Thousands of people all over the world wrote to Santa in hopes that his special bag carried that big ticket item only he could afford to build.  Well that day came and went, but were you one of the lucky ones?  I know the North Pole workshop was hard at work and Best Buy, Circuit City and other electronic

Whether due to a family vacation or routine business travel, we all have times when we are away from our homes for an extended period of time.  And, if you are like me, you probably leave a spare key with a trusted neighbor or family member so they can collect your mail, water your plants, or feed your pets.

And although the possibility is remote, an accidental loss from sources like a broken pipe may occur while you are away from home.  Especially from water losses, it is extremely important that these issues are immediately addressed so that they do not get worse and cause even more damage.

By simply adding your insurance agent or insurance claims department phone number to your emergency phone list, will help in getting this matter started or even completed before you return from your vacation.  Can you imagine coming home to find out that your neighbor not only watered your plants, but shut off the valve to your hot water heater, contacted your claims department, had ServiceMaster come in to start drying your floor and subfloor and you know this because a check for $4000 is sitting on your breakfast counter.  Someone is getting more than a gift card to the Olive Garden.

Although the above is an extreme and would probably only work in the movies.  The idea of having the correct information at your fingertips is what I am stressing.  You can play the devil’s advocate, and say that a non resident member is making claims against your homeowners policy.  And instead of giving that Olive Garden gift certificate you are slapping them with a lawsuit.  But we all know that the trusted neighbor or family member will hopefully do the first step in shutting off the water and then call you.  How many of us have our insurance agent on speed dial?  Wouldn’t it be nice to get a call from the trusted neighbor, get the bad news, and then ask them for the number to the Matthew Taylor Insurance Agency on your emergency phone list?

Priority #3: “Collapse” and “Earth Movement.”

Two other key perils, or “causes of loss” that are not covered under most homeowners policies are “An example of collapse would be an old barn collapsing from aging. You can’t get coverage for old structures collapsing. However, you may be able to find coverage for earth movement, such as a mud slide following a rainstorm. Often this coverage is available as part of an earthquake policy. Use Google to research these two coverages and their availability in your state.

Priority #4: Content coverage

Homeowner policies also cover your contents; generally at 50% of the value you’re insuring your dwelling for. Example, $200,000 coverage on your dwelling, comes with $100,000 coverage for your contents. But for many people, the standard amount of contents may not be adequate, such as if you have really nice furniture. So it is important you talk to your agent about a “home inventory booklet.” This way you can take inventory of your contents and possessions, and record it. But don’t keep that inventory in your home. What if you have a fire and the booklet burns? So keep it at your office or your friend’s home. Or you can visit www.iii.org and get their online inventory guide. Coverage on the dwelling may include specified water damage, but your contents may not be covered for water damage. Be sure to read your policy contract, and ask your agent to clarify coverages. Ask your agent about specific loss scenarios.

The cost of having an online company verses a local agent might be cost effective today, but insurance is for the unexpected. Ask yourself, how much you will be really saving if your home is not properly covered. Are you insured, or do you just have insurance?

Part 1

Are You Insured Or Do You Just Have Insurance?

Thanks to technology today, a computer can now be carried around in your pants pocket. We are being more efficient than effective with this technology and in the insurance world we are being given more choices today than ever before.

Thought I would address this topic as the question comes up quite often. The general public is extremely curious about this topic. An auction if executed correctly and ethically is the best way to buy and sell a home in any market. Moreover, the auction method of sale is not only for foreclosures and distressed situations. This is important to know because auctions styles and protocols for consumers are very different depending on the homes circumstances. So as a buyer you need to be aware of what type of auction you are participating in.

Just because you see the word “auction” does not mean it is a foreclosure. I need to stress that. And as a matter of fact, buying a home on the court steps during an auction is extremely difficult.

Nonetheless, if you show up to buy a home on the court steps during a foreclosure auction you had better be prepared. Depending on the state the property is located and what is owed on the home, you had better do your due diligence or you may be purchasing a home while at the same time inheriting mortgage debt that puts you upside down right out of the gate. If the property is worth buying, then small and large investors will be bidding with all cash offers because they know the ROI on that property can be realized. So if you are the only person bidding, STOP!!! You may not have analyzed the property circumstance very well.

Make sure to read the terms and conditions clearly. Some auctions may require all cash bids or pending bank approvals. Some court auctions do not allow for bank financing. So for a traditional buyer you are stuck. Save yourself the anguish and clearly read the terms and conditions. The banks may not make it is easy to purchase a property because they would rather have the asset revert back to them so they can sell it traditionally with a Realtor as a bank owned home.

The last item I want to discuss is “pending bank approval.” I absolutely despise this. This is not an auction even though it is being marketed as an auction. You see the ads on TV. “5000 PROPERTIES BEING AUCTIONED” at some fancy hotel.. Read the terms and conditions. WHEN THE HAMMER FALLS THESE PROPERTIES ARE NOT REALLY SOLD. Some asset manager at a bank has to approve it and in nearly all cases they counter back with a higher number. Remember they have a cash deposit to hold you to the fire. Hopefully as auctions gain in popularity as they are now, state regulators will clean this up. It really gives the word “auction” a bad name.

Look for my next article as I discuss non-foreclosure auctions for buyers and sellers. This presents a wonderful situation for buyers and sellers. It is also gaining in popularity over using the traditional real estate agent. Is this sales plan right for you?

After a record low number of houses sold last month -approximately 1,500 out of 16,000 listed homes (NOT including FSBO’S)..ouch!But still, Columbus is considered one