ORLANDO, Fla. – Any type of insurance coverage can be confusing and property insurance is no exception. Realtors® in Florida work with many new first-time homebuyers who need property insurance for the first time. Understanding the levels and types of coverage is key, according to Florida Realtors®. Here are a few tips from the insurance industry:
1. Know the difference between replacement cost and market value. Rebuilding a home is usually cheaper than buying an existing structure, unless the property was a foreclosure. The key: Accurately determine the cost of rebuilding when finalizing the details on a homeowners insurance policy.
2. Take a home inventory to determine the proper amount of personal property protection. Generally, policies cover 50-75 percent of the replacement value of the house and usual contents. However, this may not be enough to cover certain valuables, such as jewelry, fine art, collections, electronics and other expensive items. A separate rider may be needed and should be discussed with an insurance agent.
3. Have enough liability protection. Liability coverage protects a homeowner if they’re sued for an injury that takes place on their property. Many policies will even cover a policyholder if an incident happened away from the house. Depending on their assets, some homeowners might want an additional umbrella policy if they’re worried about being sued for more than the liability coverage offered in a basic policy.
4. Know what isn’t covered. Carefully study the exclusions section of a homeowners insurance policy. If anything raises a red flag, consider additional coverage. One example: Almost no insurance policy covers flooding. If a homeowner lives in an area prone to flooding, he or she might want to consider flood insurance too.
5. Consider additional living expenses if forced from the house. If a house becomes unlivable due to a flood, earthquake, fire or other disasters, a family will need to pay for living accommodations; and they may need additional money for food, transportation and other expenses. This coverage is called “additional living expenses” (ALE) and a benefit that’s usually worth about 20 percent of a home’s replacement value. Be aware of a specific policy’s benefits, limitations and exclusions.
ORLANDO, Fla. – In today’s Florida real estate market, buyers can choose from a wide selection of homes. That makes it easier to find suitable single-family homes, townhouses or condominiums. But the knowledgeable advice of a Realtor® in Florida is more important than ever in determining which one offers the best fit.
“Buyers need to set reasonable expectations and have done their homework,” says Suzanne Sherer, a sales associate with RE/MAX Realty Team in Cape Coral. “A Realtor can advise you on what home is right both for today and tomorrow.”
Florida’s Realtors understand that a home is more than just a collection of bedrooms and bathrooms. Two homes with similar bedrooms, baths and prices, for instance, may offer very different designs, commuting distances, lot sizes, tax costs, interior dimensions, and exterior finishes.
Therefore, it’s important for buyers to identify the features that are most important for their current lifestyle and for their potential needs in the future. A couple in their 20s, for instance, might prefer a three- or four-bedroom home so they don’t have to relocate if they start a family.
Here are some questions to consider:
• How many bedrooms do you want?
• How many bathrooms?
• Do you prefer a clean, modern design or something with a more traditional ambiance?
• Would you prefer a yard for children and pets or a lower-maintenance condominium?
• Do you want a formal dining room?
• Do you prefer an open floor plan?
• Would you want a two-story home?
• Do you want energy-saving appliances and systems?
• Do you want to have a pool, whirlpool spa or outdoor patio?
• Do you need space for a home office?
• Are there any other special features you need, such as an elevator or ramps for wheelchair access?
“Buyers need to be clear as to the features and amenities their new home has to have versus would be nice to have, and be able to prioritize them,” Scherer says. “That will help you narrow your choices until you find the home that’s just right for you.”
ORLANDO, Fla. – Every city, village or town in Florida has its own unique character and personality. That’s one of the reasons why so many homebuyers seek out a Florida community that’s a good match for their desired lifestyle.
Wherever you might be considering buying a home – from Key West to Pensacola – it’s important to find the right neighborhood for yourself and your loved ones.
“Speaking to an experienced Realtor® in Florida, one who knows the area well, can save you a ton of hours and even more-frustration,” says Vladimir F. Golik, a broker with Keller Williams Realty Premier Properties in Miami.
Most buyers today begin their search online, taking advantage of the wealth of information now available on thousands of websites. Others use their social networks like Facebook or Twitter to gather other people’s opinions.
But as you search for the right neighborhood, many of the key questions can’t be answered by online sources. For instance, it’s difficult to get a sense of the neighborhood’s character, and the availability and pricing of current listings without talking to a Realtor who is familiar with the local market.
The same holds true if you’re looking for a condominium or townhome, as buildings and communities can differ widely from each other. For example, one building might be occupied primarily by owners in their 60s and 70s, while another might be filled with renters in their 20s or 30s. That’s an important difference for buyers that might not be evident from online sources.
“A Realtor® can help you narrow your search to the right neighborhood before you start hunting for a specific property,” says Golik.
To help you find a good neighborhood, here are some questions to discuss with your Realtor®:
• What type of neighborhood do you want?
• What is your desired lifestyle?
• How do you picture your life in five years?
• Do you want a home of condominium?
• What is your price range?
• Do you want to live close to work?
• Do you want to live near a beach, golf course, shopping or other amenities?
• Are security and privacy important considerations?
• Would you prefer to live in a more social community, such as a condominium complex?
As you search for a neighborhood with the right home prices, amenities and location, you may need to make tradeoffs. A Realtor who knows the community can help you discuss these issues and find a Florida location with the ideal characteristics for your individual or family lifestyle.
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