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. 

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. 

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.

Ward Against Winter Burglars

“Oh the weather outside is frightful…”  Winter weather can conjure up images of cozying up indoors with a hot bowl of soup, a mug of hot chocolate, and a warm blanket.  Braving the cold can be a daunting task.  While crime decreases overall during the winter months, certain factors such as increased utility costs and seasonal unemployment can engender a different kind of desperation. 

Time Your Lights: With darkness falling long before most people get home from work, set some of your home lights to a timer.  Keep your blinds closed so burglars can’t notice the ruse.

 

Close Your Blinds: This one is worth repeating.  With the increased darkness, open blinds when you are home is an advertisement to anyone passing by.  You can’t see out, but they can see in to your new plasma screen TV, expensive laptop, or pricey portable coffee maker.

 

Secure All Doors and Windows: While leaving a window open in sub-freezing temperatures isn’t a risk, forgetting to lock them is.  Lock your windows and doors, including the interior door from the garage to your home.  Reinforce the security of sliding doors by laying a wooden dowel or two-by-four in the groove.

 

Don’t Hide a Key: This is a golden ticket for burglars.  It’s a risky enough measure during the warmer months, but what about after snowfall?  If you need to dig around for the spare key even once, the conspicuous patterns in the snow is a give-away.

 

Secure Your Yard: Avoid giving burglars extra coverage.  If you notice overgrown shrubs and trees now, add it to your maintenance list for the warmer months.  Keep things well-lit during all seasons and consider installing a motion-sensitive floodlight.

 

Know Your Neighbors: Neighborhoods that are closer-knit are more likely to keep an eye out for one another and notice suspicious persons.  If you don’t know your neighbors yet, fight cabin fever by hosting an indoor block party!

 

Report Anything Suspicious: Odd footprints in the snow at your neighbor’s house?  Give them a call.  At your own home?  Let the police know.  Police are more likely to drive through neighborhoods with reported crimes, but alert them to suspicious actions  and they’d be happy to drive through the neighborhood to keep an eye on things.

 

From your friends at Alaska Management Group, stay warm and stay safe during this winter season!

Time Management Tips for Community Association Managers

A community association manager takes on many roles. They deal with homeowners on a 24/7 basis, ensuring a community is properly maintained, disputes are handled and all financial matters are in order. With a long to-do list, it’s easy to see why the role of community association manager can become overwhelming. Here are some time saving tips and efficient tricks that will help you manage your community more efficiently. 

Organize Emails – It’s easy to get lost in emails but a community association manager’s main focus should be spending face-to-face time in the community. A great way to be email efficient is by having responses already written for common questions. This way you can copy and paste a reply rather than rewriting the response each time. If you manage several communities and have a hard time keeping track, organize your inbox with category tabs and folders.

Utilize Telecommunication Technology – Voicemail to email technology allows you to stay on top of incoming calls by receiving email and text notifications for missed calls. You have the ability listen to the voicemail as an audio file or read the message in an email. It’s a great tool for days when you are out of the office.

Go Paperless – Do you struggle to keep track of paperwork? Going paperless can help you save money and keep track of information more efficiently. This way you are able to immediately pull up copies of expenses, contracts, and homeowner information with the click of a button. The downside of going paperless is not every individual (specifically those over the age of 65) has access to modern technology. However, you can offer your community members the option for print mail or email.

Management Technology – New management tools can allow you to access all of the information you need across a variety of devices including smartphone and laptop. This means no more spreadsheets of homeowner information and no more sifting through cabinets for financial records. If you have a question from a homeowner, you can easily access the information at your fingertips.

At Alaska Management Group, we utilize the best industry technology and personalized service to assist your association with project oversight. We provide association specific websites that allow your residents to have access to their dues statements, association rules and documents. To learn more about what Alaska Management Group can do for you, contact our team today!

Hiring A Management Company

When hiring a management company for your condominium, townhouse, or other types of property in a planned unit development like a gated community or subdivision, a number of factors come into play. How big is your property? Are the duties a lot to take on? Do you have people within your elected board of officials who can handle certain aspects, like accounting? Property management companies provide a range of services, most are equipped to handle monthly collection of homeowners association (HOA) dues, fines and fees; management of HOA financials; creation of an annual budget; development of long-term capital improvement/replacement plan; ongoing maintenance; finding and managing contractors; and monthly reporting to the HOA board.

Are you unsure whether your HOA would benefit? Here’s a list of common situations that may make you want to consider hiring a management company:

●      Homeowners don’t have the time or experience necessary to serve on the HOA’s volunteer Board of Directors. Members of the Board should usually have some background in areas like finance, operations, law, vendor management, and conflict resolution.

●      The HOA is responsible for managing complex building systems, amenities, or multiple properties and facilities.

●      The HOA has a significant membership and routine billing, correspondence, enforcement of HOA rules, and management of complaints that is particularly time-consuming.

●      A property management company can leverage its existing relationships to get the HOA discounts on services like insurance or with contractors like lawn maintenance companies.

Hiring a property management company shouldn’t feel like a daunting task. Typically, both the HOA or community board and the management company want the same thing - a healthy working relationship that runs smoothly and leaves everyone happy. It’s important to keep in mind that hiring a management company doesn’t mean you give up any of the power over your property. The board still sets the policies and makes the rules, it’s just the management’s job to enforce them and handle the day-to-day operations of the building or community. As the owner or HOA, you also have the option to set the terms. If there are certain duties you want to stay within the board of directors’ responsibility, you can hash out which tasks you’ll be needing the management company to tackle.

A well-matched management company should understand the HOA’s values and long-term goals, and strive to meet them. At Alaska Management Group, our mission is to continually provide unsurpassed management services to ensure a safe and comfortable lifestyle while maintaining the value of the community for all residents. We provide both full-service and financial management as well as Board of Directors consultation services. Let us know if we can assist you in maintaining the value and comfort of your home and association by completing our management request form here.