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When decorating your home, one of the most important areas of focus should be the lighting. Inadequate light can make a room look dark and dreary, making it difficult to perform everyday tasks comfortably. But too much light or the wrong types of fixtures can be an annoying distraction.

Types of Household Lighting and Fixtures
Ambient lighting from overhead or recessed lights can serve as the primary source of light in a room. Task lights can be used in specific parts of a room for certain activities. They may sit on a table or desk or be mounted on a wall. Accent lighting is used to draw attention to a particular feature, such as a piece of artwork. Accent lights can take a variety of forms.

Flush and semi-flush mounting lights hang down a short distance from the ceiling. Theyre designed to illuminate a room without taking up too much space.

Pendant lights are attached to a cord, chain or wire and hang down farther than mounting lights. Pendant lights vary in size and are often used in kitchens and dining rooms for task lighting.

Chandeliers are hung from the ceiling. They contain many bulbs and may be functional or decorative, depending on their size and placement.

Floor and table lamps are used for task lighting. They can be placed around a room and easily rearranged.

Sconces are light fixtures that are mounted on a wall, either individually or in pairs. They can be plugged into an outlet or hardwired.

How to Choose Lighting for Each Room
A living room should have multiple sources and types of light. An overhead fixture with a dimmer switch can provide an appropriate amount of ambient lighting. Table and/or floor lamps can allow individuals to relax while reading or playing games.

Having adequate lighting is especially important in the kitchen for safety reasons. The kitchen should have plenty of ambient lighting, as well as task lights in certain areas, such as above the sink and stove.

A dining room should have an amount of ambient lighting appropriate for the space. One chandelier may be ideal, or you may want two or more overhead lights if you have a long dining room table where you host large gatherings.

In a bedroom, you may want ambient lighting or just a series of lamps. Its often a matter of personal preference.

A bathroom should have overhead lights, as well as task lighting over the sink. That will make putting on makeup and shaving easier.

When choosing light fixtures, think about how much light you need and where, the style of your home and decor and the type of vibe you want to create. Select a combination of fixtures that provides an aesthetically pleasing mix of styles and an appropriate amount of lighting for your familys needs.

Published with permission from RISMedia.

Homeowners insurance includes several components. One is liability coverage, which can cover accidental injuries or property damage. Insurance companies offer a wide range of liability coverage limits. You may need more coverage than you currently have to fully protect your assets, such as your home, savings and investments.

What Does Liability Insurance Cover?
Your homeowners insurance policys liability coverage will pay for injuries or property damage if you or a member of your family is found liable for an accident. It will also cover injuries or property damage caused by your pet.

In many cases, a homeowners insurance company will settle a personal injury or property damage claim to avoid a lawsuit. If a case goes to court, your liability coverage will pay for legal fees, and any amount awarded, up to your policys limits.

Liability coverage can protect both your current and future assets and earnings. If you didnt have liability coverage and you were found responsible for injuries or property damage, your future wages could be garnished.

Do You Need More Liability Coverage?
Insurance companies define an attractive nuisance as a feature of a property that is both appealing and dangerous to children. Common examples include a pool, trampoline or treehouse.

If a child got injured or killed on your property by an attractive nuisance, you could face an expensive lawsuit for injuries or accidental death. You would be held liable for the accident even if a child trespassed on your property. If you have an attractive nuisance, you ask your insurance company if you have adequate liability coverage and if the company requires any safety measures, such as fencing, to keep children away and prevent injuries.

How to Increase Your Liability Limits
If you already have your homeowners insurance companys maximum amount of available liability coverage, but dont think its enough, you can get an umbrella or excess liability policy to provide coverage beyond your standard homeowners insurance policy limits. The extra coverage will kick in once you have exhausted the coverage provided by your homeowners insurance policy.

An umbrella or excess liability policy may offer coverage that is broader than the coverage from a standard policy. The premiums for an umbrella or excess insurance policy will be based on the amount of coverage under your homeowners insurance policy and your level of risk.

Get Professional Advice on Your Homeowners Insurance Coverage
Many homeowners dont have enough liability insurance to protect them from the financial repercussions of a large claim stemming from an accident. Talk to your insurance agent about your current liability coverage, risk, assets and whether you should increase your limits.

Published with permission from RISMedia.

When navigating the real estate market in a city, the first step is usually deciding what type of residence youre looking for. While there are several different options that each present their own pros and cons, there is perhaps none more synonymous with luxury than the penthouse. For good reason, the exclusive top unit in any building is always in high-demand and if youre coveting a penthouse of your own, here are a few advantages you can expect.

Extra Spacious
Being the pinnacle of luxury means that the penthouse is almost always the largest residence in the building. If other units dont provide the space required for you and your family, you may want to see whats available on the top floor to enjoy all the amenities of living in a high-end building without having to sacrifice ample accommodations.

Rooftop Terrace
Being on the top floor also means that your residence will likely boast a private rooftop terrace that you can escape to high above the city. From entertaining in the open air to lounging amidst a lush rooftop garden, there are plenty of reasons to love a spacious outdoor area atop your building.

Far-ranging Views
Its no secret that the higher up you go, the better the view gets. Penthouses typically benefit from the best vistas in the building, so if youre looking for a dwelling that captures breathtaking views of the cityscape, then this where you want to be.

Extra Natural Light
In addition to unobstructed views, penthouses are often designed with taller ceilings, bigger windows, and as a result, let in an abundance of natural light. When youre living in a city, sunlight exposure can be a premium feature that seriously improves your living environment, especially in the winter months.

Status Symbol
It may not be an important factor to you, but it goes without saying that penthouses are a status symbol. They have a certain wow-factor that will always impress guests and, more importantly, can be a savvy investment. Because theres only one in each building, penthouses are a limited asset with unique appeal.

Published with permission from RISMedia.

When the real estate market takes a downturn, homeowners can find themselves with a mortgage balance greater than the value of their house. People often agonize over what to do and may receive conflicting advice. If youre in this situation, you have several options.

Keep Paying the Mortgage
If you can afford your loan payments and would like to continue living in your home for several more years, your best option is probably to continue paying your mortgage. In time, the real estate market will probably rebound, which means your homes value will rise and you will again have equity. You may also be able to get assistance from the U.S. Department of Housing and Urban Development.

Refinance
If you need to move relatively soon, refinancing may be the best option. If you can afford higher monthly payments, you may be able to refinance to a loan with a shorter term and reduce the difference between the value of your house and the amount you owe before you sell. If youre struggling to afford your mortgage, you can consider refinancing to a 30-year mortgage with a lower interest rate to reduce your monthly payments, but it may be tough to find a lender willing to refinance your loan if you owe more than your house is worth.

Modify Your Loan
Another way to stay in your home is to get a loan modification. That could reduce your monthly payments, but youd have to repay the loan over a longer period of time. Be careful, because some homeowners have found that the associated fees caused a loan modification to make little or no difference in their mortgage payments.

Arrange a Short Sale
If youre on the verge of foreclosure, a short sale could allow you to sell your home if you owe more than its worth. Your lender must agree to a short sale and approve any purchase offer. Depending on the state where you live, you might have to pay the difference between the loan balance and the sale price, unless your lender granted a waiver of deficiency or you had private mortgage insurance. A short sale would lower your credit score.

Allow the Lender to Foreclose
Letting your house go into foreclosure should be a last resort. Your credit would take a major hit, and it could take years to recover. You might also be responsible for the difference between the homes value and the mortgage balance if the house didnt sell for enough to pay off the mortgage and you didnt have private mortgage insurance.

Consider All Possible Solutions
Being underwater on your mortgage is a scary situation. Dont panic. Talk to a financial advisor, explore all available options, and look for a way to keep your house or to sell it without your credit score suffering major damage.

This article is intended for informational purposes only and should not be construed as professional advice.

Published with permission from RISMedia.

Refinancing your mortgage could help you lock in a lower interest rate, reduce your monthly payments, pay off your loan early or access equity to make home repairs or pay other bills. Despite all these potential benefits, refinancing isnt the right choice for everyone.

Would You Get Approved for a New Loan?
If you submit a mortgage refinance application, the lender will consider your credit. If your credit scores are low, you might not qualify for a competitive interest rate. You would be better off focusing on paying bills on time and lowering your credit card balances to boost your scores before trying to refinance your mortgage. Even bumping your credit scores up by a handful of points might put you in a tier that would make you eligible for a lower interest rate.

A lender will also consider the amount of equity you have in your home. You might have trouble qualifying for a conventional refinance if you have less than 20 percent equity, although you could be eligible to refinance through a government program. Tapping into your home equity could be risky. If you couldnt afford the loan payments, you might lose your house.

Would You Save Money?
If you cant afford to pay for closing costs, refinancing might not be a smart move. Even if you could roll them into the loan balance, that would reduce your equity and increase your monthly payments.

Think about how long you plan to stay in your home. Refinancing might give you lower monthly payments, but it could take several years to break even. You can find the break-even point by dividing the closing costs by the amount you would save each month. That will tell you the number of months you would have to stay in the house after refinancing to recoup the closing costs. If you expect to move before then, refinancing wouldnt benefit you financially.

Sometimes a refinance lowers monthly payments by extending the term of the loan. In the early years of a mortgage, most of the payments go toward interest. If you refinanced and extended your loan term, the monthly payments for your new loan would also go primarily toward interest at the beginning. That means you could pay interest twice on the bulk of your principal.

Some mortgages have a prepayment penalty or a charge that applies if the borrower pays off the loan early or refinances. Rules enacted in 2014 limited the circumstances in which lenders could charge prepayment penalties, but they dont apply to mortgages that were issued before then. If your loan has a prepayment penalty, figure out how much you would owe and whether refinancing would be worthwhile.

Consider All the Financial Ramifications
Refinancing can be a way to save a significant amount of money on a home loan, but it doesnt work out that way for everyone, since many individual factors come into play. Talk to a mortgage professional to decide whats right for you.

Published with permission from RISMedia.