Archive for April, 2014

What you need to know about Renters Insurance!

Renters Insurance
by Wes Dugan

One of the biggest misconceptions of most people who rent is that their landlord has insurance that covers everything. And that is simply not true.

Whether you are a college student looking for a place to rent, someone who just sold their home and decides to rent for a while, or whatever the case, you must have renters insurance to cover your personal possessions, furnishings, etc.

Renters insurance will also provide liability coverage. If someone gets hurt on your property, then you are protected. We live in a very litigious society, so it’s not worth the risk to not have this coverage.

Renters insurance can also help you pay for a place to stay in case you are displaced from your rental property by something like a tornado, or major repair. Keep in mind that most policies put strict limits on how long this can be used. So make sure you speak with your local insurance agent about this part of the policy.

You want to know the value of your property so you don’t get (and pay for) too much coverage. If you have hand me down furnishings, then you may get by with a policy that covers less than if you have new furniture you just purchased.

Most apartment complexes and other rental properties require that you have renters insurance before they will agree to rent to you. So this is something you need to have in place prior to renting any apartment or property.

The good news is the cost of the policies are minimal. Usually less than $15 a month gets you renters insurance that provides full coverage. Usually for less than $150 per year, you can cover all your belongings and protect yourself in case someone gets hurt while in your apartment, loft, or rental home. And if your apartment complex or landlord has certain safety features, such as sprinklers, alarms, etc., it could bring down the price of your policy.

So, don’t take any chances. Talk to your local insurance agent today to figure out what you need, as far as coverage, and make sure you are protected.

Article written by: Wes Dugan, Farm Bureau
214 Castle Heights Ave. N. Ste. A
Lebanon, TN 37087-3419
Phone: 615-453-9702
Fax: 615-453-9703

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Flood Insurance Changes


Changes Take Place June 1, 2014

As of June 1, 2014, The National Flood Insurance Program (NFIP) will be implementing a number of changes in accordance with Section 100204 of

the Biggert-Waters Flood Insurance Reform Act of 2012.

1. CHANGE TO MAXIMUM COVERAGE LIMITS

The maximum limits of building coverage available for non-condominium residential buildings designed for use for five or more families (classified as Other Residential buildings by the NFIP) will be increased to match the limits of commercial and other non-residential properties insured under the Standard Flood Insurance Policy (SFIP) General Property Form.

 

THIS IS AN INCREASE OF AVAILABLE BUILDING COVERAGE FROM $250,000

PER BUILDING TO $500,000.

 

2. REVISED PRIMARY RESIDENCE DEFINITION

Effective June 1, 2014, the NFIP will begin defining primary residence to be a building that will be lived in by the insured or the insured’s spouse for more than 50 percent of the 365 days following the policy effective date.

 

3. DEDUCTIBLE CHANGES

FEMA is revising the minimum deductibles for the NFIP. The changes to the minimum deductibles are available only for new business and renewal policies that are effective on or after June 1, 2014.

 

4. MAXIMUM COVERAGE AVAILABILITY

The total and aggregate liability for a non-residential building or non-condominium building designed for 5 or more families is $500,000 per structure to be paid to the building owner. The law also reiterates that the maximum coverage available for a residential 1-4 family building or condominium unit is $250,000 per policy.

 

There are nine total changes that will become effective June 1, 2014

*Information provided by Franklin Street Insurance

Real Estate Report March 2014

Wilson County Real Estate Report
March 2014

Spring is in the air and the Real Estate Market in Wilson County is in full bloom.

March real estate rebounded very well from our “freeze” in February. March ended with 174 residential single family home sales across the county, an improvement of 69 over the month before.

Mt Juliet dominated the market with 55% of the sales for the month with a total of 96. 6 of those sales were foreclosures/short sales while 31 were new construction. The median sales price in March in Mt Juliet of existing home sales is $225,900 with a median price p/sq foot of $105.55 and a median day on the market of 42. Homes are selling on average for 97% of sales price and have a median square footage of 2289. Of the 31 new home sales, 3 are in Del Webb and the rest are spread throughout Mt Juliet. The 28 new homes that sold out of Del Webb had a median sales price of $348,450 with a median price p/sq foot of $123.94 and a median square footage total of 2952.

Lebanon came in a strong second with 38% of the market share with 64 total sales in March. Of the 47 existing home sales, the median sales price was $164,500 with a median price p/sq foot of $90.06 and a median days on the market of 67. Homes in Lebanon are selling for an average of 97% of asking price and have a median square footage of 1959. New home construction is proving to be a strong factor in Lebanon as well. 17 new homes sold in Lebanon in March with a median sales price of $224,90, a median price p/sq foot of $111.25 and a median sq feet of 1947.

Watertown wrapped up March with 6 sales, none of which were new construction and 3 (50%) were foreclosures/short sales. The median sales price in March was $210,000 with a median price p/sq foot of $85.72. Homes in Watertown averaged selling for 94% of list price.

Old Hickory ended the month with 8 sales, 1 of which was new and no foreclosures/short sales. The median sales price in Old Hickory is $169,900 with a median price p/sq foot of $95.65 and a median days on the market of 82. The 1 new construction that sold in March sold for $466,000 with 3787 sq feet and had a lake view.

As the housing market in Wilson Co continues to in a seller’s market, we are experiencing a housing shortage as well as seeing multiple offers on the same homes become a common occurrence. Homes that are presented well and priced in the market are selling and selling quickly for the most part, some areas much quicker than others.

If seller’s are thinking of selling or buying, call your Realtor to see if now if the right time for you and your situation. Don’t miss out on this prime opportunity if you’re in the market!

Submitted by:
Amy Hamilton
2014 President
Eastern Middle TN Association of REALTORS

ATTENTION ALL SELLERS:

Has your home been for sale longer than 90 days? No showings? Well, today The G Team is bringing you the Top 5 Turn-Off’s for home buyers!!

1. Overpricing for the market. Remember your Realtor is going to give you the best advice on your markets current conditions, not your cousin’s sister in law’s husband twice removed that used to be a Realtor is Idaho in the 80’s. We PROMISE to give you the FACTS on our local real estate market!

2. Smells. No one wants to hear that their home is “smelly” but stink happens. Whether it’s from pets, smoke, water damage, or simply the lack of cleanliness smells happen to the best of us. No buyer wants to buy a home that smells. Our advice: identify the smell and remove the issue.

3. Clutter. When a buyer enters a prospective home you (the seller) want them to envision the home as their new home. If the first thing the buyer notices upon entering your home is stacks of papers and figurines full to the edges on all tables then the buyer’s attention goes to try to avoid knocking anything over instead of visually touring the home. Which brings us to furniture, too much furniture confuses the eye and makes it difficult for buyers to see the true sizes of a room.

4.Deferred maintenance. Just like people wear out, houses do too. As a homeowner, it is your responsibility to maintain your home. Buyers want a well maintained home, not a money pit. We’ve all heard the horror stories!

5. Dated decor. Buyers are looking at your home instead of buying new construction because of two things: cost and location. They may love your neighborhood but that doesn’t mean they’re willing to sacrifice modern amenities. Examples of items that can ‘date’ your home: popcorn ceilings, wallpaper, pepto bismol pink bathrooms, colors from 70’s & 80’s (i.e. harvest gold, avocado, soft blues and mauves) are just a few examples.

Call your local real estate experts, The G Team for all of your real estate needs! We can evaluate your home before putting it on the market, help you with buying your first home or your dream home or even manage property for you! Call us today at 615-466-3030.