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Tag: Beware

Weston: Beware high-risk homes that drive up insurance

Flood risk is also a concern, Naughton says. Flooding isn’t covered by regular homeowners insurance policies, and typically only homes in the highest-risk zones are required by mortgage lenders to buy special flood policies. But the federal government’s flood maps may understate the risk to many properties, especially as hurricanes get stronger and bring intense rainfall along with larger storm surges.

“We’re seeing coastal flooding that’s going in quite a bit,” Naughton says. “People who previously didn’t consider flood insurance should because of the rain aspect as well as the surges.”

Again, talking to the neighbors and a local insurance agent can help you assess the potential costs. You can get quotes for flood insurance from the National Flood Insurance Program as well as a few private insurers.

EARTH-SHAKING RISKS

The U.S. Geological Survey says 16 states are at high risk for a damaging earthquake in the next half-century: Alaska,

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Beware high-risk homes that drive up insurance

When house hunting, the price of homeowners insurance probably isn’t top of mind. But homes with hidden risks can make getting coverage difficult, expensive or both. Learning how to identify them could save you a bundle.

This could be a particularly important concern for first-time homebuyers and those moving from cities to suburban or rural areas who may not be aware of common hazards, says Jennifer Naughton, risk consulting officer for North America for Chubb, an insurance company.

Three out of 10 city dwellers told a Chubb survey in early August that they were considering moving out of the city because of the novel coronavirus outbreak. Meanwhile, the number of first-time homebuyers in the first half of 2020 rose 4% compared to a year earlier as lower interest rates made mortgages more affordable, according to Genworth Mortgage Insurance.

WHERE’S THE NEAREST FIRE HYDRANT?

A homeowners insurance premium can depend in

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Contractors, Beware The Dreaded Disease Known As Deposititis

It happens very frequently with construction contractors and it plays like this: You receive a deposit for a job, that is intended to be used to purchase the first round of materials and early payrolls until you get your next periodic progress payment that may be a month or more out, depending upon progress made. Under normal circumstances, you budget the money for the required time projected until you receive the next periodic progress payment, but, if struck with the disease, you spend the deposit on other bills that have been building up and are demanding service. You spend the deposit on other matters-important matters-but not the ones associated with the job at hand. Now, you are in a jam as the current job requires early payroll, materials and other required expenditures intended to be satisfied by the deposit, but it’s already been disbursed and spent. Deposititis has struck and … Read More