subrogation: Georgia Contractors: Licensed and Insured?
- 05/08/08 02:56 PM
The laws in Georgia are changing. More and More contractors are now getting licensed in Georgia. The licensing process is requiring the contractor to prove insurance at the time of licensing. Our experience as agents is the policy is terminated shortly after licensing. Making the assumption that "Licensed" means "insured" is a faulty assumption. If you choose to find a "Licensed" contractor, do take the normal steps to have the contractor prove they are insured. How do you prove coverage? Do not have the contractor show you a document of coverage (acord 25)Do have the Insurance agent or the Insurance company fax … (2 comments)
subrogation: Subrogation: How could that term affect you?
- 06/16/07 01:53 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)
subrogation: Property Managers are looking out for the owners... Right?
- 06/16/07 01:22 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)
subrogation: Negligent tenants play a big role in losses to others
- 06/09/07 04:38 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)
subrogation: Buyers Agents: Helping the buyer through the Lease Purchase Process
- 05/08/07 01:39 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)
subrogation: Renters Insurance: protects the landlord more than the tenant.
- 05/01/07 03:00 PM
Tenants purchase renter policies to protect their "stuff". Personal property protection is a start to the coverage... but there is much more. The policy traditionally comes with Liability coverage too. This is the coverage that protects the Landlord... How? Here is an example: In 1989, I purchased my first rental home and in 2004 my tenant burned the home. The tenant caused the fire accidentially... Simply stated, the candle tipped over and the home burned. No problem right. My landlord policy paid and the home is as good as new.... better yet, it is new. The catch is I'm now stuck with … (0 comments)
The laws in Georgia are changing. More and More contractors are now getting licensed in Georgia. The licensing process is requiring the contractor to prove insurance at the time of licensing. Our experience as agents is the policy is terminated shortly after licensing. ;)
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