Renovating your property has some serious perks, such as creating more space or updating your amenities.
Some upgrades, such as a new roof or security system, can even reduce home insurance costs. While others — like a pool — can have the opposite effect. Before you take on your next home improvement project, here’s what you should know about how renovations might change your premiums.
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As you plan your next home renovation project, choosing the right contractor for the job is a critical first step in your planning process. You want to make sure you vet the quality of their work in advance, spell out in writing what work you want performed and agree upon the scope of the project, and inquire whether the contractor is properly licensed and insured in case something goes wrong.
This checklist compiles the top 10 tips to consider when selecting a contractor: 1. Get Multiple Estimates Talk to several contractors and get written estimates from at least three. Make sure you’re comparing apples to apples when you get multiple estimates. Look at building materials, work methods, timelines and other factors that may vary by contractor. Be cautious of estimates that are too high or too low. 2. Hire Local, Licensed Contractors Whenever Possible Local contractors are easier to contact if problems develop with the work in the future, and they are more likely to be familiar with building codes in your area. Ask the contractor for their local, physical address. Be suspicious of anyone who goes door-to-door or refuses to leave a contract overnight. 3. Check Their Past Work How has their worked turned out in the past? Do they specialize in the kind of work you want done? Check references about the quality of their products, their workmanship and their customer service. Inquire about their professional reputation and years in business with the Better Business Bureau. A contractor with more than five years of experience is preferable. 4. Take Your Time Making a Sound Decision Get multiple bids before making a decision. Don’t be pressured into making an immediate decision, particularly with regard to signing a contract. Be cautious when asked to pay a large deposit up front. Make sure to read the fine print on all estimates and contracts. If you’re having emergency repairs done and don’t have time to thoroughly research a contractor, ask neighbors, family or friends to see if they have had a good experience with an emergency services contractor. 5. Check Their Insurance and Bonding Make sure the contractor is properly insured and bonded. Ask the contractor for a certificate of insurance (COI), which should provide the name of the insurance company, policy number and policy limits the contractor carries. You can contact the insurance company directly to verify the coverage and make sure the policy is still in effect. Do not do business with a contractor who does not carry the appropriate insurance coverage. If the contractor is not insured, you may be liable for accidents that occur on your property. Calfee Insurance allows you to customize your coverage to fit your unique needs. We focus on understanding you, so you'll feel right at home working with us. 6. Get Everything in Writing Secure a comprehensive contract before work begins. Get everything in writing, and make sure the contract is clear and well written. Consider having a lawyer review the proposed contract for your protection before you sign it if the project involves substantial costs. The contract should include:
Changes to the contract should be acknowledged by all parties in writing. Ask the contractor for confirmation that he or she has obtained all applicable building permits. If you decide to cancel a signed contract, you should follow the contract’s cancellation clause. Written notification of the cancellation should be sent by registered mail to ensure you have proof of the cancellation. 7. Understand Your Right to Cancel Federal law may require a “cooling off” period, in which you can cancel the contract without penalty. Check with the Federal Trade Commission and the laws of your state to understand your rights. Be sure to follow applicable rules during the cooling off period. If you do cancel, consider sending the notice of cancellation by registered mail to ensure you have proof of the cancellation. 8. Don’t Pay Up-Front Don’t pay for the entire project before it is completed. Make sure you make checks payable to a company, not an individual, and do not pay in cash. For larger projects, it is standard practice to pay one-third of the estimated costs as an initial payment. That way, you can retain your cashed check as a receipt. 9. Anticipate Delays Delays happen, and may not be the fault of your contractor. In spite of the timeline outlined in your contract, circumstances such as weather may prevent the work from remaining on schedule. Be realistic and prepare to adjust your plans accordingly. 10. Keep a Job File Keep your contract and all the supporting documents in one folder. Your file should also contain any change orders, plans and specifications, bills and invoices, canceled checks, and certificates of insurance and any letters, notes, or correspondence with the contractor. 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. If you're looking to sell your home — and get top-dollar for it — staging the property can help you do it.
Put simply, staging means preparing the home for a potential buyer — or "setting the stage," if you will. It involves redecorating, rearranging furniture, cleaning and other aesthetic strategies to present the home in the best possible light. The goal is to make the home as appealing as possible to the most potential buyers. Benefits of Home Staging Home staging comes with many benefits. For one, it can make it easier for potential buyers to envision themselves in the home. It provides a clean palette of sorts — one without clutter, personal photographs and other items that might turn off a buyer or make it hard to imagine themselves living on the property. According to a study from the National Association of REALTORS© (NAR), 77 percent of buyers say it's easier to visualize a staged property as a future home. Staging also makes a home look more "move-in ready" — meaning that it doesn't seem to need a lot of work or repair before a new buyer could move in. Seventy-one percent of buyers are looking for a move-in ready home. Staging could help give that impression, which could be a nice advantage for you in successfully selling your home. Finally, staging a home makes it easier to market. It looks better in listing photos (which can play a big role in today's home-shopping process), and it is also more eye-catching when shared on social media, printed on flyers and displayed in other visual marketing mediums. As a result, staged homes typically sell faster. According to NAR, 62 percent of agents say staging has an impact on a home's time on the market. Options for Home Staging You have a few options when looking to stage your home. You can choose to do the process yourself (DIY); you can look to your real estate agent for help; or you can bring in a professional staging company to do the work on your behalf. In some cases, you could also do a combination of these options.
Though these pros do come at a fee, they typically do the work for you. They will evaluate your home's current condition, make recommendations on how to improve its overall appeal to potential buyers and marketability, and then put those suggestions into action by rearranging the furniture, bringing in new décor or helping you declutter. Often, stagers have a large inventory of furniture, décor, artwork and other items they can pull from to help your home look its best. Just be aware that using a stager's inventory may come with an extra fee, so be sure to ask about that. How Much Does It Cost to Stage a House? According to the National Association of Realtors, the median cost of home staging is $675.4 These costs vary, though, and depend on several factors, including the size, location and price of the home, the exact type of staging services you're looking for, and whether you need additional furniture, décor or other items in your staging efforts. Some agents recommend spending between 1 to 3 percent of your home's listing price on staging. If you're staging your home yourself, you'll want to consider the costs of things like:
Consider shopping at thrift stores or second-hand shops for any new décor or furnishings you might need. You might also want to focus your staging efforts on only a few rooms — higher impact areas like the living area, the kitchen and the master bedroom. Is Home Staging Worth it? From a financial standpoint, staging can add measurable selling appeal to a home. According to NAR, nearly a third of real estate agents say staging increases the dollar value offered by buyers, in comparison to similar homes, by 1 to 5 percent. Another 21 percent of agents say it increased the dollar value of the home between 6 and 10 percent. To determine if staging a house is worth it, you'll want to consider a few things, including:
Home staging may increase the likelihood that you'll sell your property and do so quickly, and for top-dollar. If you're on a tight timeline or looking to boost your profits on the sale, home staging can certainly help. It also can be beneficial if your market is particularly competitive for sellers by ensuring your home is memorable, beautiful and stands out from the rest. If you're ever unsure of whether staging is in your best interest, consider speaking to a local real estate agent. They can help assess your property as well as make recommendations based on the market and preferences of local buyers. Selling your home is an important life moment. Why not also take it as an opportunity to review your homeowners coverage? Owning a home can mean dealing with the unexpected – from a tree falling on your roof to a pipe bursting in your bathroom. Because you likely can’t prevent all unwanted surprises, knowing what to expect if you have a homeowner’s claim can help give you some peace of mind.
While insurance carriers can handle claims in different ways, here are some basic steps in the process. If Your Home Has Been Damaged:
Beginning the Claim Process:
We are an insurance company that cares. We help you get the coverage that meets your needs to help protect the things that are important to you, so you don’t have to worry. Relocating After a Loss:
Resolving a Claim:
Protect your home the way it protects you by choosing the property insurance coverage that meets your needs. If you're in the market for a new car, online car buying might seem like a hassle-free (and haggle-free) way to put those wheels in your driveway.
But the reality is that buying a car online is much more complicated than purchasing a new TV, a toaster or some other consumer product via the internet. However, it's certainly a good idea to do research when you’re contemplating a major purchase such as a vehicle, and the internet can be a good first step in the process even if you plan to complete a car purchase in person. Having explored your options online, you can head to the dealership equipped with information on features and prices. If you like the convenience of buying a car online, here's some recommendations on how you can get your next ride entirely (or mostly) via the internet. How Does Buying a Car Online Work? The process of buying a car online varies depending on whether you want to buy a new or used car. State laws make it more difficult to buy a new car entirely online, though you can use the internet to do research and complete at least part of the vehicle buying process. Buying a New Car Online Buying a new car online isn’t as simple as other online purchases we’ve grown accustomed to making. Because state vehicle franchise laws generally prohibit manufacturers from selling cars directly to consumers, you can’t simply visit a manufacturer’s website, choose the make, model, color and features you want, and then click "buy" to have your dream car delivered to your door. Instead, you typically must go through a licensed auto dealer to purchase a new car. The good news is that most dealerships have an internet sales department to make it easy for consumers to go through most of the buying process online. You may be able to shop a dealer website to find the car you want, negotiate price via phone, email or text message and possibly even get the car delivered to your home. Another way to harness the power of the internet to buy a new car is through a car buying service. You may have access to a car buying service through an alumni organization, your employer, a warehouse club store or even your auto insurer. Car buying services allow you to go online to type in information about your desired vehicle, then they search for the car, negotiate price with dealerships, and possibly even arrange to get the vehicle delivered to you. However, before you use a car buying service, first inquire with the service to find out exactly how it works. Some services provide your name and contact information to dealers, which can take you out of the driver's seat in the buying process. Buying a Used Car Online It is much easier to buy a used car online. Online car buying websites allow you to shop online, pick out the car of your choice and then get it delivered to your door for a fee. These services may offer features designed to mitigate the risk of online car buying, such as pre-purchase inspections and the ability to return a car within a certain period of time after purchase. Pros and Cons of Buying Cars Online There are advantages and disadvantages to buying a new or used car mostly or entirely online. The main advantages of online car buying are:
However, online car shopping has its downsides, too. Here are some disadvantages of online car buying that you may want to consider:
Tips: How to Buy a Car Online If you're considering buying a car online, here are some suggestions to increase your chances of having a good experience:
Online car buying may sound quick and easy, but it may require even more legwork to increase the chances you'll be happy with your new car down the road. To find the right auto insurance for your new car, check out Travelers car insurance products, including our new car replacement coverage. 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. 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. Avoiding a Water Disaster from Your Second-Floor Washing Machine Having an upstairs laundry room can be convenient, as it may mean fewer trips downstairs to wash and fold clothes. But washing machines pose risks of leaks, and your upstairs washer could become a source of significant water damage to the floors below. A leak from a second-floor laundry room can lead to water seeping into the floors, walls and ceilings beneath.
As a homeowner, it’s critical that you know how to help prevent water damage to your home. It’s also a good idea to understand how to help prevent leaks in the first place. Preventing Water Damage from Second-Floor Washing Machines If your laundry room is on the second floor, there are ways to help prevent leaks and provide extra protection against water disasters in your home.
Typically, water sensors and their control modules are available online and at home improvement stores. There are numerous options available, so do your research to determine which options fit your needs and budget. If you’re not comfortable installing water sensors yourself, check out online resources, inquire at your local hardware or home improvement store or ask a plumber for guidance. Preventative Maintenance for Second-Floor Washing Machines Taking precautionary measures can help, but one of the most important ways to prevent washing machine water disasters is through proper maintenance. Keeping your washing machine in good working condition and checking hoses for leaks should be part of your regular home maintenance routine. No matter where in your house your laundry room is located, consider these tips:
While preventive measures can help, there are still risks to having a laundry room on the second floor of your home. Should a leak get out of control, it’s important to have the right insurance coverage for your home and belongings. Calfee Insurance can help. Whether you’re a homeowner or a renter, a damaged roof can be a precursor to leaks that can affect your walls, ceiling, insulation and belongings.
Roof leaks can even lead to mold growth, which is not only unsightly but harmful to your health. Here’s what you should know about the signs and causes of a leaking roof — and how to fix any problems.
Changes in weather can impact your property, and water damage is a common issue year-round. Contact us anytime with questions about how and if your homeowners or renters insurance covers leaks. When thinking of the cause of a kitchen fire, it is common to think of cooking. But not all kitchen fires start because of cooking hazards. Non-cooking related fires commonly involve refrigerators, freezers or dishwashers.
The following tips can help prevent non-cooking related fires from occurring in your kitchen.
What to Do If a Kitchen Fire Flares Up By exercising caution at all times in your kitchen, you can help reduce the risk of a kitchen fire. But if a fire does flare up, you need to be prepared.
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