Definition: Renter’s Insurance

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Renters’ Insurance provides personal property coverages for individuals. Also referred to as a tenant’s policy. It protects personal property; excluding buildings, such as homes, dwellings or other structures.

A tenant’s insurance policy is similar in many ways to a Homeowner’s Policy. The most significant difference is that there is no building coverage. The coverages provided by the Renters’ Insurance policy include:

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Personal Property coverages often start with a minimum limit of $25,000. But raising this limit to meet the insured’s requirements is seldom a problem.

Liability coverages start around $100,000, with both lower and higher limits available. The coverage provides financial protection to the insured. It protects against accidents causing bodily injury and is a result of actions of the insured. The policy protects not only the insured, but others in the household, and in some cases pets.

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Temporary Housing is another benefit provided by this policy. It provides coverage should damage from a covered cause of loss force you to vacate. Included in the renter’s policy is a loss of use benefit which provides tenant’s short term housing in the event of damage to their apartment.

Additional Coverages Available coverages can be added by endorsement that provides unique protection. One of the more common occurrences is when jewelry limits are too low. Increasing the limits on jewelry, or most other collectibles is seldom a problem. The same is true for boats, personal watercraft, ATV’s and many other personal belongs.


What dictates which losses will be covered under a Property and Casualty insurance policy? The Covered Causes of Loss. Obviously, having a clear understanding of what damages will be covered is essential. Covered Causes of Losses are standard list or forms.

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The Covered Causes of Loss for all policies comes in one of the three forms listed below:

1. Basic fire, lightning, explosion, smoke, windstorm, hail, riot, civil uprising, aircraft, vehicles, vandalism, leakage from sprinklers, sinkhole, and volcanic activity

2. Broad in addition to Causes of Loss covered by the basic form falling objects, the weight of snow, ice or sleet, water leakage from appliances, and collapse from specified causes

3. Special is Also known as the all risk coverage, as this form covers all risk unless they are specifically excluded.


Today most landlords require tenants to have a renter’s policy. If you are confronted with the requirement, don’t view it as an excessive demand. Even though a renters’ insurance policy coverages are similar to a homeowner’s, they are significantly cheaper.

Many insurance companies provide a discount on auto policies to anyone that as a package policy. In most cases, the addition of a renter’s policy creates the package policy. At this point the cost is insignificant. It is almost as if the insurance company is paying you to buy the renter’s policy.

Do I need insurance for a Yard Sale?

Review your insurance policy before having a yard sale or garage sale at your home.  It is possible that you may not have liability insurance coverage.

Few things are more common than the sight of handmade signs sticking on telephone poles, street signs or mounted on spring and summer lawns that announce nearby yard and garage sales. Succumbing to curiosity or taking a chance on scoring a great buy leads to another familiar scene: a home, with a variety of cars haphazardly parked around it and persons strolling to and from as well as others browsing among the sales items. Generally, the merchandise consists of clothes, baby articles, and toys. Often larger items are for sale such as exercise equipment, furniture, bedding, and appliances. When the event is an occasional one, there are few issues to worry about. But frequency creates important concerns that affect insurance.

Consider someone breaking into your home and making off with hundreds or thousands of dollars’ worth of property. Or how about a fire or storm destroying a home and most of its contents? Usually, there’s no problem since a homeowners policy will handle such losses. However, if a significant amount of the property was stored for sale, that property may either only qualify for limited coverage or may even be ineligible for protection. Property offered at your yard for sale which belongs to others (sold on consignment) is another class of property that may have only limited protection available or, depending on circumstances, might be considered business property and be disqualified from coverage. Example: Joan’s house is broken into the night before her big yard sale. Among the items stolen was a large, expensive set of drums worth nearly $1,000. It belonged to a friend who asked her to put it on display during her sale. Joan’s insurance company denies protection, claiming it was goods for sale and not personal property.

Liability insurance protects you in the event another person is injured or has property damage that is directly related to your actions.  Accidents arising from yards sales will be protected by the liability coverage included with your homeowner's insurance.

Similar considerations exist concerning legal liability. For instance, a visitor comes onto your premises and then fractures a leg and hip when tripping on an exposed tree root. Because she was old and frail, the injuries require surgery and a long rehab. The visitor sues you for hospital, surgery and other expenses. Normally one’s insurance policy would defend you against the lawsuit and, if necessary, pay any awarded damages. But what if, instead of a friendly visitor, she had come onto the property to look at items on sale? That could cause a serious coverage issue.

Determining factors for either property or liability coverage are how often sales occur and what income has been made over a period of time (usually the 12 months before the date of a loss). Depending on those details, the activity involved in the loss could be considered a business. In such instances, coverage may not exist under a basic homeowners policy.

Yard sales may appear to be a safe activity, but there are genuine risks to the seller (property owner) and to the customers who are invited onto the property. It makes sense, regardless of your insurance situation, to take steps to minimize the chances of problems occurring.

Safety – property owners bear responsibility for the safety of their guests. A yard or garage sale represents an invitation for others to come onto your premises for a financial benefit. This means that a higher level of watchfulness is due to these legal invitees. It is important that all reasonable precautions be taken to ensure their safe use of your premises before, during and after a sale.

  • Take care in how merchandise is set up and displayed, especially any items that have the potential for causing injury, such as breakables, tools, motorized items.
  • Clean up any spills immediately, especially any involving broken glass.
  • Make sure your premises is free of any obvious dangers to customers/shoppers, especially trip hazards.
  • If you have pets, make sure they are kept away from customers to eliminate any chance for attacks.
  • Secure access to a covered or shaded area, particularly as a checkout area. On hot days, this can provide a cool down area for sellers and shoppers.
  • Have access to a fully charged phone to call for assistance in case of emergencies or to arrange for help for food or bathroom breaks.
  • Limit access to the shopping area by children, both those who are part of the seller’s household and those belonging to shoppers. Sales areas can be hazardous, particularly parts of the yard used for parking cars.
  • Keep drinking water and spray bottles available to prevent and/or to treat dehydration.

Security – you want to minimize any chances that you are victimized by using practices that keep persons and property safe.

  • Make sure that all doors to your home are locked. If you need easier access to your home during the sale, yourself or another trusted person should be stationed near the door.
  • Prior to a sale, keep garage doors locked when sales items are stored there.
  • Set up guards or barriers to discourage any access to your property before or after the sale.
  • Do not allow shoppers or customers entry to your home, be aware of nearby public places where they can get safe access to restrooms (gas stations, restaurants, etc.).
  • Take great care in how cash is handled, particularly if you decide to use a cash box. If the latter method is used, be certain that a person is dedicated solely to the checkout area.

For both safety and security reasons, do not run a yard sale alone. A friend or relative as an assistant is a must to making sure that customers aren’t endangered and to reduce chances of theft. Also, never leave the sales area unattended.

If you have yard sales, you should check to see if their frequency and their sales volume create a need for additional protection, such as a form that covers home businesses. An insurance professional is in an ideal position to help you!



COPYRIGHT: Insurance Publishing Plus, Inc. 2015

All rights reserved. Production or distribution, whether in whole or in part, in any form of media or language; and no matter what country, state or territory, is expressly forbidden without written consent of Insurance Publishing Plus, Inc.

What type of valuation is best for your home

When you buy a home whether it is your first home or forever home, it is a major investment. For most families, it is the largest investment they will ever make. It needs to be protected so that you will always have a roof over your head, a place to call home. If your house is destroyed in a fire or other disaster, you want to be sure that you will be able to rebuild, to replace what you had before it was destroyed. 

Before closing on your new home, it is wise to spend time reviewing the home insurance options available to you.  TruePoint Insurance in Fisherville, KY can help you understand the different ways that your home can be evaluated.

Market Value

The market value is what your home would have sold for before it was destroyed or damaged. While it sounds like it is a good deal it is a more expensive option because this valuation includes the price of the land that your house is sitting on.

Replacement Cost

Replacement cost is exactly what it sounds like, your policy would replace the house at the current cost to rebuild including labor. The drawback of this type of valuation is that they have a ceiling which is an amount that the value cannot go above. Some policies have what is called an extended replacement cost that can add an additional percentage to what can be collected.

Actual Cash Value

With actual cash value, if your home is destroyed, the age of the damaged items is taken into consideration. If your windows are warranted for 20 years and you have had them for 15 years, you will not get the cost you paid or even what they would cost to replace today, you have used 75 percent of their value so you would receive 25 percent.

If you live in Fisherville, KY you have the experiences agents at TruePoint Insurance to guide you through the type of home insurance policy that is best for you. Stop by their office or give them a call before you make that all important decision.

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Earthquake Coverage

Areas in America that should consider earthquake insurance

Most homeowners likely know that, regardless where they live, they may be exposed to a catastrophic loss such as flooding. It is definitely not restricted to coastal location. However, the same cannot be said concerning earthquakes. It is much more likely that only persons living in well-known earthquake areas (such as California and Alaska) have a high awareness of its danger.

However, the danger of earthquake exists in several large areas of the United States, including a significant part of the Midwest. The New Madrid fault line crosses much of the Midwest, making states such as Indiana, Ohio, Illinois, Ohio, Kentucky Tennessee and Missouri vulnerable to earthquake catastrophe (particularly the latter two states). In the last decade, regular activity has been measured in this Seismic Zone.

New Madrid earthquake insurance

A recent development is affecting this source of loss. Though some questions remain, it appears that the widespread practice of obtaining natural gas via the process of hydraulic fracking may be triggering earthquakes in areas that had previously seen little to no quake activity.

While many persons may be exposed to the danger of earthquake, only a fraction of such property owners carry the proper level of insurance. Basic homeowner coverage does NOT include protection against earthquakes. Without purchasing specific earthquake insurance, the only protection available for a policyholder is against limited, consequential damage.

Example: The Johnsons love their home on the outskirts of Juneau. While they’ve experienced a number of minor earthquakes, in the few years they’ve owned the home: they did not buy earthquake coverage. One day a quake occurs and severely damages their home. The quake breaks a gas pipe and a fire erupts. The fire damage is covered (though the quake damage is not).

Should I have earthquake insurance if I live in Kentucky

Earthquake coverage is typically quite affordable. It is generally available for a couple hundred dollars per year to provide protection for a modest-sized home. While, even in areas that are in earthquake prone, such losses are low probability; the potential loss severity is so high that purchasing separate protection makes sense. So shake up your insurance protection and avoid being totally shaken down by a disastrous quake!

Before the wind blows; protect your home and auto from severe weather.

The first signs of spring

Spring is knocking at the door and with it the rising risk of insurance claims. The number and severity of storms in Kentucky have grown at an alarming rate. The average number of tornadoes in Kentucky over the last five years is 28.7. The annual average going back to 1950 at 14.6 tornadoes per year is roughly one half of the current experience.

Is Kentucky part of Tornado Alley?

Kentucky’s weather is so out of hand.  Some have even suggested that we are now part of the infamous Tornado Alley. A 2018 report by LEX18 News said just that.

In 2018 Kentucky was hit by 604 wind and hail storms. Of these, 41 were tornadoes. That is up 43% from the previous five years and an even more alarming 181% from the period 1950 through 2018.

US Government HARP project is commonly considered to be experimenting with weather control
US Government HARP project is commonly considered to be experimenting with weather control

While we cannot change the weather, we can reduce Kentucky home and auto owner’s exposure to it. Insurance is not a commodity. There are some that would like for you to think it is. Good insurance agents recognize the importance of providing clients with the proper protection. That includes responding to ever changing risks.

Storm Alert: Auto insurance awareness

Hail damaged car

Protecting your car from damages related to storms is simple. Make sure you have comprehensive coverage checked. It provides coverage for vehicles damaged by wind, hail or falling objects.

Every auto on the road must have liability insurance. But the wheels of many high-value and antique cars may never touch the road. Do these vehicles need liability insurance? Maybe not, and they may not need collision coverage either. Let’s stop and think about the next move. Removing comprehensive coverage may not be the smartest move. When insurance is dropped on cars that are not driven, owners are still exposed to Mother Nature. Fire, wind, hail and other risk can still damage the vehicle even when it’s garaged. These risks are compounded during the spring.

Comprehensive coverage is relatively inexpensive. Relative to the potential loss, this coverage can be very cost effective.

Storm Alert: Home insurance Awareness

Each client’s unique needs determine the coverages required. However, there are several considerations that may have severe impact on anyone.

While tornadoes take center stage, it’s the hail storms that lead the way when it comes to losses. While this statement may seem insignificant it has major ramifications on insurance. Total loss or partial loss. Tornado versus hail storm. A good insurance policy needs to work well regardless.


 What types of losses will your policy cover? This is critical. If it is available to you, a special peril or all-risk policy is what you want. As opposed to a basic form or broad form, the special option provides superior protection.

You will have the option for Replacement Cost coverage or Actual Cash Value (ACV). All other things being equal, you will receive a higher payment if your policy pays Replacement cost.

Deductibles may seem a bit dull when compared to other areas. You choose $500 or $1,000, big deal.

Not so fast!

Many insurance companies have been forced to alter risk sharing practices. Beware, as some are no longer asking for a set dollar deductible. Instead, you may find that your policy has a deductible that is 1 or 2%. At first blush, it sounds like a pretty good deal for the home team. Again, beware! This 1 or 2% of the total and it’s not the total value of the loss. Your deductible is based on the total value of your home. For example:

A homeowner has wind damaged roof

§ Estimates for the repair work come in at $1,500

§ The home is valued at $600,000

§ There is a 2% wind/hail deductible

The $1,500 loss will be shared by:

§ The homeowner paying $1,200

§ And the insurance company $300

 Spring storms bring more than just wind and hail. Heavy rains can lead to various forms of water damage. Be sure to discuss flood insurance and water backup coverage with your insurance broker. Neither of these will be covered by a standard homeowner’s policy.

Spring! It’s a wonderful season and our springs in Kentucky are certainly hard to beat. I think about how much I loved spring as a child. It was by far my favorite season.

As an adult the grandeur has diminished. How wonderful it would be to experience spring through the eyes of child again.

What is keeping me from doing it? 

Could it be as simple as the aided stresses of being an adult?

If so, then we should all take the time to review our insurance coverages before the wind starts to blow. This should go a long way in reducing stress.

Take care of the insurance and you’re half way home. Of course the other biggie is your income taxes and there you’re on your own. Have fun!

Call (502) 410-5089 or use the link below to learn more about TruePoint: TruePoint Insurance, we are insuringky.com

Insurance

What Kind of Boats Need Insurance?

boat insurance, ky boat insurance, buy boat insurance, find boat insurance, does Kentucky require boat insurance, houseboat insurance, watercraft boats, speed boat insurance, insuanceWhether you live in Louisville or Lexington or the surrounding communities, you’ll have no trouble finding a great body of water.  The Kentucky River, Ohio River, Mississippi River, and many other’s present awesome waterways for Kentucky boaters.

Kentucky is also home to many great lakes.  Near the cities of Benton, Murray, Cadiz, Princeton, and Eddyville you will find two of Kentucky’s treasurers.  Kentuck Lake and Lake Barkley combine for over 340 sq. miles of beauty and fun for all kinds of water-related activities.   Other notable Kentucky lakes include Lake Cumberland, Barren River Lake, Lake Laurel, Green River Lake, Cave Run, and Rough River Lake.

One of the most common questions boat owners ask is whether they need insurance, and what kind of boats require such insurance. Based on current state law, you are not legally obligated to invest in boat insurance. However, you leave yourself susceptible to a number of issues if you fail to invest in such protection.  Summer boating season will be here before you know it.  Don’t make the choice to go without boat insurance without first considering the cost.  Take a moment to continue reading, visit TruePoint boat and watercraft online or for a boat insurance quote call (502) 410-5089.

Consider What You Paid for the Boat

Does Kentucky require boat owners to have insurance?  No.  In Kentucky, it is legal to own and operate personal watercraft without insurance.  That includes boat liability insurance. boat insurance, how much does boat insurance cost, call for a boat insurance quote, boat insurance companies, sailboat insurance, cheap boat insuranceBut before deciding to forgo watercraft boat insurance, first, consider what you paid for the boat. Now think how many opportunities there are for severely damaging your boat.  On the way to the lake, you can relax a bit.  As long as the boat is on a trailer being towed by your insurance truck or car, the liability exposure of the boat will be picked up by your auto insurance.  Once off the trailer, the boat is your responsibility.  During the process of unloading your boat, it’s possible for you to damage another boat.  Just as easily you might also damage their truck, trailer, or even worse, another person.  Once on the lake, there is an unlimited supply of exposures.  Any of which might damage your boat.  Damaging your boat and losing your entire investment would be bad enough, but if you are involved in an accident with another boat, you could potentially be out a boat plus buying a new one for the other party.

Your auto insurance coverage does not protect your boat. This means even if someone runs a red light and crashes into your boat during transport, your auto insurance coverage will not pay for it.  Once on the lake, you will not only have property damage exposure, but you will no longer be protected by any form of boat liability insurance.

All Kinds of Boats Can Receive Coverage

boat insurance, watercraft insurance, personal watercraft insurance, jet ski insurance, what kind of boat can be insured, can i insure a jet ski, can i insurance a personal watercraft, boat insurance cost, best boat insuranceIf you’re able to take the watercraft out onto the water, then it can be protected with a form of boat insurance. Whether you have a bass boat or you have a houseboat you like to take out on the lake, all boats can be protected with boat insurance.   Cheap boat insurance can be found, which makes it hard to justify putting on watercraft on the water without proper boat insurance.

Boats are expenses, but liability losses are the greatest exposure for Kentucky Boat Owners.

You are never legally required to obtain boat insurance. However, an best boat insurance, top boat insurance, cheap boat insurance, fast boat insurance, i need boat insurance, bass boat insurance, fishing boat insurance, boat liability insurance, motor boat insurance, houseboat insurance, bass boat insurance, fishing boat insurance, pleasure boat insurance, ski boat insurance,accident on your way to the lake, on the lake, or even inside of your garage, may put your purchase at financial risk, and can even put you at risk of paying out due to liability issues.  It’s easy to find out what kind of coverage options are available for Kentucky boat owners.  All you need to do is give the team at TruePoint Insurance a call today.

Is Your Home Winter Ready? – Part 3

In this part we discuss a different hazard of the winter season.

Fireplace, winter hazardFiring Up A Hearty Loss

Do you own a fireplace, wood-burning stove or portable heater? What about a gas or an electric furnace? If so, you need to take steps to make sure that they are safe and used properly. This should be done well before the arrival of the heating season.

Have your furnace inspected to make sure that it will operate properly in cold weather. Clean filters and vents will go a long way to keep your furnace a source or warmth rather than a cause of a fire loss. An inspection should also make certain that your furnace is not a creating a dangerous carbon monoxide buildup.

Fireplaces and wood-burning stoves should also be inspected and, if necessary, thoroughly cleaned. Creosote, a tar-like byproduct of burning wood, builds up in chimney and stove flues very quickly. Even a single wood-burning season could produce enough buildup to create a fire or severe smoke hazard. Don’t do the inspection yourself. It’s worth the cost to have a professional inspect and clean your fireplace or stove. Also, make sure that you don’t burn softwood or paper. Using anything other than hardwoods exposes your fireplace or stove to quicker creosote buildup (softwood) or more intense heat (paper), which could clog or contribute to cracking a flue or liner.Home fire risk increase in winter

Be very careful with the use of portable heaters. Depending upon the type, they can be prone to malfunction or could be a hazardous source of burns, especially for children. Further, many types can be easily tipped with the combination of heat source and fuels, creating a serious fire hazard.

Finally, make sure you have fire/smoke and carbon monoxide detectors properly installed and in good working order. Test them and put in new batteries. Small expense, big payoff.

As always, insurance professional is a valuable source of safety and insurance information. Don’t hesitate to contact an agent to discuss your questions. If you haven’t had the chance, please be sure to read parts one and two of “Is Your Home Winter Ready” which discusses other winter concerns.

 

            Return to Section 1                                                           Return to Section 2

 

COPYRIGHT: Insurance Publishing Plus, Inc. 2017

All rights reserved. Production or distribution, whether in whole or in part, in any form of media or language; and no matter what country, state or territory, is expressly forbidden without written consent of Insurance Publishing Plus, Inc.

Is Your Home Winter Ready? – Part 2

In this part we discuss an important legal responsibility created for homeowners by the winter season.

Creating A Clear LiabilityAvoid this insurance claim. Slipping on Sidewalk

Snow doesn’t show favoritism. Instead of conveniently falling onto unused areas, it covers homes, sidewalks, and driveways. As a responsible homeowner, you should arrange to make travel across your property safe. This calls for clearing your walkways of snow and ice. It is also important to clear your property of items such as rakes, shovels, tools, toys and similar items. Remember that it takes only a small amount of snow to hide items that, during clear conditions, are easily seen and avoided. So take time to move such property and make repairs to uneven or cracked pavement.

Keep in mind that clearing walkways (including stairs) is an invitation for pedestrians to use the path. So, once you clear an area, it has to be kept clear and safe, especially from ice. Also, avoid creating piles of snow that can block either a driver’s or a pedestrian’s view. Finally, be sure that your property is safe for children who are enjoying winter. Don’t allow children to slide around without being aware of pedestrians or motorized traffic and don’t let anyone throw snow or ice balls at cars (you could be sued for any accident caused by careless play) related from the use of your property or premises.

Don’t forget the inside of your home. Visitors should be kept safe from harm. Be sure to keep interior stairs and floors clear of the watery remains of melted snow. Keep things dry and consider using mats that provide good traction and an area where folks can clear snow and ice from their shoes or boots.

As always, an insurance professional is a valuable source of safety and insurance information. Don’t hesitate to contact an agent to discuss your questions. If you haven’t had the chance, please be sure to read parts one and three of “Is Your Home Winter Ready” which discusses other winter concerns.

 

                          Return to Section 1                                               Advance to Section 3

 

COPYRIGHT: Insurance Publishing Plus, Inc. 2017

All rights reserved. Production or distribution, whether in whole or in part, in any form of media or language; and no matter what country, state or territory, is expressly forbidden without written consent of Insurance Publishing Plus, Inc.

Is Your Home Winter Ready? – Part 1

If you live in a climate that includes cold winters, you know the season creates special challenges for homeowners. In this article, we discuss an icy situation.

Ice Damsice dams, winter peril

An ice dam refers to ice that has formed along a roof’s edge. The dam of ice blocks additional water and the pooling water backs up and finds pathways into a home’s interior. This water may cause deterioration and decay to interior wood and plaster, drywall or other insulation materials. Once an ice dam has forced paths into a home, the roof becomes more susceptible to future ice dams and water damage.

Too much heat rising from the home to warm the roof is the most frequent cause of ice dams. The process occurs unevenly with the warmer area at the higher part of the roof melting the snow and then the cooler, lower area, particularly the roof edge, permitting the water to refreeze and then accumulate. Inadequate insulation lets too much heat escape into the attic and this creates a warmer roof. Improper ventilation creates moisture and heat buildup due to the lack of air movement.

How To Detect A Problem

Compare the way the snow is melting from the living area of your home with how snow appears on the roof over an unheated area such as a garage or shed. How does any snow coverage on your roof compare with your neighbors’ homes? Check for icicles. They can be pretty, but heavy icicle buildup means that interior heat is melting a lot of snow and may contribute to ice dams.

How To Prevent Ice Dams

There are a number of ways to help prevent ice dams:

  • Clear excess snow from the roof. However, in order to minimize damage to the roof and roofing, hire a professional to remove the snow.
  • Add rubberized or special roofing adhesives to help prevent pooled water on the roof from finding entry into the home’s interior.
  • Inspect the attic and roof for cracks, holes, or joints that permit warm air to escape to the roof, and seal or repair these areas.
  • Add the recommended amount of insulation to the attic and exterior walls of your home to minimize escaping heat (this also reduces your heating costs).
  • Reduce your home’s thermostat and throw on warmer clothing during extended cold spells.
  • Clear your gutters and downspouts so that water is properly shed off your roof.

As always, an insurance professional is a valuable source of safety and insurance information. Don’t hesitate to contact an agent to discuss your questions. If you haven’t had the chance, please be sure to read parts two and three of “Is Your Home Winter Ready” which discusses other winter concerns.

 

Continue to Section 2

 

COPYRIGHT: Insurance Publishing Plus, Inc. 2017

All rights reserved. Production or distribution, whether in whole or in part, in any form of media or language; and no matter what country, state or territory, is expressly forbidden without written consent of Insurance Publishing Plus, Inc.I

Who will require me to have condo insurance?

Louisville KY condo insurance, Ky condo insurance, condo isuranceAmerica has been called the land of opportunity. It has allowed an unthinkable number of individuals the chance to amass fame and fortune. For many, the first step towards success was the purchase of a home.

Although your grandparents may not recognize it, the American dream is still alive. Like most other facets of life, technology has left an imprint on the American Dream.
Mobility for example. Following WW II, construction of the interstate highway system made the dream more accessible. Americans who could now drive further in less time began to work further away from home.
Today we can work from anywhere. Almost anywhere! We are constantly connected. No matter what time of day, or where you are, you will see mobile phones, pads, and computers all around you. Technological improvements have certainly put a damper on workflow relocation. Americans can shop their skills for the highest bid, and often work remotely.
 
Condos outpacing single family homes
The demand for condos in the US is exceeding supply. Over a five year insure your invest, insure your condo, condo insurance, Lexington KY condo insurance, buy condo insuranceperiod ending in 2017, Trulia reported that Condo sales had risen by 38%. During the same time period, single-family residential homes rose 28%.
Why?
Better value. Locations. Demographics. Taste!
Do you still need insurance?
Yes, but it doesn’t come in the same form as a homeowner’s insurance policy. ‘
Achieving the American dream is in large about making good investments. Each of us, when looking to make a good investment, will be confronted with the buy versus rent dilemma.
Buying a home in America has generally been a great investment decision. However, maintaining and protecting the investment is essential.
Yes, single-family homes require serious maintenance and can be a huge responsibility. If you don’t feel like your up to becoming a handyman there is always the option to purchase a condo. Depending on your location that may be an issue. Louisville Kentucky condos shouldn’t be an issue at all. The same is true for Lexington and most of Northern Kentucky. Generally, the availability of condos will be directly related to the size of your town.
When you own a condo, you undoubtedly will need to have a reliable condo insurance policy on your home. As mentioned earlier the form of a condo insurance policy (HO-6) differs from that of homeowners (HO-3). There are several situations in which you will be required to carry condo insurance.
 
Loan Outstanding
 
You will need to have condo insurance when you have any loans outstanding on your home. Since it can be an expensive investment, you likely will have to take out a mortgage to finance it. Do you know how often a home lender will tell you, “don’t worry about getting that insurance? I know ya and I know your good for it!”
The answer is: ALMOST NEVER!
And just in case your that 1 in a 1,000,000,000 that does, then run to the nearest insurance agency as fast as you can.
A mortgage gives a lender legal rights. Your home or condo becomes collateral to protect the lender. In the event you don’t pay, you, the lender and a judge will have a meeting at the courthouse. At some point, the judge is basically going to give your house to the bank. outstanding, the lender will likely require that you grow your monthly insurance payments. This will help to ensure that their collateral is properly protected.
If the house burns down and you don’ t have insurance, you’re not going to have a really good impression of the judge.
How often do you get paid?
That’s how often the judge is going to mandate that you stop by the bank and leave the money.
Condo Association Requirements
Do you know what you do when you make your final mortgage payment?
You have a party and you burn it!
You will no longer have a mortgage. You will no longer need an insurance policy to protect the lender.
But don’t cancel your insurance just yet.
Most people that live in a condo are also part of a condo association. These associations are typically governed by a variety of different rules and regulations. One of the most common regulations is a regulation that will require insurance on your condo. Your condo insurance will continue to protect property. But the primary reason for the requirement is it also proved liability coverage.
Earlier we mentioned the need to maintain and protect your investment. There are lots of ways to do this. Painting, maintaining gutters and downspouts, shingles and more. Even better, a short trip to the Ace Hardware store and you’ll be armed.
But none of these will protect your home from, fire, wind, hail, earthquake and many of perils.Potect your condo, insure your condo, buy insurance for conds
The corner Ace Hardware won’t help protect against these. But, a quick trip or call to your local Independent Insurance Agent will!
 
If you are looking for condo insurance in Kentucky, contact TruePoint Insurance. We will help you to identify your condo insurance needs and get you into a great policy. 

f the maintenance requirements and responsibilities that come with a single-family home, another option would be to purchase a Fisherville, KY area condo. When you own a condo, you undoubtedly will need to have a reliable condo insurance policy on your home. There are several situations in which you will be required to carry condo insurance.

Loan Outstanding

The first situation in which you will need to have condo insurance is when you have any loans outstanding on your home. Since it can be an expensive investment, you likely will have to take out a mortgage to finance it. Whenever you have a mortgage outstanding, the lender will likely require that you grow your monthly insurance payments. This will help to ensure that their collateral is properly protected.

Condo Association Requirements

If you do not have a loan outstanding on your condo, you still might be required to have a condo insurance policy in place at all times. Most people that live in a condo also live in a condo association. These associations are typically governed by a variety of different rules and regulations. One of the most common regulations is a regulation that will require that you have insurance on your condo. This insurance will not only have to protect the actual property but will also have to provide liability coverage.

If you are looking for a condo insurance policy in the Fisherville, KY area, you should contact TruePoint Insurance. The TruePoint Insurance company will help you to identify your condo insurance needs and get you into a great policy.  You can take control and help move the process down the road by doing your own condo insurance quote online.