Tag Archives: homeinsurance

Every Homeowner Needs One

water meter key.jpgA water meter key is like insurance; buy it before you need it.

Imagine a pipe has burst and there is water flowing like a river through your home. There may a cut-off valve to each sink if it works and if that’s where the leak is coming from. Your home may have a master cut-off valve but if you haven’t used it before, you might not know where it is. The last resort is to cut off all the water to your house at the meter.

In most cases, you’ll need a key to get into the meter. With water starting to rise in your home, concern over the damage being done may add to your anxieties. You don’t have time to call a plumber or even go the store to buy a water meter key.

Emergencies are handled much better when you plan for them in advance and practice, even though you hope you’ll never need it.

1. Determine what kind of key you need to open your water meter.
2. Purchase it at the home improvement or hardware store.
3. Practice opening the meter to be able to do it quickly and easily.
4. If your meter key doesn’t have a wrench on one end, you need a wrench to turn the water valve.
5. Practice turning the water off just to see how it works and feels.
6. Put the key in an obvious and conspicuous place.
7. Have the phone number of an emergency plumber, just in case you need it.

While you’re planning for the unexpected, it might be a good idea to show some of the other family members how it works and where you keep the key.

All my best,
Myra Spano, REALTOR®

About the Author:
Myra Spano is a service and results oriented real estate agent with her client’s goals as top priority.  Myra is recognized as a top producing agent in her office in Virginia Beach and enjoys working with both buyers and those selling their homes.
For information about purchasing a home in Virginia Beach, visit her website.  This site is focused on homes available for sale in Hampton Roads, Virginia.  Email, call or text to make an appointment begin your home search.
If you are considering selling your home in Virginia Beach or one of the surrounding areas, visit the seller’s website to request a Free Market Analysis of your property.
Myra Spano & Prudential Towne Realty is awaiting to provide the real estate guidance you need.  Contact us now to make your home dreams come true!
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First Time Home Buying – Actions to take and mistakes to avoid!

12220677661U5G93Buying a house is not a simple process and you would find out that this is truer, if you are one of the first time home buyers. You will be required to consider several aspects with regards to home buying. It is practically impossible to handle the home buying process of your own, unless you have experienced people who can handle the show. However, it would be better to get of experienced and authentic people. For instance, you can get help from the REALTOR®, mortgage broker, and the home inspector and so on. They are the people who can help you to take the correct decision about buying a new home. Just keep in mind that they too are professionals and you will have to pay them their share of commissions too.
While a REALTOR® can help you in finding out the true value of the new home, he can also suggest whether or not buying a house in a particular locality will at all be worth your money. A home inspector is the person who can help you with identifying the areas which may have to be repaired and the cost involved in the same. You can also talk to your friends and family members residing in that area, if you have one.
Although it is true that the home buying process cannot be handled alone, try to understand as much as you can and if you have any confusion, don’t hesitate to get it clarified.
Here is the list of the tips which can help you in buying a home, in case you are a first time home buyer:
Do not forget to consider your affordability – The most important factor is to determine your affordability. Depending on your existing monthly financial obligations, decide about the mortgage loan that you are planning to take out.
Find out a suitable location – The next important factor is finding a good location. The location you select should be worth the amount you are shelling out. Commuting to work or taking your kids to school shouldn’t be a cause of concern.
Work out a budget so that you can make the payments – Work out a budget so that you can assess your expenses once you buy your dream home. If your finances are not permitting you to buy a house now, work on bettering your finances first. You can move to a rented apartment instead.
Gain knowledge about the local market – Prior to settling for a home, do a bit of research and find out the actual value of the houses in the neighborhood. Sometimes a seller may be asking for more.
Make sure to read the fine print – Since taking out a mortgage will affect your life in the years to come, it is very important to know what you are terms and conditions you are actually accepting.
Make improvements before you start living – If it is found that your new home needs certain changes in form of repair work, make sure that the same gets done before you start living in the new house.
In addition to the factors mentioned above, there are various other minute details which require your attention. Like, it’s important to shop around for the best deals, so that you don’t have to regret for your decision later.
Shane Parker, Guest Blogger for The Real Estate Savvy
 
Author Bio :
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Shane is a financial writer and community member with profound knowledge on the real estate industry. He has also made notable contributions through various articles written on different subjects related to the real estate and mortgage industry. This article is about the useful tips of buying a home.

 

5 Things to Know About Homeowner’s Insurance

So what about home insurance?  Here’s a great list of things to know…

1. Know about exclusions to coverage. For example, most insurance policies do not cover flood or earthquake damage as a standard item. These types of coverage must be bought separately.

2. Know about dollar limitations on claims. Even if you are covered for a risk, there may be a limit on how much the insurer will pay. For example, many policies limit the amount paid for stolen jewelry unless items are insured separately.

3. Know the replacement cost. If your home is destroyed you’ll receive money to replace it only to the maximum of your coverage, so be sure your insurance is sufficient. This means that if your home is insured for $150,000 and it costs $180,000 to replace it, you’ll only receive $150,000.

4. Know the actual cash value. If you chose not to replace your home when it’s destroyed, you’ll receive replacement cost, less depreciation. This is called actual cash value.

5. Know the liability. Generally your homeowner’s insurance covers you for accidents that happen to other people on your property, including medical care, court costs, and awards by the court. However, there is usually an upper limit to the amount of coverage provided. Be sure that it’s sufficient if you have significant assets.

All my best, 
Myra Spano, REALTOR® 
 

About the Author:
 
Myra Spano is a service and results oriented real estate agent with her client’s goals as top priority.  Myra is recognized as a top producing agent in her office in Virginia Beach and enjoys working with both buyers and those selling their homes.
 

For information about purchasing a home in Virginia Beach, visit her website.  This site is focused on homes available for sale in Hampton Roads, Virginia.  Email, call or text to make an appointment begin your home search.


If you are considering selling your home in Virginia Beach or one of the surrounding areas, visit the seller’s website to request a Free Market Analysis of your property.
 
Myra Spano & Prudential Towne Realty is awaiting to provide the real estate guidance you need.  Contact us now to make your home dreams come true!