I heard this today ~ Passion and Action.
If you think about it is really simple. If you have passion for something take some action.
Don’t let anything stop you if you are passionate about it.
Homes for Sale Stafford, Fredericksburg & Spotsylvania, VA
By: Dona DeZube
Published: September 1, 2010
Turning your home into a rental or buying an investment property? Expect to pay up to 20% more for the right insurance policy to protect your property.
Rental properties require their own type of coverage–landlord insurance, which is different than the homeowners policy you buy when you live in a house yourself. Landlord insurance protects you against losses from fire, lighting, falling trees, wind and hail, water damage, and injury to your tenants and their guests.
But it doesn’t cover the renters’ household goods. So encourage tenants to buy a renters policy to cover their stuff. You can even include a clause in your lease saying they have to buy renters insurance, so everyone is clear about what’s insured and what’s not.
You’ll pay 15% to 20% more for a landlord insurance policy than you will for a homeowners policy on the same house–and even more if you offer short-term rentals. Start your policy shopping by calling the company that sold you your homeowners insurance, then check with an independent insurance agent selling commercial and business policies.
Ask how you can get discounts if you have fire prevention devices, burglar alarms, or multiple properties.
What a landlord insurance policy probably will cover:
What a landlord insurance policy probably won’t cover:
Optional coverage you might want to buy:
To cover yourself in case you lose a big court case filed by an injured tenant, buy an umbrella insurance policy that gives you liability protection for $1 million to $5 million or more if you have a lot of assets to protect.
There’s a limit to how many claims you can file before insurance companies start charging you more or canceling your policies. Claims can quickly add up as you buy more rental properties.
One time you always want to file a claim is when someone says they’ve been injured on your property. One claim you’ll want to avoid filing: water damage for less than $10,000 because worries about mold growing in water-damaged properties will lead some insurers to immediately cancel your insurance policy.
Dona DeZube, HouseLogic’s News Editor, has been writing about real estate for over two decades. She lives in a suburban Baltimore 1970s rancher on a 3-acre lot shared with possums, raccoons, foxes, a herd of deer, and her blue-tick hound.
Here are 20 questions every seller should ask about the buyer before accepting the buyer’s offer:
Ask Your Agent to Get Answers to These 20 Questions
If you’re selling, ask your agent to get the answers to as many of these questions that the buyer or buyer’s agent is willing to answer. A top notch agent probably will have already done so.
I have been a life long resident of Fredericksburg. When I was a kid, all of our department stores were down town. There were no “big box” stores. All of the retailers could only be in a little box downtown.
I remember when I was 6 there was a MAJOR shopping center that was going to be opening. It was the talk of the town. As I remember it, the Safeway grocery store was the largest on the east coast (the building is now used as a gym). The center was being built on the cross roads.
There was a house located on the corner. It was old and not in the best of shape. The owner was steadfast and would not sell. The rumor was that he was offered 10 times the value. but he would not sell. The center was built around it. That was in 1970.
The shopping center is still there. There is a Hardee’s to his right. His back yard is asphalt. The shopping center is not a prime location. Several shopping centers have been built three times the size of that one.
I rode by the house the other day. My real estate mind told me that the house was worthless as a residential property. The lot was too small for any commercial development. This property missed the market.
I felt pretty good with my assessment until something caught my eye. It was on his front porch. It was an American flag waving in the breeze. Then I got it…. It was HIS house, owned by HIS family for him to do what ever HE wanted.
So did he miss the prime market or did we miss it?