How’s Your Homeowners Insurance? Are You Underinsured?

4561615964034584036Unfortunately, the only time most of us find this out is when a fire or some other event occurs that makes us pull out that insurance policy or you speak to your insurance agent and discover your policy didn’t “cover that”. Ugh!

How to be sure you are up-to-date on your policy and know what is and is not covered? Review your policy with your agent and asks all of your questions.

When the time comes to renew or purchase your homeowners policy, keep in mind the numbers count. The most important question is “How much will it cost to rebuild my home? The best way to answer that question? Get on the phone and call a few local builders and ask for the price of construction per square foot. Once you have that number ask your current insurance holder about it or if you don’t like what they’re saying, shop around until you find the best policy.

Don’t let the terms Guaranteed Replacement Coverage, Replacement Coverage, Modified Replacement Coverage, Luxury Home Policies, Building Code Upgrade Insurance or Inflation Guard Endorsements throw you. They mean very little and something is usually lacking. For example, Guaranteed Replacement Coverage may be the best policy, however, many insurance companies are reluctant to issue and fulfill these type of policies because of the constant increase in cost. That’s why you have to consider cost from the outset and the professional input of a builder will help. It is all about the numbers — so begin with the numbers.

Don’t forget to review your policy regularly because numbers will change and you need to stay on top of your numbers. You won’t want to find out that your policy will not “cover that”.

Source: Leslie Jay, Ladies Home Journal -Money Matters- May 2005

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FUN FACTS ABOUT ATLANTIC CITY!

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I remember the first time I came to Atlantic City with my mom as a
little girl. I was so excited getting off the bus and going on the beach, eating ice cream and my all time favorite Cotton Candy. I would run all around until I was exhausted. I found out about these Fun Facts some time ago.

You may already know but here it goes,

First Boardwalk in 1870
Rolling Chairs 1884
Amusement Piers 1882
Salt Water Taffy, 1883

No doubt everyone knows the FIRST CASINO Hotel -Resorts International- opened in May 1978.

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What’s Happening in Atlantic City? In a Word, C-H-A-N-G-E!

imagesCAU0UOCMWell it’s not just gambling. Change. With the entrance of new Mayor Don Guardian, he has a lot planned for Atlantic City.

If newly elected Mayor Don Guardian’s plans actually become fact then there will be Hope IV Housing with 90 housing units completed by spring 2015, a business park on Riverside Drive, Boardwalk improvements including the rebuilding of the Inlet Boardwalk, an Indoor Public Market projected to be open in spring 2016, as well as a flood gate pumping station reopened at the Baltic Avenue Canal.

There is also talk of rethinking public housing and integrating all incomes levels in a fused mixed of housing infrastructure.

There is also talk of “Bring Our Police Back to the City” program encouraging police officers to move into the City offering forgivable mortgages as an incentive for a 10-year commitment.

Yes change is good. As a resident of Atlantic City, I hope that change will include a new supermarket too! k12527343

What Happened at the Bay Breeze Meeting?

IMG196Well, you should have been there!

It went great. Not many showed up but those who came were serious about finding out the information available from Dan Holmes the Builder of Bay Breeze in Pleasantville,Header_complete NJ. Great questions were asked and answered. We had light refreshments and they were all gone by the time we left.

Since that many people didn’t show up, we did end early also because Dan came a long distance and Jim (mortgage expert) wanted to get home to catch the game. We did say we may do it again so keep checking in with the blog and I’ll keep you posted.

And you missed the kisses I bought for those who came. LOL :).

What’s In Store for 2014 Homebuyers & Sellers?

The market is coming back and some even say the market IS back. However, if you’re a buyer or seller in this market what should you be thinking and/or doing?

Sellers: Look Ahead in the Process; Get prepared and be ready to get to work and get that inspection BEFORE the buyer comes so that you know what is really going on with your home. Be sure to work with your Realtor who may have some ideas that you may not think of. Two heads are always better than one.

Sellers: Think trends: Should you carpet the floors? Probably not since surveys show for the last few years that Buyers prefer hardwood floors and faux wood laminate floors.

Buyers: Be Credit Ready; If you are declaring that 2014 is your 4561615964034584036year to buy, then Get your credit ready. Do yourself a favor and get your free annual credit report from all three credit bureaus – Experian(800-493-1058), Equifax(800-685-1111) and TransUnion (877-322-8228). For a complete picture of your credit score, you should also get all three credit scores. It will be worth it to have a COMPLETE picture.

Buyers: ASK. Buyer beware of the community you are moving into. Be aware that Sellers are not always required to disclose if there was crime in the home, or neighborhood, sex offenders around the corner, loud neighbors, planes flying overhead or if a murder occurred in the home. Don’t be afraid to ask the questions because AFTER you move in, it’s too late.k9238090

HOW’S YOUR CREDIT?

We live in a credit-based society. Everything is decided (job (in some cases), home, apartment, car) most of the creature comforts we enjoy or that determine what we enjoy in our lives is based on your credit. So, how’s your credit? Does it suck? Does it need work? Do you know? When was the last time you pulled your credit report? Have you ever pulled your credit report? Do you know what’s on your credit report?

Well, now is the time to deal with it. Why? Because with the mortgage crisis we recently experienced everything has changed and the credit restrictions have tightened. If you don’t want to deal with your credit, it will deal with you.

KNOW_YOUR_NUMBERS_KITAs a Realtor, my approach is to first ask about your credit because that is my job. If a Rental Listing Agent has a property listed for an owner, that agent’s job is to find a suitable tenant. Suitability is determined by your credit. The owner may not desire to have a tenant with poor credit because that will be interpreted as one’s ability to pay their rent. Now, don’t yell at me. I know most people will argue (and rightfully so) that one may not necessarily have anything to do with the other. However, look at it from the owner’s point of view. He or she doesn’t know you personally. You may have been Mother Teresa’s best friend and personal assistant, but the prospective owner has no other way to determine your ability to pay the rent they are asking for by any other means than your credit report.

If you cannot answer the question, “How’s Your Credit” with the answer of a 640-720 credit score, then please accept the reality that you have some work to do in order to get your credit to the point where you can answer the credit, “How’s Your Credit”?

Don’t let your credit hold you back from being able to have all that you deserve and desire. It is work that is worth doing in order to give yourself the better choices in life. So make the decision to KNOW YOUR NUMBERS.

If you would like a free report to get you started, please reply to this post.

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