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Protecting Your Biggest Investment

Some people struggle to own one, while some own a few… but all the same, owning a home is one of the major investments anyone can achieve in their lifetime. It therefore goes without saying that your hard-earned investment will definitely need protection.

There are several way to protect your home;

  • Title Examination / Insurance – less understood but very very important!
  • Homeowner’s Insurance – also vital for any homeowner
  • Burglar proofing – for obvious reasons
  • Regular Home Inspections and Professional Remedies (if and when suggested)
  • Fire proofing – fire detectors and alarms, sprinklers, extinguishers…
  • Regular General Maintenance – quick replacement of broken or missing parts

This might seem a lot… (probably because it is!), but every home owner who wants to live in peace and enjoy their investment will definitely have to cover the list highlighted above. It’s an on going process that only stops when you either die or sell the property. Constant improvements like repainting and good general maintenance to prevent problems like moisture, mold, termites or other pests also help to boost your home’s equity. This puts you in a better position as a seller, or when borrowing from lenders.

Protecting your biggest investment might seem like an obvious thing but Kimberly J. Howard points out a few facts that most homeowners overlook. Even paying down your mortgage loan to remain free of any debt is a way of protecting your biggest asset too! However, her main focus is on “physical protection” and this is what she has to say:

Protecting Your Greatest Asset – Your Home

Your biggest investment is likely your home. You can protect it – in ways that go beyond staying current on the mortgage.

A home is more than a financial investment. It is an emotional investment. The feeling of owing your dream house is the experience of a lifetime. You relish having something that’s all yours – a place where your own style statement tells the world who you are.

There are three crucial areas to focus on: access control (security), fire prevention-response and maintenance… here are the details

But wait… before you get in over your head with excitement as a new home owner, please turn your attention back insurance and more specifically… “Title Insurance”. Please also note that the title examination and insurance process should come before you close! Imagine the shock when you buy a home for your family then get kicked out 2 years later on a technicality just because you did not follow due diligence?

Warning: You can lose EVERYTHING on a home purchase deal for failure of securing a title insurance policy that would probably cost you $250! one-time premium.

The NAIC (National Association of Insurance Commissioners) has given a detailed guide on how home buyers should go about protecting their property investment from matters touching on title insurance. The publication also highlights the importance of learning about title insurance as a home owner or prospecting buyer. Here is a sneak peek of the informative article:

Protecting Your Home Investment Against Unknown Title Defects

Most first-time home buyers are familiar with various types of insurance (e.g., auto, life), but are unaware of what title insurance is, and the role it plays in real estate transactions. In the rush to close such transactions as quickly as possible, title insurance is typically an area that consumers commonly overlook in the home buying process.

If you borrow money to finance the purchase of a home or property, a lending institution will likely require you to buy a title insurance policy to protect its interest. As a consumer, it is in your best interest to be well-informed about title insurance, how title insurance works and key areas to be addressed when purchasing title insurance… do you need title insurance?

Now that you have title insurance catered for, it’s time to find out how home insurance works in general. Knowing what’s covered and what’s not covered in your policy is very important and it could save you some serious financial loses in future. Did you know most home insurance policy owners get dropped by their insuring company for making too many small claims?

Well, for those still in the dark about home insurance and what is legally covered in most policies, here’s a short video prepared by Central Insurance titled “Insurance 101 – Homeowners Coverages”. Check out the video:

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