By: Dianne Bryan
When you think of real estate insurance, most of think of homeowners insurance. Real Estate Insurance covers any type of real estate you own. This can be your home, renting place there, investing property, or business. Real estate insurance can also be title insurance, flood insurance, home warrant, natural disaster insurance,fire insurance and theft insurance. There are many aspects to real estate insurance and every situation is another(a). When you own any type of real estate, you should always consult with an insurance professional. A professional can help with these needs.
With the ever uphill amount of foreclosures and short sales, many sates are requiring the home owners to change their homeowners policy to vacant property insurance If the homeowner leaves the property vacant for any reason, the lenders can come back on them if they do not have vacant property insurance in the case of damage to the property before it is sold. Many homeowners who are facing or in foreclosure are not aware of this, or can not afford the insurance, which costs more than the equity insurance, or homeowners insurance. Check with the lender and your insurance agent for all the facts before you leave your home.~Your lender can come back on you for damages.} If you are evicted from your home, some lenders will take out these policies to cover the property, and make their chances of selling an undamaged property. If you are being evicted by the courts, then normally your responsibilities are released, but always make sure it is in writing.
With the lower costs of foreclosures and short sale properties, more people are investment funds in these properties to turn into rentals. The owners should carry Landlord Insurance, which is like homeowners insurance, but covers things like tenant damages, loss of rent or net income and legal fees such as for evictions. Make sure you have enough coverage. As fast as the real estate market is changing, so is the weather. Always make sure you have all the coverage for any disaster that may come about in your area. If you can afford it I would say to check on additional coverage that you may not think about, like earthquake insurance in Ohio, but truth is Ohio has had 3 Good size earthquakes in the past few years. Not much damage recorded, but do you have earthquake insurance? What are the chances that an earthquake would destroy your home? No one knows for sure. It is best to be covered, than not and your home is the next one destroyed. Get all the real estate insurance you can possibly afford.
For more information about the products offered by Home Equity Guard please visit our website http://www.homeequityguard.com
