Insurance Tips for Home Renovations

Home renovations can be costly, but insufficient insurance coverage can make the process exponentially more expensive. Below are some do's and don'ts that can help keep you protected during a home improvement project. Double-check your contractor's insurance coverage. Workers' compensation and liability insurance are musts. Ask to see the necessary certificates and confirm sufficient coverage before you sign a contract. Don't assume subcontractors are covered. If your general contractor is subcontracting work to a plumber, electrician or another professional, make sure those companies carry insurance. The general contractor's policy may not cover them. Increase your replacement value. Improvements made during a renovation enhance the value of your home. Expanding your insurance coverage ensures your policy fully covers the cost of rebuilding your home as is. Don't forget to include new items. Add updated appliances and furniture purchases to avoid potential gaps in coverage. Raise the liability coverage limit. Making this change can help protect a homeowner in the event of an injury while the property is under construction. Don't neglect an attractive nuisance. Are you adding a swimming pool, trampoline or other feature to your home that might attract and pose a risk to children? Should an accident involving an attractive nuisance happen, you'd be liable -- whether or not you gave permission to use it. Additional liability protection can help ease that burden. Insurance plays an important role when you embark on a home improvement project. The right type and amount of coverage can help you avoid pitfalls on the road to owning your dream home. Patrick Patterson  Cell: 760.566.8544 Office: 619.477.6330 Fax: 619.477.1882 Website: www.taylorhouseinsurance.com Ca Lic # 0K08985 Auto, Home, Commercial, Motorcycle, Boat, Business, and Renters Licensed to sell insurance in the following states: CA The highest compliment you can pay me is to recommend my services to your friends and associates. If you know of someone who would appreciate my services, simply call, text or email me with their contact details

Is it time to update your insurance?

When was the last time you thought about your home insurance? If you're like most people, you probably haven't revisited your policy since you first bought it. It's an oversight, though, that can cost you. Here are three scenarios that should prompt an insurance review.

Your Rebuild Costs Have Changed
Any time there's a change in the labor and material costs of rebuilding your home, it's a good idea to consider a review. A renovation is one such scenario. Another is when there's a general uptick in construction costs. Of course, those can spike after a natural disaster, but you can buy an extended-coverage rider now that'll boost your replacement value by up to 30 percent.

You Made a Big Purchase
New jewelry, art and other purchases may be covered by your policy but only in certain circumstances or up to a certain dollar limit. In this event, you can either increase your personal property limits or get specific coverage for the new item (called "scheduling"). This is also the time to decide between actual cash value coverage, which reimburses you for an item's depreciated value, or replacement cost coverage, which compensates you for the full cost of a replacement right now.

Your Risks Have Increased
A new pool or trampoline might make you the neighborhood hero, but it can also increase the risk of injuries on your property. If you're planning such a purchase, check whether your policy protects you against the new danger with enough liability protection, which would help with medical or legal costs if someone were to get hurt.

By and large, it's never a bad time to make sure your existing insurance coverages match up with your current needs. Contact us for a no obligation insurance review.

Patrick Patterson 

Cell: 760.566.8544

Office: 619.477.6330

Fax: 619.477.1882

Website: www.taylorhouseinsurance.com

Ca Lic # 0K08985

Auto, Home, Commercial, Motorcycle, Boat, Business, and Renters
Licensed to sell insurance in the following states: CA
The highest compliment you can pay me is to recommend my services to your friends and associates.
If you know of someone who would appreciate my services, simply call, text or email me with their contact details

Thinking About Listing Your Home on Airbnb or VRBO? What You Should Know

Whether you live in a popular travel destination or just need help paying your bills, renting your home on Airbnb can seem like a great option. But before you jump in, it's important to understand the laws that apply to short-term rentals in your area.

More Communities Are Regulating Short-Term Rentals

The increase in short-term rentals on websites like Airbnb and VRBO has caused controversy in many communities. In places like New York City where apartments are expensive and hard to find, short-term rentals can reduce the supply of affordable housing and drive up rents.

In beach towns and other vacation spots, short-term rentals can cause tensions with neighbors who are permanent residents, especially when rentals are overcrowded with rowdy or inconsiderate vacationers.

As a result, many localities have now passed laws restricting the right to rent homes on a short-term basis. Airbnb provides information on the laws and regulations in 50+ cities, which usually take one or more forms:

• A minimum number of rental days. In New York City, for example, it is illegal to rent—or even list— an entire apartment for rent for less than 30 days.
• A maximum number of days per year you can rent out your entire home. In San Francisco, you can rent your entire home for 90 days each year, but you must live there for the other 275 days. This does not apply to people who live in their home full-time and only rent out a room.
• A requirement that you register your rental and/or obtain a business license from the city. You may have to pay a fee for registrations and licenses, and you may also have to pay occupancy or tourist taxes.
• Liability insurance needs to be written either as a commercial/business use property or endorsed under current Homeowners policy if available. Coverage may be denied in event of claim if not disclosed. Contact Taylor Company Insurance & Financial Services for quote (see below).
• Other regulations related to things like parking, health codes, and building safety.

The localities that approve these laws also are responsible for enforcing them. The level of enforcement and the penalties you pay for breaking the rules can vary greatly from place to place.

How to Find Out Whether You Can Rent Out Your Property

If you are thinking of listing all or a portion of your house, condo, or apartment on Airbnb, VRBO, or another rental site, do your research ahead of time. This is especially important if you are considering purchasing a home and are expecting rental income to help you pay your monthly bills. Here are three things to look into:

• City and state laws and regulations. If your locality has rental restrictions, they will most likely be in the city or county code, possibly in the form of a zoning regulation. In addition to checking the Airbnb site, you can look up your city or county code online or at the local library. Alternately, a call to the local zoning board or administrative offices may give you the information you need. If you list your property in violation of state or local regulations, you may be fined or suffer other penalties.
• Homeowner's association rules. If you live in a condo, planned community, co-op, or other property with a homeowner's association or board, you're probably subject to bylaws; rules; or conditions, covenants, and restrictions. These may restrict or prohibit you from renting to short-term tenants. If you violate the rules, the association may impose a fine or even place a lien on your home until the fine is paid. Contact your homeowner's association or board for a copy of all applicable regulations before you list your property on any rental site.
• Lease restrictions. If you rent your home and want to list it on a short-term rental site, check the terms of your lease. Most leases require the landlord's approval to sublet the property, and some leases prohibit subletting altogether. If your landlord agrees to the sublet, get it in writing. If you do a short-term rental in violation of your lease, your landlord may have grounds to evict you.

Renting on Airbnb and VRBO can be a great source of extra income, but be sure you know what laws and restrictions apply to you. And, to minimize the chance of complaints and enforcement actions, be respectful of your neighbors who must live alongside your short-term guests.

by Jane Haskins, Esq., June 2017

We have multiple carriers that can provide Homeowners or Landlord policies covering Airbnb or VRBO, contact us with any questions. 

Patrick Patterson 

President 

Cell: 760.566.8544

Office: 619.477.6330

Fax: 619.477.1882

Website: www.taylorhouseinsurance.com

Ca Lic # 0K08985

Auto, Home, Commercial, Motorcycle, Boat, Business, and Renters
Licensed to sell insurance in the following states: CA
The highest compliment you can pay me is to recommend my services to your friends and associates.
If you know of someone who would appreciate my services, simply call, text or email me with their contact details