RE/MAX 440
John F. O'Hara

John F. O'Hara
731 W Skippack Pike  Blue Bell  PA 19422
Phone:  610-277-4060
Office:  215-643-3200
Cell:  267-481-1786
Fax:  267-354-6973

My Blog

Understanding Your Flood Risk

October 8, 2015 2:00 am

As a homeowner or renter, understanding your flood risk is essential. Generally speaking, water that comes from the top down is covered by homeowners or renters insurance; water that comes from the bottom up is covered separately by flood insurance, according to the Insurance Information Institute (I.I.I.).

“Many consumers don’t understand what type of water damage is covered by standard home insurance, nor do they understand the various types of flood policies available to them,” says Jeanne M. Salvatore, chief communications officer for the I.I.I.

Water from the bottom up, such as overflow from a nearby lake, river or stream, is typically not covered by homeowners or renters insurance. Flood insurance is available from the National Flood Insurance Program (NFIP) and a few private insurance companies. Policies from the federal government have a 30-day waiting period before the coverage is activated. Excess flood insurance is also available from some private insurers if additional coverage is needed above and beyond the basic policy.

Remember: it only takes a few inches of water to cause tens of thousands of dollars in property damage. Don’t hesitate to contact your insurance professional to ask questions. Doing so will help you make informed decisions about your coverage.

You may also consider conducting a home inventory to document your belongings. Taking stock of your possessions will help you purchase the right amount of insurance, makes filing a claim easier and can be used to document losses when filing tax returns or applying for financial assistance after a disaster.

Source: I.I.I.

Published with permission from RISMedia.


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7 Things to Know about Title Insurance

October 8, 2015 2:00 am

Many factors play a role in the process of purchasing a home – none understood less than title insurance. Put simply, title insurance protects your investment from title issues that may arise after buying or refinancing a home, such as lost, forged or incorrectly filed deeds or liens on a property, according to the National Association of Insurance Commissioners (NAIC).

To gain a clearer understanding of title insurance, take a look at the facts recently shared by the NAIC:

• Lenders typically require title insurance; however, you are not required to use their recommended title company or agent. Keep in mind that by federal law, affiliated (referral-based) relationships must be disclosed to you in writing.

• Title insurance can be purchased from a licensed title insurance company or agent. Attorneys may also have the authority to sell title insurance, depending on their jurisdiction.

• When comparison shopping, inquire about services and fees, both included in the title premium and not. Be sure to ask about discounts.

• When selecting a policy, take time to assess your options. As stated above, your lender will likely require a lender’s policy for the amount of the loan, which protects the lender from title issues that may occur after buying the home. Though you may have to pay the policy premium, coverage will decrease as the mortgage is paid off.

• Though you are not required to buy one, an owner’s policy for the full price of the home (and potential legal costs) protects you if title issues emerge after purchasing the home. Coverage will remain as long as you own an interest in the home.

• Depending on your area, you may also have the option to purchase an enhanced owner’s policy, which covers approximately 20 percent more than a standard owner’s policy.

• Policy endorsements may be available to you, as well. An endorsement, which you may or may not have to pay for, covers a specific issue, such as a mechanic’s liens.

Source: NAIC

Published with permission from RISMedia.


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