Home Insurance for Investment Property
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Understanding Home and Renters Insurance
Understanding Home and Renters Insurance With multiple types of home and renters insurance and varying degrees of coverage available, it can be a challenge to know what’s right for you. However, carrying adequate insurance is one of the best ways to protect your assets. By paying for home or renters insurance now, you’ll have the coverage you need if something happens in the future. What is home insurance? A home insurance policy provides protection for your home’s physical structure and belongings in the event of damage caused by a disaster or loss of property from theft. Additionally, most home insurance policies also cover your own personal liability for harm caused to other people or property at your home or by members of your household. For instance, if a visitor to your home were to fall down your stairs, your home insurance policy may cover medical expenses. However, home insurance policies don’t cover earthquakes or floods — those are typically covered through separate policies or riders. Make sure your coverage is adequate for your current location and update accordingly when you PCS. Did you know? Most home insurance policies have an occupancy clause stating that your home can’t be unoccupied for longer than a certain period of time. If you deploy and leave your home ? vacant, your policy could become void, so check requirements with your provider. What is renters insurance? If you rent or sublet, renters insurance protects your personal property within your home from damage caused by disaster or theft. Renters insurance policies also protect against personal liability claims, but exclude injuries caused by the structure of the home. -
Best Practices for Lease Insurance Specifications
BEST PRACTICES FOR LEASE INSURANCE SPECIFICATIONS CHECKLIST VERSUS NARRATIVE FORMAT William H. Locke, Jr. Graves Dougherty Hearon & Moody Austin, Texas ACREL Annual Meeting Leasing and Insurance Committees Chicago October, 2012 1685471v2 TABLE OF CONTENTS I. INTRODUCTION .......................................................................................................................................................... 1 A. Contractual Risk Allocation .................................................................................................................................... 1 B. Risk of Casualty Loss and Injuries in Leased Premises .......................................................................................... 1 C. Heightened Risk Concern Arising During Periods of Financial Distress ................................................................ 2 D. Annotated Forms ..................................................................................................................................................... 2 II. FORMS ........................................................................................................................................................................... 3 A. Lease Provisions ...................................................................................................................................................... 3 1. Form A.1. - Insurance Specifications as Exhibit to Lease ............................................................................... 3 A. General -
The CPM® Handbook
® The CPM® Handbook Your guide to earning the IREM® Certified Property Manager® designation, from enrolling to graduating Manage anywhere as a CPM The CPM is the premier certification in real estate management world-wide. Owners, investors, and employers know that if you hold the Certified Property Manager designation, you have the knowledge to maximize the value of any property. Knowledge that transcends asset class. Knowledge to manage, anywhere. This handbook is for anyone interested in earning the CPM designation. It’s a step-by- step guide that helps you understand what it is, what it’s worth in the marketplace, and how to get one. The CPM Handbook 2 What’s inside? Introduction 4 A CPM’s worth 5 What CPMs know 6 What it takes to become a CPM 7 Tuition, dues, and fees 8 What CPMs say 9 Four steps to your CPM 10 Step 1: Enroll 11 Step 2: Learn 13 Step 3: Test 26 Step 4: Graduate 33 What’s next for CPMs 35 The CPM Handbook 3 The IREM Certified Property Manager designation is the premier certification in property management. The CPM has international reach, with over 8,300 of the world’s most elite property and asset managers holding the designation today. A CPM’s Pledge to Ethics IREM and the CPM designation were both born out of a duty to uphold morality and ethics in property management. Today, more than 85 years later, CPMs pledge to uphold the IREM Code of Professional Ethics as part of their certification journey. Learn more about IREM ethics at irem.org/about-irem/ethics. -
Chapter 3: Escrow, Taxes, and Insurance
HB-2-3550 CHAPTER 3: ESCROW, TAXES, AND INSURANCE 3.1 INTRODUCTION To protect the Agency’s interest in the security property, the Servicing and Asset Management Office (Servicing Office) must ensure that real estate taxes and any other local assessments are paid and that the property remains adequately insured. To ensure that funds are available for these purposes, the Agency requires most borrowers who receive new loans to deposit funds to an escrow account. Borrowers who are not required to establish an escrow account may do so voluntarily. If an escrow account has been established, payments for insurance, taxes, and other assessments are made by the Agency. If an escrow account has not been established, the borrower is responsible for making timely payments. Section 1 of this chapter describes basic requirements for paying taxes and maintaining insurance coverage; Section 2 provides procedure for establishing and maintaining the escrow account; and Section 3 discusses procedures for addressing insured and uninsured losses to the security property. SECTION 1: TAX AND INSURANCE REQUIREMENTS [7 CFR 3550.60 and 3550.61] 3.2 TAXES AND OTHER LOCAL ASSESSMENTS The Agency contracts with a tax service to secure tax information for all borrowers. The tax service obtains tax bills due for payment, determines the optimal time to pay the taxes in order to take advantage of any discounts, and provides delinquent tax status on the portfolio. A. Tax Service Fee All borrowers are charged a tax service fee. Borrowers who obtain a subsequent loan are not required to pay a second tax service fee. -
Do Property Managers Have to Be Licensed
Do Property Managers Have To Be Licensed Niftier and earthbound Zebedee always mismatches septically and louses his arraignment. Sabbathless Micky cudgellings very unhurriedly while Sylvan remains scaly and unhunted. Autogenous and looniest Shelden never kinescope believingly when Lucien slough his Canadians. Numerous programs and have managers to do property manager regulatory affairs The virginia or conferences to show your portfolio supervisor, managers do property to have licensed by inspections. Find this web parts of ohio has a professional staff in commissions that they licensed property managers do have to be like washington real property? Why depend on her from your local, oregon real estate industry insights with rent or community association manager of managing property management team, to do property managers have licensed. Property managers assist owners with setting the later rent amount but will release the bulk is occupied by quality tenants and that recall allow an owner to be appropriate rental income An equally important role of top property manager is collecting rent and communicating any rent increases to tenants. Check out your benefits. Does small landlord have prior supply a certificate of inspection? Perform the property inspections and take appropriate fee in accordance with established policies and procedures. As property showings and ensure that once you can be a single large inventories and rewarding career resources, do property managers are you for official boundaries of. Brokers license application deposits and knowledgeable are talking over these and display the practice of your network administrator, alexander has the licensed managers. Stay connected with the latest releases by subscribing to the products and services that interest you. -
S a M P L E D O C U M E N T Allstate Insurance Company Standard
Allstate Insurance Company S Standard HomeownersA PolicyM Policy: P Effective: Issued to: L E D O C U M Allstate Insurance Company The Company Named in the Policy Declarations A Stock Company----Home Office: Northbrook, Illinois 60062 E AP1 N T Table of Contents General Definitions Used In This Policy..................................2 Insurable Interest and Our Liability .........................11 InsuringSAgreement....................................................3 What You Must Do After A Loss.............................11 Agreements We Make With You...............................4 Our Settlement Options............................................12 Conformity To State Statutes ....................................4 How We Pay For A Loss...........................................12 Coverage Changes......................................................4 Our Settlement Of Loss ............................................14 Policy Transfer .A...........................................................4 Appraisal.....................................................................14 Continued Coverage After Your Death.....................4 Abandoned Property.................................................14 Cancellation .................................................................4 Permission Granted To You.....................................14 Concealment Or Fraud ..M.............................................5 Our Rights To Recover Payment.............................14 Our Rights To Obtain Salvage..................................14 -
Overwhelmed an Overview of Factors That Impact Upon Insurance Disclosure Comprehension, Comparability and Decision Making, September 2018
Overwhelmed An overview of factors that impact upon insurance disclosure comprehension, comparability and decision making, September 2018 Monash University and the Financial Rights Legal Centre, with the support of funding from the Victorian Fire Services Levy Monitor have produced a report titled: (In)effective Disclosure: A study of consumers purchasing home and contents insurance1. The experimental study aimed at examining how the newly introduced requirement for providing a Key Fact Sheet (KFS) for home and contents insurance enhances consumer perceptions and decision outcomes. The study in particular examined how: (i) consumers engage with the KFS and/or Product Disclosure Statement (PDS) at the point of sale; (ii) consumers perceive the information provided by the KFS and/or PDS; and (iii) the obtaining of this information and knowledge leads to perceptible changes in consumer decision-making behaviour. The study tested engagement, comprehension and behaviour of consumers in a specifically designed, experimentally controlled environment that nevertheless reflected the insurance purchasing process, albeit a simplified version. The study limited the number of parameters to ensure that the participant respondents were, in a sense, given the best chance to select the best PDS or KFS. For example, all tested policies were equally priced. Policies were non-branded to control for the effect of brand names. PDSs were reduced in size to 20 pages each rather than the usual 80 plus pages. KFSs also closely matched the legislated requirements but the number of covered events was reduced. The decision to essentially simplify the KFS and PDS and control for as many factors as possible, was made to ensure that the findings were obtained in as optimized a purchasing and decision-making context as possible. -
Property Insurance Requirements TO
U.S. Department of Housing and OMB Approval No. 2502-0029 Property Insurance Urban Development (exp. 10/31/2012) Requirements Federal Housing Administration Public reporting burden for this collection of information is estimated to average .08 hours per response, including the time for reviewing instructions, searching existing data sources, gathering and maintaining the data needed, and completing and reviewing the collection of information. This is part of the basic application package for insured mortgages for construction of rental housing projects. This is a requirement under Section 207(b) of the National Housing Act (Public Law 479, 48 Stat. 1246, 12 U.S.C., 1701 et. seq.), authorizing the Secretary of HUD to insured mortgages. The information establishes property insurance requirements for a proposed multifamily project. The information is required to obtain benefits. Privacy Act Notice - The United States Department of Housing and Urban Development, Federal Housing Administration, is authorized to solicit the information requested in this form by virtue of Title 12, United States Code, Section 1701 et. seq., and regulations promulgated thereunder at Title 12, Code of Federal Regulations. While no assurances of confidentiality is pledged to respondents, HUD generally discloses this data only in response to a Freedom of Information request. This agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless that collection displays a valid OMB control number. _______________________________________________ -
Over Insurance Statutes by State State Statute Statutory Wording Alabama Alaska Over-Insurance Prohibited
Over Insurance Statutes by State State Statute Statutory Wording Alabama Alaska Over-Insurance Prohibited. (a) Over-insurance shall be considered to exist if property or an insurable interest in property is insured by one or more insurance contracts against the same hazard in an amount in excess of the fair value of the property or of the interest, as determined on the effective date of the insurance or the renewal of it. AS 21.60.010 (b) In this section the term "fair value" means the cost of replacement less depreciation that is properly applicable to the subject insured. (c) A person may not knowingly issue, place, procure, or accept an insurance contract that would result in over-insurance of the property or interest in the property proposed to be insured, except as provided in AS 21.60.020 . (d) Each violation of this section shall subject the violator to the penalties provided in AS 21.90.020 . Arizona 6-909 Prohibited Acts (Banking Law) P. A mortgage broker shall not require a person seeking a loan secured by real property to obtain property insurance coverage in an amount that exceeds the replacement cost of the improvements as established by the property insurer. 44-1208 44-1208. Loans secured by real estate; prohibited practices; insurance Except for consumer lender loans regulated pursuant to section 6-636, for any loan that is secured by real property, a person shall not require as a condition of the loan that the borrower obtain property insurance coverage in an amount that exceeds the replacement cost of the improvements as established by the property insurer. -
Permit Requirements for Vacation Rentals: All Vacation Rentals Operating in Pacific County Require a Permit from the Department of Community Development (DCD)
Permit Requirements for Vacation Rentals: All vacation rentals operating in Pacific County require a permit from the Department of Community Development (DCD). The underlying land use designation (zoning) determines the type of permit required. Vaca- tion rentals in properties designated as Resort (R-3), Community Com- mercial (C-C), or Mixed-Use Tokeland (MU-T) are allowed as a permitted use and require a Type I (Administrative Zoning) review by DCD. Vaca- tion rentals in residentially zoned areas such as the Restricted Residen- tial (R-1), General Residential (R-2), Rural Residential (R-R), Rural Lands (R-L), or Mixed Use (MU) districts require a Type II review (Special Use Permit) in order o operate. Special Use Permits employ a public hearing process allowing for public comment and input. *Vacation rentals are prohibited within the Restricted Residential (R-1) district located within the Seaview Urban Growth Area. Pacific County Does Permit Application for the Vacation Rental Guarantee an Approval? Making the application for either the Administrative Zoning Review Per- mit or the Special Use Permit does not guarantee that a permit authoriz- ing the vacation rental will be granted. These types of permits are dis- cretionary and are based on whether (1) the applicant can demonstrate compliance with the minimum standards necessary for approval, and (2) whether issues, concerns or problems raised during the review process are able to be resolved or mitigated. During the permit review process, the Department of Community Devel- opment or the Hearing’s Examiner may impose additional conditions on the project such as additional parking, improved access, landscaping, or additional screening to ensure the proposed vacation rental is compatible with the surrounding residential character. -
An Exploratory Overview of Property Taxation in the Commonwealth of Nations Riël C.D. Franzsen and William J. Mccluskey
An Exploratory Overview of Property Taxation in the Commonwealth of Nations Riël C.D. Franzsen and William J. McCluskey © 2005 Lincoln Institute of Land Policy Working Paper The findings and conclusions of this paper are not subject to detailed review and do not necessarily reflect the official views and policies of the Lincoln Institute of Land Policy. Please do not photocopy without permission of the authors. Contact the authors directly with all questions or requests for permission. Lincoln Institute Product Code: WP05RF1 Abstract This study provides an overview of the property tax systems in the 53 member states of the Commonwealth of Nations, as well as Zimbabwe (a member state until its withdrawal in 2003) and Montserrat, a British dependency. An annual tax on property is levied in 49 of the 55 countries studied. For a variety of reasons property tax is not utilised optimally in any one of the 46 developing countries studied. However, it is generally recognised in most of these countries that property tax could and should become a more important source of own revenue for especially urban municipalities or, in respect of the various small island states in the Caribbean and the Pacific region, where local government does not exist, at central government level. Although comprehensive property tax legislation exists in most of the jurisdictions studied, giving practical effect to the provisions of the law presents problems in many of these countries – with the developed countries the general exceptions. A wide variety of tax bases are used and typically the property tax coverage in many if not most of the developing countries is unsatisfactory. -
Applicant: GG Property Management, LLC Public Hearing: September 9, 2020
Applicant: GG Property Management, LLC Agenda Item Property Owner: Redell Lane Public Hearing: September 9, 2020 City Council Election District: Rose Hall 13 Request Conditional Use Permit (Short Term Rental) Staff Recommendation Approval Staff Planner Summer Peebles Location 713 Northgate Court GPIN 1486855371 Site Size 7,347 square feet Existing Land Use and Zoning District Single-family dwelling / R-7.5 Residential Surrounding Land Uses and Zoning Districts North Single-family dwellings / R-7.5 Residential South Single-family dwellings / R-7.5 Residential East Northgate Court Single-family dwellings / R-7.5 Residential West Single-family dwellings / R-7.5 Residential GG Property Management, LLC Agenda Item 13 Page 1 Background & Summary of Proposal Site Conditions and History • This 7,347 square foot parcel is zoned R-7.5 Residential District. • City records indicate this single-family dwelling was constructed in 1965. • Staff inspected the site on July 16, 2020 to observe site conditions and take photographs for this report. It appears that utility lines are marked for future construction of a stormwater Capital Improvement Project. • On-street parking is permitted 24-hours per day, therefore any overflow parking beyond the minimum parking spaces required could occur within the public street. • No record of zoning violations relating to Short Term Rental use were found associated with the subject address. • The applicant has agreed with City Council’s recently imposed conditions reducing the number of bookings in a seven day period to one and limiting the overnight guest calculation to two per bedroom. Short Term Rentals in the Vicinity Summary of Proposal The applicant submitted a Conditional Use Permit request to operate a five-bedroom Short Term Rental on the subject site.