HOW TO PROTECT YOUR HOME AND EVERYTHING YOU OWN
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MOST HOME OWNERS FALL SHORT OF PROTECTING THIER HOME AND ASSETS FROM DISASTER
Here are the most common areas where people are not fully protected
1. TAXATION
2. PROPERTY DAMAGE
3. CIVIL LITIGATION
Lets take a closer look at each one and see if you're fully protected.
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TAXATION
Who is on title, how you take title, and marital status makes a big difference when any changes on title or a death occurs. This applies to both local property taxes and capital gains taxes.
Unfortunately most people learn this when its too late. Having your assets positioned correctly now, by an estate planner or Probate and Trust Attorney, will save you and your heirs, a lot of time, money, and avoidable headaches down the road.
Click Here to learn more about Probate's Wills, and Trusts.
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Property damage usually comes in three flavors.
1. Unexpected catastophy. 2. Deferred maintenance. 3. Under insured.
Unexpected weather conditions or sudden fires are difficult to forsee and may be covered beyond your normal insurance policy as a natural disaster. Its a good idea to have an emergency plan in place if these happen on short notice. It could be the difference in limiting the damages and financial loss or even more important, a loss of life.
Deferred maintenance leads to most of the problems on insurance claims. Somewhere in the past there were beginning signs of something wasn't quite right but it was let go. Having a go to source or contractor that can fix those small items now is a better plan. Home warranty plans limit your cost to a small deductable and pick up the rest of the cost for you.
Under Insured or denied claims. This is where it can really cost you. Knowing what your insurance covers and does not cover is extremely important. Have you updated your insurance carrier on upgrades or additions you have put on or in the home? If not, they may not cover those items. Don't forget about expensive personal property or jewlery you may have in the home. It all ads up and should be identifed with photos, videos or receipts of puchase.
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PROPERTY DAMAGE NIGHTMARES
UMBRELLA POLICIES
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CIVIL LITIGATION
AUTO ACCIDENTS
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LAW SUITS!
This is next level serious.
Most of these cases are avoidable. Ignoring obvious safety situations invites accidents and injuries. The problem is your insurance could deny any liability and you are left holding the bag. Your home and all your assets you saved up over the years could be in jeopardy, including retirement accounts.
SAFETY VIOLATIONS If you have a pool, spa , firearms and ammunition or other potential hazards in or on the property, and an injury or death occurs, it could get ugly very quickly. If things were not as they should be according to California laws and safety codes, it could mean financial ruin with civil litigation.
Your insurance company could deny your claim if you allowed safety issues to exist in or around the home. Recent executive orders by Governor Newsome in 2023 have been implemented by the insurance commissioner, and have put the insurance companies in California in scramble mode.
In september 2023 Governor Newsom signed an executive order drastically changing the insurance market, and the insurance companies are reacting. Insurance policies are being cancelled or premiums marked up, Insurance companies are now asking for complete recent photos or videos of the inside and outside of the home, and they are using drones for aerial footage.
Even more changes allowing Re-Insurnce costs to be passed on to you are being discussed. Those would take effect in late 2024. This was outlawed in california in the 1980's, but its back again.
You should check with your insurance provider on how it affects you. If you have any questions, you can contact me and I'll have an insurance industry rep contact you to go over those changes.
You can also visit the insurance commissioners webe site at. https://www.insurance.ca.gov/0400-news/0100-press-releases/2023/release051-2023.cfm
Auto accidents are the least understood liabilites to your home and assets This catches most people off guard. If you have a relative or child under your insurance plan, even if the vehicle they drive is in thier own name, you are at risk. Any personal injury event allows the other person to come after your assets for up to two years.
If you or anyone under your auto insurance plan has any points on record, that could prevent you from getting an umbrella policy that guards against large payouts for law suits. You should get legal and insurance advice from professionals, in advance, on how to protect your assets, should an injury accident were to occur. Contact us today if you need help finding help in these areas.
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Our goal is to be a valuable resource when you are living in your home,
not just someone to call when you are buying or selling it.
Contact us today to at 951-833-8925 to see if you and your assets are fully protected ,
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Drop us a quick not below, and we'll be happy to assist you in protecting your assets.