At one point in time a vehicle was a means to take us from point ‘a’ to point ‘b.’ Nowadays we not only travel in our vehicles, we eat meals in them, conduct business in them, read in them, watch TV in them, listen to cds and, of course, talk on the phone. Cars are being equipped with more and more gadgets to seemingly make our life easier. In the midst of this progress, we neglect to realize that easier isn’t always better, or, as in the case of driving while distracted, safer. While perfecting the ‘skill’ of multi-tasking we sometimes forget that our vehicle is potentially a lethal weapon.
After a disaster happens it is too late to determine if you have enough insurance to cover the cost of replacing your home and your lost valuables. And as we have seen from recent events, disaster has a way of striking without warning.
The beautiful and peaceful looking blanket of fresh snow that a winter storm leaves behind can be deceiving. Winter storms can be extremely dangerous, causing extensive property damage and hazardous conditions. Do you know what to do to minimize winter storm damage to your home? If you do sustain damage, do you know what your homeowner’s policy will cover?
Weather patterns have become increasingly erratic over the last several years. Heat waves, droughts, mudslides, and increased hurricane activity have become the norm. In 2004, four major hurricanes pummeled Florida; the Gulf Coasts of Louisiana, Mississippi and Alabama are still recovering from 2005’s Hurricane Katrina and its ensuing floods. Between these disasters and increasing attention from politicians and the media, the problem of global climate change has become a major issue. As a result, the insurance industry has begun to devise new products and strategies for dealing with this problem.
Newspaper columnist and author Erma Bombeck once humorously advised parents to never lend a vehicle to anyone to whom they’ve given birth. If only life could be that simple. Most parents don’t find deflating the tires and locking away the keys from their teen driver a feasible approach and will eventually let their teen driver borrow the car.
Not everyone wants to actually own a unit in a condominium complex which is why some purchasers buy units as investment properties. The practice has become widespread enough to become a major problem for many condominium associations. To understand the scope of the problem, you need to understand how the secondary mortgage market operates.
The term “condominium” in real estate law refers to a large complex that is divided into individual units and sold. When a purchaser buys one of the units in the complex, they enter into a dual ownership situation. The first type of ownership is the acquisition of individual and absolute title to the particular space their unit occupies. That means that they own the area formed by the walls, floor and ceiling of their unit and everything inside including interior partitions, cabinets, appliances and fixtures. They technically do not own the land. However, their ownership of their individual unit is as complete and absolute as a homeowner’s ownership of the house that they buy. They have title to their unit just as they would if they had purchased a single-family home. Additionally, they have the same legal status as a single-family homeowner.
If you run a business from your home, don’t make the error of believing your current homeowner’s insurance policy covers the loss of expensive business equipment. Although many homeowner’s policies offer a small amount of insurance coverage for inventory, there are strict exclusions for liability claims arising from any “for-profit” activities.
If you contact your insurance company to verify coverage for a particular claim, it goes on your record. Even if you call your agent directly, they might be obligated to inform the insurer of your inquiry. Too many inquiries, even if you never file a claim, can jeopardize your policy. Too many claims, regardless of their size, can result in non-renewal at the end of your policy’s term.
Living in a condo can be risky business if you fail to discover where you are vulnerable so that you can remove or at least lessen your liability. As always, any liability assessment starts with the condo association’s master policy.