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Just as an umbrella can protect you from the rain, an umbrella insurance policy can shield you from lawsuits if something unfortunate happens at your home.

Homeowners insurance usually includes some liability coverage to protect your assets if someone is injured at your home. Umbrella policies can go beyond the $300,000 liability insurance that most insurers require of a homeowners policy, according to the Insurance Information Institute (III).

If your home or assets are worth more than $300,000, or if youre worried that someone might injure themselves on your front step and will sue you for over that amount, then an umbrella policy could be worthwhile. The potential loss of future income is another consideration, since your future wages could be garnished in a lawsuit.

A $1 million umbrella policy can cost $150 to $300 per year, according to III.

Here are some of the things an umbrella liability policy can protect you from:

• Swimming pool accidents
• Trampoline accidents
• Dog bites
• Bodily injury
• Property damage
• Landlord liability
• Vacant land (if an uninvited guest is injured on your property)
• Owning a home business that clients visit
• Construction on property
• Slander and libel
• Shock and mental anguish
• False arrest
• Malicious prosecution

A personal umbrella policy (PUP), protects your personal items and usually doesnt cover your business, even if it’s a home business”a separate umbrella policy would be needed in this instance.

Depending on the type of umbrella policy you buy, there are some things that aren’t typically covered. Your personal belongings that are damaged wont be covered, but someone else’s will be.

Other areas that wont be covered by umbrella insurance include floods, health insurance, intentional crimes and written or oral contracts.

Wealthier individuals may have more reason to get an umbrella policy because they have more assets to protect. But even a homeowner with a modest-priced home may want to get an umbrella policy if their basic homeowners insurance doesnt have much liability coverage.

Since a home is usually your largest asset, its important to insure it properly. If someone is injured on your property, for example, you dont want to be held liable for injuries and damages that could add up to more than the value of your home.

Published with permission from RISMedia.

With a variety of home surveillance kits available, many handy homeowners have chosen to install security cameras themselves. The installation process can be easy, but knowing the proper way to place and angle the cameras is vital to keeping your home as safe as it can be.

The most important factor in judging where to place a camera is simple: Your home is your home. You know what the layout is and where the most important rooms are. Before you begin placing any equipment, consider some basic questions about your home’s surveillance needs: What parts of your home are you most concerned about? Are there spots on your property that aren’t plainly visible to the street or neighbors? Do you need to keep any local camera placement laws in mind?

Consider the usual entry points for potential burglars when casing a home. With over 80 percent of burglars entering a home through the first floor, whether through doors or windows, it’s especially important to keep the entirety of your property’s entryways covered.At the same time, placing cameras in low areas”and, thus, in easy reach of criminals”may negate their usefulness.

If you find you have a lack of safe places to put a camera, consider looking into protective caging for your equipment to protect it from being knocked out of order or covered while you aren’t looking. This is also a good time to contemplate what special tools you may need to complete your installation, so ensure you read the camera systems instructions for its recommended outfitting requirements.

While losing a camera can mean losing important evidence to help identify vandals or thieves, there are clever ways to keep yourself safe that might goad a criminal into making a misstep. Placing a dummy camera in obvious sight not only deters crime by showing you keep your home under tight watch, but it also gives an easy target to potential burglars that can distract them from hidden cameras that catch them in the act. As an added bonus, dummy cameras are typically far cheaper to replace than professional models.

Most importantly, you must consider the needs of each camera when placing it. Cameras cannot focus on multiple ranges and angles at once, so if you want to catch a trespasser’s facial features, mounting your camera up too high can blur distinctive features, but a raised camera may have a better chance of picking up a car’s license plate when placed overlooking your driveway.

In the end, even poorly placed cameras will offer better home security than not having any at all, but there’s no reason to leave proper home security to chance. Knowing how to place your first line of defense can keep you safe before and after any crime, and knowledge is always your best weapon.

Published with permission from RISMedia.

An adjustable-rate mortgage (ARM) starts out with a low interest rate for a set amount of time before periodically adjusting based on market conditions, making it an attractive option for borrowers who dont plan to stay in their home for a long period of time. Borrowers in this situation can lock in a low interest rate for the first several years and then move to another home before having to worry about the rate adjusting and their monthly payments skyrocketing.

But those who plan to stay in their home for an extended period of time often experience a shock when their interest rates reset”and their monthly payments jump. If you have an ARM, and affording your new monthly payments will be a stretch as the interest rate begins to fluctuate, you have options when it comes to refinancing your mortgage.

How an Adjustable-Rate Mortgage Works
An ARM has an adjustment period that refers to how frequently the rate will change. For example, with a one-year ARM, the interest rate will adjust once per year after the initial low interest rate expires. Lenders refer to several indexes to set their interest rates when ARMs adjust. Ask your lender which index it uses to set rates, and pay attention to how that index fluctuates over time. Your loan servicer should send you an estimate of what your new payment amount will be after the rate adjustment several months before the change occurs.

What to Do If You Cant Afford Your New Mortgage Payments
If higher monthly payments would leave you struggling to cover your mortgage and other bills, you might be able to refinance your loan. You could choose a fixed-rate mortgage or a hybrid ARM with a low introductory rate that would adjust later.

You might also be able to switch to a fixed-rate mortgage with a longer repayment period than your initial loan, which could give you lower monthly payments than you would have at the new rate with your ARM. If you decided to take out a 40-year fixed-rate mortgage, the interest rate would likely be a little higher than it would be with a 30-year fixed loan.

Another option is to take out a home equity loan, or second mortgage. Doing so could allow you to lower your interest rate and possibly shorten the term of the loan with little effect on your monthly payments.

Stay Calm and Explore Your Options
If your interest rate on an adjustable-rate mortgage has risen and your mortgage payments have jumped significantly, you may be feeling shocked and overwhelmed, but you have options that can help you avoid stretching your budget too thin. While working closely with your lender is critical when it comes to choosing the best mortgage for your situation, its also important to understand how an adjustable-rate mortgage works, and how and when the interest rate will reset.

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

Published with permission from RISMedia.

A house with a master suite is a dream for many. A large bedroom, private bathroom and other amenities can be an oasis for stressed-out homeowners to escape and relax. However, a master suite can also be expensive”and may or may not attract buyers in the future.

Features of a Master Suite
The term master suite can mean many different things. In some cases, it simply refers to a large bedroom with spacious walk-in closets and a large, attached, private bathroom. Master bathrooms are typically much more elaborate than typical bathrooms. Homeowners frequently choose showers with massaging jets, hot tubs, side-by-side sinks and more expensive wall and flooring materials than those generally used in bathrooms.

Some people use part of a master suite as an entertainment area with a large television, stereo system, video game consoles and other electronic devices. The options depend on the size and layout of the suite and a homeowners budget.

In some cases, owners prefer a master suite with a sitting area and a cozy fireplace. It can be the perfect place to relax on a cold, snowy day and watch TV or escape into a good book.

For other people, a master suite is seen as a more functional area. For example, the owners may set aside part of the space as a laundry room where they can take care of chores without worrying about children running in or leaving toys scattered about.

A portion of a master suite can even be used as a home office. A parent can have a private space to work without distractions, while at the same time being able to easily check on children and pets or handle chores in other parts of the house when necessary.

How a Master Suite Could Affect Home Values
A house with a master suite could cost significantly more than a house without one. Depending on the location of the home, a master suite may or may not help you get a good price if you decide to sell it later.

If most of the other houses in the neighborhood have master suites, buyers will most likely expect one. If you bought a house with a master suite that was smaller or less elaborate than that of a neighboring home, that might not matter to you now, but it could work against you later if you try to sell the house and prospective buyers are underwhelmed. On the other hand, if you customized your master suite in an ostentatious way that wouldnt appeal to most people, that could also limit the pool of potential buyers.

Talk to Your Real Estate Agent
If having privacy and some trappings of luxury are priorities for you, a master suite could be an excellent idea. Before you commit to a specific house, ask your real estate agent about other homes in the area to find out how the house you’re considering compares”and how the master suite might affect your ability to sell the house in the future.

Published with permission from RISMedia.

Exercise rooms have fast become an expected amenity for luxury homebuyers. Being able to stick to your daily fitness regimen or have a session with a private trainer without leaving your house is an extraordinary convenience. Besides, we dont all have time to get to the gym!

Some people hear the term home gym and picture a cavernous basement or garage with a set of weights. If youre looking to design an exercise room thats a cut above, here are a few tips to get started.

Locate the Space

Youll have to first pick out which part of the home can be transformed into your gym. In this case, the bigger the better, as youll appreciate having extra space to freely move around. Also consider the equipment required for your preferred type of exercise and how it can be accommodated.

Mind the Floors

Rubber flooring is typically the first choice if youre going to be weightlifting and potentially drop dumbbells on the floor. If thats not necessarily in store, however, hardwood floors are a more stylish option and you can always place small mats around the room to stretch or place equipment on.

Maximize Light

Ideally, youll have large windows and plenty of natural light, especially if you plan on using the space as a yoga or meditation studio. If youre going to put your exercise room in the basement, pay extra attention to lighting to ensure an optimal workout experience. Recessed or track lighting can be practical solutions for a well-lit workout area.

Mirrors Galore

Having full length mirrors are essential when working out and its not just so you can admire your physique. Mirrors allow you to observe your form and practice proper technique to avoid injuries. And, fine, maybe snap the occasional gym selfie!

Music Motivation

An audio system of some sort, be it built-in or portable Bluetooth, is a great way to get pumped up during each session. Or, if you prefer to get your news during your morning exercise routine, having a TV in your home gym is also a great option.

Published with permission from RISMedia.