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A hazard insurance policy is designed to reimburse you and the bank for damage to property resulting from fire and smoke, hailstorms, fierce winds, lightning storms, explosions, volcano eruptions, riot and vandalism, theft, water damage, and other so called Acts of God. If a tree comes crashing down on your roof from a wind storm or a burglar smashes your car window to steal your radio, your policy will fix the damage or replace the item. You’ll even come across insurance policies that protect belongings taken away from your home such as in your auto or to work.

Your homeowner’s insurance policy is designed to cover damages to your property and all its contents. But signing up for the basic homeowners coverage won’t give you proper protection. Your insurance agent will probably give you an opportunity to purchase additional coverage for:

1) Accompanying structures in addition to your home such as the garage, work shed, pool, extra guest unit, and other appurtenances connected to the land such as concrete walls, asphalt driveways, sidewalks, and chain link fences.

2) Personal belongings like your clothing, unique art, authentic jewelry, rare coin collections, and high definition TV, up to a stipulated replacement value.

3) Home business property such as computers, workstations, and copiers. Business inventories can also be protected in a policy.

4) Loss of use-Policies can provide funds for your everyday essential like rent, motel stay, and food, minus the amount you would spend on everyday essentials, while your home is undergoing remodeling after a catastrophe.

5) Landscape which includes ornamental trees, flowering plants, bushes, and outdoor furniture.

While you have the option to decline coverage on the above items, most likely you’ll have to accept the entire coverage in order to get complete coverage for your home.

At first glance, you might think your hazard insurance policy provides detailed coverage for everything. However, if you hone in on the exclusions clause in the policy, you’ll find circumstances that aren’t covered such as flooding, earthquakes, mud slides, police activity, loss of electricity, sewage damage, and many more. You’ll have an impossible time locating a policy to ensure these risky, claims producing damages. But, you can locate some policies that will cover special situations like flooding or earthquake destruction. The best thing to do is buy extra coverage for hazards that caused major damage and have a high probability of happening such as an earthquake in certain parts of California.

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In order to determine a property’s value, you need to figure out if you’re in a hot, cold, or evenly balanced market. When you visit open houses, are they bustling with buyers inspecting the house or is it quiet with only the agent present? You can also gauge the real estate market by asking friends who are currently shopping for a house if they’ve encountered stiff bidding competitions, or if it’s been easy to negotiate deals with sellers. These circumstances are just a few indicators of the temperature of the local market.

When the market is hot, you’ll discover an abundance of buyers versus sellers, with a minimum supply of houses to placate buyer demands. The instant a home is listed on the market, it’s sold virtually instantly with many sellers being stubborn to negotiate their sales price and other terms. You’ll find that when the home market is super hot, sellers may even start a bidding contest, with the home going to the buyer with the top price, fastest closing, and smoothest transaction.

When the market is cold, that means there are more sellers than buyers, and properties may sit on the market for many months before being sold. If a cold market accompanies a bad economy, you may see a hoard of foreclosures hit the market driving down home prices. Buying a home in this market allows you to negotiate a better deal since the seller may be desperate to unload the property after it’s been sitting for so long.

The best method to make a deal with a prospective seller will be contingent on whether the real estate market is hot, cold, changing, or somewhere in the middle. While a beginner can probably learn how to determine whether the local market is hot or cold, trying to determine if it’s going to transition up or down within the next few weeks is more challenging. Your local real estate market can be altered by the local and national economy, home costs and assess ability, supply and demand, lending interest rates, and more.

Your market can be affected by the local and national economy, housing costs and availability, supply and demand, home loan interest rates, and more. Once you start searching for a home, you’ll get the feel of the local market. If you’re able to predict the asking price of newly listed homes, that’s a sign the market is relatively stable.

However if you start to see more open houses or price reduced signs popping up, you’ll know the market has begun to cool down or level off. A great resource to inform you of the market trends in an area is your local
realtor. With instant access to the MLS, they can tell you how long properties stay on the market and how large the inventory is.

If you consistently have buyers beating you to the first offer, you’ll know the market is heating up and getting ready to explode so you’ll need to act quickly.

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As you get ready to finalize the process of buying your home, the last thing on your agenda will be the option of buying a home warranty. The purpose of these warranties is to repair and replace covered items in your home that malfunction. If you think your home could use the protection of a warranty, make sure you apply for one before the close of escrow.

Home warranties are set up to service and replace covered mechanical equipment and built-ins and home appliances in your house like plumbing, electrical systems, and the gas furnace. If you’re willing to pay extra, you can add supplemental coverage for the air conditioner, hot tub, swimming pool, and roof. If you experience problems with any of these items, you can contact the insurance company to come out and inspect the problem. If the warranty company approves your repair, most likely you’ll be asked to pay a flat fee to cover parts and labor which can vary between $60.00 to $100.

If you decide to check into the customer complaint history of most home warranty companies, you’ll be disappointed to learn most companies have piles of complaints filed against them. Many homeowners are angry when they uncover the hidden pre-existing condition clause which prevents coverage on pre-existing issues. If you were checking out a warranty policy that has this pre-existing condition clause, make sure you understand your policy will not cover you for any new problems.

You should also check to see if the policy has additional exclusions that prevent coverage due to poor maintenance or servicing, wrong installations, and inaccessible areas of the property. There are some policies that exclude repairs until you cover the cost to bring an outdated system up to current building standards. You should also note that many warranties only provide service for items failing as a result of normal wear and tear.

If you shop around, you’ll discover most warranty policies are priced somewhere between $300 to $1000 per year depending on the home size and type of benefits you choose. As you search for your new home, you’ll find most sellers willing to include the first year of coverage as a gift for buying their home. Even your agent may even be willing to pay for the first year so you’ll be satisfied with their service.

In the unlikely event you’ll have to pay the premium for a home warranty, you may be better off putting money in a bank account set aside for an annual repair fund to cover unplanned repairs. If you can, try to set aside $5000 per year. This should provide adequate coverage for most major problems.

While there may be many homeowners dissatisfied with their policies, you will find some policyholders happy with their warranty. If you happen to get a repair person who is understanding and gets your repair approved, you’ll benefit from having a policy. Make sure you study each warranty thoroughly and check out the exclusion clauses.

Check your state for any government agency which oversees home warranties. See if the company has a record of complaints on File.

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