Provided By Real Estate ABC
Homeowners insurance exists because a home is a huge investment, often one of the largest purchases many people make in their lifetimes. Naturally, people want to protect the value of their precious property. Homeowners insurance is a contract between a homeowner and an insurance company. As long as the owner pays the required premiums and meets the other policy requirements, the insurance company guarantees to reimburse the owner for any losses incurred due to natural disasters or human-caused damage.
WHAT DOES IT COVER?
A basic homeowner’s insurance policy protects the owner against any property damage that results from things like fire, lightning, wind or hail storms. It will also provide for motel and food costs if you are forced to leave your home while such damages are repaired.
A typical policy, however, does not cover flood or earthquake damage. Because these issues are usually specific to certain regions of the country and can cause extreme damage, these can be purchased as separate policies. If you live in a flood zone or near an earthquake fault line you may be required by your mortgage company to carry these protections.
A basic policy will also cover homeowners against loss from theft or vandalism as well as reimbursement for personal property destroyed in natural disasters. It will also provide for something that many people may not normally associate with home protection – liability coverage for lawsuits brought against the owner by people who were injured on the property. This includes the cost of legal defense up to the allowed policy limit. Additionally, most policies will have a provision that will cover the basic medical expenses for the parties.
IS IT REQUIRED?
Homeowners insurance is almost universally required by mortgage companies with the purchase of a home. This is because the investment is almost as big for them as it is for you. They want to make sure the property is protected from major damages so that if you are ever unable to keep up with your payments, the lender can then reclaim ownership and be able to sell it fairly easily. And even if you own your home outright, a good insurance policy is still the best way to protect the value of your home in the face of the unexpected.
If you need guidance about the "ins and outs" of real estate, give us a call at 972-772-7000 or email us at rockwall@kw.com.
Showing posts with label homeowners insurance. Show all posts
Showing posts with label homeowners insurance. Show all posts
Monday, September 27, 2010
Friday, August 27, 2010
Don't Let Termites Eat Away the Sale Of Your Home
Written By Phoebe Chongchua
Provided By Realty Times
You're selling your home and it comes time to get that dreaded termite inspection. It's the Wood Destroying Organism (WDO) inspection that homeowners fear can eat away at the price of a home or ruin the entire deal--but it doesn't have to.
There are a few signs that may indicate there might be an infestation. Some states are more likely to have heavy termite activity such as those in a "hot zone" such as California, Texas, Mississippi, Alabama, Louisiana, Georgia, South Carolina, Florida, and Hawaii. While these areas have the highest level of activity, termites can be found nearly anywhere and the varieties of the insects differ depending on the area and climate.
According to TermiteInstitute.com, "When conditions like cracks in the foundation or plumbing leaks are present; the possibility of a hidden wood-destroying infestation exists. Buyers should pay particular attention to these potentially hazardous conditions outlined in the WDO inspection report."
Many homeowners don't think about the possibility of having termites until they're getting ready to sell their home. Unfortunately, a history of termite issues can eat away at the sales price. Being prepared and understanding what to expect from an inspection is not only helpful but could help ensure a better price and smoother home sale.
TermiteInstitute.com has a lot of information that helps clarify the type of termites found in various locations. The site also helps inform and educate people about termite warning signs, treatment, and even the biology and lifecycle of these pests. I found the site's top questions and answers about termites to be very interesting. Here's what you should know about termites.
If my neighbor's home is infested; will mine be attacked next? TermiteInstitute.com says not necessarily. However, the risk is, of course, high. Preventive treatment is recommended.
How are homes treated for termites? The methods vary depending on the severity and the professional company that you choose but here's a look at some modern treatments.
Termite bait systems can be set up, however, this requires termites to find the bait stations, eat the poisonous feed, and then transfer it to the colony. It can take up to a year to be fully effective.
The site says that liquid termite treatment is known as the new "undetectable" or "non-repellent" technology. "It works well with subterranean termites, which comprise about 90 percent of the infestations in American households." This method is done by a professional applying the undetectable liquid to the soil and around the home as well as critical points in the structure where termites are likely to invade.
Since termites can't detect the liquid material, they pass through the treated soil causing termite mortality. "However, before termites die, they can have an opportunity to return to the colony and transfer the material to others in the nest," according to TermiteInstitute.com.
Will my homeowners' insurance pay for treatment? It's not likely. Although, in some areas of Louisiana some insurance companies have covered termite treatments for those structures that suffered hurricane damage.
While termites are annoying and can certainly eat away at your sale price, if you don't take care of the infestation and damage, they're not harmful to humans. In other words they feed on wood, not people. But they can severely damage a home so it's best to know right away whether you have an infestation and what your options are to resolve the problem. It could save you money and frustration when it comes time to close the sale on your house.
Are you a first time home seller? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Provided By Realty Times
You're selling your home and it comes time to get that dreaded termite inspection. It's the Wood Destroying Organism (WDO) inspection that homeowners fear can eat away at the price of a home or ruin the entire deal--but it doesn't have to.
There are a few signs that may indicate there might be an infestation. Some states are more likely to have heavy termite activity such as those in a "hot zone" such as California, Texas, Mississippi, Alabama, Louisiana, Georgia, South Carolina, Florida, and Hawaii. While these areas have the highest level of activity, termites can be found nearly anywhere and the varieties of the insects differ depending on the area and climate.
According to TermiteInstitute.com, "When conditions like cracks in the foundation or plumbing leaks are present; the possibility of a hidden wood-destroying infestation exists. Buyers should pay particular attention to these potentially hazardous conditions outlined in the WDO inspection report."
Many homeowners don't think about the possibility of having termites until they're getting ready to sell their home. Unfortunately, a history of termite issues can eat away at the sales price. Being prepared and understanding what to expect from an inspection is not only helpful but could help ensure a better price and smoother home sale.
TermiteInstitute.com has a lot of information that helps clarify the type of termites found in various locations. The site also helps inform and educate people about termite warning signs, treatment, and even the biology and lifecycle of these pests. I found the site's top questions and answers about termites to be very interesting. Here's what you should know about termites.
If my neighbor's home is infested; will mine be attacked next? TermiteInstitute.com says not necessarily. However, the risk is, of course, high. Preventive treatment is recommended.
How are homes treated for termites? The methods vary depending on the severity and the professional company that you choose but here's a look at some modern treatments.
Termite bait systems can be set up, however, this requires termites to find the bait stations, eat the poisonous feed, and then transfer it to the colony. It can take up to a year to be fully effective.
The site says that liquid termite treatment is known as the new "undetectable" or "non-repellent" technology. "It works well with subterranean termites, which comprise about 90 percent of the infestations in American households." This method is done by a professional applying the undetectable liquid to the soil and around the home as well as critical points in the structure where termites are likely to invade.
Since termites can't detect the liquid material, they pass through the treated soil causing termite mortality. "However, before termites die, they can have an opportunity to return to the colony and transfer the material to others in the nest," according to TermiteInstitute.com.
Will my homeowners' insurance pay for treatment? It's not likely. Although, in some areas of Louisiana some insurance companies have covered termite treatments for those structures that suffered hurricane damage.
While termites are annoying and can certainly eat away at your sale price, if you don't take care of the infestation and damage, they're not harmful to humans. In other words they feed on wood, not people. But they can severely damage a home so it's best to know right away whether you have an infestation and what your options are to resolve the problem. It could save you money and frustration when it comes time to close the sale on your house.
Are you a first time home seller? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
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