Turning an antique bucket of bolts into a cherry ride takes know-how — and making a profit is even trickier. Here's what you need to think about.

It's a used car

A classic car is, strictly speaking, a used car. A special used car, to be sure. A classic is defined as:

• A motor vehicle 10 or more years old, which is rare or of special historical interest because of exceptionally fine workmanship or limited production. A classic motor vehicle 25 years old or older is covered as an antique.
• Antique Automobile: A motor vehicle 25 or more years old.
• Purchased thoughtfully and restored knowledgeably, some classic cars do appreciate. Plenty depreciate, though. You can’t know the market value of a vehicle until you sell it, and lots can go wrong before then. The market for collector cars, like markets for stocks or corn futures, is subject to unpredictable forces, like the larger economy and the changing tastes and emotions of buyers.

Here are 10 rules of the road for buying a classic car:

1. Get a professional inspection before buying

You can go online and research prices that restored vintage vehicles are commanding. There’s so much information out there that it’s possible to delude yourself into thinking you know what you are doing. You start dreaming of a slam-dunk deal when you find an old hulk at a bargain price.

Making a nice profit isn’t simple, though. Don’t buy a vintage car without having an experienced mechanic, whose credentials you know and trust, evaluate the vehicle’s condition and assess the cost of the renovation.

2. Say “no” to rust

When you see major rust on a vehicle’s body, run. Rust damage makes it unlikely you’ll be able to restore a vehicle to classic condition.

3. Research insurance costs

Surprisingly, insurance can be cheaper for antique cars. But there’s a catch: To get low rates you can’t drive your collector car much. Specialized policies for antique vehicles often have lower premiums because the cars are babied and driven less.

When it comes to insurance, there are a lot of different options based on how the car is valued and driven.

Even if you drive your classic, shop to compare policy options. You may be paying too much with a traditional auto policy.

4. Decide whether to drive it

You’ll have to decide if your classic car is too precious to drive. A vehicle’s worth depends on its condition, so taking it on the road risks damaging its value.

Collectors should not to be so fussy that they miss the joy of ownership. Get out and drive it, he says:

Generally speaking, when it comes to classic cars, Americans are obsessed with perfection. So much so that we are willing to trade it off for the enjoyment that the car might otherwise provide.

5. Factor in the cost of upkeep

If you are thinking of buying a vintage vehicle to drive, remember that it is one old car. Brauer tells of buying a 1970 Plymouth GTX for $4,000, driving it for 24 years and selling it for $24,000. Sounds like a decent deal, he says, until you realize that he spent $15,000 on upkeep, including rebuilding the engine and refreshing the interior, repainting and repairing rust and dents, insurance, fuel and regular maintenance. His profit on the “investment:” $5,000.

Now ask your accountant ‘Is a $5,000 return on a $19,000 expenditure, over 24 years, a good investment?

6. Understand the cost and availability of parts

Parts for these rare old beasts can themselves be rare — and pricey. Again, do your research to be sure you’re ready for that expense.

7. Find a mechanic before you buy

Buying a collector car means that, unless you do the work yourself, you could be at the mercy of a few experts who command high rates. Scope out the availability of these mechanics in your area who can do the job, and learn about their rates and background.

8. Follow your heart

Because you realize that car collecting is a hobby, not an investment, don’t ever buy a car that you’re not deeply passionate about.

Don’t buy a vehicle that you aren’t aching to drive. Don’t buy a car just because it seems like a great deal. If you don’t have the love, don’t bother.

9. Muscle cars are having a moment

If you love “gas hogs” you are lucky. Today, big, vintage American “big-block” cars with enormous motors are very hot.

Camaros, Corvettes, Chevelles, Mustangs … those are considered the big blocks.

10. Run the numbers — these numbers

Although few things guarantee you’ll make money on a vintage car, one factor helps enormously: ensuring that numbers on three of the important vehicle parts — the engine, transmission and rear axle — all correspond to the car’s VIN (vehicle identification number) that is stamped on it in the factory:

Source: moneytalksnews.com

One of the leading causes of car accidents is texting and driving. Texting while driving is an increasingly common practice across all ages. Statistics report that an alarming one in five drivers text while behind the wheel. It is not just a problem with teens anymore! Regardless of who is doing it, one thing remains the same; texting while driving is extremely dangerous and could end up costing you or someone else their lives.

Another name for texting while driving is called distracted driving, which, according to the NHTSA, was responsible for claiming 3,477 lives just in 2015. Distracted driving includes doing things like eating, putting on makeup, texting, messing with the stereo, and talking on the phone while you are operating the vehicle. Even using GPS devices can be a distraction.

To help you break this dangerous driving habit, here are some helpful tips for you and all of the drivers in your home. If your teen driver balks at the new rules, you have to be firm and make it very clear: they follow the rules or they don't drive the car at all.

One option to help teens drive safely is to enroll them in a defensive driving course. This will provide tons of valuable information and tips on how to avoid unsafe practices behind the wheel. Take it with them to make an even stronger impression.

Tips to Stop Texting While Driving:

1. Turn the phone's volume to silent (and keep vibrate off) – If you are tempted to grab your phone when it’s ringing or you hear it vibrating, repress this urge by turning the volume and vibration off completely while driving. You can't be tempted by what you don't hear.
2. Keep the phone out of sight and reach – For some hardcore texters, having the volume and vibrate feature off may not be enough. They may still be tempted to grab the phone "just in case" someone has texted them. Keeping the phone out of reach and out of sight can fix this problem. Put your purse in the back seat where you can't reach it. For super-stubborn texters, keep your purse or phone in your trunk. Then you won't even try to get to it.
3. Pull over and stop if it is important – If it is that urgent to send a message or answer the phone, take a few extra minutes to pull safely off the road and THEN text or answer the phone. It doesn't take long to find a safe place to pull over. If an issue is not important enough to pull over and stop your vehicle properly for, it is not important enough to risk your life by messing with your phone while you are driving.
4. Parents lead by example – You can't expect you teen to listen if you ignore the rules while driving. Let them see you turning your phone off and putting it away before you start the car. It will emphasize the point you are making when you require that they do the same. There should be no exceptions to breaking the rules you set. It only takes once to have a text cause you to be involved in a serious and potentially fatal car accident. It's not an age or experience issue, it is a safety and distracted driving issue.
5. Use apps that can help monitor your teen while they drive – There are apps that lock the phone while the car is being driven, as well as texting behavior apps that can let a parent know exactly what is going on while the teen is behind the wheel. Regardless of what the teen may want, a parent must ensure, through whatever means necessary, that the no-texting-and-driving rule is being followed at all times.
6. There must be consequences – You have to be tough when it comes to enforcing this life-saving and important driving rule. If you find that your teen is texting and driving, the consequences have to be strict and swift. There should be no second chances for this infraction. Letting it go and making it not a big deal could be sentencing your teen to a fatal accident. It IS a big deal, and as long as you treat it that way every single time, your teen will absorb its importance as well.

It’s easy to assume that if your home isn’t in a flood-prone area, you don’t need flood insurance. But that can leave you at a greater risk than you think.

In fact, according to the Insurance Information Institute, 90% of all U.S. natural disasters involve flooding. And the cost to repair flood damage can be more than many families are able to pay.

Get peace of mind knowing your greatest asset is protected with a flood insurance policy tailored to your risk and the value of your home.

Does Homeowners Insurance Cover Flooding?

Sometimes it can be confusing to know exactly what’s covered in your homeowner’s insurance policy. But it’s important to understand that flooding is never covered. For example: if lightning damages your home in a storm, that damage may be covered, but if that same storm results in flooding, water damage is not covered.

That’s why it’s so important to consider purchasing a flood insurance policy through the National Flood Insurance Program (NFIP).

When Is Flood Insurance Required?

If you’re wondering, “Does my house need flood insurance?” a great place to start is by checking with your mortgage lender.

In some cases, you may be required by your mortgage lender to have flood insurance in place. This typically happens when you live in a high-risk area or are working with a federally regulated lender, like the Federal Housing Authority.

But exactly where is flood insurance required? To find out, check the FEMA Flood Map – an online tool that allows you to see your home’s risk level. Those living in high-risk zones are required to have flood insurance.

But remember that just because you’re in a lower risk zone doesn’t mean your home is protected and won’t ever flood. In fact, flooding is the most frequent and costly natural disaster in the United States, and all 50 states are at risk. Any home can flood so it’s best to always be prepared and talk to an independent insurance agent to see what coverage options are available and best for your home. Your agent knows you, your home and your specific risk better than anyone else and can help advise you on the best path to take.

How Much Does Flood Insurance cost?

Like other insurance policies, the price of flood insurance can vary depending on factors like:

• Your location
• Your property’s risk
• What your policy covers (like structural damage or personal property protection)
• How much coverage you choose

Because primary flood insurance is offered exclusively through FEMA’s National Flood Insurance Program, it’s hard to say exactly how much coverage you’ll need and how much it’ll cost. There are limits set on coverages for flood-related building damage and property damage. You may also have to wait a certain period of time before the plan kicks in. Check it out for yourself and talk to an insurance agent about your specific situation to get an estimate on the cost for you.

So, is it worth it to have flood insurance? We think so. Regardless of where you live, there’s no better feeling than knowing the things that matter most are fully protected whenever the unexpected happens.

Talk to Lallis & Higgins Insurance, your independent insurance agent, to determine if flood insurance is right for you.

Source:msainsurance.com

Finding the perfect place to live can take a little digging. After a listing has caught your eye, but before you start packing to move, talk with the prospective landlord. With the right questions, you can get useful information that will help you clearly understand the details of the lease and determine if the apartment or house is a good fit for you.

1. How Long is the Lease?

Most leases last for 12 months, then switch to a month-to-month agreement. However, it’s a good idea to ask upfront how long the lease is for, as terms can range from six months to 18 months. If you want to settle in one place for a year or two, then a six-month lease may not be best option for you. It’s also beneficial to ask if and how the lease will renew if you want to stay longer than the initial lease agreement.

2. What Is the Cost of Rent, Utilities and Security Deposits?

An apartment lease is so much more than an agreement to rent a space at a specific price for a specific time period. Leases also cover other financial requirements like the amount of your security deposit, utility deposit and costs, and move-in fees. Compare the information on the apartment listing to the lease agreement. If costs don’t line up, try to negotiate for the lesser amount.

When determining your budget and whether an apartment is the right price for you, it’s easy to overlook utility costs. To avoid problems down the road, ask what utilities you can expect to pay, whether any are included in your rent and their average monthly costs. For example, some rentals will include the cost of water and trash in your rent while others expect you to pay those fees directly to the provider.

You should also ask how much the security deposit is and if there are any non-refundable deposits required. Generally, security deposits legally have to be refunded, unless they need to be used for repairing damages caused by a tenant or if a tenant breaks the lease. Move-in fees, pet fees and other costs baked into the lease may not be refunded, so it’s best to ask up front so you’re not surprised.

3. Is Renters Insurance Required?

Some landlords require tenants to have renters insurance, which can actually benefit you in the long run in case the unexpected happens to your things. It can also help protect you from medical bills if a guest was hurt while in your apartment. Even if your landlord doesn’t require it, you should seriously consider renters insurance.

Renters insurance can help provide coverage for:

• Your belongings in case of damage or theft.
• Legal fees if you unintentionally cause property damage.
• Medical bills if someone is injured on your property.
• Unexpected costs if the apartment becomes uninhabitable, like from a fire, and you have to find another place to live while repairs are made.

Renters insurance is usually very affordable and can be customized to get exactly what you’ll need for added peace of mind – no matter what your neighbors are into. There are also a lot of discounts to help lower the premiums even more, like a discount just for being a new customer. Discover the full benefits of renters insurance or contact Lallis & Higgins Insurance (- link to contact us page) to learn more about Main Street America’s renters insurance policies.

4. How Much Notice Do I Need to Give Before Moving Out?

Your lease should indicate how much notice you need to give your landlord before moving out. Most landlords require one to three months’ notice before you move out but be sure to ask your landlord directly before signing the lease. Giving proper notice before handing in your keys can help avoid unnecessary stress and fees.

5. Are Pets Allowed?

When it comes to pets, every apartment is different. If you have pets, you’ll want to be sure your apartment allows them and that your pets fit within the pet policies established in your lease. Pet policies vary between landlords and usually spell out limitations on the breed, size, species or number of pets. Ask your landlord about any specific pet restrictions they may have. Ask about fees, too, like a one-time pet deposit or a monthly pet fee, so you can account for them in your budget.

6. Are Guests Allowed?

Some properties have rules regarding guests and visitors, especially if they have to pass through a shared lobby or community space. Ask your landlord what their guest policy is, including what qualifies as a long-term visitor, and if there are restricted hours. Double check that these rules are also outlined in the lease.

7. What Are the Consequences of Breaking the Lease?

Life happens and some circumstances may require you to break your lease. Understanding the consequences before signing will help you know what to expect if you do need to pack up early. Potential consequences include losing your security deposit, paying a few months’ rent or paying a percentage of the rent owed for the rest of the lease term. Request that your landlord clearly outline any of these consequences in the agreement – just in case.

8. Is Subletting Allowed?

In some cases, you can sublet the apartment to avoid breaking the lease if an unexpected situation arises. Ask your landlord if this would be an option and what the subletting process would include. Landlords may want to screen anyone subletting the unit or they may not allow subletting.

9. What Is the Application and Screening Process?

Have your landlord detail the application and screening process before moving forward. This will let you know if there are any associated fees or credit checks involved, which could sway your decision. Application and screening fees may not be refundable and hard credit inquiries may temporarily lower your credit score.

10. How Safe Is the Neighborhood?

Ask your landlord about neighborhood safety, including reports of break-ins, thefts or assaults at or around the property. You can also search public records or check with law enforcement to get an idea of the area’s crime rates. Even if they’re low, find out how to stay safe in your home.

Source: msainsurance.com

Whether you're buying a fishing boat, cabin cruiser, pontoon or speed boat, different components like cost, horsepower, weight capacity or onboard storage may prove to be more important to you than others.

Answer these questions before going boat shopping:

Use

What are you hoping to use your boat for? All boat styles have a different design tailored to their use. Speed boats may be better for tubing and water skiing, but wouldn't hold as many people or be as fish-accessible as a pontoon or fishing boat. Maybe you're in the market for a sailboat, or leaning towards a houseboat. There are so many different varieties of boats, so make an informed decision on which one is right for you (information provided by Discover Boating).

Cost

What's your budget? This may help decide whether to purchase a pre-owned boat. According to Discover Boating, new boats depreciate anywhere between 25%-33% immediately after leaving the dealer's lot. So if you buy a pre-owned boat, someone else has already paid that depreciation cost - more boat for fewer dollars! However, buying a new boat will offer a warranty, the newest technology, and that nice shiny look as you move across the water - the choice is up to you!

Capacity

How many people are you hoping to go on your boating excursions with? The capacity on personal fishing boats is generally smaller than a pontoon boat, which are made to hold anywhere between 8-15 adults comfortably.

Equipment

What type of equipment will you want onboard? Here's some suggestions:

• Trolling Motor
• Lights
• Depth finder
• Live well
• GPS
• Canopy/bimini
• Stereo
• Tables
• Emergency survival kit
• Fire extinguisher

Towing

Will your car be able to tow the new boat? According to Auto Bytel, the average 21-foot boat trailer weighs between 500 and 1,000 pounds, while most boats in this size range hover in the 4,000-5,000 pound range. This means that you'll want an SUV or truck that is rated to tow between 4,500-6,000 pounds in total.

Storage Limitations

Will your new boat fit in your garage during the off season? Alongside your garage? In a separate storage space?

And a few other components to consider…

• Horsepower
• Engine Type
• Hull (Deep V, Modified V, Pontoon, etc.)
• Storage Onboard

No matter what you decide, get out there, matey, and enjoy the open seas!

Source: Foremost.com

As the weather starts warming up for riders who live in the north, there’s good news! It’s time to take your bike out of storage and get it ready for the open road. If you’re someone who’s been riding all winter long, you can take this opportunity for a small tune up on your bike, since regular maintenance on your bike is always recommended!

If you live in Massachusetts, it’s likely your bike was in storage the last four to six months and it’s not ideal to simply take your bike out and start riding it. There is a set of steps you should take to prepare it for riding, and we’re here to guide you through it.

Below are five maintenance tasks you don’t want to forget to do before you fire up that engine.

Charge or replace the battery.

When a bike is in storage for a long period of time without being on a trickle charge, the battery may die. Simply charge it back up and you should be back in business. However, if your battery is more than two years old, it may be time to replace the battery.

Examine the tires.

Make sure your tires are in the best condition possible. Look closely for any signs of wear or damage such as cracking along the sidewall, cupping, tears or unusual indentations. If they look good, check the tire pressure and fill them with air if necessary.

Drain and replace oil and filter. Check other fluids as a precaution.

Even if you did this before putting your bike in storage, it’s a good idea to start with fresh oil for the season. You can perform the oil change yourself, or get it serviced by a professional if you don’t feel comfortable. Remember to also check your transmission fluid, antifreeze and brake fluid (or you can have a professional do this part as well).

Check the air filter.

The air filter is a popular spot for pests to hide. Inspect it thoroughly. if you see signs that a creature made its way in there, replace the filter. If it looks clean, it’s good to go!

Inspect the brakes, plugs and chain.

Be sure to check your brakes before you hit the road after storing your bike for any period of time. You’ll want to clean and lube your chain, and tighten any nuts and bolts as needed.

Once you have completed these tasks, it’s a good idea to take a test ride around your neighborhood to ensure everything is working properly. Stay safe, and Ride On!

Source: Foremost.com

Floods are unpredictable. Because flood risk is always changing, communities use tools to understand their risk and take actions to protect their families, homes and businesses.

Floods occur naturally and can happen almost anywhere. They may not even be near a body of water, although river and coastal flooding are two of the most common types. Heavy rains, poor drainage, and even nearby construction projects can put you at risk for flood damage.

Flood maps are one tool that communities use to know which areas have the highest risk of flooding. FEMA maintains and updates data through flood maps and risk assessments.

Flood maps show how likely it is for an area to flood. Any place with a 1% chance or higher chance of experiencing a flood each year is considered to have a high risk. Those areas have at least a one-in-four chance of flooding during a 30-year mortgage.

Floods don’t follow city limits or property lines. Using a flood map, you can see the relationship between your property and the areas with the highest risk of flooding. There is no such thing as a “no-risk zone,” but some areas have a lower or moderate risk.

How to View and Obtain Flood Maps

The FEMA Flood Map Service Center (MSC) is the official online location to find all flood hazard mapping products created under the National Flood Insurance Program, including your community’s flood map.

Using Flood Maps

Flood maps help mortgage lenders determine insurance requirements and help communities develop strategies for reducing their risk. The mapping process helps you and your community understand your flood risk and make more informed decisions about how to reduce or manage your risk.

For information on flood insurance, contact Lallis and Higgins Insurance.

Whether you are a buyer or a seller- Inspections can be stressful. Knowing some of the issues a qualified home inspector will look for during a home inspection can help you in knowing what to expect. As a buyer- the home inspection is your last chance to uncover defects within the home, potentially getting the seller to pay for them- before sealing the deal. As a seller, you want to know what the inspector will look for so you can be prepared for their visit and help everything go as smoothly as possible. We were able to get some professional insight from John & Sheila Barber- Owners of Barber Home Inspections Inc to help the process go as smoothly as possible and make your dream home yours!

Home inspection tips

• Tip #1: Remember that sellers are required to disclose known defects to the buyer in advance
• Tip #2: Keep your home clean and clear of clutter.
• Tip #3: Sellers should not attend the inspection so the buyer, agent, and inspector can speak freely
• Tip #4: Pre-Sale inspections: Sellers should attend the home inspection so he/she can speak freely with the inspector to get their home ready before selling.

COMMON FINDINGS AT A HOME INSPECTION

• Rundown roofing
  Asphalt Shingle roofs last 15-20 years. If yours is nearing its end, don’t be surprised to see it come up in the inspection report. Things that may be noted are brittle, curled, or broken shingles, and any loose flashing or leaky spots. A severely neglected roof could cost thousands to replace.
• Drainage issues
  Surface grading around a home can cause serious drainage issues and foundation damage. Improper grading can lead to leaky basements, causing mildew and other problems. It can also create spongy soil that causes foundations to shift.
• Faulty foundation
  Foundation problems are a costly issue to fix. Signs of foundation issues include doors and windows that stick, cracks in walls above doorways, sloping floors.
• Plumbing
  Damaged pipes, malfunctioning water heaters, and backed-up sewage systems are expensive to fix. Some types of plumbing pipes found in older homes, like polybutylene have been discontinued and are prone to failure.
• Pest Infestations
  There is nothing that will send some homebuyers running quite like an infestation of pests, especially termites. Termites & other wood eating insects can cause significant structural damage if left untreated. A home inspector is trained to identify signs of termites; however, your buyer might also want to perform a separate Wood destroying inspect inspection
• Mold
  Extensive mold infestations can be costly to remediate. But if you don’t detect musty odors in your home then you probably don’t have to worry. Mold is caused by excessive moisture and is usually a sign of a leak or drainage issue.
• Heating systems
  A near-death furnace can turn off buyers due to the costly replacement cost. Other issues include non-working controls, blocked chimneys, damaged heat exchangers, and exhaust flues that are not up to code.
• Electrical Wiring
  Home inspectors commonly encounter problems with electrical wiring such as reverse polarity, missing junction boxes, and damaged receptacles. Homes built between 1965 and 1973 may have inferior aluminum wiring, a concern home inspectors will also identify.
• Structural damage
  Older homes are prone to structural issues such as sagging floor joists, rafters, and door headers. It may not be immediately apparent if a structural issue is major or minor, and many home inspectors will advise buyers to have the home inspected by an engineer if that is the case.
• Poorly maintained condition
  While cosmetic issues like peeling paint and cracked caulk aren’t major problems on their own, an accumulation of small problems could be a big turn off for some buyers. Having numerous problems can signal to an inspector, and the buyer, that the home has been poorly maintained.

FAQs

What happens if issues are found during the home inspection?

After the inspection report, a buyer has the option to back out of the contract without penalty. They can also renegotiate the sale price or request that the seller make specific repairs. Follow up with the professional recommended by your home inspector to assess.

Do I have to fix everything on a home inspection?

No. Sellers are generally not required to fix anything uncovered during inspection. But they have a strong incentive to consider making reasonable repairs because the buyer can back out.

Can I back out of buying a house after inspection?

Most real estate contracts today have an option period, during which buyers have a limited window of time to back out of a contract for any reason.

Who pays?

The buyer usually pays for the home inspection. However, on making an offer, some insist the seller pays. So that’s an item for negotiation.

It is important to note that no home is perfect. Every home inspection will identify issues with the property and the inspector will communicate the severity of the issues found. The home inspector's goal is to leave their clients with a deeper understanding of their prospective home, so the client can make a sound decision as they continue their home buying process.

We would like to refer your to John & Sheila Barber- Owners of Barber Home Inspections Inc. Barber Home Inspections Inc. has over 35 years of experience in residential building and remodeling specializing in quality home inspections- They are certified through the American Home Inspectors Institute and are in Weymouth, Ma and are available for all of your home inspection needs to ensure you have a smooth and positive experience!

We want to make the moving experience as pain-free as possible, which is why we have gathered a to-do list of sorts to stay organized and stay sane! Wondering where to start? This should help. Let's start off by checking these items off the list. Change over utilities you will be responsible for in your new abode as soon as possible.

• Acquire packing supplies so you can begin to stow away the items you may not need directly before or after the move. This includes sturdy moving boxes of different sizes, packing tape, labels, permanent marker, and bubble wrap. If you're not interested in forking over a ton of money for the boxes, check out your local retailers – they might be able to give you a deal on their used shipment boxes. Remember to stop by our blog again next week so you don't struggle bus through the rest of the packing process.
• Notify important parties like banks, credit card companies, insurance providers, and magazine and newspaper services of your impending move so you don't end up without any money, insurance, or entertainment. Foremost offers its' customers a stress-free way to navigate updating your insurance policy – just call your independent agent, let them know you're moving, and they'll take care of the rest.
• Set up mail forwarding with your post office. Hopefully, most of the mail will be relocated to your new place, but consider contacting a close neighbor to look out for those stragglers after you've moved.
• Sort and purge the different rooms in your house and decide what you'd like to keep and what you're willing to get rid of. While going through this process, also consider whether any items will require special packaging or extra insurance coverage – that piano isn't gonna go as easily as your placemats might.
• Organize school records for any children if you're planning a move out of your current school district. Visit the schools and arrange for your children's records to be transferred to their new school district.
• Take measurements of your new home so you know if that piece of furniture will fit through the door or in your living room.
• Highly consider requesting time off from work so you can be fully involved on moving day. Having the option to supervise the move, whether it be movers or family-friends, is very important and keeps everyone accountable for what goes on.
• Empty, clean, and defrost the freezer at least 24 hours in advance if you plan on taking your refrigerator with you. This will give your fridge the time to get rid of that moisture and prevent a waterfall when people try to move it.

Source: foremost.com

Renters insurance covers more than just the stuff in your apartment.

Could you afford to replace your entire wardrobe if your apartment caught fire? What about your phone, your laptop and all your furniture? If the answer is no, you probably need renters insurance .

And the coverage may cost less than you expect — in fact, some tenants could pay next to nothing. Find out why you may want renters insurance and how affordable it can be.

1. Your landlord’s insurance won’t cover you

Some landlords require their tenants to have renters insurance, but if yours doesn’t, it’s not because they’ve got you covered. Many renters believe that, since their landlord has insurance, it covers damage to their property. This is not the case.

Landlord insurance covers the structure of the building but not tenants’ personal belongings. If your TV is stolen or your dishes are lost in a kitchen fire, your landlord’s insurance won’t pay to replace them — but a renters policy probably will.

A landlord’s policy is also unlikely to help if you accidentally damage a neighboring apartment. “If you [let] your bathtub or sink flood out the apartment below you, the landlord’s not going to cover that,” says Jeff Schneider, president of Gotham Brokerage Co. in New York City. “You can be sued for … causing damage to the apartment below you.”

A standard renters insurance policy includes liability coverage starting at $100,000, which can pay damages and legal expenses if you’re sued for accidentally injuring someone else or damaging their property.

2. You probably own more than you think

One reason why people avoid renter's insurance is the thought, ‘I don't have anything valuable worth protecting. But you might be surprised.

Open each drawer and closet in your home to take an inventory of your belongings. Once you start tallying up the value of each item — electronics, jackets, shoes and so forth — you’ll probably find that it would cost a lot more than you expected to replace everything.

3. Renters insurance can pay for housing after a disaster

Most policies provide what’s called a ‘loss of use’ or ‘additional living expense’ benefit. It pays you if you are forced out of your apartment by a major claim — usually fire or extensive water damage — and you have to stay in a hotel.

Loss of use coverage can also pay for restaurant meals or other expenses associated with living away from home while it’s being repaired.

4. It can protect your finances

Maybe you’re saving for a down payment on a house, or you’ve worked hard to get out of debt and build an emergency fund. The last thing you need is a lawsuit wiping out everything you have.

This coverage can also come in handy if your dog bites someone at the park, your child breaks a valuable heirloom at a friend’s house or a guest slips and falls inside your apartment.

5. It covers belongings away from home

Many renters policies provide some coverage for your stuff even when it’s not at home. “If your laptop was swiped at the neighborhood cafe, or your phone stolen on the subway, your policy could cover you,” Wissner-Levy said. (Keep in mind that it would make sense to file a claim only if the lost item were worth more than your deductible.)

You may also have coverage for items in a storage unit.

6. The cost may be less than you expect

One common reason to avoid renters insurance is the cost. A lot of people are not looking for added expenses these days.

The average cost of renters insurance is $168 a year, or about $14 a month, according to NerdWallet’s rate analysis. But if you have a car, you could pay less by bundling your renters policy with your auto insurance, thanks to multipolicy discounts offered by many carriers.

For example, a 5% bundling discount on a $3,000 auto policy would be $150, which would nearly pay for the average renters policy premium.

You may also be eligible for discounts if your apartment has smoke detectors, burglar alarms or other safety and security devices.

If the worst happens, you’ll likely be glad you paid for the coverage. Renters insurance is the best defense against things in life you have no control over. Once covered, most people see the benefits.

What happens if you don’t have renters insurance?

If you’re lucky, nothing — you’ll save about $15 a month and be no worse for wear. But without renters insurance, you’ll be on the hook financially if something bad does happen. You won’t have coverage if someone breaks into your home and steals your stuff, for example, or if your apartment building burns down, or if someone sues you after your dog bites them. Some renters are willing to take this risk. For others, renters insurance provides peace of mind for a relatively small price.

How much renters insurance do I need?

Look around at everything you own — furniture, clothing, electronics, kitchen gadgets — and estimate how much it would cost to replace all of it. Then round up to the nearest $10,000: That’s the minimum amount you should have for personal property coverage. For your liability limit, we recommend having at least enough to cover your net worth.

For more information, contact Lallis & Higgins Insurance.

Source:nerdwallet.com