oviedo real estate

Jun 22, 2016

Home Insurance and Backyard Structures

yard_1If you have a freestanding garage, shed, pool or other structure on your home’s property, is it protected under your homeowner’s insurance policy?

Detached Structures
Coverage amount for detached structures varies from policy to policy; check your policy for the specific coverage related to your structures. Keep the rebuilding cost of these structures in mind when purchasing your home insurance policy.

The items inside a shed or garage may also be covered by your homeowners policy, but you might consider a Personal Articles Policy this type of policy protects items beyond the limitations and deductibles of a homeowner’s insurance policy. You should review your personal property coverage with your agent or carrier to verify you have the correct coverage for your personal property.

Swimming Pools
Whether you already have a swimming pool or are thinking about getting one, review liability coverage options with your insurance agent or carrier.

You can also take additional safety measures to help prevent accidents and reduce the potential liability exposure:

Add a high fence with a self-closing, locked gate to keep guests from entering without your knowledge, to help prevent accidents, and reduce potential liability exposure. Enforce safe pool rules, such as not diving into shallow water and walking, not running, around the edge of the pool.

  • Provide non-slip surfaces around your pool to prevent falls.
  • Maintain adult supervision of children in the pool at all times.
  • Keep necessary first-aid equipment near the pool.
  • Contact your local municipality to determine if your pool and surrounding fence meets requirements for size, depth and other safety features.

For more information see the Insurance Information Institute.

 

By OD Blogger Home Owner's Resource, Real Estate No comments Tags: , , ,

Feb 10, 2015

Controversial Rate Checker Tool Tweaked

OD_BloggerUnder strong criticism from the Mortgage Bankers Association and other industry trade groups, the Consumer Financial Protection Bureau made tweaks to its controversial Rate Checker consumer tool.

But MBA President and CEO David Stevens said the tweaks do nothing to resolve “fundamental flaws” with the tool and continue to provide “misleading” information to consumers. 

On January 13, the CFPB unveiled this new borrower education tool on its website (Click Here for Rate Checker) ostensibly to help consumers be better informed of rates and other costs when shopping for a home loan. CFPB said this Rate Checker tool will allow consumers to “see what interest rates people with similar financial situations have been offered.”

The tool uses a credit score, state; property location and a down payment percentage to generate an estimate for a borrower of rates available.

The website which indicates rate information for the rate checker is provided by a private firm who collect data from “actual lenders and is updated every business day.” “When the imprimatur of the government is associated with particular data, the public assumes the data are complete and accurate. However, the lenders’ rates incorporated in the tool include only a mix of large banks, regional banks and credit unions. Notably, rates from independent mortgage banks do not appear to be included in the data. Similarly, discount points, origination fees and mortgage insurance are not included, yet are a significant part of the cost of residential finance–and are critical for any website that purports to be a comprehensive borrower decision tool.” 

Source: Mortgage Bankers Association

 

By OD Blogger Consumer Credit, Loans, Mortgage, Real Estate No comments Tags: , , , ,

Feb 6, 2015

What Tenants Should Know About Security Deposits

What is a security deposit?

A security deposit is any advance money a tenant gives to a landlord as security against damage to the rental premises or for advance rent. A security deposit may be called a “damage deposit,” “last month’s rent,” a “pet deposit,” or by another name.

How do I get my security deposit back?

A landlord is required to give you notice of his or her intention to keep all or part of your security deposit and the reason for imposing this claim. If the landlord does not plan to make a claim against the security deposit, he/she has 15 days after the premises are vacated to return the deposit. If the landlord plans to make a claim against the security deposit, he/she has 30 days to send you such notice by certified mail. Otherwise, he or she forfeits the right to keep any of the deposit.

To protect your rights, you must advise the landlord of your new address. Because the landlord is obligated only to send the notice to your last known mailing address, always give written notice of your new address to the landlord.

If after 30 days the landlord does not return your deposit or send you a letter stating why all or part of your deposit won’t be returned, you can sue him or her for the return of the entire deposit. If the landlord sends you a letter, and you disagree with the landlord, you must write back within 15 days (certified mail recommended but not required) stating that you object to the landlord’s claim on your deposit.

If you and the landlord cannot agree, you can sue, but you will have to prove that you were not responsible for the claimed damage. Photos and/or an independent inspection would be helpful.

If you do not object in writing after receiving the landlord’s letter, the landlord may deduct the amount of his or her claim and, as required, forward the balance (if any) to you within 30 days of the original notice. It is questionable whether a tenant can sue for return of the deposit if he or she has not objected.

Information provided by FloridaLawHelp.org
To locate your local legal aid or legal ser-vices office, please visit www.floridalawhelp.org

By OD Blogger Home Owner's Resource, Real Estate No comments Tags: , ,