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insurance: Contractors- Is the level of coverage enough? - 05/08/08 11:08 PM
Good news, you contact a contractor and the qualifications and skills are sufficient for the project. References check out, Licensing validated, the local BBB gives you the thumbs-up, and the contractor's insurance agent even sends over proof of insurance coverage. You are ready to now say, go do the work... but wait... Proof of Insurance.... Do you know how to read the policy limits?
Here are a few important issues:
The section 2/3 down on the Acord form is called "Description of Operations". Make sure the policy description cooresponds to the risk. Example: The description may say "Plumbing operations to include and not limited to installation, repair, … (2 comments)
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insurance: Subrogation: How could that term affect you? - 06/16/07 08:53 PM
DEFINITION OF SUBROGATION An insurance carrier may reserve the "right of subrogation" in the event of a loss. This means that the company may choose to take action to recover the amount of a claim paid to a covered insured if the loss was caused by a third party. After expenses, the amount recovered must be divided proportionately with the insured to cover any deductible for which the insured was reponsible. (From lcgroup.com)
Now this may mean little to you... but this group, www.subrogation.org, specializes in looking for and finding opportunities to make "subrogation" work.
So as you consider working with or without … (1 comments)
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insurance: Property Managers are looking out for the owners... Right? - 06/16/07 08:22 PM
Single Family Property Managers traditionally do a GREAT job in meeting the legal elements of leasing a home. Mold disclosures, lead base paint, move-in and move-out inspections, collecting rents, the list is long.
The apartment property managers are starting to change their perspective and adding another element to protecting the owner/investor. Approximately 20 complexes with over 400 units each have changed their rules requiring the tenant to have a renter's insurance policy prior to move-in. These units are low end 600 dollar a month rentals.
The single family property management groups in our region have not adopted this level of protection... Requiring the insurance … (2 comments)
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insurance: Insurance is all the same, Right? Mortgage Imposed vs. Insured Purchased - 06/14/07 09:11 PM
You have heard the term "mortgage company imposed" insurance. The term "insurance" is included in the phrase but have you ever consider what that policy covers?
If the mortgage company is purchasing insurance and passing that expense to the owner/mortgagee, one may assume that the coverage is consistant to the traditional policy. With the LARGE expense passed to the mortgagee, all parties may think that this policy offers coverage equal to or greater than the traditional policy.
REALITY: Investigate deeper. More often than not, the mortgage company imposed policy only insures the mortgage company's interest. Don't confuse Property Insurance with PMI coverage. PMI coverage inherantly does not cover normal … (2 comments)
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insurance: Lapse of "Home" insurance can result in additional cost - 06/13/07 11:29 PM
Home insurance as titled above is loosely used: "condo", "home", "rental" insurance is considered "property" insurance.
When a customer sells a home, there may be a valid reason NOT to cancel the "Home" insurance. Many policies extend coverage to the belongs in the self-storage facility. Keeping coverage positions the customer with protection for that stored personal property.
Also, if the customer closes on the sale and has more than 30 days prior to the next purchase, there are discounts that the customer could loose. 10-15% discounts are afforded by several insurance companies if the customer has had no lapse of insurance.
Giving insurance consul … (2 comments)
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insurance: Making a homeowner claim, do you know what to "claim"? - 06/11/07 11:25 PM
Claims are an ordeal for anyone that has experience the trauma of a fire, flood, or other catastrophe. Being prepared means more than having a flashlight, water, and blankets. A question the insurance company will ask shortly after a major loss is, "what possessions were lost"? Are you ready to document each room's contents?
There are services out there that can help... A local company in north Atlanta is http://www.backusalternatives.com/. Now, this company may not be able to produce reports in Washington state, but take a look at the services and look for a like service in your community.
Now, what differentiates … (3 comments)
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insurance: Is your buyer signing an Insurance Application at Closing? - 06/11/07 08:16 PM
The process for home buyers obtaining insurance is getting "simpler".. Yes, Mortgage brokers make it easy by asking the question: Can we (mortgage broker) arrange the insurance for you?
This seems like a simple enough question and lends "ease" in the mortgage process. Getting the application correct is the first part to making sure the customer is afforded coverage when a claim occurs. The application is the foundation to providing and extending coverage. When the applicant signs the application, time needs to be afforded to ensure the data is correct. The closing table is the wrong place to present the application and ask for … (3 comments)
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insurance: Negligent tenants play a big role in losses to others - 06/09/07 11:38 PM
It happened to me again... The first time it was very personal... The second time, well it was more business.
In 2004, my tenant burned my home... Yes, they left a candle burning on the 12 year old's dresser and then she went out to play. 45,000.00 dollars later, I was stuck with a major claim personally.
Last week, a home I insure for an investor, it too burned. It was a major loss. What was remaining of the home was placed in a "dumpster" and hauled away. Cause: A tenant put a charcoal grill near the house after a evening dinner. 17 … (3 comments)
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insurance: Special Events.. Are you insured? - 05/29/07 08:15 PM
NOTE: My sales hat is removed...
Are you a broker out there running your business without a General Liability policy? A G/L policy protects you from physical and liability losses. (Not to be confused with E&O coverage for contractual errors.)
With a lack of insurance and throwing a Open house or having the home open for a Caravan, what happens when you have a loss at one of your customers homes? a optional form of coverage is an "event" policy... Not the most feasible solution but it is an option. Most event policies require the location and the number of participants to be … (6 comments)
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insurance: Vacant Home Policy... Vacancies effect insurance coverage... How insured is your customer? - 05/22/07 11:48 PM
It happens oh so often, the customer calls their agent and states, "I need to renew my policy but the home has been vacant for 2+ months as we try to sell." The statement immediately positions the insurance company to "terminate" the policy.
The multiple listing services documents the vacant status well too: home "vacant"? Many insurance companies will offer little to almost NO coverage after a home has been vacant for more than 30 days. Some policies revert to "Fire" only policies which means if a home is blown over or a water line bursts, coverage is non-existant.
As a savy Real … (13 comments)
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insurance: Picking an Agent: Not all agents are the same - 05/08/07 10:13 PM
How do you find an agent to work with? Referral, Yellow Pages, Proximity, Age, Sex, Race, Networking group, Friend, Family, etc..
Consider some other perspectives in the interviewing process:
Is the level of service provided equal to or better than your level? Bottom line, you want the customer's experience to be seen as a positive and a good reflection on YOU.
Claims is the KEY to insurance. How experienced is your agent in the claims process... More importantly, How does the agent aide the insured through the claims process. Ask the agent for their claims process.
Proximity may not be an … (1 comments)
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insurance: Liability Coverage: Realtors educational perspective - 05/08/07 09:22 PM
Liability coverage is becoming the number one item where homeowners are under-insured. Townhomes, Condos, and Single Family homes all have different risks. The thought is this: In the event of the insured's negligence, who else experiences losses?
A single family home in our area recently burned due to the kids playing with matches. No problem, the homeowner policy replaced the home... The problem was the fire occurred on a windy day. Result: Three other homes burned too. Liability coverage positions the owner with protection from lawsuits from the other homeowners and their insurance companies.
Townhomes and Condos are even more at risk for liability claims with other residents so close. … (0 comments)
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insurance: Buyers Agents: Helping the buyer through the Lease Purchase Process - 05/08/07 08:39 PM
Are you a buyer's agent and a bit overwhelmed by the amount of "easy deals" out there in the "lease purchase" arena?
Arranging a sale for a future date is a GREAT way to position you for a commission... Some agents even get their commission at the time the Lease Purchase agreement is signed and the move-in is complete... But how can you set yourself apart and make sure you give the buyer insight to the potential pitfalls?
Realtor training in Georgia states that NO property is the same. The same home built on another lot is Not the "same"- lot view, ammenities, … (0 comments)
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Matt Locke
Alpharetta,
GA
More about me…
Allstate Insurance
Address: Johns Creek, GA, 30005
Office Phone: (678) 893-9050
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