14
Aug
By First Rate Financial Group
Mortagage Tips

The Importance of Reviewing Your Insurance Policies During The COVID-19 Pandemic

The Importance of Reviewing Your Insurance Policies During The COVID-19 PandemicThe COVID-19 pandemic has taken the world by storm. Millions of people all over the world have been infected and businesses have ground to a halt. During this time, it is important for everyone to take a breath, pause, and look at their insurance policies.

The reality is that the economic crisis is following in the footsteps of the obvious public health emergency. In order for everyone to hold their finances together, it is important to explore all of the options. This includes looking at insurance policies.

Business Interruption Insurance

One of the first policies or riders that everyone has to look for is called business interruption insurance. This is an insurance policy that might be able to assist companies that are struggling with reduced revenue streams due to interruptions in their normal business operations.

For example, if a business is forced to shut down due to the COVID-19 pandemic, this might fall under the category of business interruption insurance. This can help businesses bridge the gap until they can reopen again.

Civil Authority Clauses

This is a feature that is common in property insurance. This insurance claim can be triggered if government policies restrict the entry of people onto the property of the policyholder. If this restriction leads to lost income, then the insurance policy can be triggered. Everyone should check their policies to see if this clause is included as this can provide funds to businesses that might not otherwise be able to stay open.

Defensive Policies And Riders

Finally, defensive policies are often put in place to help companies defend against lawsuits that might be filed against the company related to injuries and illnesses. Without a doubt, there will be a slew of lawsuits filed related to the COVID-19 pandemic. Defensive policies can help companies cover legal fees, settlement costs, and other expenses related to these lawsuits.

Defensive policies are also called D&O insurance (Directors and Officers Insurance) as well as General Liability Insurance. It is important to read the insurance policy carefully to see if these policies are included.

Businesses need to explore every available option when it comes to reopening. These insurance policies can help them survive the COVID-19 pandemic.

24
Jul
By First Rate Financial Group
Mortagage Tips

How to Pack Weird Shaped So They Are Free From Damage

How to Pack Weird Shaped nothey Are Free From DamageIf you are like a lot of homeowners who have just sold their homes, packing up to move is the least enjoyable aspect of the whole thing. Packing is always time consuming, but it is worse when you have weird shaped items to pack. Sometimes the most commonly used items end up being difficult to pack.

Here are some tips for how to handle it.

Think Outside The Box

Many weird shaped items either do not fit inside a standard sized box or they will rattle around and get damaged. Try to think of unusual packaging materials that might fit the bill, such as egg cartons, cardboard paper towel tubes, insulated coolers and even file cabinet drawers. Often, you will be able to fit a odd or strangely shaped item into one of these. 

  • For instance, sharp knives can be tucked into paper towel tubes. Fold the two ends down and tape shut. 
  • Your kids rock or shell collection can be packed inside egg cartons, layered with newspaper and taped up.
  • A delicate light fixture such as a small chandelier can be packed into an insulated cooler and surrounded with Styrofoam peanuts.

Deal With Sporting Goods And Gardening Equipment

Sporting goods pose a particular challenge when packing. If your family engages in water sports, archery or other activities, you will be wondering how to pack things like fins, a crossbows, skis, and other expensive but weirdly shaped equipment. Here are some ideas.

  • Pack snorkeling and scuba gear into a large, new, plastic trash barrel. The fins will be able to fit on end so they get warped, and there will be plenty of room for masks, snorkels and scuba tank, if necessary.
  • Use a specially designed television box to pack a cross bow and arrows or any other item that?s flat and wide.
  • Ski poles will fit nicely into a bicycle box (along with the bicycle). You can get one from a local dealer or buy one from the moving company. Secure the poles with a zip tie first. 
  • Wrap up garden shovels and hoes with a zip tie and pack them into their own bicycle box. You can use the same box to pack rolled up tents, sleeping bags and other camping gear. 

You can see that with a little ingenuity there is always a way to pack weird shaped items. Be forewarned though – the stranger the item, the more creative you may have to get!

 

 

21
Jul
By First Rate Financial Group
Mortagage Tips

Should You Buy A Fixer Upper?

Should You Buy A Fixer Upper?If you’ve expressed any interest in buying a home that you can work on, your real estate agent may present you with one or two fixer upper properties for your consideration. Fixer upper homes can offer good value for certain kinds of homebuyers.

But not everyone should buy a fixer upper. Here are some considerations to keep in mind.

There May Be Unforeseen Conditions

Until you actually get in there and start renovating, you cannot know exactly what is behind those walls. Fixer uppers could have unforeseen conditions that could blow away your renovation budget.

If you do decide to forge ahead with an offer, consider hiring a structural engineer, a pest control technician and a mold expert to carefully inspect the property first.

Will You Be Able To Live There During Renovations?

Sometimes a fixer upper requires a complete overhaul. Other times there are a few inhabitable rooms you can stay in while completing the rehab.

Consider whether you and/or your family can be comfortable during the work, or if you will need to rent an apartment or stay with family.

This will heavily impact your fixer upper experience.

How Handy Are You – Honestly?

This is the time to be really honest with yourself. How much of the work can you actually do? Are you a wannabe handyman, or do you truly possess the skills and experience to complete quality work? If everyone you know is astonished that you want to work on a fixer upper house, it is a smart idea to take stock of your abilities. 

Can You Afford To Hire Workers?

Just because you buy a fixer upper does not mean you have to do the work yourself, either. Maybe you have the money to hire a contractor or workers to get the job done. If hiring others is part of the plan, make sure you budget accordingly. Do not forget to budget for the unexpected because with a fixer upper, you can expect the unexpected.

Finally, if the only house you can afford is a fixer upper and you really want to buy now, then maybe you should go for it. After all, when you finish the rehab, you could be in a position to take some equity out of the house after a new appraisal.

For the right person in the right circumstances, a fixer upper can be a viable choice.