What you May Not Know About Renter’s Insurance

      

Living in a rental property can have a lot of advantages. In addition to being able to move to a new location without worrying about selling, if there are any structural damages to the property or other issues, your landlord is responsible for the repair. While the building is covered by the property owner’s insurance, it is important to remember, that your belongings are not. Renter’s insurance is an excellent way to protect your possessions in the event of a flood, fire or other catastrophic disaster. With that in mind, there are several things you may not know about renter’s insurance.

• Not all policies are the same – It is important to examine the fine print of your renter’s policy. While some cover only personal possessions, there are many other riders you can add to the coverage to give you and your belongings more complete protections.
• It can be affordable – While the cost of renter’s insurance will add to your monthly budget, it is not a much as you might think. Depending upon the value of the items you are insuring, it could be as little as $30 per month.
• Can protect more than your possessions – Depending upon the type of renter’s insurance you purchase, you may be covered for accidents involving more than just your possessions. For example, if someone got injured in your rental property, a liability rider could cover this type of accident.
• Displacement – If the damage in your rental property were to render you homeless, such as in the case of a flood or fire, some renter’s insurance policies may cover the cost of a hotel until you are able to find suitable living arrangement.
• Theft both inside and outside your home -  Similar to property insurance, renter’s coverage will often replace items that are stolen, both inside and outside of your home. This can include items such as bikes, luggage, laptops and other personal property. Even if the theft takes place away from your property, depending upon your policy, it could be covered. This means if your laptop was stolen at school or at home, it will be replaced regardless of location.

Are you in the market for a great rental property to call home? Contact the team at Alaska Management Group to learn more about our available properties.

Taking the Headache out of HOA Management.

The day to day responsibilities of running a homeowners' association (HOA) can be quite challenging. This is especially true for large to mid-sized communities. If you are weighing the pros and cons of hiring a community management company, here are some points to consider.

• Management Experience - A community management company such as Alaska Management Group will help you more clearly define the rules and regulations of your HOA for the homeowner. They can assist your homeowners’ association in deciding the most effective policies and procedures and can assist you in the implementation of guidelines, regulations and how to efficiently communicate any changes to the members of your community.
• Community rule enforcement – The most successful HOA’s are consistent in how they enforce the rules and regulations. A community management company will help to define and enforce the rules and help the HOA make decisions if issues arise. Additionally, they can help to enforce rules in a timely and efficient manner holding all members of the community to the same expectations.
• Legal understanding -  Knowing the day-to-day functions of an HOA is crucial to creating regulations that are legally enforceable. A community management company has a clear understanding of not only what is fair and reasonable for an HOA but also a knowledge of local and state laws. They also are able to keep HOA board members up-to-date on any changes to ordinances that might impact the decisions they make.
• Experience – Partnering with a community management company brings a full range of experience to your HOA. They bring both oversight and administrative services, taking the hassle of dealing with the day-to-day issues out of your hands.
• Committed to excellent – At Alaska Management Group, we believe that we are only as good as the communities we serve. Because of this, we take our community management responsibilities very seriously and work to serve the best interests of both the HOA board members and the residents of the community.

Creating the best environment for homeowners starts with working with a reputable community management company. Alaska Management Group can provide your HOA expertise and knowledge as well as clarity and consistency both the development and enforcement of regulations set in place for your community. This will help to facilitate a  harmonious environment for every homeowner.

What You May Not Know About Homeowner’s Insurance

Homeowners insurance is an important way to protect one of the largest investments you own. In addition to providing assistance should you need to repair something in your home, it can also protect your financial future. Knowing what to expect when seeking out homeowner’s insurance is an important step in ensuring you are covered if the unplanned happens.

 

Policy types

While homeowner’s insurance is standard in most areas of the United States, there are special considerations depending upon where you live and your specific requirements.

 

• Perils coverage is an important insurance rider that protects against many types of disasters including theft, tornadoes, and fires. If you have named perils coverage, it will define the specific disasters that are covered. Open perils coverage protects both your home structure and personal property, while condo or co-op owners should select a policy that covers the structural parts of the building that they own as well as their belongings.
•  Cash value coverage will pay for or repair property and possessions based on the policy limits minus a deduction for depreciation.
•  Replacement cost coverage will pay to repair or replace your property or possessions based on the policy limits without a depreciation deduction.
•  Guaranteed replacement cost coverage gives homeowners the highest protection on their belongings because it replaces your home to its pre-disaster state even if it costs more than the policy limit.

 

Type of damage

It is important to know that not every type of damage will be covered by your homeowner’s insurance. For example, some policies will only cover something sudden or accidental but will not cover incidents that occur over several months such as water damage from a leaky faucet. Additionally, certain natural disasters might also be exempt if you do not have an additional rider. These might include earthquakes and floods.

 

Personal belonging coverage

It is important to ask if there are any limits on the amount of coverage for your personal belongings. Items of high value may only be covered for a certain amount. Additionally, possessions that are damaged or stolen while you away from your home also may not be covered.

 

At Alaska Management Group and Bonanza Realty, we provide our clients with guidance to make the right decisions about everything related to home buying and home management. Contact our team to learn more about our management services. 

Be Prepared Before the Next Earthquake

One fact of life about living in Alaska is that we have more earthquakes than any other region of the United States. While it is impossible to predict the timing or severity of the next seismic event, it’s a sure thing that major earthquakes will continue to happen here. Take the time now to prepare and protect yourself, your family, and your home. Your future self will thank you.

Practice, Practice, Practice

Just like the fire drills in elementary school, earthquake drills will help you and your family feel more prepared as well as improve your chances of survival. In most instances, you’ll have a better outcome if you practice Drop, Cover, and Hold On. This means that, the moment you feel a tremor, DROP to your hands and knees, COVER your head with your arm or crawl under a sturdy table or desk, and HOLD ON until the shaking ends. Prior to an earthquake, it’s important to identify safe spots in every room, like under desks or sturdy tables. Practice Drop, Cover, and Hold On in all of the rooms of your home, and make sure that your children’s school is holding drills as well. 

Build an Earthquake Kit

Actually, it’s best to build 2 or 3 - one for home, one for your vehicle, and one for your workplace. Your kit should include information on medications, first-aid supplies, a whistle to help rescuers find you, bottled water and snacks, a flashlight, ID cards, cash, a radio with extra batteries, medications, glasses or contact lenses, personal documents (medication list, passport, birth certificate, insurance information, and mortgage or lease information) and a list of family contact numbers. If you have small children, include a favorite toy or game, or other things to keep them occupied and calm during the emergency. 

After the Quake

As soon as the shaking stops, it’s critical to get away from large bodies of water and move to higher ground as soon as it’s safe to do so. Tsunamis can occur almost immediately after an earthquake, so residents will need to stay away from the coast for at least a few days. If you’re trapped underneath debris, use your whistle or cell phone to alert rescuers, or knock loudly every few minutes on something solid. If you are able, check to see if anyone is injured. Offer help or call 911 to report serious injuries immediately. 

Communicate 

If possible, let your family know that you’re safe by registering on the “Safe and Well” site. Text family members to let them know you’re ok, then stay off the phone so that the phone lines are available for first-responders. 

Bonanza Realty has been providing exceptional management services to homeowner associations and planned communities since 1978, the longest running association management company in Anchorage and surrounding areas. Contact us at 907-333-1244 or visit us online at https://www.bonanzarealty.net/

Gain Peace of Mind by Having the Right Condo Insurance

Imagine coming home from work and finding your condo’s front door broken and your new television missing. Once you recover from the shock, you’ll probably think to call your condominium association about replacing the door and lock, but what about your personal property and any damage inside the condo? Typically, the condo association’s policy will cover external areas and, depending on the association, may help with the interior damage. Personal property, however, must be insured by the condo owner. 

Some condominium associations offer coverage  referred to as “all-in”, which covers not only the exterior of the unit, but also some of the things inside the condo, such as carpeting, appliances, and fixtures. Other associations offer coverage for only the exterior, which means that the condo owner is responsible for essentially everything within the unit. It’s critical to know what type of insurance coverage your condo association offers before you speak with your insurance agent. 

Not only will condo owners’ insurance cover loss or damage to your property, it should also cover damages in the event that someone is injured in your condominium. This would include someone slipping and injuring himself on a wet floor, for example, including resulting medical bills and possible legal actions. 

When purchasing a condo policy, first determine the value of your belongings. The best place to start is to make an itemized list of those belongings that would need to be replaced. Keeping serial numbers and photos of items will make things much easier if you ever need to make a claim. Bear in mind that most policies will pay “Actual Cash Value” (or ACV) for your belongings, which means that depreciation is taken into consideration. Replacement cost coverage is also available, typically at a somewhat higher cost. If you have items of very high value, like jewelry or artwork, you may need to purchase additional coverage. Insurance will cover loss or damage to your property for some weather events, with the exception of natural disasters like earthquakes, floods and landslides. If your area is in a zone that is prone to these events, you may need to purchase extra coverage.

Condo ownership is different from traditional home ownership in many ways, including insurance requirements. Your insurance agent can help you select the right policy and give you the peace of mind so that you can enjoy your condo. 

For over 35 years, Alaska Management Group has been meeting the property management needs of associations and planned communities throughout Alaska, including Anchorage, Palmer, Eagle River, Wasilla, and more. To learn more about us, please visit http://www.bonanzarealty.net/ or call (907) 333-1244. 

Water Conservation In and Around Your Property

Each year, we hear about ongoing droughts in various regions of the United States and around the world. Even if you live in an area where water still seems abundant, inefficient water usage can rack up large costs to your household budget as well as to your community. Taking steps to reduce water consumption protects an increasingly scarce resource.

Water conservation in the home

According to Eartheasy, three-fourths of the average American’s indoor water consumption took place in the bathroom, with toilet usage accounting for a large share of the total, at 28%. That’s why it is especially important to check for leaks in bathroom plumbing - one of the most common sources of water waste in the home. A leaky faucet or toilet can waste anywhere between 20-150 gallons of water per day.

• Test your toilet.
• Use food dye to color the water in your tank. Check back within an hour. If you see colored water in the toilet bowl, you have a leak that should be repaired.
• Fix leaky showerheads and faucets.
• Install low-flow shower heads and faucet aerators to reduce the number of gallons per minute. These do not require hiring a plumber, and oftentimes can be done without having to break out the toolbox.
• Only run the dishwasher when full.
• Don’t let the water run while brushing teeth, shaving, or rinsing dishes.

Yard conservation tips

Depending on you water your yard, green-space, or garden, these spaces can account for 60% of a household’s water usage.

• Keeping pools covered when not in use saves hundreds of gallons of water per month from evaporating.
• Consider replacing grass with native plants that need less water.
• Planting more trees, tall plants, and bushes increases shade and reduces the need to water as often.
• Grass cut too short dries out much more quickly and requires more frequent watering.
• Water your lawn only once per week when needed, using a deep soak method in the early morning.

Doing the math: it all adds up  

Maximizing efficient water usage can cut the gallons of water you use by tens or hundreds per day. When a community commits to water efficiency, it can avoid sewage spills that pollute local lakes and streams, as well as ease the burden of your local water infrastructure system. Treating used water takes a good amount of electricity, so when you reduce water waste, you can reduce your community’s electricity usage.

To learn more water usage facts, such as how many gallons it takes to produce a cup of coffee,do laundry, or even fly across the country, see here.

For over 35 years, Alaska Management Group has been meeting the property management needs of associations and planned communities throughout Alaska, including Anchorage, Palmer, Eagle River, Wasilla, and more. To learn more about us, please visit http://www.bonanzarealty.net/ or call (907) 333-1244.

Alaskan Earthquakes: They’re Denali’s Fault

Did you know over 7 million earthquakes occur in the world each year? Many of these earthquakes are so small they go undetected. A few may knock over knickknacks or cause a picture to go crooked. According to USGS, only 152 of these 7 million earthquakes are considered “large” earthquakes. The Unites States has some of the strictest building standards and quickest emergency response times in the world. What you choose to do with the interior of your home is up to you. There are plenty of precautions that must be made to ensure a safe environment for your family. With 16 states in the earthquake danger zone, it is important to do this before a tragedy occurs.

Preparing your home for an earthquake is not something we always think of as homeowners. The biggest risk during an earthquake is being struck by a falling or broken object. This can be prevented with some simple precautions like

• Securing the water heater with an anchor kit
• Installing flexible pipe fitting so they will bend, not break
• Don’t skimp on latches! A good latch will keep your cabinets closed

Create an earthquake survival kit. These are items are in addition to the typical home safety kit:

• A shovel
• Fire extinguisher
• Rope
• A whistle
• Compass

The safest place to be during an earthquake? Outside! Unfortunately, earthquakes tend to happen with no warning. This means you may only have mere seconds to get to your established safe spot. Pick a place in your home without windows, glass, tall unsecured furniture, or overhead fixtures. Look for an area near interior walls with a nice sturdy table or desk to hide under. Being under this will keep you and your family safe from debris should the home crumble. If you feel the ground shake, get to your safety spot, drop, cover, and hold on!

What is the most earthquake prone state? Alaska. From all of us at Alaska Management Group, stay safe when you are in your home! Since 1978, we have strived to provide exceptional management services. It has always been our goal to ensure a safe and comfortable lifestyle in the community. To find out more, give us a call at (907) 333-1244 today.