Pot Holes vs Insurance Coverage

With the "hard" winter we have had in Virginia, pot holes have become the bain of driving interstates and city streets. We have all heard the news reports of drivers cracking axles or bending tire rims from hitting a pot hole at 55 mph. Not hard to imagine as we swerve around the pot holes as our city work crews work feverishly to fill the holes. Perhaps you were unaware of that insurance may help.  As you can see in the article below, auto insurance may cover the damage.   Be wise:  read not only for the coverage of the pot hole damage but verify your deductible. If you carry a high deductible, it may very well not be worth the claim. Yet checking is invaluable!!!  Saving money, if possible, will feel good! DOES YOUR AUTO INSURANCE COVER POTHOLE DAMAGE?

Does Your Auto Insurance Cover Pothole Damage? When it comes to potholes and car insurance, there's good news and bad news. The good news is, yes, pothole damage is usually covered-providing you have collision coverage. The bad news: You only get coverage if your claim is higher than your deductible and every claim you file goes on your permanent record. Pothole damage comes under collision coverage. That's an optional in the standard auto insurance policy and covers damage to your car that happens when you collide with an object like a pothole (or another car or even a house). It also covers you if you flip your car over. It doesn't wear and tear to a car or its tires due to bad road conditions. Check the declarations page of your policy to see what your collision deductible is. That's the amount the insurance company is going to subtract before paying your claim. If a pothole causes damage that's more costly than your deductible, you can file a claim for your repair costs minus your deductible. Your collision coverage will reimburse you for the costs of repairing your car, minus the deductible. But consider carefully before you file for just a small amount over your deductible. Every claim you make goes into your insurance permanent record, called your CLUE report. Insurance companies use your CLUE report to decide how much to charge you for auto (and homeowners) insurance. Wondering what's already in your CLUE reports? You can order free copies online from Lexis/ Nexis?.  Courtesy of Al Clark's HomeAgain Newsletter

Credit Ready???

          Being Credit Ready is key when looking to purchase a home.   But did you know that it will keep insurance costs and loan costs low through out the time you own your home??

As you can see in Larry's letter below, there are key elements that impact your credit score.  And there are actions not to be taken without considerable thought so that you don't adversely affect your credit score.

As you look over the pie chart, two categories stick out like a sore thumb:  Payment History and Amounted Owed.

At 35% and 30% of your credit score respectively, you can see regular, on-time bill payment over time and a low debt level will provide a big part of a positive score.  Just as the opposite behavior(missed payment and high debt) will drag the a credit score into the gutter.

Really pay attention to these two and you can really improve your credit.

YET DON'T IGNORE AND OF THE OTHER THREE!!!

A 10% or 15% swing can take a great 700 credit score to mediocre to poor 630/595 scores by not paying any attention to the other details of your credit score.

If your credit needs improving, start with improving on time payments and reducing your debt!!  Be ready for that

next purchase!!!  Or to lower your insurance costs!!

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Buy a Foreclosure Today

Buy A Foreclosure Today (edit/delete)

Foreclosures

                                Foreclosures

                                                                          Foreclosures

Seems like every news channel can only talk about foreclosures as if they are the bane of civilization.

It is very unfortunate that individuals had a personal dilemma that caused their house to be foreclosed upon. There are truly some horrible stories of job loss, separation/divorces and investments gone bad that underly the bevy of foreclosures on the market.

Yet to see the silver lining of the foreclosures present in the market does not make the buyer a "vulture".  Rather the foreclosures are a once-in-a-life opportunity for buyers to enter the housing market at the bottom with future equity growth all but guaranteed.  Foreclosures = Cash!!!!

                

Foreclosures can be bought at Auction at the Court House steps(in most states) or after the Auction when the Foreclosure is listed by the bank with a Realtor because the bank buy house back as no "reasonable" offer was submitted. Both Foreclosure purchases have risks but the Court House Auction is riskier due to Redemption clauses in almost any and all Foreclosures.

Yet neither is to be feared.

 BUT THE BUYER MUST BE  PREPARED, KNOWLEDGEABLE AND REALISTIC  WHEN BUYING FORECLOSURES. 

 Are you prepared??    Knowledgeable of the process??      Have Realistic expectations???