Having the right kinds of insurance — including good medical, disability, automobile, homeowner, long-term care, life, and even travel insurance — is key to good financial planning. This page about insurance gives you the lowdown on how to successfully navigate the often perplexing world of insurance coverage.
Special Flood Hazard Area (SFHA) Homes Must Have Flood Insurance
Homes that have a federally regulated mortgage and are in a Special Flood Hazard Area must have flood insurance, according to the National Flood Insurance Reform Act of 1994. Despite federal law requiring homes in SFHAs to purchase flood insurance if they have mortgages, only 49 percent of single-family homes in SFHAs have flood insurance.
Types Of Property Insurance
Homeowners who move out of their homes and leave the home vacant -- not just unoccupied -- risk having the insurance company invalidate a claim they file against their insurance policy. There are different types of property insurance needed if a home is vacant or rented out.
Vacant Home Requires Different Insurance
Often, insurance policies are written to cover homes that are exclusively lived in by the owner. If you're going to rent your property or the property is going to be left vacant, you'll need a different sort of insurance policy or at least a waiver from your insurance company. The typical insurance policies don't cover what happens to a home if no one lives in it.
Understanding Private Mortgage Insurance
Private Mortgage Insurance (PMI) becomes tax deductible in 2007. But private mortgage insurance doesn't protect you, the homeowner -- it's there for the sole benefit of the mortgage lender. The new rules state that for PMI to be deductible, you must get a new loan in 2007, and your adjusted gross income must be below $100,000.
Insurance: Homeowners Should Shop Around For Best Insurance Deal
Homeowners should shop around for the best insurance deals. Often homeowners can get a great deal if you purchase all your insurance from the same company. Another way homeowners can get a better deal on insurance is by keeping a good credit score.
Storms, Hurricanes And Homeowners Insurance
In 2006 there were 33 catastrophic events that cost insurers nearly $9 billion in losses. Homeowners and renters saw a rise in their insurance premiums. Renters and homeowners should be very cautious when considering going without insurance.
Buy Insurance To Protect Rental Property
When you own multiple rental properties you may begin to worry about tenant lawsuits. Is creating an LLC a way to avoid lawsuits when you own rental property? Buying an umbrella liability insurance policy may be a better idea.
Real Estate Minute: Private Mortgage Insurance Might Be a Smart Move Financially
Real Estate Minute with Ilyce Glink Private Mortgage Insurance Might Be a Smart Move Financially Original Air Date: September 29, 2006
Real Estate Minute: Bypass Life Insurance Annuities
Real Estate Minute with Ilyce Glink Bypass Annuities Original Air Date: July 12, 2006
Real Estate Minute: Flood Insurance
Real Estate Minute with Ilyce Glink Flood Insurance Original Air Date: July 10, 2006