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In the wake of Hurricanes Harvey and Irma, the latest storms to devastate thousands of American homes, homeowners may find themselves wondering whether to consider flood insurance.

For those in areas perceived as vulnerable, it’s no decision since its required as a condition of their home loan. For others, it raises the same questions as other types of insurance; namely, when does the premium outweigh the actual risk? A $650 annual premium, the amount the National Flood Insurance Program (NFIP) cites as average, seems like a lot to pay if you never use the coverage.

Since flood damage is not covered under the average homeowner policy, Nerdwallet, a consumer advisor website, tells USA Today what factors to consider in deciding whether to purchase flood insurance:

Even a minimum amount of flooding can have disastrous financial results. According to the NFIP, one foot of water could cause $27,150 of damage to a 1,000-square-foot home. That said, if you live in a low-risk zone that has never sustained serious flood damage, weigh the coverage cost against the likelihood of filing a claim. A reasonable option might be to set aside money in a repair fund”a good idea for homeowners in any case.

Consider having the amount you’d pay in premiums automatically deposited each month into a high-yield checking or money market account, which nets better returns than simply saving cash. And check with a financial advisor because some states allow customers to place emergency funds in Catastrophe Savings Accounts exempt from state income tax. (Federal taxes still apply, and disbursements are taxed as normal if withdrawn for purposes other than flood repairs.)

Where to Buy, How to Save

Available national (NFIP) or state programs may be best, but some private insurers offer flood insurance with lower premiums, so get quotes. You can save a little by choosing a higher deductible or less coverage. Just be sure you can come through with any needed cash.

The Bottom Line

If you live in a moderate to low-risk area, check with your financial advisor or real estate agent. A flood policy in such an area could cost less than your monthly cell phone bill, and could save you money if your home sustains flood damage.

Published with permission from RISMedia.

Paying less than 20 percent on a down payment on a house will likely require buying private mortgage insurance by the lender.

The insurance, called PMI for short, is used to reimburse the bank if you default on the loan.

It isnt too expensive”usually between 0.5 and 1 percent of the entire loan amount paid annually. On a $100,000 loan, a 1 percent PMI fee equals $1,000 a year, or $83.33 per month. That may not be enough money to make or break a home purchase, but its money that homeowners would rather be saving or spending elsewhere.

There are a few ways to avoid PMI, with the simplest being to have a down payment of 20 percent or more. You can put off buying a home until you can come up with that much money, though thats probably not the answer youre looking for.

Another solution is once youve bought a house, you can cancel PMI once the loans principal balance drops to 80 percent of the homes original appraised value or its current market value. By paying more of the principal each month, for example, you can have 20 percent equity in the home quicker and then cancel PMI.

Your lender may automatically cancel PMI when your mortgage balance is 80 percent. By law it must tell you at closing how long it will take with your monthly mortgage payments to cancel PMI.

You may be able to reach that 80 percent threshold by having your home reappraised if you think it has gone up in value from the original sales price or appraised value.

Another option is a piggyback mortgage. This is a second mortgage or home equity loan that is taken out with a first mortgage. For example, an 80-10-10 piggyback mortgage covers the purchase price with 80 percent from the first mortgage, 10 percent from your down payment, and 10 percent from the second loan, also called a piggyback loan.

This allows you to have a low down payment of 10 percent, but not have a loan-to-value balance of 90 percent that would require PMI. Instead, the two loans lower the LTV and dont require PMI.

Finally, theres the option of lender-paid mortgage insurance, or LMPI. It includes the cost of PMI in a higher mortgage interest rate, meaning youd pay more in interest over the life of the loan.

Published with permission from RISMedia.

The interest rate on a mortgage will have a major impact on the amount of money you pay each month and the total you pay over the life of your home loan. Even a difference of a fraction of a percentage point can have a significant impact over decades, so you should do what you can to secure a low interest rate.

Get on Firm Financial Footing
Lenders use a borrowers credit score to assess the riskiness of a potential loan. The higher your credit score, the easier it will be for you to secure a mortgage with a low interest rate. You can improve your credit score by paying your bills on time and paying down credit card debt. Check your credit report for errors and have any you find corrected.

A lender prefers borrowers who have a record of steady employment because theyre likely to be able to pay their mortgages on time. If you recently started a job, consider staying there for at least two years before applying for a mortgage.

A significant down payment can help you get a low interest rate and avoid needing to pay for private mortgage insurance. Before you apply for a mortgage, save up as much money as you can for a down payment.

Choose the Right Mortgage and Lender
An adjustable-rate mortgage (ARM) has a low interest rate for a period of several years before the rate readjusts. If you plan to move before the rate would change, an ARM could help you secure a lower rate than you could with a fixed-rate mortgage.

If you have a high and steady income and want to pay off your mortgage as quickly as possible, a 15-year, fixed-rate mortgage is a good idea. Your monthly payments would be higher than they would with a 30-year mortgage, but you would have a lower interest rate. That means that more of each payment would go toward principal, you would pay off the loan faster, and you would pay significantly less in interest over the repayment period.

Shop around and compare interest rates from a variety of lenders, including banks, credit unions and online lenders. Different institutions may offer dramatically different terms.

It may take several weeks from the time you sign a purchase agreement until you close on your home. In the meantime, interest rates could change. If you were approved for a low rate, ask your lender to lock it in so you dont get stuck with a higher rate at the time of closing.

Get the Best Rate You Can
The interest rate on your mortgage can mean the difference between comfortably affording your monthly payments and struggling to make ends meet. A low rate could help you save tens of thousands of dollars over the term of your mortgage. Before you apply for a mortgage, strengthen your financial position so you can qualify for a low interest rate.

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

Published with permission from RISMedia.

Odors are a huge turnoff for potential homebuyers and can be difficult to remove. The truth is that most homes have some sort of smell to them. Most often, the people who live there dont even notice.

This is especially true of pet odors. Owners become accustomed to their pets smell, such as from litter boxes for cats or from shedding. Visitors, however, are going to notice these odors, especially if the home is not properly cleaned.

Pet owners should use a carpet deodorizer when vacuuming”one that is designed to remove animal smells. Check your furniture for odors as well. If you smell your pet, wash the cushion covers or use a deodorizing product if they arent machine washable. If the pet smell is very prominent, consider having the carpets and furniture professionally cleaned. Cat owners should clean out the litter box daily and should wash it with water and liquid soap regularly.

Non-pet owners arent off the hook odor-wise. Many things can make a home smell, but there are four easy steps to take to cut down on strong odors.

1. Think about what you cook. Even with an exhaust fan, things like fish and bacon can produce odors that linger. Baking cookies before showings or open houses is a classic trick to give a house a pleasant smell.

2. Light a candle. Scented candles can add a pleasing smell to the home and set a relaxing mood. Pick candles with more neutral smells or think seasonal (pumpkin in the fall, pine during the holidays, etc.).

3. Take out the trash. Empty all trash containers around the house before showings or open houses. Focus on the kitchen as its likely to contain food scraps. Also consider washing the trash container if you havent in a while. Empty trash baskets are more visually appealing anyway.

4. Maintain a clean fridge. Cleaning a refrigerator is a must when selling a house. Empty it out regularly so that food odors dont build up. Dont forget to add a box of baking soda to absorb odors.

And if the weather permits, open up the windows. Even if its just for a short amount of time, its the simplest way to clear out odors!

Published with permission from RISMedia.

If youre looking to add a bit more green to your design scheme, youre not alone. House plants are a popular way to add fresh beauty, and clean up your air while youre at it. However, keeping a house plant healthy is a responsibility, even if its a small one. Consider the following plants that are both beautiful and easy to manage.

Aloe. You really cant go wrong with succulents, and these cool plants can also help ward off sunburn. Just strip off a leaf, open it up, and rub the ooey-gooey insides on your sun-kissed skin.

Orchids. These sweet blooms are beautiful and low maintenance. Just keep a small misting bottle beside your plant and give it a gentle spray once a week.

Peace lily. These graceful plants dont need a lot of light, so theyre perfect for perching in your living room.

Snake plant. Dont let the slithery name fool you. Another succulent, this interesting upright plant can deal in bright or low-light settings, and can survive with minimal amounts of water.

English ivy. If you want a hanging plant, this vine is for you. Place this ivy on a shelf or mantel and let the vines hang down. You can let the plant run wild, or prune it back for a more manageable look.

Published with permission from RISMedia.