What Is Renter’s Insurance And How It Can Help You?

Tuesday, November 25, 2014

Spring cleaning is a tradition that allows us to freshen up our homes and get a head start on the hectic seasons of spring and summer. It is also a time to conduct maintenance on your home. Although these chores only need to be done once or twice a year, they could save a distinct amount of money by taking care of the little things before they become a bigger problem.

This is going to include any alcohol, dining out, movies, concerts, and anything else you do in your free time. This needs to be a part of your life and your budget, but should never exceed more than 10% of your income. If you are not saving at least 10% of your income, then your entertainment needs to be cut to make sure you are saving. There are many free things you can do if you get creative and you look around your city.

Therefore if you earn $50,000.00 per year, 30% of that is $15,000.00. Divide that by 12 yields $1,250.00 per month which you can allocate towards principle, interest and escrow (escrow is money set aside to pay floodinsure.wordpress.com/ and real estate taxes), these are the basic 3 parts of a home mortgage. If we assume $3,000.00 per year for real estate taxes and we take out a traditional 30 year mortgage at the current 5.75%, you can reasonably afford a mortgage in the amount of $170,000.00.

Next, and this is another important point when trying to keep claims down against your unoccupied home insurance, take a walk around your property and give it a critical eye. Look at the roof, are there slates missing? If so, replace these immediately, as water from rain, or snow, will quickly render insulation worthless. Check-out the gutters; if blocked, then water could be damaging rendering and brickwork, so these need to be regularly cleaned out. And don’t forget the doors. Houses which boast double glazing, but have ill-fitting doors, are still seriously prone to the wintry conditions. And don’t forget your foundations? Is there any water pooling around the start of the walls? If so, if it’s not removed, then it could result in rising damp.

Get your documentation in order. Make sure that you can prove it was the lender’s fault that the premium was not paid. Next, have your attorney call the person at the lender who manages the Escrow Department. Explain what happened, and ask them what they plan to do to make things right. If they fix the problem and you don’t suffer any loss from their negligence, then all will be well.

You can make use of this option if you have a medical history that has made health insurance carriers either reject you or give you a rate that is too high. This type of card does not exclude anyone for any reason. Simply pay your monthly fee and you’ll have access to a network of doctors who will bill you less for their services.

There are states that initially provide the insurance policies at a cheap rate because of the possibility of flooding in the area and the homeowner really has no choice because flooding is a tragedy that one cannot avoid.

Electrical fires: Worn frayed extension cords start many electrical fires. Every year you should visibly examine all extension cords for twisting and fraying. Throw them away immediately. To help fight this a law has been passed that all bedrooms in new homes are now protected with arc fault circuit breakers. These breakers detect if an electrical arc or spark occurs and immediately turns off the electricity to the outlet. This will save thousands of lives each year. You may want to consider adding these to your home if you do not have them now. Contact an electrician to do so.

Once you’ve selected your property you will need to make sure you are adequately insured. Whether you own just one property or a landlord with a portfolio of let properties, it is fairly simple to get a reasonable quote. You will still need to get this sorted sooner rather than later. Let Property Insurance is available from many high street brokers. This type of insurance will cover you for all landlord related issues and help to ensure a solid future for your investment.