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If you own a house, homeowners insurance is a necessity. A storm might damage your home, your belongings might be stolen, or someone might be injured. Without homeowners insurance, you would be responsible for paying those bills, which could easily total thousands of dollars. Homeowners insurance can protect you in many instances, but not always. It’s important to understand what a policy does and doesn’t cover.

What Homeowners Insurance Covers
A homeowners insurance policy provides coverage for specific perils, or things that could cause damage, injuries or losses. A typical policy will cover damage to your house caused by a storm or fire. A policy covers the house itself, as well as a garage, deck, porch or shed. If your home is damaged by a covered peril and you’re not able to live there while it’s being repaired, your homeowners insurance policy should cover your living expenses in the interim.

A homeowners insurance policy also covers personal property. It will pay to replace your belongings if they’re stolen, damaged or destroyed by a covered peril. If you own expensive items, such as jewelry or furs, you may need to purchase additional coverage with higher limits to cover the value of those items.

Homeowners insurance can also protect you from financial liability for injuries to others. For example, if a guest falls on your property and is injured, your homeowners insurance policy will pay for related medical bills and legal expenses.

What Insurance Doesn’t Cover
A typical homeowners insurance policy doesn’t cover all types of natural disasters. Most policies do not cover flooding or earthquakes, although you might be able to purchase additional coverage to protect yourself from those perils. These types of coverage are not available in all locations.

A homeowners insurance policy might cover damage caused by a burst water pipe, but a claim could be rejected if the pipe bursts because of a lack of maintenance or insulation. Some policies cover mold, but the company may only pay if the mold was caused by a burst pipe. Policies typically do not cover sewer backups, although it may be possible to purchase additional coverage for this peril. Injuries caused by dog bites may or may not be covered, depending on the breed.

Deductibles
When you file a homeowners insurance claim, you will typically need to pay a deductible. This is an amount set by the policy that the policyholder needs to pay before the insurance company will pay the remainder of the value of the claim.

Talk to Your Insurance Agent
Damage, accidents and injuries can occur at any time, and they can be expensive to address. Homeowners insurance can protect you in many, but not all, circumstances. It’s important to ask your insurance agent exactly what is and is not covered and whether you should pay extra for additional protection.

Published with permission from RISMedia.

If you’re like many people, you tend to do at least a little work from home. Whether you full on run a business out of your living space or simply need a nook to work on your finances or groom your Pinterest board, the following tips can help you upgrade that home office.

Splurge on something inspirational. Whether it’s an original piece from a favorite artist or a high-tech piece of equipment that makes working more exciting, splurge on something for your work space that makes you excited to be there.

Light it right. The right lighting can make all the difference. While low lighting can set a romantic mood, it can also make you sleepy or unmotivated”not the right vibe for a workspace. At the same time, fluorescent lighting can lead to headaches. Set up your work station by a window for natural light in the daytime, and set up a few good lamps around the room to ensure you can light the space adequately.

Upgrade your storage. Sick of those piles of paper that end of stacking up on your desk? Make sure you have a proper storage or filing system in place so everything can be stowed away in a place that is out of sight, but also easy to access when needed.

Create a “Do Not Disturb” signal. Whether you have a curious spouse or a gaggle of kids, creating a signal that says you’re in the zone is key. It doesn’t need to be a literal do not disturb sign on a door. A ribbon tied to a doorknob or a certain type of music you listen to when you’re working can do the trick.

Support your body. If you spend a lot of time at your desk, it’s extra important you shell out for the things that ease the strain of sitting for long hours. A kneeling desk chair can support your back, while raising your monitor to eye level can ease neck pain. You can also have a small yoga space tucked into your office where you can take a short break to stretch out before you get back to it.

Interested in more design and real estate tips? Feel free to contact me directly.

Published with permission from RISMedia.

Shopping for a mortgage isnt as fun as looking at homes to buy, but its an important step that will affect you for years.

There are many ways to shop for a lender. You can start by looking at online mortgage lenders. Or you can walk in to a bank and ask to talk to a loan officer. A mortgage broker or your real estate agent may be able to recommend lenders, as may friends and family. Online reviews may also be helpful.

Before you start talking to lenders, there are a few steps you may want to take first. If you have no credit or bad credit, or arent sure of your credit score, start by finding out your credit score and then work on improving it. This could take a month or more.

A low credit score is a sign that youre a risky borrower, which will likely lead to a higher interest rate on the home loan.

There are many ways to improve your credit score, including paying bills in full and on time, and paying off as much debt as possible.

Once your credit score is as high as you can make it and is accurate, its time to look at lenders more closely.First, check to make sure the lender youre considering is registered in your state to do business on the Nationwide Multistate Licensing System registry.

Next, you can search online for mortgage rates. Remember that each rate is a starting point and that a lender or broker will need to pull your credit report and process a loan application to provide an accurate rate based on your credit score and other information.

Once you get a few quotes from lenders, compare their costs and determine which loan makes the most sense for you. The lowest interest rate may not be the best deal if too many fees are added.

Fees may include commission, loan origination, points, appraisal, credit report, application fees and other costs you may have to pay at closing. Ask if any of the fees will be waived (usually for a higher interest rate) or if they can be rolled into the mortgage.

Ask how much of a down payment youll need to come up with. With a higher down payment you may be able to get better loan terms.

Also ask about the turnaround time on preapproval, appraisal and closing, and which form of communication will get the quickest response from them.

One of the last things you want from a lender is an uncommunicative one who doesnt get back to you quickly. This is probably one of the most important purchases of your life, and you want it to go as smoothly as possible.

Published with permission from RISMedia.

You may have heard that wallpaper is making a comeback. But have you heard about wallpapered ceilings? Technically, this trend is called ceiling paper, and it can transform a room in the same way papered walls can.

Highlight a space. Do you have a home office tucked to one side of your family room? How about a cozy reading nook? Add colorful ceiling paper to one portion of a room to divide the space naturally.

Make a statement. Just like a colorful throw cushion on a neutral couch, jazzy ceiling paper can make a “boring” room bold. Choose a fun print or color that shows off your personality and style.

Accent, accent, accent. Tie your ceiling paper into the rest of your decorating scheme by choosing the right accent color. Whether you go with a solid, stripes or a soft pattern, a papered ceiling done up right can complete the look of a room.

When wallpapering a ceiling, it may be best to bring in a pro, as the application can be tricky. If you’re a diligent weekend warrior and feel like going DIY, make sure to properly prep your ceiling for application by removing any paint and electrical fixtures. Experts also suggest creating a ceiling blueprint for precise application.

Interested in more home improvement tips? Feel free to contact me directly.

Published with permission from RISMedia.

Asking a financial expert if theyre working in your best interest when giving you advice on your retirement account seems like a simple enough question. That question is now getting a little more complicated.

Known as the fiduciary rule and set by the Labor Department to take effect in April 2017 ” but then delayed by the Trump administration until at least June 2017 and some parts until January 2018 ” the rule simply requires people in the financial services industry to put consumers best interests ahead of their own.

Without this rule, financial advisers could steer clients to mutual funds with excessive fees or have other conflicts of interest such as higher bonuses or prizes. The Obama administration put the loss at $17 billion a year from retirement accounts for such conflicts.

The fiduciary rule would prohibit advisers from concealing any potential conflict of interest, and required that all fees and commissions must be clearly disclosed in dollar form to clients. It also expanded the definition of a financial adviser not just to someone giving ongoing advice, but to any professional making a recommendation or solicitation.

President Donald Trump has delayed the rule, which is now under review. Some groups have said they may sue the administration if the rule is weakened or killed.

The fiduciary rule is necessary, supporters say, because most financial advisers arent held to a legal standard requiring them to put a clients interests first ” much like a doctor or lawyer must do.

Instead, financial advisers can legally act in their interests first and can earn bigger commissions for more expensive products that they sell. They can earn more by giving bad advice, and its legal.

To avoid this problem, consumers can look for fee-only advisers who charge a one-time fee for financial advice. They dont earn a commission for steering customers into one investment product over another.

Before the rule was scheduled to be implemented, some investment firms had changed their prices on funds to appeal to consumers. Some high-fee products were removed and some companies eliminated commission-based sales practices entirely. Some also created new products that are less expensive for consumers.

If you work with a financial adviser, ask them if theyre a fiduciary and if theyre obligated to act in your interests above their own. If not, you may want to switch advisers.

Hope you found these tips helpful! Contact me for more insights and info.

Published with permission from RISMedia.