Maria DiCarlo's Blog
You are required to get homeowners insurance when you purchase a home. You probably are so excited about buying a home that you neglect to learn the ins and outs of your policy. Unfortunately, there are many things that insurance won’t cover, yet many homeowners think that they are covered under their home insurance policy. Below, you’ll find some things that are often not covered by your home insurance, even though you might think they are.
While your home insurance will cover damage from water in your home (different than flood insurance), the policy probably won’t cover what it takes to fix broken pipes. Your best bet in this area is prevention. You should be sure that your pipes are insulated properly and that there is adequate airflow around the pipes in your cabinets.
If an earthquake hits, you’re out of luck when it comes to your homeowners insurance policy. You typically need a separate policy to get earthquake coverage. If you live in an area prone to earthquakes, you’ll need to inquire about specific policies to protect your home from this type of natural disaster.
You’ll also need a separate policy in the event of a flood. Homeowner’s policies do not cover damage or losses caused by flooding. You can get optional coverage and this is highly recommended, especially if you live near a body of water or in an area that’s prone to flooding.
A Sewer Backup
If a sewer backs up, you’ll face some serious damage in your home. Unfortunately, your homeowners policy will not cover this type of damage. The repairs can be hefty. If you wish, you can always add this type of coverage to your policy.
Only Portions Of Disasters May Be Covered
If a hurricane hits, any damage that has been caused by the wind will be covered by your home insurance policy. If you face flooding, however, and do not have a flood insurance policy, you’ll be out of luck. Without extra coverage, some natural disasters can be a special disaster for you and your wallet.
Keep Up The Maintenance On Your Home
It’s important to understand what is and isn’t covered by your home insurance policy. When you know how to prepare for different situations, it will make caring for and maintaining your home and your financial future a lot easier. If you prepare accordingly for natural disasters as directed, and perform proper maintenance on your home, your insurance policy should act in the best interest for you. If you happen to live in an area where you are prone to natural disasters, make sure you get the appropriate additional coverage that you’ll need to protect you.
When you’re ready to buy a home, there’s an anxious excitement that’s within you, making you feel like a small child on Christmas night. One question that is probably burned in your mind throughout the home search process is, “How long is this going to take?”
If you’re a first-time home buyer, you’ll likely be using some programs through the Federal Housing Administration, also known as the FHA. With any kind of home loan, there’s many variables that can affect how long the process will take. This can be due to many factors including the seller’s circumstances and the nature of your loan.
When you’re securing a home loan backed by the FHA, you may wonder how long it’s going to take for the entire process to finish from beginning to end.
Variables That Affect The Loan Process
This is one of the variables that can fluctuate the most in the home loan process. Once you have found the home that you love, the lending process can take a few weeks beyond the point where you sign a contract. This part could entail many different steps that may become hurdles for you as a borrower. Your loan officer can also have an impact on the length of the process. Some loan people are just faster than others!
Keep in mind that you can’t close on an FHA loan until you get through the underwriting process. In the underwriting process for an FHA loan, it will be assured that you meet all of the criteria necessary for securing the loan, such as the standards that have been established by the HUD (Department Of Housing and Urban Development).
Closing On An FHA Loan
While it’s difficult to say the exact amount of time that it will take for a loan to process, there’s some things you can do ahead of time to prepare. If you apply for an FHA loan before you have even found a home, you’ll expedite the process a bit. If you have been pre-approved prior to making an offer on a home, you’ll likely be in a better position than if you haven’t yet met with a lender. This will also make the underwriting process move a bit faster for you, provided there aren’t any major red flags on your paperwork.
FHA appraisals do differ a bit from appraisals for a home with a more conventional loan. With an FHA appraisal, the appraiser must look for things in two main areas including any health and safety issues and determine the market value of the property as well. This process will most likely only take a few days. Part of the appraisal process may include the appraiser looking at similar properties in the area in order to get a bit of a comparison on the value of the property.
Can You Speed It Up?
If you have everything in order before you even decide that you’re ready to go on the house hunt, you’ll discover that the process of securing an FHA loan will be a bit smoother. Talk to a lender before you start the process so you can familiarize yourself with the requirements. Once you can present the lender with the right documents, they’ll be able to do their job with little intervention on your part.
If you’re looking to save more energy and money around your home, perhaps one of the first places that you should look is your plugs. Take a look around your rooms and see what outlets are being used. If every outlet is full of plugs, you may have some adjustments to make.
There are so many things in our homes that require plugs including TV’s, microwaves, toasters, clocks, refrigerators, phone chargers, and more.
Anything that is always plugged in actually adds to your electric bill whether you’re using it or not. This is known as phantom power usage. Even when a device isn’t turned on, it’s still using energy.
You don’t want to go around your home and unplug everything, only to plug it back in when you need to use it. Use this handy guide to discover what you should unplug and what you can leave plugged in your home in order to save some energy and some money.
What To Unplug
Large appliances in your kitchen would be impractical to constantly plug in and unplug. Smaller appliances, however, are much easier to manage. These include toasters, coffee makers, food processors, and microwaves. The small digital clocks on many of these devices, for example, are constantly using energy. Do you really need the function? If you don’t need to know the time, you should just unplug it and save your home some energy usage.
We need to charge just about all of our devices including laptops, iPads, phones, and even electric toothbrushes. these items don’t need to be plugged in all the time. Once a device is charged fully, be sure to unplug it. It’s only wasting energy otherwise!
Unplug your computer each and every night. Screen savers and sleep modes don’t actually save much power from being used while your computer is plugged in. It’s a good idea to keep your computer unplugged for safety reasons as well. A strike of lighting hitting, for example, can cause your entire system to fry.
Keep These Items Plugged In
There are certain items that you can leave plugged in at your home without worry. These items include:
- Power strips
- Nondigital items
- Items without clock or LCD displays
Power strips are particularly useful for items like entertainment centers and computer setups. Flipping the switch to the off position on the power strip helps to stop the phantom power usage. The convenient thing is that you won’t need to plug and unplug everything in individually, and you’ll still save power.
Saving energy and money is easy when you have the right strategies put in place.