Tag Archives for " homeowners deductible "
Insurance and Your Home Get Together
Are you hosting a family reunion or neighborhood party at your house or perhaps an apartment? Before you have that big event in your home, it’s wise in this litigious age to make sure you are protected.
You need to know what your homeowner’s or renter’s insurance policy covers in case of a guest being injured. You should also be aware of what is covered if your guest damage any of your property.
We all have that one uncle who drinks a little too much at Thanksgiving and then stumbles into something valuable and breaks it. It would be unfortunate if you were under the impression such incidents were covered by your insurance policy when they were not.
Here are some things that you will want to make sure are in your homeowner’s or renter’s insurance policy.
How to Deal with Injuries to Guests at Your Party
Be Proactive
- The first way to deal with injuries to your guests at your party is to prevent them. Here are some things to look for in your home:
- Make sure that carpet or rugs are not bunched up where someone could trip.
- Coil up any garden hoses so it will not become a trip hazard.
- Mow your lawn so that there are no holes or trip hazards hidden by tall grass.
- Make sure guests are not walking across a slippery surface.
- Remove any objects with sharp edges or points that could cut or bruise a guest.
- Make sure smoke and carbon monoxide detectors are used and have fresh batteries.
- Be aware of impending severe weather that may make it unsafe for your guests to drive home. If necessary, end the party early to ensure guests can drive home safely.
- Don’t allow too many guests on a small balcony at one time.
- Ensure that furniture for the party such as folding chairs are sturdy and won’t break under the weight of a guest.
- Make sure food that is being served is not undercooked or has been left out too long.
- If alcohol is being served, make sure everyone drinking has a designated driver and know when to cut someone off. If a guest has been drinking and does not have a designated driver, offer to drive them home or call a cab or Uber for them.
- Stop serving alcohol at least an hour before the party ends.
When an Injury to a Guest Happens
If an accident happens, take these steps:
- Deal with the injury first, if it is severe call 911.
- Make sure other guests are uninjured.
- Take pictures of the injury with a smartphone or digital camera.
- Quickly report the incident to the insurance company and include the names and contact information of the guest who witnessed the incident.
- If you are able, preserve the scene for the insurance company to look at firsthand. If you cannot persevere the scene, take multiple pictures from numerous angles and distances.
When Damage to Your Home or Property Occurs
If the structure of your home or apartment is damaged, or any of the property inside of it, take the following steps.
- Take pictures with a smartphone or digital camera.
- Call the insurance company to see if the damaged is covered.
- Just like the recommendation for an injured guest, if possible, preserve the scene for the insurance company to come and survey. As with an injured guest, if you cannot persevere the scene where the damage occurred, take multiple pictures from numerous angles and distances.
If you have taken steps to make your home safe and know what your policy covers, you can rest easy when guests arrive at your party that you are prepared.
Should you have any questions about Homeowners Insurance, contact us via email here or call us at (863) 646-LOCK.
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What You Should Know Before You Buy a Fixer Upper
In the Lakeland and Plant City areas, many homes have crossed the century mark. These beautiful old southern homes can be enticing, but restoring them can have hidden costs. Several factors should be considered prior to taking on a fixer upper; do-it-yourself or contracted home renovation.
Is it Right for You?
A lower priced listing on a two-story Victorian home can be tempting. Restoring a fixer upper and increasing its value is an excellent way to increase your net worth. But, do you really know what’s involved? Renovating a home takes time, effort, and capital. The size of a renovation will dictate how long it takes; a fixer-upper can take up to a year to finish. As the home is worked on there will be hammers hammering, saws cutting, voices shouting and footsteps on the roof.
If all of this sounds like too much of a disruption for your family, you should avoid taking on the project. However, if you can take the bang and clatter of renovation, it can be rewarding both personally and financially.
Searching for a Home to Renovate
Where to Buy
The saying “location, location, location” carries just as much weight now as it did a century ago. You want to find a fixer upper to restore in an area where real estate prices are on the upswing, not the opposite. Factors like crime rates, school ratings, and undesirable things like liquor stores or strip clubs all should be considered before making your decision.
Timeworn or Trashed?
The condition of the home you are going to purchase makes a difference in the success of its renovation. Is weathered and only needs a coat of paint and new shingles, was it ravaged by termites, did squatters use it as a drug den before it was put up for sale?
The difference between cosmetic repairs and having to replace 70% of the structure can mean thousands of dollars more. Electric wiring should be factored into the cost if the home is over 50 years old. Fuse boxes and old wiring can’t handle the load that today’s electronics and appliances put on them and will have to be replaced.
Floor Plans
Do you want a 19th or 20th-century floorplan in the 21st century? Do you like the charm of a room that is centered around a fireplace, or do you want wide open areas where a high definition TV is the center of attention? If the latter is the case, support walls in an older home may not be able to be knocked out for expansion. Air conditioning may not flow well in a house that was never intended to have it. Make sure the layout gives you enough square footage for your family to live comfortably. Lifestyle is a significant point to consider when deciding to live in a home that has been around since the Civil War.
The Cost of Renovation
Before you embark on your journey to restoring an old home, you should create a realistic budget. Make sure there are allocations for the cost of unforeseen issues, this will save you from going over budget. Here are a few of the things to consider in your budget:
- Replacing the roof.
- Patching and painting walls.
- Refinishing or replacing old flooring.
- Repairing foundations.
- Putting in tile or removing the carpet.
- Installing new plumbing or sewer lines.
- Replacing light fixtures and switches.
- Replacing doors.
- Fixing or replacing air conditioning.
- Painting the exterior of the home.
- Replacement windows.
- Repairing or replacing the bathroom.
Remember to shop for the best financing on your home; or seek a Federal Housing Administration 203k loan which lets borrowers purchase a property and also finances the cost of renovation. Once you have received financing, don’t gold plate your renovation project. Don’t add a new wing or an addition that will put you over budget and ruing the aesthetics of a home.
Saving a piece of history by renovating a home can be a rewarding experience, just be sure it is an experience you are prepared to have.
Should you have any questions about Homeowners Insurance in regard to older homes, contact us via email here or call us at (863) 646-LOCK.
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Lower Hurricane Deductible Options
Lock Insurance has been in business quite awhile and have been through several hurricanes, but hurricane Irma really showed who and what was covered. A lot of insured do not realize how high their deductible was for Hurricanes. We also found that they did not know there was a lower hurricane deductible option.
2%, 5% and 10% Deductible
In Florida the 2%, 5% and 10% deductible is a calendar year deductible, which means that it is a percentage of your structure amount dwelling. For instance, $100,000 thousand dollar house with a 2% deductible would result in the homeowner being responsible for the first $2,000 dollars from a named storm event.
Calendar Year Deductible
What happens if there are multiple named storms in a single calendar year and you have to file more than one hurricane claim? Once your deductible has been met, you have no further deductible responsibility for that year.
In the past few years some carriers have started offering Hurricane Deductibles as low as $500.00 dollars.
Contact us today and find out more so you will not be caught with High out of pocket cost for minimal difference in price when the next storm is coming in.
I want a quote for $500.00 deductible for hurricanes. Click Here.
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Homeowners Insurance Claims
Whether its damage due to a natural disaster, an unexpected accident or break-in, knowing when you should file a home insurance claim and what the consequences will be either way, is important.
So When Should You File a Homeowners Insurance Claim?
When should you file a homeowners insurance claim? What will that mean for your future rates or eligibility for a new policy with a new carrier? Here are some things to consider before contacting your insurance company.
Look First At Your Options
The first thing to consider when making a home insurance claim is whether your current policy will cover the claim or not. You should know exactly what your insurance covers before you ever need to make a claim; however, checking on the specific claim you are going to make-before contacting your insurance company-will give you the upper hand.
Is a Claim Necessary?
Once you have determined whether you are eligible or not, the next thing to consider is whether a claim is necessary. There may be instances when the deductible for your particular claim is higher than the costs. In that case a claim would be a waste of time. You may also want to consider if the overall cost is worth any potential rate increases that may result from a claim.
When Your Contacting Your Insurance Company
If you do decide to make a claim, arming yourself with all the necessary information will make the process go quickly and smoothly. Be sure you have all your insurance policy documents readily available. You should also gather as many documents that relate to the claim-repair estimates, police reports, and photographs. It is also a good idea to keep track of all contacts with your insurance provider, in case a dispute occurs.
In most cases, making a claim on your home insurance is a good idea. Keeping calm, organized, and informed can make the process stress free as well, most importantly contact us for advice.
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