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December 19, 2013

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How to File a Home Insurance Claim: Is It Worth It, or Will You Regret It Big-Time?

By Matt Christensen – REALTOR.COM If your home gets damaged by a flood, falling tree, or other random accident, you'll want to know how to file a home insurance claim. Homeowners insurance can help you cover the costs of repairs, providing some much-needed financial relief. But before you file that claim, you'll want to know the process (and the consequences) so you can plan accordingly. Here's what you need to know about filing home insurance claims. How much will I get paid? While it depends on your particular policy, typically insurance companies will cover anything over your deductible, says Penny Gusner , a consumer analyst for Insure.com. For example, if your deductible is $2,000, and the damage is going to cost $50,000 to repair, you’ll pay the $2,000 and you’ll receive the remaining $48,000. Whatever your deductible, you won’t be able to file your claim until you've paid that first. Are there consequences to filing a clai...

Buying a Home is 38% Less Expensive than Renting!

In Trulia’s 2014 Rent vs. Buy Report , they explained that homeownership remains cheaper than renting throughout the 100 largest metro areas in the United States; ranging from an average of 5% in Honolulu, all the way to 66% in Detroit, and 38% Nationwide ! The other interesting findings in the report include: Even though prices increased sharply in many markets over the past year, low mortgage rates have kept homeownership from becoming more expensive than renting. Some markets might tip in favor of renting later this year as prices continue to rise faster than rents and if – as most economists expect – mortgage rates rise, due both to the strengthening economy and Fed tapering. Nationally, rates would have to rise to 10.6% for renting to be cheaper than buying – and rates haven’t been that high since 1989. Bottom Line Buying a home makes sense. Rental costs have historically increased at a higher rate of inflation . Lock in a mortgage payment now before home...

A Great Reason to Sell Now

A Great Reason to Sell Now by The KCM Crew The price of any item (including residential real estate) is determined by ‘supply and demand’. If many people are looking to buy an item and the supply of that item is limited, the price of that item increases. According to the National Association of Realtors (NAR), the supply of homes for sale is still below the normal 6 month level of inventory. That means less competition. However, a recent study revealed that 71% of current homeowners are considering selling their home this year. Putting your home on the market now instead of waiting for this increased competition to come to the market might make a lot of sense. Buyers currently in the market are motivated purchasers. They want to buy now. With limited inventory available in most markets, a seller will be in a great position to negotiate their best possible price.

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