clothes in your closet. Still, removing excess stuff is just the start. Stagers may rearrange furniture to highlight features like the fireplace, a view or unique architectural details. They may even suggest that you use a rental service to bring in items to dress up your home and will arrange for that service if you decide to take that advice. A professional home stager will often cost several hundred dollars, but the investment can help a home sell faster ‒ and often at a higher price than similar homes. To get the biggest bang for your staging buck, stagers recommend focusing on the living room, master bedroom and kitchen, in that order. 8. A fresh coat of interior paint. Paint has the power to entirely transform a home, particularly if it’s been a while since you upgraded your color scheme or if you happen to love eclectic colors. Neutrals are typically a safe bet ‒ they can create that clean slate feel that give home shoppers a greater ability to see their own belongings in your space. 9. Optimize lighting. High-quality lighting can help make a room feel larger, more modern and more inviting to potential homebuyers. For daytime showings, open curtains and blinds to bring in as much natural light as you can. Take advantage of accent lighting throughout the day and evening to emphasize art, a reading nook or any other interesting features in your home. If your home still feels dark, try strategically placing a mirror to reflect light and help make a room appear brighter. Alternatively, you can help brighten your space by bringing in a stylish floor or table lamp. If your fixtures are dated, new dining room and foyer chandeliers can bring a more modern vibe to your space. 10. Make small repairs. You may be accustomed to the inconvenience of that torn window screen or leaky showerhead but, to a new potential homebuyer, they may be red flags, prompting them to stay alert for any other necessary but unmade home repairs they’ll have to consider when it comes time to make an offer. Help get ahead of potential problems by doing a walkthrough, looking for any damage or necessary repairs. Then, consider hiring a handyman for the day. To really head off problems, consider hiring your own home inspector to help alert you to unexpected issues you can repair before homebuyers start walking through your home. Before You Move, Review Your Homeowner’s Insurance Coverage Selling your home is a good time to review your homeowners coverage. Learn more with us at: 508-540-2601 What is the deductible for flood insurance?
A flood policy comes with separate deductibles for the building and its contents. You typically get to choose the deductible amount. Common flood deductibles range from $1,000 to $5,000. As with other types of insurance, a higher deductible on your flood policy will result in a lower premium; however, if you have a mortgage, your lender may not allow you to increase your deductible beyond specified limits. What does flood insurance cover? Flood insurance covers losses directly resulting from flooding or flood-related erosion caused by heavy or prolonged rain, snowmelt, coastal storm surges, blocked storm drainage systems, levee dam failure and similar events. Flood insurers reimburse policyholders for structural damage, including:
The FEMA flood insurance guide is also a helpful resource that provides details on claims, coverage and costs. Flood insurance coverage limits The NFIP lets you insure your house for up to $250,000 and your personal property (contents) for up to $100,000. If you rent, you can buy up to $100,000 in coverage for your belongings. For non-residential property, you can buy up to $500,000 of coverage for the building and contents. Tips for buying hurricane insurance Follow these tips to be sure you have adequate hurricane protection for your home.
What does hurricane insurance cover? There is not a type of insurance specifically called “hurricane insurance.” So, does homeowners insurance cover hurricane damage? Most standard homeowners policies will cover damage caused by hurricanes except for flood damage and, in some areas, wind damage. Those who live along the East Coast or Gulf Coast, which is where hurricanes most often occur in the U.S., may need to buy an additional windstorm coverage policy. You would also need to buy a separate flood insurance policy. A common misconception is that a homeowners policy covers flood damage. It doesn’t. What hurricane damage doesn’t cover Wind damage. Wait, what? Isn't wind practically the definition of a hurricane? And you're telling me that my insurance may not cover me if there's a hurricane? Well, yes, you may not be covered if there's a ton of wind - and you live in an area that gets a lot of hurricanes. Now, suppose you live off the beaten path of a hurricane, in, say, Ohio and Indiana, which, believe it or not, can occasionally get the remnants of a hurricane plowing through the neighborhood. In that case, you probably are covered for hurricane winds. But some insurance policies won't cover wind in a hurricane - again if you live in a hurricane zone. If you live in such a place, you may need to buy a separate windstorm insurance policy. Talk to your insurance agent, though. It's never good to assume anything with insurance. Flooding. Many insurance policies don't cover flooding unless you have purchased a separate flood insurance policy. If you live anywhere - hurricane zone or not - that sees a lot of flooding, you really should look into purchasing flood insurance. Mudslides. So, a hurricane created a mudslide, and your house is under that, and your insurance won't cover that? Yeah, you almost certainly aren't covered. Sorry. Insurers have this weird thing about "earth movement." They won't cover you for earthquakes or any time the ground shifts under your house for some reason, and a mudslide is considered, well, the earth moving. But you might be covered for a mudflow, where a flood brings mud into your home. Sure, it seems crazy, and you're probably now thinking that this is why some people drink heavily. But insurance companies become very exact when it comes to how they define coverage and natural disasters. Power failure. Insurers get very exact and weird here, too. Let's say that you have a freezer full of ribs and steak and seafood. You're about to throw a big party. Anyway, the power goes out, and you lose all of that food and are out a lot of money. If this is a one-off incident, where your house lost power, and nobody else did, your policy probably covers that. You've probably thought about what would happen to your home in the event of a disaster, but have you considered your personal belongings? Fortunately, whether you're a homeowner or a renter, your insurance policy has you covered. The question is whether your current personal property coverage is enough. If your possessions have multiplied over the years — or if you own special, high-value items — you may need additional protection. What’s personal property coverage? Personal property coverage, or contents coverage, protects your belongings, including furniture, clothing, jewelry, appliances, electronics and art. It insures the stuff that’s not part of your home’s structure (or permanently attached to it) against theft and accidental physical damage or destruction. Personal property coverage also protects your belongings when you’re traveling or doing things around town. How much coverage do you have? Every policy will be different. For home insurance, your personal property limit is usually 70% of the insured dwelling value. In some cases, it can be more or less depending on your home. If you rent your property or if you own a condo, it’s easier to tell how much coverage you have because your policy doesn’t cover the building. (The landlord’s or condo association’s policy covers that.) Check your policy’s declarations page or get in touch if you’re unsure about your current coverage. Should you increase your personal property coverage? You may want to purchase extra personal property insurance through a rider or scheduled coverage if you own the following items:
Are you wondering whether something you own is valuable enough to warrant additional coverage? Reach out anytime. The spring season calls for refreshing and maintaining your most lived-in spaces, including your home and car.
Taking care of basic maintenance tasks can also help you avoid dealing with expensive repairs in the future. In other words, now is the perfect time to make sure your property is in tiptop shape. Here are six essential car and home tasks to have on your radar. Car Maintenance First, check your vehicle's service schedule. That way, you'll know when and how often your car needs certain repairs, including:
Home Maintenance Do you want to avoid expensive home repairs in the future? Here's what the experts suggest.
Are you ready to spend more time outside? As the weather warms up, you can shift your eye to home improvements for your outdoor space.
A welcoming area can be the perfect place to relax during spring and summer days. And not only can upgrades increase your home's value, but they can also inspire you to keep up with regular maintenance. From entertaining to unique lighting, here are this year's trends in outdoor living.
Want to make sure you have the right protection for your property? Or are you looking for more home improvement inspiration? Get in touch today. As a seasoned homeowner, you’ve been paying off your mortgage and are now considering buying a second home – a place you can retreat to on vacation, an investment property, or maybe even a combination of the two. You’ve been through the home-buying process before so you know what to expect, but there are certain factors unique to buying a second home that you'll want to consider. These factors will vary depending on how you intend to use the property, so it's a good idea to determine if the home will be for mostly personal use or if it will be occupied by tenants. Here are six essential things you should consider before buying a second home: 1. Can I Afford It? It may seem like an obvious question, but can you afford a second home? If you choose to take out a mortgage on a new property, take some time to carefully understand the requirements so you’ll be better prepared for the process when submitting your mortgage application. As a homeowner, you're probably well aware of the strict credit requirements for taking out a mortgage, and things get even more serious when it comes to buying a second home. Your debt-to-income ratio will, of course, be a significant factor, and when it comes to holding two mortgages, you may find it a bit more challenging to balance this ratio. Also, be prepared to shell out a hefty amount for a down payment, since you'll be required to put at least 10 percent down on a vacation home and perhaps an even higher amount if it will be used as an investment property. And don’t forget that a second home will need to be protected, so you’ll want to talk to your homeowners insurance agent about getting a quote, once you’ve got your sights set on a second property to call your own. 2. How Will It Affect My Taxes? Understanding the tax implications of your new property will be another challenge. If you intend to rent your place to tenants, that means you'll earn rental income throughout the year, and that income will be taxable. As the owner of the home, you also may be able to take deductions in the form of mortgage interest, property taxes, repairs, depreciation, and operating expenses.1 One of the most important things to do as the landlord is to maintain accurate records of your income and expenses throughout the year in order to properly report the information on your tax return. 3. What Home Expenses Should I Expect? Just like your primary residence, your second home will also require you to shell out cash for expenses – both expected and unplanned. It’s helpful to have a budget set up for home needs, and with two homes, this may be an even more critical step, since your expenses will be elevated. In addition to the maintenance costs, remember you'll have property taxes, insurance, potential homeowners' association dues and more. If the property is at the beach or in a flood zone, you'll also need to consider things like flood insurance in addition to your regular homeowners policy. And finally, if you plan to rent the property, you'll also need to look into insurance that specifically protects you as a landlord. Travelers wants to help you protect the things that matter to you. We offer a wide breadth of products so you can be covered at home and on the road. 4. How Will I Use the Property? If the property will solely be used for personal vacations, this question isn't as critical. However, if you intend to rent the home occasionally or full time, you'll want to consider your strategy ahead of time. Keep in mind that for mortgage purposes, your lender doesn't consider the income generated from renting the home. Whether you can afford the second property is determined solely based on your credit and debt-to-income ratio. If you plan to rent the home, it's important to build your rental strategy as early in the process as possible to ensure you'll have rental income that can help offset the home's monthly expenses from the start. That will translate to less cash out of your pocket, as long as the tenants are diligent in paying the rent on time. 5. Who Will Maintain the Property? You’ll want to plan for who will maintain the property to protect your investment. If the investment property is located near your primary home, it may be easy for you to provide the regular maintenance and upkeep of the home, if you’re handy and have the time – and the will – to do those tasks. However, if the property is far from your primary home, you'll need to think about how it will be cared for when you're not staying there. This is especially important if the property is located in an area that’s susceptible to strong storms and hurricanes. Severe weather events can pop up at a moment's notice, and your second home will need to be properly prepared to withstand such weather. If the home will be for your personal use, perhaps you can find a neighbor to keep an eye on the house when you're not there. If you plan to rent the home, consider hiring a rental management company to take care of the general upkeep so you won't have to worry about every little detail from afar. 6. Is the Property in an Ideal Location? Whether buying a second home for your personal enjoyment or as an investment property, make sure you choose the right location for your needs. You may not get as much use as you’d like from a vacation home that requires extensive travel to get there. And, a rental home in an unpopular locale may lead to months of being unoccupied – which means you’re paying the second mortgage yourself rather than with income from renting it out. In either scenario, ensuring the home is in an ideal area can help provide you with a positive return on investment. If you do intend to rent the property, take some time to research the rental climate in the area before moving forward. The best places to own investment property are often popular vacation destinations and cities with an abundance of career options. Buying a second home doesn't have to be daunting. In fact, with careful research and planning, it can be a smart investment for your future. Millions of students in the U.S. are learning from home because of the coronavirus pandemic, and many parents may be feeling the stress of juggling working from home and guiding their children’s educations.
As the weeks at home with your kids continue to add up, you may have come across some unique or especially difficult challenges with this new setup. Here are a few recommendations to help guide you through some of the challenges that parents are facing during this time: Maintaining Schedules You may have made a daily or weekly schedule when your child’s school first closed its doors due to COVID 19. Perhaps it worked well for the first week or two, but by now, that schedule may need adjusting as you and your family have settled into your temporary routine. The truth is, creating a schedule for the entire week may not be feasible. Instead, during breakfast each morning, take a few minutes to talk with your kids about the day ahead and what schoolwork they need to accomplish ‒ and when. Encourage stability and regularity as much as you can. Setting daily expectations for your kids and making sure they meet them by the day’s end will help them stay disciplined. Preventing Distractions In some schools, students aren’t allowed to use smartphones in classrooms. The same should be true at home, at least when they’re completing their schoolwork. Keep them focused on their education by limiting phone use to non-study time. This is likely to get harder as more weeks roll by without your kids having face-to-face interaction with their peers. Consider using screen time as a reward for an assignment well done or completed early. Tip: Stay aware while your children are studying at home by looking out for unusual phone, digital or social media activity. Equipping Kids for Success Your kids need certain equipment and internet access to learn online. It’s a big challenge for some families, but help is becoming more available. For example, Everyoneon.org maintains a list of sources where students can access affordable computers and broadband. Keeping Kids Connected You may be concerned about your children feeling isolated from the social connections they normally have at school. While you don’t want screen time merging with school time, easing up a bit on your screen time rules and limits (if you haven’t already) may be the best way to get through this time. Allow children to interact with friends via video to help them maintain the relationships they’ve built in the classroom. Partner with other parents to plan virtual play and activity dates. Supporting these connections can be vital to your children’s learning and will help to provide some balance in their lives. Networking With Parents Connecting with other parents has obvious social benefits. As the coronavirus pandemic wears on, networking can be a good way to learn about the approaches other parents are taking with at-home education and what successes they’ve had. Plan virtual events to talk with other families and share with each other how you are making it through this time. Checking In Education is important, but the mental and emotional health of your children is even more critical. Check in throughout the day to make sure they’re doing okay. If something’s wrong, take time to stop what you’re doing and work with them to deal with their fears and concerns. It’s no surprise that this year’s top home trends are all about practicality and comfort. And while you’ve probably already taken steps to improve your space over the last few months, there could be a few more ways to make the most of your property. Whether you have safety in mind or you’d like some design inspiration, take a look at the most exciting home trends for 2021: Colors and Moods Did you see Pantone’s color of the year for 2021? It’s actually two colors: Ultimate Gray and Illuminating (a vibrant yellow) are together described as “a marriage of color conveying a message of strength and hopefulness.” And speaking of warm and comforting, natural wood is also on the rise. When it comes to design, 2021 is all about mixing traditional and modern for a cozy feel. Connecting With Nature Feeling cooped up at home has motivated people to get closer to nature. You can tap into this trend by buying indoor plants, adding earth tones to your living room, freshening up any outdoor space you have, or going big with a brand new deck, porch or landscaping project. Smart Features for Health and Safety Smart and wellness-oriented features such as touchless faucets and flushers, motion sensor lighting, bidets and heated floors will continue to be in demand this year. Distinct Spaces This trend began a few months ago and will unsurprisingly continue in 2021. Both homeowners and homebuyers want separate rooms for work, Zoom, play, exercise, intergenerational living and more. Accomplishing this can be as simple as buying room dividers. Or, you can go big and renovate an existing open floor plan or add a new room or wing to your house. Do you have questions about how a home update will affect your coverage? Just need to check in? Reach out anytime. |
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