GET THE BIG PICTURE » policies http://www.getthebigpicture.net THE GATEWAY TO SUCESS Sun, 12 Nov 2017 09:00:04 +0000 en-US hourly 1 http://wordpress.org/?v=4.2.17 Insuring Your Rental Properties the Smart Wayhttp://www.getthebigpicture.net/insuring-your-rental-properties-the-smart-way/ http://www.getthebigpicture.net/insuring-your-rental-properties-the-smart-way/#comments Tue, 12 Apr 2016 15:58:05 +0000 http://www.getthebigpicture.net/?p=1453 There are a number of reasons why you may decide to rent your home out, either on a short or long term basis. Depending on the scenario, the standard homeowners’ policy may not offer protection against all losses you might incur while the home is rented out, and you may need to buy a more specialized insurance policy.

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If you fail to tell your insurer you have rented your home out, they might flatly refuse to pay any subsequent claims. Therefore, you should get specialist landlord insurance if you’re planning on renting your home. While some policies offer all these individual components as one package, some allow you to add on extras as you need them.

Landlord Building Insurance

This is vital because it protects the physical damages to the building. It protects the bricks and mortar that make up the property. In case of fire or a flood, buildings insurance will settle all the losses incurred, thereby giving you peace of mind. Most buildings insurance policies offer unlimited cover, so you will not need to worry about the rebuilding costs. 

Landlord Contest Insurance

This is another vital form of cover, especially if your flat is furnished. It offers protection to beds, carpets, sofas and other possessions from either damage or theft. However, this policy does not go beyond what you own. It cannot protect tenants’ property unless they buy a policy themselves. 

Landlord Liability Insurance

Personal injury claims have increased in recent years, thanks to the effort ambulance-chasing lawyers have directed towards persuading those who have suffered an accident or injury to make a claim for compensation. Some claims top £100,000, something that makes it necessary to protect yourself against litigious tenants. With landlord liability cover, you can often get up to £2 million of cover. 

Loss of Rent Insurance

If the property is damaged due to an accident or destroyed and you cannot rent it out anymore, the loss of rent insurance comes in handy to replace the lost income. This is vital especially if you have taken out a mortgage and the repayment of the loan depends on the monthly payments made by tenants. Loss of insurance cover can spare you the agony of losing your property over unpaid bills. 

Legal Expenses Cover

Dealing with tenants sometimes leads to disputes, which could go as far as evictions. In most cases, you need to seek defence against any criminal action tied to your relationship with tenants and people living near your property. Legal processes can cost a lot if the verdict is delayed. With legal expenses insurance, you can also recover any rent owed by tenants in case of a dispute. 

Landlord Home Emergency Insurance

Arranging emergency repair and adjustments can prove costly. The landlord emergency cover helps to settle all the costs emanating from unforeseen costs like a gas leak, pest infestation or pipe bursts. The policy covers all call-out charges, materials and labours and ensures a well qualified tradesman is on hand to sort the emergencies out. 

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Top 4 Insurance Tips for Homeownershttp://www.getthebigpicture.net/top-4-insurance-tips-for-homeowners/ http://www.getthebigpicture.net/top-4-insurance-tips-for-homeowners/#comments Mon, 03 Aug 2015 09:14:05 +0000 http://www.getthebigpicture.net/?p=1270 Insurance needs you to think about unpleasant occurrences such as car accidents, medical problems, and emergency home repairs. Although it seems pessimistic to ponder about such possibilities, it is vital to protecting yourself and your family against some of the unpredictable surprises of life. Here are several homeowners’ insurance tips to help you be prepared for any eventualities.

1. Understand how the claims process works

Two policies may offer to give you a similar amount of coverage, but they may differ significantly when it comes to making a restoration after a loss. Thus, let an agent to explain to you how they handle claims. You will also need to know if they give the claims upfront or just a fraction of it. You also need to know if they pay for everything you have lost, or just what you have replaced. Some policies may give you a cash value of what you have lost immediately after the loss, and they cover the cost of replacement after you have made the replacement of your items. Therefore, you need to provide receipts as evidence. Such kind of an arrangement may give you problems especially if you have no cash reserves and when you have been wiped out. You also need to know their replacement timetable and how long you have to replace your items.

2. Take an inventory

There are two steps involved in putting forth a claim: you have to prove that you owned the items, and also prove their worth. This is easy to do when you still have the items. Take a video camera and sweep through the house to get everything you own on video. Don’t forget the closets, basement, offsite storage locker, and attic. If you don’t have a video camera, you may as well rent one. You can also decide to make a list of what you own then take photos of what you have. Stash the videos or pictures in a safe deposit box with a copy of your policy. If you keep your inventory in your home, make a copy and give it to your loved one for backup.

3. Buy floaters

Sometimes renters and homeowners’ policies put a limit on the amount you can take on big-ticket items such as jewelry, fine collectibles, and computer equipment to only a fraction of the value of replacement. If this happens,you may choose a special policy known as an “endorsement” or “floater” for each of the items. And if you buy something new, keep the receipt with your inventory and mail a copy to your insurance provider. If it is an older item, have it appraised and then keep a copy, and send another to your insurance agent. Doing this avoids the worry of having to prove that you owned an item and any disputes about what they were worth.

4. Keep track of inflation

Knowing about inflation is vital especially with a homeowner’s policy. It may have cost you $80,000 to build your house eight years ago. But it might cost you 100,000 today to replace it. Most companies have inflation protection that covers the ever rising cost of rebuilding. Robert Rosenkranz on huffpo advises that when going to renew your policy, speak to your agent to confirm that your amount of coverage is still realistic. Also, when you improve your home, add this amount to the total.

When you are a homeowner, you need to be assured that in case of any unpleasant occurrence, you are fully covered. You will eliminate any worries if you follow the above tips to ensure that your insurance coverage is in order.

 

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Six Considerations for Choosing the Right Home Safehttp://www.getthebigpicture.net/six-considerations-for-choosing-the-right-home-safe/ http://www.getthebigpicture.net/six-considerations-for-choosing-the-right-home-safe/#comments Tue, 10 Mar 2015 07:59:52 +0000 http://www.getthebigpicture.net/?p=1205 Home safes have risen in popularity since the beginning of the recession. If you have made the decision to purchase a fireproof safe for your home, the following steps can assist you in determining which one is right for you.

 

Protection Alternatives

 

Even with considering the extensive variety of models with various features such as vault doors, choosing the right home safe is a relatively straightforward process. Because you are protecting capital, essential documents and sentimental items, make sure to pick prudently and consider these six fundamental points.

 

  1. Fire Resistant: Understand that a fire rating reflects the amount of time the safe can endure a fire without the contents combusting. Calculations are in terms of hours, and the ideal measurement is a minimum of a one-hour fire rating. It is necessary to realize that no safe is 100 percent fireproof. There are limits on any safe as to how long it can protect its contents and what items it can protect from fire. A list of classifications can be found here.

 

  1. Research the cash rating. This measurement shows the degree that the safe is burglar-resistant. Calculations indicate the complexity of the locking mechanism, the strength of the door and walls, and how difficult it is to remove the safe from its location. The higher the cash rating, the more secure the safe.

 

  1. Determine the volume of objects going in the safe. Standard home safes are eight inches high, 10 inches wide and 10 inches deep. Make sure that you plan enough room for future items. This gives you an idea of the size of safe you need to purchase. Smaller safes are easier to hide and more versatile for environments such as apartments, recreational vehicles and boats.

 

  1. Decide if you want a portable or permanently installed safe. For instance, you can bolt a safe to the floor or set it in a wall. Choose a model and size according to your decision. Make sure that each adult in the household can easily carry a portable safe in the event of an emergency.

 

  1. Instead of a keyed lock, opt for a combination lock. Combinations are easy to remember or record in a confidential or off-site location. Locking systems are a principal cause of concern for safe buyers. Systems employing combination locks offer the highest degree of protection. In addition, locking bolts prevent the door from being pried open.
  2. Consider your budget. Purchase the highest-grade safe to meet as many of your needs as possible. The MSRP for most home safes start at approximately $150 and range up to $800 or more. Choose a top-rated safe and sacrifice a few cubic inches.

 

Documents to Keep in Your Safe

 

Safes protect valuables, cash and essential documents. Resist the temptation to save too many sentimental items if space is at a premium. Documents that you should keep in your safe include:

 

  • Birth and death certificates

 

  • Estate-planning documents

 

  • Life insurance policies

 

  • Savings bonds

 

  • Stock certificate

 

  • Tax returns

 

In the end, a good safe is secure, well concealed and just a piece of your larger family security plan. Make sure that all of the adult members of your family know where you place the safe and that everyone understands an emergency plan that focuses on personal safety first.

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Different Types of Insurance Policies For Coupleshttp://www.getthebigpicture.net/different-types-of-insurance-policies-for-couples/ http://www.getthebigpicture.net/different-types-of-insurance-policies-for-couples/#comments Sat, 16 Nov 2013 14:39:56 +0000 http://learn2earn2.com/?p=709 insurance_policies_for_couples

One of the most common reasons to compare life insurance is to replace the loss of income or revenue suffered by the family in the event of your death.

Once you die and checks stop arriving, the family may be left with very limited resources. The proceeds of a life insurance policy do you have enough money to support the family almost immediately death occurs.

Life insurance also used to pay any debts that have commonly left open. Life insurance can be used to pay mortgages, car loans, credit card debts, leaving a remaining principal debt free for your family.

We often used also to pay some taxes and final expenses. Finally, life insurance can create respectable capital for your heirs. How much insurance you need?

Your life insurance needs depend on a number of factors including:

  • if you are married or not,
  • the number of family members,
  • the nature of the financial obligations,
  • stage of his career and
  • Their goals.

Have you heard of marriage insurance? Check this article: Can Marriage Insurance protect a marriage? For a couple the mixed contract is a boon because whatever happens in the future insurance financially help the couple. For example, if the woman dies couple widower and children will receive a capital and it is the same if the husband dies before the contract expires. Certainly this is not something to wish to see her husband leave the world of the living. But in addition to the human tragedy that it can cause, it can quickly turn into a financial drama. If the couple agrees that the mixed life insurance contract will expire at the end of the contract then it will benefit from a capital thus also allowing him to spend more or less retire happy but in all cases will turn.

Basically, the life insurance contract is a mixed gem able to satisfy everyone. But it was without counting on human nature and unscrupulous insurers who abuse the system eventually destroy it.

The insurer, which sometimes shows a little too greedy, understood that the Joint life insurance policy could quickly become a great way to get rich. The insured pays a large portion of their insurance premium in the year during which he endorse the contract. The insurer has the time to see it coming because with this type of contract the refund will be delayed in case of death or within even longer time when life.

If the insured does not pay the insurance premium for the first three years, the insurer could then cancel the contract and repay nothing to its insured. This is why insurers have tried to sign insurance contracts mixes lives to the greatest possible number. The amounts are substantial and in addition it is possible, with a little luck the insurer can benefit from the insurance premium the insured nothing to do to repay.

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