How To Go From Being A Renter To Becoming A Home Owner

I was a renter for many years myself a few years back and I am well aware of the difficulties
many renters face: rent affordability, Credit issues, neighbor issues, community issues etc.

Many times it is more difficult being a renter then it is being a home owner.

What many renters fail to realize however, is that their ultimate goal should not be the ability to rent a nice apartment in an upscale neighborhood. The ultimate goal for every
renter should be to purchase their own home one day.

Whether that home is a detached or attached single family home doesn’t matter in the beginning. The idea is to one day stop paying someone else’s mortgage and start building financial security for you and your family!

The tax advantages alone should be enough to cause a renter to sit up and take notice (always consultant a qualified tax professional regarding the tax advantages of home ownership).

Being a property owner and landlord myself, I offer all my tenants assistance in becoming
home owners themselves.

I do this because I have first hand knowledge of the process and also selfishly, I receive a very high degree of self-satisfaction helping others achieve the goal of home ownership. The smile and look on the face of a first time home owner when I hand them the keys to their new home, to me is priceless and makes job rewarding, fun and satisfying!

I can tell you first hand, there is no better feeling waking up in the morning knowing that the home you slept in last night is your own. You can freely: paint it, remodel it, place carpeting or other flooring without the consequence that when you move you will have to replace what you have done using your security deposit!

There are many reasons renters are hesitant to purchase a home, some of the more common concerns that renters (potential first time home buyers) have expressed to me personally are:

My credit isn’t very good
I’m “Afraid” to have a mortgage for fear of losing the home
The maintenance costs of owning a home are too high
I have no money for a down payment

Let’s examine each of these concerns to hopefully alleviate these issues:

My credit isn’t very good

The are several reasons why a lender would not finance the purchase of a home. They include:

Low Credit Score
Appraisal Value below the asking price

While low credit scores are a concern to everyone, this obstacle is one of the easiest to overcome! How? To start with, begin and continue to pay all bills on time. Sounds easy right? Well it is. Paying bills on time allows the credit reporting companies to receive positive communications from credit card companies, lenders and others who report payment history. What many renters don’t realize is that some landlords also report late payments and payment history.

The first step in repairing credit is knowing what your credit score is. Many real estate professionals will have their customers qualify for a home purchase before proceeding to look at properties for sale. This is accomplished by having the potential buyer contact a lender and submit an application for a loan.

This is done not to embarrass the buyers but to provide both the potential buyer and real estate professional the ability to focus and show only those homes that meet the financial qualifications of the buyer. Why look at a home for $500,000 (other then to produce envy in the buyer) when the buyer is only able to obtain financing for a home valued at $250,000?

By viewing homes within a buyers financial ability to purchase will help remove the
“Appraisal Value below the asking price” obstacle. Many qualified real estate agents are able to judge the value of a property very close to that of a qualified real estate appraiser. This helps the potential buyer make an informed price offer on a property that meets their financial ability to purchase.

When loan applications are denied, the loan officer provides a report and rationale regarding the denial which help both the consumer and the real estate professional. Knowing what the issues are with low credit scores such as:

Too many credit inquiries
Too many late payments
Judgments or liens on file

provides a clear understanding of what is needed to repair the credit score. Many lenders offer
assistance and guidance programs to help repair low credit scores. But in order to fix a problem, you must first know what the problem is or that a problem even exists! Many times following this procedure I’ve had customers who were pleasantly surprised to learn their credit was acceptable for purchasing a home.

I’m “Afraid” to have a mortgage for fear of losing the home

Also known as the “fear” factor.

Make no mistake about it, owning your first home may very well be the scariest, most important financial decision most people make in their lifetime. But it does not have to be a fearful experience or decision. Using the guidance of a qualified real estate professional may help reduce the “fear” factor of purchasing a first home. Many real estate professionals deal with this situation almost on a daily basis. In addition, many real estate professionals specialize in assisting first time home buyers!

Their knowledge and guidance in the process of buying a home will help make that first purchase a pleasant, stress free situation.

The fear of losing a home due to changes in employment or other financial status issues is a very real concern for everyone. Renters are not the only ones with this concern either. Home owners face this dilemma often.

However, a significant difference in the concern between a renter and a home owner, is that home owners often have financial assistance to help them through tough financial times in the form of “equity” that renters do not have. Equity is the difference between what a home owner owes a lender (the mortgage) on a property and what the property is worth. A simple example of equity is: Let’s say a home is purchased for $100,000, the appraisal value of the home is $110,000. The equity for the home is $10,000. What this means to a home owner is that if they are ever in need of financial assistance, they may have the option of applying for a loan against the equity they have in their home.

As a home owner continues to pay off a mortgage, in most cases their equity continues to increase. This doesn’t even factor in the appreciation (the increase in value of an asset) a home receives over time!

The maintenance costs of owning a home are too high

While maintaining a home does indeed have a significant cost factor associated with it, it should not be an obstacle to becoming a home owner.

Home owner maintenance chores such as: Painting, mowing the lawn, cleaning the pool may actually become less of a chore and more of a fun task! If you have a family, it may even be a way to bring the family together. Turning home maintenance tasks into family oriented weekend projects, many times brings a family closer together. It provides children with not only a sense of responsibility, but also the ability to learn the importance of maintaining a financial investment, as well as provide a learning opportunity for their designated specific tasks.

I have no money for a down payment

Many renters believe they must have allot of money for a down payment on a home. This is not always true and not in all market places.

Many lenders offer programs to first time home buyers in the form of 100% financing or other affordable programs. The only way to find out what programs a lender offers is to contact them and inquire and apply for the program!

While there are costs associated with purchasing a home such as closing costs that are required at the time of closing the sale, even these costs can be minimized by the lender.

There are also purchasing options that a real estate agent can suggest such as: asking the seller to pay for some or all of the closing costs upto a given dollar amount, or requesting the seller refund a portion of the asking price to be used to offset the down payment requirements.

Summary

Home ownership is not only in reach of many renters but should also be a life goal. Educating yourself and understanding the obstacles and issues each of us faces as first time home buyers provides the information necessary to eliminate the obstacles and overcome the issues.

Using qualified real estate and financial professionals to help in the purchase of a home is an invaluable tool. Their knowledge and ability to offer recommendations can make the transition from renter to home owner a stress free, fun opportunity.

As a Century 21 Real Estate agent and REALTOR® (member of the National Association of Realtors) working in Panama City Florida, my mission is to provide the public with quality Panama City Florida Real Estate services!

I believe the future of Real Estate sales will be maintained and driven by the online power of the consumer. I provide quality service for Panama City Real Estate investors, from Commericial income properties to 1031 Tax Exchanges.

Tips For Retired Home Owners

When you have raised your children and they have left home, you’ll find that all those empty bedrooms are no longer an asset. You begin to think of moving to a smaller house. No matter the type of house you decide to move into, your insurance needs cannot remain the same. Here are a few tips on how to make the most of your move.

If you decide to move into condominium, be sure to understand all that it entails. You get sole ownership of your unit and a percentage of the general area. Get an attorney to help you review the documents that contains the terms of reference. They would include the following:

o Master deed

o Rules and regulation

o Bye laws

o Master insurance policy

o Financial statements

It is very important that you read and understand the fine prints of the documents. That’s really why you need a lawyer. There’ll be important questions that the documents would answer.
Issues like

o How are trustees chosen?

o How large is the operating budget

o Where does your sole ownership stop? Can u make additions to the house? and related matters.

o What is covered in the master insurance policy? You need to review to be sure that there are no areas that are important to you that are not covered. If it be that there are needs that are not covered in the master insurance policy, you might need to take out loss assessment coverage to help make up for the exclusions.

o What is the extent of the financial reserve?

After you’ve read and understood the documents, you should show it to your insurance agent to help you determine whether you need extra coverage or not.

Your experiences as a renter would be quite different from when you were a home owner. Now all you have to do is pay your and hopefully not cause damage to the house. When there is any problem in the house like plumbing, lighting, appliances etc) all you have to do is call the landlord who would come and take care of it. Does this mean that you no longer need insurance? No! Even as a renter, you still need home renters insurance. The master insurance policy would only take care of the physical structure. Your home renters insurance would take care of your property but your premiums would not be as high as when you were a home owner.

What Investors Need to Know About Home Owners Associations and HOA Management Teams

When it comes to making choices about residential property investments, it is wise to have knowledge of any Home Owner Association (HOA) and HOA management teams before you decide to invest in a particular subdivision. You should have all the related facts at your disposal before you make your final purchase decision–because even when you are only buying property for investment purposes, you can wind up dealing with HOA-related headaches. Yes, this takes some research effort, but you don’t want to find yourself without redress to issues that can arise.

HOA CONSIDERATIONS REFERENCE

Ask for a copy of the CC&Rs and review them before you decide to purchase a property; make it a stipulation for making a purchase.
Are the CC&Rs clear, logical, and manageable? Are there any obtuse or unreasonable rules and regulations? Is there too much room for interpretation? Do the CC&Rs allow or circumvent self-appointed vigilance committees?

Learn about the HOA board.
Are they accessible or a stealth organization?
Interview the board. Find out if their collective HOA philosophy meshes with yours.
Does the board represent the owners and act in their collective best interest (including financial) or does the board demonstrate it operates on behalf of a select core group?
Does the board have a track record of penalizing rental properties more often than other home owners?
Are owners included in the decision making with HOA fee increases?

Find out how often board meetings are held, when, how the board alerts owners to the meetings, if/when meeting minutes are distributed and with what regularity. Regarding the latter, have the board provide proof of said distribution.

Ask for the names and contact information of a few owners outside of the board and interview them about the board.

Ask if there is a HOA management firm in place and if so, get the company contact information and key point-of-contact name.
Conduct interviews and determine if the firm provides quantifiable ROI for their fees.
Do they recognize owners as their customers and appreciate who pays their fees, or do they answer only to the board?
Do they/are they able to field more complex concerns like inter-owner issues like property damage and fencing conflicts, or do they simply issue written warnings and fee violation notices about lawn or lighting infractions?
Do they field landscape maintenance requests in a timely manner or require additional contact?
If you only receive contact information for a management team and not an HOA board, make sure there actually is an HOA board to which the management ream reports.

Find out generally how often HOA fee increases occur and ask for proof that the increases are approved by/substantiated by the HOA board.

WHY YOU NEED TO KNOW

You could wind up paying higher and higher HOA fees with no recourse, no substantiation of the increases. If you are an out-of-state investor you could have little to no leverage to have your concerns addressed, little if any visibility to the legitimacy of violation claims. If an HOA is not rental property-friendly or has a track record of penalizing rental properties more often than others, you stand to alienate and lose good renters, which in turn adversely impacts your revenue stream.

First-Time Home Owners’ Must Read Checklist

As first time home owners, you now have a much wider array of choices than you had as a renter. When first stepping into your new home, you need to take in all the changes that must be employed to make the new house the perfect home. Such changes involve furnishings, flooring, carpeting, and you will also need to check for inappropriate changes made by the building contractor. The following checklist will help you get started.

Planning your budget for your new home needs

Inspect the new home

Any new home requires a bit of an evaluation before starting working on it in order to transform it into a livable space. Make sure to inspect every single room and write down all that is needed for each of them.

Evaluate the needs

The second part is evaluating what is needed for your home to become the nest you are dreaming of. While it may add up to quite an important cash amount, remember that it is all for a good cause.

Do the math

Pay attention to the minutest details, and make sure that you have everything you need written down on the list.

Important things to buy before moving in:

Locks

Some of the first things you need to change in your new home are the locks. Since other people may have keys to your home, you need to put safety first.

Repair tools

Since chances are that your new home is not exactly new, you will need plenty of repair tools, as some of the necessary repairs can be done without the help of a professional.

Appliances

You will also need to purchase some necessary appliances, such as a refrigerator, a dish washer, and a vacuum cleaner.

Linens and towels

A lot of work will be required as you move in your own home. Some of the things you will need right after will be a hot steamy bath and to hit the pillows. Fresh linens and towels will transform these into a real treat.

Floor coverings

Catching a cold is no idea of starting out in a new home. Make sure to cover the floors with carpets for the comfort of the entire family.

Other things to consider for your new home

Make arrangements for your kids’ room

The new home must be comfortable for all the members of your family. Consider appointing your kids’ room with all the necessities. Find room for the toys, the clothes, the furniture, and everything else you brought with you.

Think about accommodating your pets

Domestic pets also need to be accommodated in your new home. Make sure that they have their own place to sleep and to eat comfortably, and that all their needs are met, so that you do not stumble on them all over the place.

Turning the new house into a home

The little touches make a house into a home. Whether you have a few flower pots brought with you, or you have a collection of rugs from where you stayed before, you will need to employ these finishing touches so that your house can turn into a real home for you and your family.

Furnished or non-furnished?

Advice for already furnished homes:

Verify all the furnishings

In case you are moving in an already furnished home, you will need to verify all the furnishings, as many of them may be too old or too damaged to keep. See what needs to be replaced and make a shopping list.

Make changes where necessary

Keep in mind that you have no obligation to keep things the way they are. Where needed, make changes. Whether you think a new carpet would fit better in the living room, or some of the appliances are not enough for your family’s needs, replace them.

Check for signs of wear and tear

Even furnished houses that look great at first glance have their own skeletons in the closet. It is very important to check for signs of wear and tear, to prevent further complications when you least expect them.

Check the lightings

One thing that you may not be very fond of when you set foot in an already furnished house may be about the lightings. Repairs may also be needed, so be prepared to call an electrician.

Considering a renovation contractor

A renovation contractor could turn your new house into the home you have dreamed of. Especially if you do not like how the house looks as it is right now, you must employ the services of a professional contractor.

Pest control

Another thing that should not be overlooked when inspecting the house is pest control. The little critters can make your life miserable, if you do not take early measures, especially before moving in, when it is easier to use chemical substances to drive pests away.

Advice for non-furnished homes:

Inspect the house for any inappropriate jobs done by the contractor

An important aspect to keep in mind when purchasing a non-furnished home is to inspect it for any renovations that are not to your liking or are simply wrong. Doing that first thing is a must as renovation work is more difficult to do once you are installed in your new home.

Hiring an interior designer

If you like the house as it is, think about hiring an interior designer. They will be able to give you some great ideas on how to organize the space in your home.

Explore the various styles you think should define your home

Your home should define you. Choose a style that you find the most appropriate for you and consult the interior designer about possible alternatives.

Things to consider: new furnishings, lighting, décor elements, must-have appliances

Since you have chosen a non-furnished house, you will need to appoint it with all the necessities. Buy new furnishings, if you do not have them already, and install all the important appliances in your home. Lightings are also important, as are décor elements that will make the new house feel like a home for you and your family.

Swati is a postgraduate in English and an MBA. She has written for practically every niche on the web. She writes articles, blogs, web pages, reports, press releases, product descriptions, eBooks, sales letters and newsletters. She is passionate about health & fitness and loves to help people who are on a weight loss journey. Visit Swati’s blog now if you would like to receive her FREE report titled “Lose 10 Pounds in 1 Week and Keep It Off”.

Floaters Are a Great Fallback For Home Owners

One very important aspect in particular to consider when you are going to be buying home owners insurance is to buy floaters. A lot of times, homeowners and renters policies set a maximum value on the amount of money you can collect on some much more expensive items, which usually include things like computer equipment, jewelry, furs and fine collectibles, to a fraction of the replacement value. If this indeed should ever happen to you, you are going to need to pick up a unique policy known as a floater (or as it is also called, an endorsement) for each of the items in question.

A floater can be defined as coverage for all personal property, without regard to the location of the insured and household residents, including children away at school. It is written upon the condition of what is known as All Risks, and is an area that is under the possibility of the exclusion of hazards such as war, wear and tear, mechanical breakdown, pests, and nuclear disaster. Personal property can include clothes, television, musical instruments, cameras, jewelry, watches, furs, furniture, radios, and appliances. Coverage can be range very wide when it comes to the damage of the real property as the result of a theft of any of your personal property. A floater will also compensate you if you simply have somehow managed to lose the article. In the case of something recently bought, it is strongly advised that you save the bill of the sale along with your inventory, and then send off a fax of a copy of the bill to your insurance agent. If the item is too old, you need to make sure to have an evaluation done. Likewise, it is strongly advised that you keep one copy for yourself and make and send off one other copy to your agent. That way, you are never going to have to worry about proving that you had ever owned a particular item, and as such there is never going to be a dispute over what it is really worth, because it will all be right there in ink.

While a typical home owners policy will cover the construction of your home and some but not all of your personal belongings, it may not provide full coverage for higher value possessions, such as coin collections and jewels. If you have detailed items for which the value exceeds your policy limits, you may decide on adding what is known as a personal articles floater to your coverage, as covered. One thing to note is that although rates will fluctuate by state and for the tangible item covered, you may be able to pay for a personal articles floater for as little as $30 a year to insure your most valuable possessions for their existing purchase price or recent evaluated worth. As time and again it is used to fully insure engagement rings or electronics, “floaters” have zero deductible and more often than not cover a more extensive range of claims, such as theft or loss away from the home.

Save Money on Your Home Owners Insurance by Following a Few Simple Rules!

Home owners insurance is not a fixed premium. You may be able to trim a few hundred dollars off your premium by asking a few questions. Premiums are calculated by the insurance company by determining your chance of having a loss and how much it may have to pay if you filed a claim.

It may be possible to reduce your premium by up to 30-40%. Determining factors may include where your property is located, risk philosophy, the insurance company’s rate structure, discounts available and your individual policy. Call your agent and ask about the different discounts available.

Some of these would include certain types of home improvements, raising your deductible (the amount you will have to pay out of your pocket in case of a claim), raising your deductible from say $1,000 to $2,500 may save you upward to 25% to 30%. And raising it to $5,000, may save you 35 to 40%. Some insurance companies assume you have an outbuilding/shed located on your property – and if they do, there may have been an additional charge for this. Don’t forget to ask.

If you have a burglar alarm or plan on installing one, make sure you mention this – it can save you money. Any repairs or upgrades to plumbing or electrical should also be mentioned. Some companies may give you a reduced rate if you make automatic payments – directly from your bank account to the insurance company.

Before you file a claim, carefully assess the cost in conjunction to your deductible. In many cases if the claim amount is worth less than $1,000 over your deductible, you’re better off not filing the claim because in the long run it may cost you more in adjusted premiums. Don’t forget to check around with other companies and compare your policy to another – this may also save you some money.

Home Owner’s Insurance Vs Renter’s Insurance

Many families, couples, and single persons do not have a house of their own because they cannot pay for it or because they prefer to rent instead. It is usual that the property they are renting is already covered by an insurance policy purchased by its landlord. Home owner’s insurance policies provide coverage just for the structure of the building. That is why renters need to get their own insurance to protect their personal belongings.

It is a fact that renter’s insurance policy is less expensive, because a renter does not have any investment in the structure. So the risk of loss or damage over the covered goods is potentially reduced. However, the cost depends on the type of policy the renter acquires. For more extended coverage purchased, a higher cost is required.

Before getting a policy, it is recommended to make a meticulous inventory of personal possessions. As a result, an accurate worth of particular property can be given to the insurance company and a very complete policy can be arranged. Anything of value can be covered by this type of insurance. Clothes, jewelry, furniture, and electronic gadgets can be included.

Renter’s insurance may offer full coverage against damage or loss of personal goods inside the rented home. Protection from fire and smoke damage is provided by these policies. Harm caused by earthquakes or floods is considered, as well as theft and acts of vandalism.

Protection from liability is also available. This coverage can be useful in case someone gets injured at the rented residence. It includes medical and defense expenses, in case of a potential lawsuit.

The main aspect in favor of renter’s insurances is the fact that renters do not have any responsibility over the building structure. So they just have to move out if something destroys their home. Lost personal possessions will be replaced or repaid almost immediately.

Are you ready to find the best deals on home owners insurance? Visit http://www.ezquoteguide.com today for more information!

Article Source: http://EzineArticles.com/expert/Jenny_Maloy/478167

Home and Renters Insurance – How to Save

How do you avoid paying too much for home insurance? Are there steps that can help a home owner reduce his insurance rates and still get adequate protection? What are the implications of settling for a cheap home insurance policy as a home owner or a renter? For many home insurance buyers, these questions need answers so lets start facing them one at a time.

How can you avoid paying too much for coverage? Simple! Know your exact coverage need. Take your time to evaluate all that is necessary, cut off any unwanted coverage from your insurance policy and ensure that what you are paying for is exactly what you need. This makes your spending optimum. Also, find and collect many free quotes from different leading insurance companies and compare. You will definitely get a provider that gives you quality coverage at a relatively cheaper rate when compared with the others. Asking for discounts and benefits may also help you save some hundreds of dollars at the end of your coverage year.

You must make some personal and wise moves if you want to enjoy adequate coverage at a cheap price. Learn how to talk with insurance agents and the representatives. Discuss all the terms associated with your desired insurance policy and make them suggest to you how best you can reduce your rates and still have high quality protection. This really helps if you have the patience and skill when talking to the representative. You can also benefit from the wealth of experience of older customers.

Meet them and ask questions politely. You may get some very interesting tips that will lower your rates; this really works well if the older customer is a trusted friend or a family relative. A cheap deal may not be the right one for you if you fail to consider thee quality of the protection attached to it. Note: You can get a high quality coverage as a homeowner or a renter at a cheap price.

Where To Get This?

Here Are My Favorites: Home Insurance Quotes [http://compare-home-insurance-quotes.info/] / Cheap Home Insurance [http://mycheapinsurancepremium.com/]

Article Source: http://EzineArticles.com/expert/Iyke_Phelim/196327

How to Go From Renter to Home Owner in 5 Easy Steps

Home ownership remains one of the best financial decisions you can make for your future. Home appreciation over time as well as the tax advantages of home ownership can help you move into a more stable financial position. Also, don’t forget about the enjoyment of owning your own property and having the freedom to paint the walls, plant a tree, finish your basement, or do whatever you want to do with your property.

So stop paying your landlord’s mortgage! Follow these 5 easy steps to go from renter to home owner.

Step 1 – Job Stability: The first step to home ownership is job stability. Most loan programs require a two year job history in the same line of work or two years self-employed. If you have recently graduated from college or a trade school, or are re-entering the work force after maternity or another valid reason, you may be eligible with less than a 2 year history.

Income goes hand in hand with job stability. Lenders also want to see stable income that can be documented (paystubs, W2s, and/or tax returns), and is sufficient to pay for the mortgage and your other debts.

Step 2 – Save for a down payment: There are very few loan programs still in existence that do not require a down payment. FHA and VA require the smallest down payments, with VA one of the only remaining 0% down programs. Aside from the down payment requirement, socking away a good savings shows a lender that you are responsible and disciplined enough to save your money. Also, many loan programs will require that you have at least 2 months worth of mortgage payments in reserve after closing.

Step 3 – Get your credit in shape: Credit is an extremely important factor when applying for a home mortgage. If you have not established any credit yet, or have only a minimal credit history, now is the time to start establishing your credit. Most loan programs will require at least 3 credit lines to be open and active for at least 12 months, and some lenders will want to see at least a 24 month history on at least one of the three. Some exceptions can be made.

A good place to start if you have no credit is to ask your bank about a secured credit card- a card that is backed by a cash deposit you put aside with the bank equivalent to the maximum credit limit on the card. After establishing a pay history on the secured card for 6-8 months, you should be in a position to apply for another credit card, an auto loan, or another type of credit line.

In addition to establishing a credit history, lenders want to see that you are responsible and pay your debts. Generally speaking, you will have to have a clean credit history over the past 12 months with no late payments, collections, or judgments. Bankruptcies must be 2 years old and foreclosures 3 years in your past.

Step 4 – Figure out what you want: Take a serious look at your family needs and your future plans, as well as your location preferences, to get a sense of what is available in the marketplace. If you plan to get married within the next year and try right away to have a baby, for example, try to find a neighborhood where you can afford a 3 bedroom home instead of the prime location where you can only afford a one bedroom condo. The worst case scenario would be to have to move again 2 years after buying your first home.

Step 5 – Get pre-approved: Now that you have your finances in line, your credit in-shape, and you have a general idea of where you want to buy, it’s time to apply for the financing. It is very important to get pre-approved before you start to look at homes so that you know exactly what you can afford and that you can in fact get the financing. There is nothing more frustrating than spending hours looking at homes, finding one that you fall in love with, and then finding out that you can’t qualify for the mortgage!

RJ Baxter has been a mortgage consultant for over 9 years. If you have additional questions about mortgage pre-approval or home loan requirements, please visit our website at Denver Home Loans or email RJ directly at [email protected]

Article Source: http://EzineArticles.com/expert/RJ_Baxter/22667

Home Owner Insurance Rate – Five Questions to Prepare For

During your search for an affordable home owner insurance rate, you can
expect to answer five general questions.

1. Do you rent or own? Knowing whether you own or rent will help the
insurance agent understand in what direction you will need to go in order to
determine your home owner insurance rate. Because they only need to insure the
contents of the home, renters don’t need as much coverage as owners.

2. What is the general condition of your house? If your home is safe and
well-maintained, your home owner insurance cost will likely be less than if it
were in poor shape. If your home is older, you may want to make some repairs
before getting a home owner insurance rate.

3. What kinds of possessions do you have, and what are they worth? How
many valuables and possessions you have, as well as their worth, will help
determine your home owner insurance cost. If you have many, you may want to get
a floater policy, too. Gather receipts and take inventory of your possessions,
such as pictures and videos.

4. How many people, and what kinds of pets, live in the house? Knowing
how many people live in your house, and even what kinds of pets you own (think
dangerous pets or pets that may cause damage to the home), helps insurance
agents determine the kind of and how much coverage you are going to need which
of course helps determine your home owner insurance cost.

5. What kind of liability insurance will you need? Liability insurance is
insurance that covers the cost of property damage or loss as well as the costs
to any physical harm that may be done to a person on your property. Take into
consideration any potentially dangerous areas of your home as well as how many
people usually frequent your home in order to decide how much liability
insurance you’ll need.

Visit our site to get affordable auto insurance information online, to get California car insurance, or to get a health insurance quote.

Article Source: http://EzineArticles.com/expert/Elizabeth_Newberry/45770