Showing posts with label Property Insurance. Show all posts
Showing posts with label Property Insurance. Show all posts

Friday, January 1, 2010

How beneficial is Home Warranty

By the name of it, many people misinterpret home warranty as some warranty that covers everything (including interior, house structure and even paint). In reality home warranty is merely an insurance for your home appliances (still, not that bad? The home appliances include fans, air conditions, heaters, oven, washing machines and other domestic devices. Home warranty mostly comes into the consideration at the time of sale, though it has no real implications, a home warranty from the seller or real estate agent can add to your peace of mind as a home buyer. Just because the name is heard mostly at the time of sale, it doesn't mean you can't have one for the houses you are living in for years.

As in the case of warranties, the home warranty issuing company is responsible for repairing or replacing the appliance that stops functioning properly. Of course, they have some charges that you must pay on yearly basis just like and other insurance, plus you have to pay a small fee every time you avail their services.

Pros & Cons:
As stated earlier, a home warranty doesn't cover everything; hence you are not freed from all the worries or uncertainties that turn up at the time of home purchase. Still, a good home warranty can provide you with considerable assurance because it may cover heating systems, plumbing or electrical systems along with all the major appliances. In addition to that, home warranty will be perceived as a bonus for buyer when you put your home for sale. Coming to the negative aspects, home warranty works only in case of normal deterioration (wear and tear), your claim will be rejected if the problem was caused by inadequate use or maintenance. If the company (the one providing the warranty) rejects your claim, there's hardly anything you can do, similarly you can't force them to replace some appliance even if it's breaking down every other day.

Some Advise:
First, home warranty is not necessary, it's specifically meant for those who find it extremely irksome to go through repairing or maintenance work on their own. If you have purchased a newly built house, and all the appliances, cooling or plumbing systems are in good shape then home warranty is an unnecessary burden that you should avoid. When you are convinced that you can benefit by having home warranty, you should choose the best service provider after reasonable research. Read the terms and conditions carefully, specially the part that tells what's protected under the warranty and what's not. Moreover, chew on the possible circumstances where your claim can be rejected.

Wednesday, December 30, 2009

Function and scope of Title Insurance

In real estate terminology "title claim" is essentially the property rights, and in United States "Title Insurance" is a quite common form of insurance. It is more or less a requisite when you are going for a mortgage. It differs from other forms of insurance as it normally requires a one off payment at the time when you are purchasing a policy and no future installments (though there are some service charges attached). Another difference stems from the fact that Title insurance provides protection for the "damages or loss" that has already occurred, that is in contrast to the normal insurance policies that secures you against future losses.

A Title Insurance Policy protects the owner of the policy from all types of vulnerabilities linked to the Title of property or land that may arise at a later stage. Title insurance policy is accompanied by a "Title report" issued after a careful "Title research".  Title Insurance can protect you in tricky situations like undisclosed liens, forged or fraudulent acts in previous transactions concerning the property you've purchased, errors in public record or title verification process, etc.

Lender's Policy vs. Owner's Policy:
Lender's policy has limited scope and it generally protects the lender whereas owner's policy covers a wider set of damages. That is why being a buyer; you should better opt for an Owner's policy when acquiring a Title Insurance. The buyer can expect or even ask the property seller to pay for owner's policy. If that is not the case and you are making a purchase in US real estate market, you should take into account the cost of Title insurance with all other expenditures while negotiating the price for some property.

Is the "Title Insurance Policy" worth paying for?
Even if it wasn't, you don't really have a choice if you are willing to acquire a mortgage. However, you have many choices to save or reduce the cost when you are looking to get your hands on "Title Insurance". For example, you can compare the prices (both premium charges and service charges) of all the Title insurance providers, also you can check if the property in question has already got a Title Insurance policy. Not that you can use the previous policy in your future dealings, however if you can hire the same company, you will get considerable discount (mainly because they don't have to do the research work from scratch).

Wednesday, December 16, 2009

Sophia Loren Slept Here

SELLERS: Edoardo Ponti and Sasha Alexander
LOCATION: Chelan Drive, Los Angeles, CA
PRICE: $2,135,000
SIZE: 4 bedrooms, 4 bathrooms
DESCRIPTION: Indoor/Outdoor living at its finest. Beautifully remodeled contemporary 4+4 home with perfect flow for entertaining w/ stainless steel appliances, open living room with Ledger stone fireplace. The master suite includes sitting area, fireplace and features pocket doors that completely open the room the the private pool/spa and expansive views of the canyon.

YOUR MAMAS NOTES: Okay babies, Your Mama confesses that we don't really know if Oscar winning Italian actress and international sex symbol Sophia Loren (Matrimonio all'italiana, La ciociara, Prêt-à-Porter) actually slept in this house in the Outpost Estates area of Los Angeles. What we do know is that the world's sexiest senior citizen's son Edoardo Ponti and his wifey, Sasha Alexander own the house in question and have recently listed it with a price tag of $2,135,000.

Signore Ponti is, of course, the thirty-something year old son of La Loren and legendary Academy Award winning Italian film producer Carlo Ponti (Doctor Zhivago, La Strada). Young Signore Ponti has followed in his papà's footsteps right into the big, bag movie bidness, writing and directing a few films including Between Strangers and another one called Italian Holiday which has yet to be released. Since 2007, Signore Ponti has be betrothed to actress Sasha Alexander who is perhaps best known for her boob-toob roles on the icky-sappy and thankfully erstwhile Dawson's Creek in the late 1990s and on Navy NCIS: Naval Criminal Investigative Service in the mid 2000s. More recently she has wound her way into films like Mission Impossible III, Yes Man, and He's Just Not That Into You.

Some previous reports and records show the property was purchased in 2004. However, that is not, according to our research, correct. Records Your Mama accessed show that Signore Ponti purchased the Chelan Drive domicile in January of 2006–or March depending on where Your Mama looks. The property records Your Mama accessed are vague on the purchase price but with a little assistance from our good buddy Babbling Babette we've managed to suss out a purchase price of $1,745,000. Listing information and public property records agree that there are four bedrooms and four poopers on the property, but when it comes to square footage, there seems to be some discrepancy. Listing information indicates the house measures 2,800 square feet while the tax man shows it covers 2,569 square feet.

Although there is a two car garage under the house and some sort of small, odd attachment on the roof that is accessed via a spiral stair on the pool deck–the Ponti/Alexander residence sits mostly on a single level. Listing information indicates the house was recently renovated but Your Mama happens to know it was not by the current owners. What the current owners are responsible for is the all beige all the time look look that begins with the front facade of beige stucco and beige stacked stone walls and accents. The children will not the amazing banana plants. Love, love, love those nanner plants.

Inside, the sufficiently sized living room has a very high wood ceiling, blond and glossy bamboo wood floors and a monolithic stacked stone wall which has a three sided fireplace at one end. A low, built in bench runs along the length of the stacked stone wall which also has a big black bas relief of the face of Buddha or some other eastern deity tacked up on it. Listing information indicates the fireplace is made of Ledger stone." As best as Your Mama can tell, that means it's a stone veneer hot glued onto a cement wall rather than an actual wall made of stacked stone. The floors switch to travertine in the dining room which has a vaulted wood ceiling, and huge floor to ceiling windows overlooking the back yard and the swimming pool. Although we think the dining room would benefit greatly from some kind of color–say, and an area rug with a deep eggplant colored base–but otherwise we're sorta digging the mixing matchy of the chunky farm table with the antique Louis the Something cane backed chairs and the uber-elaborate, glammy, gilded and–we're gonna say it–gaudy Italian looking mirror with its warts, gew-gaws and gilding mixed with the smooth planes of the banana leaves sticking up all manly-like out of the vase on the table.

The monolithic, stacked stone veneer wall and three sided fireplace that starts in the living room wraps around into the kitchen which is blessed with a wonderfully vaulted wood beamed ceiling and sky lights. The smallish but gore-may kitchen set up has more of the beige travertine floors as in the dining room, honey colored cabinetry, beige and brow flecked granite counter tops and some uppity stainless steel appliances that probably combined cost more than middle class people earn in a damn year.

The honey colored wood floors in the living room continue into the master bedroom which according to listing information has it's own sitting area and fireplace as well as a vaulted wood ceiling and an entire wall of windows that slide open and over look the swimming pool. While we do love this bedroom as covered porch sort of thing, we'd never leave it open unattended because fraidy cats that Your Mama and the Dr. Cooter are, we'd be awfully concerned with coyotes comin' 'round and slipping up onto the bed for a nice soft place to sleep. Don't laugh chickens, just days ago Your Mama watched a kie-ote titter down the street right in front of our damn house probably looking for dinner and a quiet place to sleep. Anyhoo, the master bathroom is slathered in beige travertine and offers a double vanity with dog bowl sinks, a couple of skylights and windows for light and, uh, ventilation, and a jetted tub/shower combination that shares the through the wall fireplace in the sitting area of the master bedroom.

The backyard of the Ponti/Alexander residence is small, as is expected in these hillside homes and includes a rectangular pool with rounded corners and in-ground spa surrounded by a terrace too slim to do the downward facing dog or put a damn chaise lounge for sunbathing in the newd. If Your Mama is being honest, and we always are, we'd have made the this swimming pool plunge-sized in order to gain a few more square feet of terrace so that we would not have to worry about rounding the corner of the house and falling into the damn pool after a pitcher or two of late afternoon gin and tonics. Around the corner from the pool and up a few steps is a larger courtyard/patio/terrace like space with a built in firepit.

For what it is worth, the house that sexy and balloon breasted actress Salma Hayak called home before she got knocked up by her billionaire baby daddy Francois-Henri Pinault and moved into a behemoth of a mansion on Bel Air Road in Bel Air is just around the corner. As far as we can tell, Missus Pinault still owns the property.


UPDATE: A-Rod

Last October, Your Mama discussed the Coral Gables Crib of professional baseballer Alex "A-Rod" Rodriguez who–at that time–had dumped his wifey Cynthia and taken up with the man-armed and man-eating force of nature known as Madonna Louise Ciccone Penn Ritchie. Since then the Kabbalah Kween has moved on to a Brazilian born male model named Jesus–that's hay-soos, puppies, not gee-zuss–who is sta-acked and about half her damn age, and A-Rod has turned his ladee lovin' attentions to Kate Hudson, another famous man eater who has had at least four boyfriends and two additional flings since splitting from her Black Crows ex-huzband Chris Robinson in 2007.

Mister Rodriguez and Miz Gets Around Hudson seem to have gotten very serious very fast. In fact, they were reported to be house hunting in Pacific Palisades and Malee-boo in late September and in early October the love birds were seen shopping around for new digs in New York City. Lo-ward have mercy. Your Mama just hopes neither of these two are foolish enough to start shacking up together after five months of dating and doing it because–let's be honest children–this story of celebrity love and high profile romance has star crossed lovers painted all over it.

Anyhoo, let's get back to the real estate. Mister Rodriguez, whose team recently won the World Series which really ain't the world series since only team from the U-nited States get to play in it, has also gotten serious about selling his one time happy home in Florida. At the end of October of 2008, the 8,310 square foot water front Mediterranean was listed with an asking price of $14,876,000. Since then, the price tag has plummeted to $9,999,999. As if that nearly five million clam cut doesn't sting quite enough, keep in mind that Mister and Missus ex-A-Rod paid $12,000,000 big ones for the 6 bedroom and 8 terlit mansion on E. Sunrise Avenue back in December of 2004. Oh, ouch. That's gotta hurt the financial pride even if you are A-Rod and bringing home bazillions of dollars every year for swinging a wood stick and catching balls in a leather glove.

Not only has price been chopped, thanks to Lipsmacking Leonard we've also learned that A-Rod has put the property up for auction on the BillionaireXchange with no minimum bid suggested. No minimum bid? Pleeze. Your Mama is not saying Mister A-Rod is getting desperate to sell his Floridian white elephant but it certainly looks like he's had a real estate reality check and realized that he's going to lose several if not many millions of dollars. All the price of celebrity dee-vorce chickens, all the price of celebrity dee-vorce.

As far as we know, Mister A-Rod spends a small fortune leasing an apartment at the over-hyped and insanely high priced 15 Central Park West building in New York City. Miz Gets Around Hudson owns a home in Pacific Palisades, CA where she's lived ever since being married to that Black Crows fellow and she recently vacated–or is soon to vacate–the King Street townhouse she's been leasing in downtown Manhattan.


Thursday, November 26, 2009

Five important tips for getting the most from Renters’ insurance.

Of all the types of insurance available to consumers, renter’s insurance is probably the most overlooked and underrated. Like all insurance policies, the buyer must be careful when purchasing and using their policy. Here are 5 tips to get the most from your policy:

TIP 1

Know your insurer! Although this sounds like the obvious thing to check, you would be surprised how many people sign on to a renters policy with the first salesperson that sounds sincere. Make sure that the company that is providing the coverage is not only reputable but also a reliable and prompt claims settler.

There are many new companies now offering ‘cut rate’ coverage which really means they cut the rate at which they settle your claim! You can check the performance of any company online with a number of free sponsored consumer groups. Anything less than a 4 out of 5 rating stay away from no matter how ‘cheap’ the coverage is.

TIP 2

Make sure your renters policy covers the ‘hidden’ damages. Everyone thinks of fire or theft when they think of loss but things like water damage from a fire in an adjacent apartment or from a flood is not automatically covered! Check your policy for exclusions like ‘act of god’ or flood plain before you sign the dotted line. If these things are excluded then find out how to include them if you feel it might be warranted. It is too late to learn about these exclusions after the tornado has swept through the trailer park.

TIP 3

Be sure the renters policy covers not only the large items such as the flat screen TV and other appliances, but the smaller more expensive items such as family jewelry. Many policies exclude such items unless they are separately listed in an addendum. If you have such valuables then make sure the policy will replace them at full value.

TIP 4

Keep a record of both the major and minor items that you would need replaced. Receipts are best but who keeps every receipt for every item? Instruction booklets for appliances and electronic equipment are an excellent record of proof of ownership and value. If you do not have either of these then a simple photograph is most cases would suffice.

In this age of picture phones you can take photos of most of your items and store them on in your phone memory! Check with the insurer that these are acceptable before you take the renters policy. Make sure you keep such records either in a secure place away from your home or in a fireproof box that is unlocked. Why unlocked? Nothing is more intriguing to a thief than a locked box. They just might take the entire box just to be sure, but would never bother with pictures or receipts.

TIP 5

If you are a collector of unusual memorabilia such as trading cards or comic books then you must include such items in a separate addendum to the renter’s policy. It is very important to have both a visual record and an appraisal of the value of such items. Most insurance companies will add a small additional fee to the renters insurance premium but it is definitely worth it to make sure these collectibles are totally covered.

If you follow these 5 simple tips you will be able to sleep well knowing that you are fully covered in the case of any loss you might incur as a renting or leasing tenant.

Thursday, November 19, 2009

Details and importance of Buy-to-let Landlord Insurance

It is always important to look for the right insurance for your property and its contents. It is essential for landlords to know what kind of house they have, the types of tenants as well as the properties’ surrounding areas. This information is necessary when approaching the insurance companies.

There is always a false belief that standard home insurance is suitable to cover your rented properties; however, not only will you waste money on the wrong insurance, your claim might also be declined if accident happens. Thus, it is crucial to look for the specialist landlord insurance to cover the buy-to-let investment.

Apart from normal buildings and contents insurance cover, there are other major aspects you may want to consider when purchasing landlord insurance:

1. Accidental Damage Cover
Accidental Damage on both buildings and contents is usually an additional cover; however it might also come as a standard. Accidental Damage is an unintentional and unexpected action that harms your property or contents. Some insurance providers offer this cover for free depending on the type of tenants renting the properties; however, it should be noted that some companies may offer this at an additional cost.

2. Alternative Accommodation Cover
Alternative accommodation cover is needed when the property becomes uninhabitable. Landlords are required to re-house the tenants temporarily due to loss or damage. Alternative accommodation is often quite pricey; thus, as a landlord, it is important to look for an insurance that provides this cover to help you to “redeem” the cost for re-housing your tenants when your property becomes uninhabitable.

3. Loss of rent cover
When your property is damaged, the time it takes to repair and the unoccupancy of the property under construction will result in Loss of Rent. Having Loss of Rent covered in the policies, your loss of rental income can be compensated. Some companies will also provide a maximum cover with 20% of the property rebuild value due to the damage.

Not only can the rented property be covered by the standard residential or commercial landlord insurance, landlords can also be insured with the legal expenses and rent guarantee insurance, which serves to cover the legal costs and rent-arrears when the tenants break their commitments under the tenancy agreement; therefore, this type of insurance is crucial especially under the economic recession.

Finding an appropriate Buy-to-let insurance that suits the landlord, property and the tenants is essential as the insurance should be able to cover most of your needs and concerns. Landlords should never neglect to get insurance once the rented property is bought. It serves to put you in a secure position regardless of the economic situation.

Tuesday, September 22, 2009

Five Steps for Home Insurance Claim Preparation

Filing a home insurance claim is a very important task for every homeowner. Before you file your claim, make sure that you know all the information you need. Moreover, you should be able to do it the right way so that you will not miss anything and that you will get what you deserve in your claim. Here are five steps to preparing for and filing your home insurance claim.

1. Inform your home insurance company immediately. As soon as the damage (or damages) has been done, call your agent and ask for assistance about your home insurance claim. Your agent will give you information about the next steps that you should take for your home insurance policy.

2. Make an assessment of your property and document it for proof. Depending on what available equipment you have, you can take pictures or shoot a video of your property and the damages you will file a claim on. You can use this to as proof when you file your home insurance claim.

3. Do your own repair of the things that you can do yourself. Do not worry, you can reimburse all the expenses you would have to make when doing repairs. Just keep the receipts and present it to your home insurance company for a reimbursement. You are responsible for your property. Aside from making minor repairs, you can also start securing your property by doing preventive measures, such as securing your roof.

4. Keep a list of the items you think are damaged or lost. Go through your whole house and ask everyone who lives in your house to recall any item that was previously there but is now missing. If your home insurance includes replacement cost coverage, you can have your old items replaced even if the values are different.

5. Wait for your home insurance claim. If you want to file a home insurance claim right after a natural disaster, chances are you will not get immediate attention from the home insurance company. This is especially true when the damages on your property are not as serious as what other homeowners are experiencing. While waiting, you can stay in communication with your home insurance agent so that you can get updates about when you can get your home insurance claim.

By : John Cutts

Five Steps for Home Insurance Claim Preparation

Filing a home insurance claim is a very important task for every homeowner. Before you file your claim, make sure that you know all the information you need. Moreover, you should be able to do it the right way so that you will not miss anything and that you will get what you deserve in your claim. Here are five steps to preparing for and filing your home insurance claim.

1. Inform your home insurance company immediately. As soon as the damage (or damages) has been done, call your agent and ask for assistance about your home insurance claim. Your agent will give you information about the next steps that you should take for your home insurance policy.

2. Make an assessment of your property and document it for proof. Depending on what available equipment you have, you can take pictures or shoot a video of your property and the damages you will file a claim on. You can use this to as proof when you file your home insurance claim.

3. Do your own repair of the things that you can do yourself. Do not worry, you can reimburse all the expenses you would have to make when doing repairs. Just keep the receipts and present it to your home insurance company for a reimbursement. You are responsible for your property. Aside from making minor repairs, you can also start securing your property by doing preventive measures, such as securing your roof.

4. Keep a list of the items you think are damaged or lost. Go through your whole house and ask everyone who lives in your house to recall any item that was previously there but is now missing. If your home insurance includes replacement cost coverage, you can have your old items replaced even if the values are different.

5. Wait for your home insurance claim. If you want to file a home insurance claim right after a natural disaster, chances are you will not get immediate attention from the home insurance company. This is especially true when the damages on your property are not as serious as what other homeowners are experiencing. While waiting, you can stay in communication with your home insurance agent so that you can get updates about when you can get your home insurance claim.

By : John Cutts
Related Posts Plugin for WordPress, Blogger...