DIY Home Projects

In recent months, homes have taken on additional roles as offices, schools, and places of entertainment as staying at home has become the norm. With the extra time spent inside and the additional wear and tear on your home, this is a perfect time for those Do-It-Yourself projects you’ve been wanting to get done.

Before getting out the power tools, take time to consider the projects you have in mind. If you’re questioning how the renovations will affect resale value, consult an expert, like your Windermere agent. Assess your budget to see if certain projects should be prioritized over others, or if you have the financial capacity for only one or two projects at this time.

Here are a few ideas:

Landscaping and garden projects: the steppingstones of your home’s DIY outdoor makeover.

  • A great first step is to start with your front yard—it’s the first thing people see when approaching your home and upgrades to it will improve the curb appeal.
  • Start with the hardscaping projects—driveways, decks, fencing, walkways—before installing plants.
  • When it comes time to plant, add organic material to your soil such as peat moss, mushroom compost, or leaf mold for added health.
  • Add in different shapes and textures of plants to give your landscaping a varied, vibrant look.

Repainting a room: follow these steps to give any room a fresh look and feel.

  • The repainting process begins by moving all furniture out of the room. If you want to pile everything in the center and work around it, be sure to lay your drop cloths on the floor before doing so and cover your furniture to prevent damage.
  • Repair any damage to the walls and fill in cracks with putty. This is a good time to remove all electrical outlets and switch covers to get the walls completely flat.
  • Choose the appropriate brush or paint roller depending on the size of the surface area.
  • Once the walls are painted, remove your painter’s tape and paint the trim.

Flooring projects: how to repair or add flooring that will have you walking through your house comfortably.

  • Wood floor damage: To remove surface scratches from wood floors, use steel wool or fine grit sandpaper and finish with a top coat of polyurethane. For deep scratches, use wood filler that closely matches your flooring in color, and apply a wood finish layer on top.
  • Vinyl floor damage: If your vinyl flooring has ripped up, apply a vinyl flooring adhesive and lay the ripped piece into place. For sections that are completely torn off, use a utility knife to cut a new piece of flooring and apply adhesive when matching the piece back into the floor.
  • New tile flooring: Before you start tiling, wash the floor with a commercial detergent to remove dirt and stains. If you are laying new tile over old tile, make sure the original layer is secure. Begin by laying out the pattern before making your tile cuts. Then you are ready to apply the mastic or mortar, and finally lay the tiles. Let the tile sit for at least a day before grouting the joints.

With so many people staying at home, DIY projects are at an all-time high. Doing projects like these yourself may not be easy, but it gives a greater sense of ownership, and can often save you money by not outsourcing the work. For additional help on these projects and to find new ones, check out YouTube’s vast DIY resources.


Posted on June 24, 2020 at 8:48 pm
Stephen Hicks | Posted in Homeowner | Tagged

6 HOME IMPROVEMENT PROJECTS TO TACKLE IF YOU’RE STUCK AT HOME PRACTICING SOCIAL DISTANCING

From the simplest updates to sensational additions, these projects can keep you busy, enhance your curb appeal, and give you more ways to enjoy your home when warmer weather arrives.

1. Install a new mailbox

The simplest and easiest update of all, installing a new (or updating an old) mailbox can add a pop of personality and amp up your curb appeal, where first impressions really count!

Consider painting your mailbox a new color, planting flowers around the base, or installing a smart mailbox to protect your deliveries.

2. Update your address display

Another quick and easy project, updating your address can add flair to your front door. This article from realtor.com offers plenty of crafty and creative ways to display your house numbers.

If you have an HOA, it’s a good idea to check with them first to know what (if any) limitations you might have.

3. Add a new railing to your porch

If your front porch is looking a little ho-hum or drab, a new railing can make a world of difference. For a natural feel, consider a classic wood-tone railing for a natural feel, or add a pop of visual interest with a colored railing. If you’re looking for more, check out the Chippendale railing (it’s currently a hot trend on HGTV).

4. Stain your deck

if your deck is looking a little shabby, one easy improvement is to stain it—to either change the color or just accentuate the wood grain. Staining is also good for your deck, and many builders recommend staining or sealing once a year.

If you don’t yet have a deck, building one could be a great new project to tackle before summer arrives. Plus, according to Remodeling Magazine’s Cost vs. Value Report, a new wooden deck will net you a 69% return on investment when you decide to sell.

5. Build a fire pit

Backyard fire pits are perfect for adding a cozy ambiance to your yard, and are certain to be a highlight of a weekend gathering (especially when you bust out those marshmallows).

This guide from realtor.com is a great resource if you want to DIY your new fire pit.

6. Upgrade your garden

Now’s the time to start planning your planting! Consider skipping the typical tulips or daisies, and investigate other greenery. Adding edible plants is a smart way to save money and indulge in the farm-to-table dining trend. Or you can build a butterfly garden, which is good for the environment. (Plus, what’s more beautiful than seeing butterflies flit around your yard?)

This article was first published on realtor.com by Jillian Pretzel.


Posted on April 23, 2020 at 12:18 am
Stephen Hicks | Posted in Homeowner, Living | Tagged , , , , , ,

A Senior’s Guide to Aging in Place Safely

For many seniors, finding a way to safely age in place — or stay at home for as long as possible — can be difficult. There may be health or mobility issues involved, or the home may not be a viable living space anymore due to the presence of stairs or because it’s too large. For those who don’t have long-term care planned, it can be a scary and stressful thing to consider not living at home anymore, so it’s important to find ways to modify your home that will make it safe and accessible.

Fortunately, there are some simple ways you can do this, especially if your home is one level. In some cases, you may need the help of a contractor who can come in and do an assessment of your home. While this is a pricier option, you may be eligible for assistance with funding. Look online for information specific to your state, or start here.

Go room to room

Assessing your home for safety issues is important, so take a look around with a discerning eye. Think about not only your present needs, but your future ones as well. If you have health issues at the moment, consider how they will affect you four or five years from now. Will you have trouble using the stairs? Will you be able to use the bathroom safely? Walk through your home and look for potential issues so that you can get a feeling for what needs to be done and how to create a budget.

Eliminate the potential for injuries

Eliminating the potential for injury is imperative. According to the National Council on Aging, roughly one in every four Americans over the age of 65 falls each year, and many of those falls occur in the home. The bathroom is one of the rooms with the most potential for injuries because slick surfaces and stepping in and out of the bathtub can lead to a serious fall. Fortunately, there are several things you can do to make the bathroom safer, from adding grab bars and a shower seat to refinishing the tub with non-slip flooring. You could even remove the bathtub altogether and install a zero-entry shower.

Look for an accessible home

If staying in your house isn’t an option, it’s important to look in your area for accessible homes that you can afford. These are homes that already have a senior’s specific needs in mind, from open floor plans that allow a wheelchair to move about unrestricted, to wider doorways and lower countertops. Remember that in many cases, location is just as important as the home itself.

Use color and light to your advantage

Color and lighting can make a huge impact in your home, especially if you or your spouse have vision issues. You might paint the wall behind the toilet and sink a contrasting color than the rest of your bathroom, for instance, or add new lighting to pantries, closets, and hallways to help prevent stumbles and allow you to find things more easily.

Finding ways to make your home safer will not only benefit you now, but also for years to come. Aging in place is important to many seniors who don’t have a plan for long-term care or who want to spend their post-retirement years at home, but it’s imperative to make sure your house is up to par. Consider all your options and talk to your loved ones about your plans so you can garner their support. With a good plan and the right help, you can make sure that your golden years are everything you hoped they would be.


Posted on April 6, 2020 at 8:13 pm
Stephen Hicks | Posted in Homeowner, Real Estate News | Tagged , , , , , ,

The Life Expectancy of Your Home

Image Source: Shutterstock

 

Every component of your home has a lifespan. Common questions asked by homeowners include when to replace the flooring or how long to expect their siding to last. This information can help when budgeting for improvements or deciding between repairing and replacing when the time comes. We’re all familiar with the cliché: They just don’t build things like they used to. And while this may be true when it comes to brick siding or slate roofing, lifespans of other household components have increased in recent years. Here are the life expectancies of the most common household items (courtesy of NAHB):

 

Appliances: Among major appliances, gas ranges have a longer life expectancy than things like dishwashers and microwaves.

Appliance

Life Expectancy

 Oil-burning Furnace  20 years
 Heat Pump  16 years
 Gas Range  15 years
 Electric range / Refrigerator / Dryer  13 years
 Electric / Gas Water Heater  10 years
 Garbage disposal  10 years
 Dishwasher / Microwave / Mini Fridge   9 years

 

Kitchen & Bath: When choosing your countertops, factor in the life expectancies of different materials.

Kitchen / Bath Item

Life Expectancy

 Wood / Tile / Natural Stone Countertops  Lifetime
 Toilets (parts will require maintenance)  50+ years
 Stainless steel sink  30+ years
 Bathroom faucet  20+ years
 Cultured marble countertops  20 years
 Kitchen faucet  15 years

 

Flooring: If you’re looking for longevity, wood floors are the way to go. Certain rooms in your home will be better suited for carpeting, but you can expect they’ll need replacing within a decade.

Flooring Material

Life Expectancy

 Wood / Bamboo  Lifetime
 Brick Pavers / Granite / Marble / Slate  100+ years
 Linoleum  25 years
 Carpet  8 – 10 years

 

Siding & Roofing: When choosing roofing and siding for your home, climate and maintenance level factor into the life expectancy of the material. However, brick siding and slate roofing are known to be dependable for decades.

Siding / Roofing Material 

Life Expectancy

 Brick Siding  100+ years
 Aluminum Siding  80 years
 Slate / Tile Roofing  50+ years
 Wood Shingles  30 years
 Wood Siding  10 – 100 years (depending on climate)

 

Are extended warranties warranted?

Extended warranties, also known as service contracts or service agreements, are sold for all types of household items from appliances to electronics. They cover service calls and repairs for a specified time beyond the manufacturer’s standard warranty.

You will have to consider whether the cost is worth it to you. For some, it brings a much-needed peace of mind when making such a large purchase. Also consider if the cost outweighs the value of the item. In some cases it may be less expensive to replace a broken appliance than to pay for insurance or a warranty.


Posted on March 12, 2020 at 10:35 pm
Stephen Hicks | Posted in Homeowner | Tagged , , , , , ,

Your Queen Anne Market Report for January 2020 with 2019 Market Summary

I hope you all had a wonderful Holiday season and were able to take a break from work for a few days to relax and re-group! Now, let’s jump right in and look at a summary of the homes sold on Queen Anne for 2019. This data comes from the NWMLS and does not include condominiums or multi-family dwellings and contains only single family homes on the Hill that sold in 2019.

In looking at the data above, the first thing you will notice is that statistically there was no average appreciation during 2019 from 2018. I am flabbergasted at that number because I know many homes did appreciate last year. I know my raw data from the NWMLS is correct and complete. One factor in this lower average appreciation number is there were 65 homes that sold for less than $1M which is 28% of the total annual sales; a number larger than most previous years. This larger percentage has worked to counteract any increase in the average sold price of all homes sold. It is related to the significant number of price reductions homes have had this year before going into escrow. Another indicator is to look at the median sold prices between the two years. The median, as you probably know, is the price that an equal number of homes on the Hill sold for above and below that $1.265M median. This number does indicate a small gain of about 1% in price over last year. Please see attachment for all of the 234 homes that sold on the Hill last year with the details of each. (The computations have been made by the MLS computer so no chance of mathematical error on my part if you happen to be wondering that!)

At present, we have only 5 active homes listed for sale on the Hill.  This number will be increasing over the next three months as we approach spring and prices begin to rise once again with increasing demand. BTW, the grand prize for the home that sold for most over list price in 2019 goes to 2120 2nd Avenue West, a fixer on a large lot in a wonderful location listed at $1M and sold for $1.250M. Last year, 45 homes sold for more than list price although many of them sold for just slightly more. With a strong local and national economy, I am confident we will see more appreciation in prices this year. Also, the state excise tax on the sale of a home has actually gone down for homes at $1.5M or less. Over $1.5M it has doubled. “A man’s money is never safe when the legislature is in session”-Mark Twain.

View Full Report Here

And that’s the way Steve sees it… Don’t forget to have a little fun every day.


Posted on January 19, 2020 at 2:33 am
Stephen Hicks | Posted in Homeowner, Market News | Tagged , , , , ,

Finding Your Second Home in Seattle After Retirement

You’ve worked hard your whole life, so now it’s time to relax in style. Like many retirees, you’ve had a vacation property in the back of your mind for a while, but you aren’t entirely sure how to go about making that dream a reality. It’s not easy, as the average cost of owning a second home is $700 a month — and that doesn’t even include the mortgage. But if you’re ready to commit to owning a second home in Seattle, here’s some advice to make sure you end up with a sound investment, not a money pit.

Settle the Financing

Before getting started, it’s important to know how much house you can actually afford. Now is a great time to take a close look at your financial situation. Afterward, you can get down to business. If you can pay cash up front, that’s great, but if not, consider borrowing against your primary residence, in which case it must be worth more than you owe the bank. There are other ways to finance, but they may mean more risk than you’re willing to take.

And don’t forget those other expenses. There’s routine maintenance, such as heating, air conditioning, and plumbing, and if your home needs professional work done, you’ll also need to tack on the cost of hiring a contractor. There are some jobs you can do on your own, but keep in mind that if you start a project you’re ultimately not qualified to do and need a pro to complete it, you’ll end up spending more than if you’d hired a specialist in the first place. You could offset these costs by renting out the home when you’re not there, but keep in mind the costs of utilities and property management services if you take this route.

Find the Right Area

Once your budget is set, it’s time to take a look at your schedule. You want to make sure you’re at your vacation home often enough to justify the money you’re spending. You may get the most out of the house if it’s within striking distance of your primary residence or accessible to other family members as a place to gather for reunions.

Seattle, of course, is a wonderful spot for a second home, and there a number of different neighborhoods to choose from, depending on what you want. Ballard, for example, is considered one of the city’s “hippest neighborhoods,” according to Turnkey. Although the area began its life as a fishing village, it’s now the home of coffee shops, cafes, and a number of renowned restaurants. Queen Anne, meanwhile, is more historic and picturesque, and it offers a number of Victorian homes that might catch the eye of those looking for a property with character. Regardless of what you’re after, Seattle has a little something for everyone.

Rent It First

You’ve found the right area… maybe. You may want to consider renting for a while before buying so you can be sure. For starters, how was the travel? If it seemed a bit too long (and you’re not a fan of cramped airline seats), then that’s a sign you’re too far from home. And the weather? It may have been unusually warm when you came here on vacation for the first time, but now you get to see what it’s really like. Does it have all the amenities you want to be close to, like shopping, bars, and restaurants?

Cut Insurance Costs

Insurance is one of those hidden costs for second homes, but there are ways to keep your premiums low. First, shop around for the best coverage option, and don’t just go with your mortgage provider. There are also adjustments you can make to the property to reduce payments. These include actions like installing burglar alarms (which start as low as $29 per month, but can save you hundreds in insurance premiums over the year), as well as fireproofing and removing tall trees near your home.

Plan for Maintenance

This may not be necessary if you’ll be making frequent visits throughout the year. If not, then you’ll need to look into other options for upkeep, according to HouseLogic.com. You could hire a property manager, who will normally find suitable staff to open and close your property while handling guests and payments if you’re renting it out during your absence. Hiring a caretaker, on the other hand, will save you money. You’ll need to check references, though, as they’ll be going in and out of your place to check on the utilities and inspect for damage.

Hopefully, at the end of all this pondering and planning, you’ll have found a place in Seattle to call your home away from home. Just make sure to plan and prepare wisely so you can really make the most of every moment you spend at your vacation abode.

Image via Pixabay

Written by: Jim Vogel

Posted on January 6, 2020 at 9:35 pm
Stephen Hicks | Posted in Homeowner | Tagged , , , , ,

4 Reasons to Get Excited About Selling Your House in Fall or Winter

By Suzie Wilson

Looking to list your home this fall or winter? If you’re feeling anxious about doing so, you should know that these can be the perfect seasons to sell your home and can even help it sell for more profit. You just need a few fall and winter home selling tips to maximize your listing.

Winter Plants and Holiday Decor Can Boost Curb Appeal

Just because it’s fall or winter doesn’t mean your yard has to look drab. In fact, you can easily add a winter garden to your property, in order to spruce things up and attract potential buyers. Some beautiful shrubs that can withstand the colder seasons include witch hazel, Japanese pieris, and holly. If you have flower beds, you can always add these cold weather plants, or you can use containers to add pops of color to your front porch. While adding some winter plants will draw potential buyers to your listing, you may also want to add some touches to help visitors feel at home. Fall and winter offer plenty of opportunities to deck out your outdoor spaces with holiday decor. Just keep decorations simple and sleek, so your home will appeal to more potential buyers.

Special Touches Can Help Make Staging Homes Easier 

Staging your home’s interior can be fairly simple in the fall and winter months as well. You’ll want to start by clearing out any excess clutter to make the inside of your home look as spacious as possible. Next, take a look at any leftover pieces of furniture or decor. Update any older items with modern touches that will help shoppers feel cozy. Those modern changes can be as simple as adding a throw rug to set spaces apart or repainting your walls in more neutral colors to create the illusion of space. Lighting is key during the darker months as well, so use a mixture of lamps and fixtures to create the perfect ambiance in each room.

Fall and Winter Open Houses Can Be Fairly Simple to Pull Off

Just like the inside of your home, preparing for open houses typically involves the same basic steps throughout the year. Since open houses are meant to attract a lot of people to your property, though, you will need to work with your realtor to create a marketing plan and to time your open house just right for prospective buyers. In fall and winter, you may need to add some extra steps to keep those visitors comfortable and safe as they explore their potential new home. If your area gets a lot of snow, be sure to shovel driveways and any other walkways. It’s also a good idea to keep all areas well-lit and warm to give your listing that cozy feeling buyers crave in a property. Good smells can add to that coziness and attract offers on your property.

Homes Listed in Fall and Winter Can Give Sellers Some Advantages

Most people would tell you that spring and summer are the best times to list a home, but that all depends on what your goals are as a seller. Selling in the winter can actually have some perks for savvy sellers, so as long as you are willing to put in the extra work to help your listing stand out, it may be best to list it during the off-season. For one, when you list your home after the peak selling season, you will be competing with far fewer properties. Fewer properties can help attract higher offers on your home, but you are also more likely to get those offers from serious buyers. So when you look at all of these benefits, this may be the best season to list your home!

Selling a home in the fall or winter shouldn’t stress you out. This can be the perfect time to sell a home, and you may even net some higher offers. There are so many cozy and warm touches you can add to help attract those fall and winter home buyers. So if you need to list your home in the off-season, don’t despair and use the tips above to help your listing sell faster!

Photo Credit: Unsplash


Posted on November 20, 2019 at 8:33 pm
Stephen Hicks | Posted in Homeowner, Selling | Tagged , , , , ,

You Need More Than a Guide. You Need a Sherpa.

In a normal housing market, whether you’re buying or selling a home, you need an experienced guide to help you navigate the process. You need someone you can turn to who will tell you how to price your home correctly right from the start. You need someone who can help you determine what to offer on your dream home without paying too much or offending the seller with a low-ball offer.

We are, however, in anything but a “normal market” right now. The media is full of stories about an impending recession, a trade war with China, and constant political upheaval. Each of these potential situations could dramatically impact the real estate market. To successfully navigate the landscape today, you need more than an experienced guide. You need a ‘Real Estate Sherpa.’

A Sherpa is a “member of a Himalayan people living on the borders of Nepal and Tibet, renowned for their skill in mountaineering.” Sherpas are skilled in leading their parties through the extreme altitudes of the peaks and passes in the region – some of the most treacherous trails in the world. They take pride in their hardiness, expertise, and experience at very high altitudes.

They are much more than just guides.

This is much more than a normal real estate market.

The average guide just won’t do. You need a ‘Sherpa.’ You need an expert who understands what is happening in the market and why it is happening. You need someone who can simply and effectively explain it to you and your family. You need an expert who will guarantee you make the right decision, even in these challenging times.

Dave Ramsey, the financial guru, advises:

“When getting help with money, whether it’s insurance, real estate or investments, you should always look for someone with the heart of a teacher, not the heart of a salesman.” 

Bottom Line

Hiring an agent who has a finger on the pulse of the market will make your buying or selling experience an educated one.


Posted on October 24, 2019 at 7:30 pm
Stephen Hicks | Posted in Buying, Homebuyer, Homeowner, Selling | Tagged ,

Homeowners Are Happy! Renters? Not So Much.

When people talk about homeownership and the American Dream, much of the conversation revolves around the financial benefits of owning a home. However, two recent studies show that the non-financial benefits might be even more valuable.

In a recent survey, Bank of America asked homeowners: “Does owning a home make you happier than renting?” 93% of the respondents answered yes, while only 7% said no. The survey also revealed:

  • More than 80% said they wouldn’t go back to renting
  • 88% agreed that buying a home is the “best decision they have ever made
  • 79% believed owning a home has changed them for the better

Those surveyed talked about the “emotional equity” that is built through homeownership. The study says more than half of current homeowners define a home as a place to make memories, compared to 42% who view a home as a financial investment. Besides building wealth, the survey also showed that homeownership enhances quality of life:

  • 67% of current homeowners believed their relationships with family and loved ones have changed for the better since they bought a home
  • 78% are satisfied with the quality of their social life
  • 82% of homeowners said they were satisfied with the amount of time they spend on their hobbies and passions since purchasing a home
  • 75% of homeowners pursued new hobbies after buying a home

Homeowners seem to be very happy.

Renters Tell a Different Story…

According to the latest Zillow Housing Aspirations Report45% of renters regret renting rather than buying — more than five times the share of homeowners (8%) who regret buying instead of renting. Here are the four major reasons people regret renting, according to the report:

  • 52% regret not being able to build equity
  • 52% regret not being able to customize or improve their rentals
  • 50% regret that the rent is so high
  • 49% regret that they lack private outdoor space

These two studies prove that renting is just not the same as owning.

Bottom Line

There are both financial and non-financial benefits to homeownership. As good as the “financial equity” is, it doesn’t compare to the “emotional equity” gained through owning your own home.


Posted on October 15, 2019 at 7:49 pm
Stephen Hicks | Posted in Buying, Homeowner | Tagged , , , , ,

Protect Your Home With Homeowners Insurance

In addition to providing shelter and comfort, our home is often our single greatest asset, and it’s important that we protect that precious investment. Most homeowners realize the importance of homeowner’s insurance in safeguarding the value of a home. However, what they may not know is that about two-thirds of all homeowners are under-insured. According to a national survey, the average homeowner has enough insurance to rebuild only about 80% of his or her house.

 

What a standard homeowners policy covers

A standard homeowner’s insurance policy typically covers your home, your belongings, injury or property damage to others, and living expenses if you are unable to live in your home temporarily because of an insured disaster.

The policy likely pays to repair or rebuild your home if it is damaged or destroyed by disasters, such as fire or lightning. Your belongings, such as furniture and clothing, are also insured against these types of disasters, as well as theft. Some risks, such as flooding or acts of war, are routinely excluded from homeowner policies.

Other coverage in a standard homeowner’s policy typically includes the legal costs for injury or property damage that you or family members, including your pets, cause to other people. For example, if someone is injured on your property and decides to sue, the insurance would cover the cost of defending you in court and any damages you may have to pay. Policies also provide medical coverage in the event someone other than your family is injured in your home.

If your home is seriously damaged and needs to be rebuilt, a standard policy will usually cover hotel bills, restaurant meals and other living expenses incurred while you are temporarily relocated.

 

How much insurance do you need?

Homeowners should review their policy each year to make sure they have sufficient coverage for their home. The three questions to ask yourself are:

·      Do I have enough insurance to protect my assets?

·      Do I have enough insurance to rebuild my home?

·      Do I have enough insurance to replace all my possessions?

Here’s some more information that will help you determine how much insurance is enough to meet your needs and ensure that your home will be sufficiently protected.

 

Protect your assets

Make sure you have enough liability insurance to protect your assets in case of a lawsuit due to injury or property damage. Most homeowner’s insurance policies provide a minimum of $100,000 worth of liability coverage. With the increasingly higher costs of litigation and monetary compensation, many homeowners now purchase $300,000 or more in liability protection. If that sounds like a lot, consider that the average dog bite claim is about $20,000. Talk with your insurance agent about the best coverage for your situation.

 

Rebuild your home

You need enough insurance to finance the cost of rebuilding your home at current construction costs, which vary by area. Don’t confuse the amount of coverage you need with the market value of your home. You’re not insuring the land your home is built on, which makes up a significant portion of the overall value of your property. In pricey markets such as San Francisco, land costs account for over 75 percent of a home’s value.

The average policy is designed to cover the cost of rebuilding your home using today’s standard building materials and techniques. If you have an unusual, historical or custom-built home, you may want to contact a specialty insurer to ensure that you have sufficient coverage to replicate any special architectural elements. Those with older homes should consider additions to the policy that pay the cost of rebuilding their home to meet new building codes.

Finally, if you’ve done any recent remodeling, make sure your insurance reflects the increased value of your home.

Remember that a standard policy does not pay for damage caused by a flood or earthquake. Special coverage is needed to protect against these incidents. Your insurance company can let you know if your area is flood or earthquake-prone. The cost of coverage depends on your home’s location and corresponding risk.

 

Replacing your valuables

If something happens to your home, chances are the things inside will be damaged or destroyed as well. Your coverage depends on the type of policy you have. A cost value policy pays the cost to replace your belongings minus depreciation. A replacement cost policy reimburses you for the cost to replace the item.

There are limits on the losses that can be claimed for expensive items, such as artwork, jewelry, and collectibles. You can get additional coverage for these types of items by purchasing supplemental premiums.

To determine if you have enough insurance, you need to have a good handle on the value of your personal items. Create a detailed home inventory file that keeps track of the items in your home and the cost to replace them.

 

Create a home inventory file

It takes time to inventory your possessions, but it’s time well spent. The little bit of extra preparation can also keep your mind at ease.  The best method for creating a home inventory list is to go through each room of your home and individually record the items of significant value. Simple inventory lists are available online. You can also sweep through each room with a video or digital camera and document each of your belongings. Your home inventory file should include the following items:

·      Item description and quantity

·      Manufacturer or brand name

·      Serial number or model number

·      Where the item was purchased

·      Receipt or other proof of purchase / Photocopies of any appraisals, along with the name and address of the appraiser

·      Date of purchase (or age)

·      Current value

·      Replacement cost

Pay special attention to highly valuable items such as electronics, artwork, jewelry, and collectibles.

 

Storing your home inventory list

Make sure your inventory list and images will be safe in case your home is damaged or destroyed. Store them in a safe deposit box, at the home of a friend or relative, or on an online Web storage site. Some insurance companies provide online storage for digital files. (Storing them on your home computer does you no good if your computer is stolen or damaged). Once you have an inventory file set up, be sure to update it as you make new purchases.

We invest a lot in our homes, so it’s important we take the necessary measures to safeguard it against financial and emotional loss in the wake of a disaster. Homeowners insurance is that safeguard, be sure you’re properly covered.


Posted on August 8, 2019 at 6:34 pm
Stephen Hicks | Posted in Homeowner | Tagged , , , , ,