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 ensure you are protected.
You need to know what your homeowner’s or renter’s insurance policy covers if a guest is injured. You should also know what is covered if your guest damages 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 that your insurance policy covered such incidents when they were not.
Here are some things you will want to ensure 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:
- Ensure the carpet or rugs are not bunched up where someone could trip.
- Coil up any garden hoses so they will not become a trip hazard.
- Mow your lawn so 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 driving home unsafe for your guests. End the party early to ensure guests can go home safely if necessary.
- 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.
- Ensure the food 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 knows 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.
- 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 wound 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 can, preserve the scene for the insurance company to look at firsthand. If you cannot 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 damage 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 to the location where the damage occurred, take multiple pictures from numerous angles and distances.
If you have made your home safe and know what your policy covers, you can rest easy when guests arrive at your party that you are prepared.
If you have any questions about Homeowners Insurance, contact us via email or 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 before 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 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 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 upswing, not the opposite. Factors like crime rates, school ratings, and undesirable things like liquor stores or strip clubs should all be considered before deciding.
Timeworn or Trashed?
The condition of the home you are going to purchase makes a difference in the success of its renovation. It is weathered and only needs a coat of paint and new shingles. Did termites ravage it? Did squatters use it as a drug den before it was put up for sale?
The difference between cosmetic repairs and replacing 70% of the structure can mean thousands of dollars more. Electric wiring should be considered 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 centered around a fireplace, or do you like 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. Ensure 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 existed since the Civil War.
The Cost of Renovation
Before 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 finance the renovation cost. Once you have received funding, don’t gold-plate your renovation project. Don’t add a new wing or an addition that will put you over budget and ruin 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.
If you have any questions about Homeowners Insurance regarding older homes, contact us via email or at (863) 646-LOCK.
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Lower Hurricane Deductible Options
Lock Insurance has been in business for quite a while and has been through several hurricanes, but Hurricane Irma showed who and what was covered. Many insured do not realize how high their deductible is 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, meaning it is a percentage of your structure amount dwelling. For instance, 100,000 thousand dollar houses 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.
Some carriers have offered Hurricane Deductibles as low as 500.00 dollars in the past few years.
Contact us today and find out more so you will not be caught with High out-of-pocket costs for minimal difference in price when the next storm is coming in.
I want a quote for a $500.00 deductible for hurricanes. Click Here.
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Homeowners Insurance Claims
Whether it’s damage due to a natural disaster, an unexpected accident, or a break-in, knowing when you should file a home insurance claim and what the consequences will be is essential.
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
When making a home insurance claim, the first thing to consider is whether your current policy will cover the claim. You should know exactly what your insurance covers before making a claim; however, checking on the specific claim you will make before contacting your insurance company will give you the upper hand.
Is a Claim Necessary?
Once you have determined whether you are eligible, 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 resulting from a claim.
When You’re Contacting Your Insurance Company
If you decide to 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 related 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, claiming your home insurance is a good idea. Keeping calm, organized, and informed can make the process stress-free. Most notably, contact us for advice.
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