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Homeowners Insurance: Things to Consider

by Bill Nelson - Broker

Anyone who owns a home knows that homeowners insurance is essential. It’s coverage you need to have in the event your home suffers significant damage. But understanding just what your insurance covers is not as simple as it sounds, and reviewing your coverage regularly is a prudent idea.

Are you covered for floods? Fires? Earthquakes? All three? Does your policy provide guaranteed replacement cost—which, for obvious reasons, since houses appreciate in value, may be almost prohibitively expensive? And what about exclusions? Many homeowners aren’t sure exactly what their coverage will pay for.

Financial advisors at consumer resource The Motley Fool suggest asking yourself three pointed questions when purchasing or renewing homeowners insurance:

  1. What does it cost to build in your area? There’s no way to price disaster insurance effectively without knowing what it would cost to rebuild your home. You need to know the per-square-foot average construction cost for your zip code—a number you should be able to get from a reputable insurance agent—then multiply that by the total area of your home to get the replacement cost. Insure for that amount, and then recheck the pricing regularly.
  2. What risks does your home face? Exclusions and riders are common for homeowners insurance. In Colorado, for example, policies frequently exclude damage from mold, since mold doesn’t thrive in the state’s dry climate. Other common exclusions apply to older homes, where outdated plumbing or fixtures may lead to greater risks. Be sure you understand exactly what risks your insurer will be covering.
  3. What’s my back-up fund like? The best way to save money on a homeowners policy is by taking on a higher deductible. But the higher your deductible, the less likely you will be to put in a claim for any lesser damages that may occur. You will need to have an emergency fund large enough to cover the gap in the event you ever need to.

Interested in housing and real estate tips? Feel free to contact me directly.

When selling a home, staging is an important piece of the puzzle that can’t be overlooked. From the kitchen to the bedrooms and bathrooms, staging is a great way to make sure your home appeals to the masses. While staging spaces within your home is crucial, many sellers often neglect one important area: the garage. 
 
While the garage is used for many different things, storage is one of its biggest benefits. As buyers consistently point to storage, space and usefulness as the main criteria used to rate any garage, it’s still the most overlooked area when homeowners begin getting their property ready for sale.
 
In fact, many sellers use the garage as a dumping ground for items no longer needed within the home as it’s being prepared for the market, which could be a big mistake when it comes to getting your home sold. A cluttered or unorganized garage can ultimately send the wrong message to a potential buyer, making it impossible to visualize all that the space can offer.
 
If you absolutely have to use some of the space for storage purposes, be sure to keep everything neat and organized, as this can subconsciously imply that you take better than average care of your home. It may also lend a feeling of newness to the property. 
 
Getting your garage in tip-top shape begins with removing all the junk that has collected over the years and organizing everything on clean shelves. Vacuum up any dirt and do away with any spider webs and bugs. It’s also important to make sure there is plenty of light. If there are windows in the garage, be sure to clean them.
 
Bigger fixes include adding industrial flooring, painting the walls and ceiling and replacing any coils or parts of the garage door that are rusty and not working properly. If you have an automatic garage opener, make sure the batteries are fresh and everything is working properly.
 
Keeping your garage presentable can be the difference between getting a terrific offer or seeing yet another buyer move on to another home. Taking the time to clean, paint and organize will do wonders for making the space more appealing to potential buyers.
 
For more staging tips, contact me today.

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