Insurance: Ordinance and Law Coverage – What you need to know!
An important coverage available to building owners is “Building Ordinance and Law Coverage.” This coverage is sometimes included in property insurance policies and can be added by endorsement for an additional premium. In some situations (as mandated by Florida statutes) certain policies must include ordinance and law (O&L) coverage unless the client rejects the coverage in writing. Whether the coverage is statutorily required or not, it’s a very valuable option and all building owners (residential or otherwise) should be encouraged to obtain the coverage in order to provide the best possible protection. Read the rest of this entry
Continued from last week.
Downfalls of mortgage escrow accounts
There are several downfalls to escrow accounts. Basically, you are paying someone to do something you could do yourself (make payments on a schedule). Other downfalls occur when escrow accounts don’t work properly, when there is an overage or shortage, and due to missed opportunity cost. Read the rest of this entry
As we come to the end of another year, you are probably like me. You start reviewing your statements for tax purposes. Ever year I examine my mortgage statement and review my escrow account. Doing this made me think about “Escrow Accounts” the pro’s and con’s of them. I found a great article I wanted to share in two parts. This week we’ll focus on the Pro’s of Escrow and next week we’ll focus on the con’s. Read the rest of this entry
There are several important steps in the home loan process, one of those required steps is obtaining homeowner’s insurance. Below is a basic idea of the insurance process, and how the coverage’s work.
Understanding Homeowner’s insurance: Read the rest of this entry
Understanding Closing Costs
There are certain standard costs associated with closing the sale of a house. These fees are split between the buyer and seller, as spelled out in the purchase contract. The cost split on these fees is, to an extent, negotiable. As I negotiate the purchase contract on your behalf, I will strive to achieve not only the selling price that you want, but to also limit the number and amount of closing costs for which you are responsible. Read the rest of this entry