Posted in home improvement loans

Home insurance pitfalls to avoid during hurricane season – Lifestyle – providencejournal.com

For homeowners in coastal states, the 2020 hurricane season could mean financial disaster. Named storms are rolling in at a record pace, with as many as 25 expected in the Atlantic this season — twice the average number. After battering the Louisiana coast in late August, Hurricane Laura alone may account for as much as $12 billion in insured losses.

Even if you think you’re prepared, you may discover that your homeowners insurance doesn’t fully cover damage from a hurricane. To make sure you’re protected, avoid these four costly pitfalls.

Skipping flood insurance

Flood insurance is optional, and only 15% of American households buy it, says Mark Friedlander, spokesperson for the Insurance Information Institute.

But when a hurricane or storm hits, flooding causes more residential losses than high winds, according to a 2019 report from the U.S. Congressional Budget Office. That means most homeowners, even those with hurricane or wind

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Continue Reading Home insurance pitfalls to avoid during hurricane season – Lifestyle – providencejournal.com
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Reverse mortgages may be helpful in retirement but mind the pitfalls

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If you’re thinking about a reverse mortgage, be prepared to learn a lot about a complicated financial commitment. 

With a reverse mortgage, you can convert part of the equity in your home into cash instead of selling, provided you’re at least 62 years old. As long as you continue paying taxes and maintaining the home, you cannot be evicted.

It may sound like the answer to your retirement cash prayers, but complexity and costs are among the factors to consider.

Here’s how it works. Instead of a debt that gets lower as you make payments to the bank for a regular mortgage, a reverse mortgage is the exact opposite.

You draw out funds and interest builds up, while the balance grows larger and you hold less equity in your home. 

Keep in mind, you must use the funds to first pay off any existing

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Continue Reading Reverse mortgages may be helpful in retirement but mind the pitfalls
Posted in home improvement loans

Avoid these 4 home insurance pitfalls during hurricane season | Hurricane Center

For homeowners in coastal states, the 2020 hurricane season could mean financial disaster. Named storms are rolling in at a record pace, with as many as 25 expected in the Atlantic this season — twice the average number. After battering the Louisiana coast in late August, Hurricane Laura alone may account for as much as $12 billion in insured losses.

Even if you think you’re prepared, you may discover that your homeowners insurance doesn’t fully cover damage from a hurricane. To make sure you’re protected, avoid these four costly pitfalls.

SKIPPING FLOOD INSURANCE

Flood insurance is optional, and only 15% of American households buy it, says Mark Friedlander, spokesperson for the Insurance Information Institute.

But when a hurricane or storm hits, flooding causes more residential losses than high winds, according to a 2019 report from the U.S. Congressional Budget Office. That means most homeowners, even those with hurricane or wind

Read More
Continue Reading Avoid these 4 home insurance pitfalls during hurricane season | Hurricane Center
Posted in home improvement

4 home insurance pitfalls to avoid during hurricane season

For homeowners in coastal states, the 2020 hurricane season could mean financial disaster. Named storms are rolling in at a record pace, with as many as 25 expected in the Atlantic this season — twice the average number. After battering the Louisiana coast in late August, Hurricane Laura alone may account for as much as $12 billion in insured losses.

Even if you think you’re prepared, you may discover that your homeowners insurance doesn’t fully cover damage from a hurricane. To make sure you’re protected, avoid these four costly pitfalls.

SKIPPING FLOOD INSURANCE

Flood insurance is optional, and only 15% of American households buy it, says Mark Friedlander, spokesperson for the Insurance Information Institute.

But when a hurricane or storm hits, flooding causes more residential losses than high winds, according to a 2019 report from the U.S. Congressional Budget Office. That means most homeowners, even those with hurricane or wind

Read More
Continue Reading 4 home insurance pitfalls to avoid during hurricane season