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First-time homeowners are faced with many realities of being “an adult, and one of the things that comes with owning a new home is making sure you have proper insurance. But not all insurances are the same.

Just because you have insurance on your home doesn’t mean you’re protected from everything that could happen. In fact, often with homeowner policies, there are some very common occurrences that might not be covered.

Homeowners insurance differs from state to state, so to avoid making costly assumptions, it’s important to understand what’s included with your policy.

Typically, a policy will cover the actual dwelling and some of the other structures on the property, such as a fence, garage, patio or driveway. Personal property is usually covered as well. This includes the contents inside the home, although you may need to pay a bit more in premiums for high-value items like jewelry or paintings. You’ll want to make sure this is covered in your policy.

Homeowners insurance policies typically include coverage for injuries sustained on your property where you are liable. So, if someone slips on your driveway or falls while doing repairs to the roof, you’re covered. However, this coverage is usually limited to a certain dollar value, so you need to know how much coverage you have and exactly what’s included.

Natural disasters are the one area that can cause some problems, as not everything is covered and you often have to buy separate flood, hurricane or earthquake insurance”especially if you are in an area that is highly susceptible to these disasters. You also may be able to lower premiums by better protecting yourself against damage, such as adding storm shutters, reinforcing your roof or buying stronger roofing materials.

If items are stolen from your vehicle while it sits on your property, that may or may not be covered by your insurance. Normally, this is covered by auto insurance but there are some homeowner policies that will include these items, so it’s good to know if yours will.

Many first-time buyers think they need insurance to cover the entire cost of the house, but the land under your house isn’t at risk from theft, windstorm, fire or other perils covered in your homeowners policy, so it’s not necessary to include these when deciding how much insurance you should buy. Talk with your REALTOR and determine the best number so you have enough coverage but not too much, and that you’re not paying premiums for what you don’t need.

Published with permission from RISMedia.

Need a loan to buy a house? There are many options out there to help you obtain a mortgage, and finding the best loan and lender for your particular situation can be confusing and difficult. To help you navigate the process, the American Bankers Association (ABA) offers the following tips:

Know your own financial situation. Before you begin the home loan application process, determine what you can realistically afford. Take into consideration your credit score, how much debt you currently carry and what type of down payment youre prepared to make.

Have your documents ready. Although each lender may require different documentation, you may be required to furnish the following information depending on your employment and financial situation:

Pay stubs;
Tax returns;
Financial statements (one that is less than 60 days old);
Copies of additional monthly payments such as car loans, credit cards and student loans; and
Any other information (such as proof of additional income) that you think will help a lender evaluate your credit request positively.

Review the basics. Knowing the fundamentals of the home loan process is an excellent way to prepare to choose the right mortgage. Make sure you are familiar with interest rates, loan terms and additional fees associated with buying a home.

Compare quotes. Beyond the interest rates, there are closing fees and points and commissions. Youll want to compare these for all the lenders on your list. There are several calculators available online that may help you determine which loan provides the best value, including ones offered by ABA.

Choose a trusted lender. Get references from family and friends, and do your research. Check with your local Better Business Bureau, and find out if it has received any complaints about any of the lenders youre considering.

Read between the lines. Slick TV ads, telemarketers or door-to-door salespeople will often offer fast, easy loans for houses, cars and home repair, but not disclose all of the details. Read the fine print. If it sounds too good to be true, it probably is.

Ask questions. When in doubt, ask for clarification from your lender. Discuss how long the loan process will take, how you will communicate”by phone or email”and who will service your loan.

Published with permission from RISMedia.

People may question them but having a home warranty is something that both buyers and sellers should be thinking about, as its something that can protect against expensive, unforeseen repair bills and provide peace of mind for a homeowner.

Choosing a home warranty or not is a decision every buyer will have to make, and just like deciding on any insurance policy, one needs to compare the pros and cons.

A home warranty is basically a contract between a homeowner and a home warranty company that provides discounted repair and replacement service on a homes major components, such as the furnace, air conditioning, plumbing and electrical system. A home warranty may also cover major appliances.

This can be a nice perk to a potential sale. A seller may offer to purchase one on behalf of a buyer to provide insurance against something happening. If not, the new owner will most likely be presented with a number of solicitations to purchase a home warranty once the sale closes.

Example: You recently bought a home and within the first two months, the air conditioner breaks. If you have a home warranty, you simply file a claim and they, in turn, would find a provider they work with to fix the problem. And if it cant be repaired and there were no care issues on the part of the new homeowner, the warranty company would be obligated to replace it.

Other things usually covered in a home warranty are a furnace, duct work, ceiling fans, plumbing, telephone wiring, the water heater and even a pool.

If youre selling a home, having one can protect you in case something happens during the course of the sale”between the showing and the actual contract signing.

Home warranties make sense for people who arent too handy or who dont want to worry about tracking down a contractor when they have a problem. Warranties can also make sense for people with expensive taste in appliances.

A home warranty isnt too expensive, and many home warranty companies run special sales and either discount policy prices or offer additional coverage. All policies are for a one-year period and can be renewed.

Published with permission from RISMedia.

Unpacking all of your belongings after moving into your new home is a long and tiring process that can take days or even weeks to complete. One recent surveyeven claimed it takes an average of 182 days for people to unpack their very last box after settling into their new home.

But some things cant wait, and one room you want to set up quickly is the kitchen. In fact, its a good idea to have some essentials at the ready right away so that you can prepare a meal on your first day in your new home, and heres how you can get that done:

Start with the Basics:
Consider what youll need to cook meals in your new home. These include pots, a frying pan, plates, glasses and cutlery. And dont forget containers to store leftovers. Whatever meal you plan, make it a relatively simple one. Remember, youll be busy, so you dont want to have to prepare an elaboratemeal, and simplicity also means youll need fewer items to start cooking.

The Ingredients to Success:
You cant cook a meal without something to cook. You can go shopping at a grocery store in your new neighborhood, or if your new home is a reasonable drive from your old place, you can plan ahead by packing your meats, veggies and drinks in a cooler.

A Little Spice Makes Things Nice:
You dont want your familys first meal in their new home to be bland, so be sure to have the spices you need to cook some delicious food. One tip, when it comes to things like oils, salad dressings and condiments, buy new packages to prevent spills.

Pack Smartly:
Make it easy to find these things by packing them in separate boxes or storage containers and clearly labeling those boxes Kitchen – First Day. If you are driving to your new home, consider packing these boxes in your vehicle if theres room so that you dont have to go through all those boxes the moving company is bringing to your new house.

And with all that taken care of, you and your family will be able to share the first of many meals youll be having together in your new home.

Published with permission from RISMedia.

As a landlord, you have certain responsibilities. One of the most important is to provide safety for your tenants. Not only do you have certain legal obligations, but safe tenants are also more likely to continue renting the property for much longer, providing you with a dependable, long-term source of income.

In the pursuit of safety, you may want to upgrade your properties with the following four items:

External Security Cameras
While installing internal security cameras can be invasive and problematic, installing external cameras is a great way to keep your tenants safe. Give your tenants access to the feed so they can see what’s going on outside their rental unit and identify problems without having to open doors. These cameras are also great for collecting evidence if your property is robbed or if someone tries to get into the building.

Security Doors
Security doors are a simple way to keep intruders out of a property, but they’re still very effective. Heavier and harder to break than standard doors, they’re a low-tech method of ensuring the safety of your tenants. The best thing about security doors is that they last a long time, so choosing to install them now will help you protect tenants for many years to come.

Outdoor Lighting
Much of home security comes down not to actual safety measures, but rather, to the illusion of protection. The average home robbery is a crime of opportunity instead of one of serious planning, and most robbers are scared off by anything that could make them more vulnerable. Adequate outdoor lighting is great for pointing out that a particular property is not a viable target, and it’s also helpful for keeping your tenants safe when they come home at night. Outdoor lighting is an inexpensive way to bring a bit of extra safety to your property.

Change Locks Between Tenants
Make sure you change a rental propertys locks and keys between tenants. While most tenants are unlikely to return to an old home or apartment, you never know how many keys and copies are actually floating around. If you change out your locks, you’ll be out a few dollars, but you’ll provide your tenants with an extra layer of security.

Providing your tenants with more security is a great way to make them feel like you care, while keeping them safer at the same time. Try a mix of high-tech and proven solutions to ensure that both your tenants and your property remain safe. In time, your propertys reputation for safety will help to ensure that you always have tenants waiting to fill vacancies.

Source: Meghan Belnap/RISMedias Housecall

Published with permission from RISMedia.