Text Box: A friend who is an insurance agent sent me this reminder (above) regarding homeowners  insurance.  Please don’t overlook this important component of property ownership!









Text Box: Good News!

Scottsdale Condos, Townhomes, Vacation Homes, Second Homes, Single Family Homes,

Out Of State Homeowners, Real Estate Asset Planning.

Scottsdale Condos.

Hi All,


Most home owners do not realize they run the risk of not having insurance for their home because their home has been vacant more than 30 days during the sales process or while putting tenants in place.  Here are some things to watch out for.


Vacant homes:  In Arizona, when a home is vacant more than 30 days the existing home owner policy no longer covers losses on that property.  It is important your clients understand they need to purchase a vacant home policy to keep protection in place.  When a vacant home policy is purchased, it is important to know if the policy covers theft of property not attached to the home and if swimming pool liability is covered under the policy.  Many policies do not cover these two items.


Rental Homes: When a homeowner switches a home from their primary residence to a rental unit, it is important to switch the homeowner insurance policy to a landlord policy. I now have a Landlord Policy that insures the home up to 90 days of vacancy, not just the standard 30 daysThis is an excellent policy for property managers who want the peace of mind knowing they will not be held responsible for a lapse in their client's coverage.


It is also a very good idea for landlords to require their new tenants be covered by a renter's policy.  A good renter policy will not only protect the renter from loss of use, theft, and liability, but will also protect the landlord if the tenant is responsible for damage done to the property or is responsible for personal injury to others while on the property. 


Condos: A common misconception with condos is that condo owners do not need to cover insurance on their unit because the condo association covers insurance on the property.  In reality, the condo association only covers the outside building shell most of the time while a condo policy protects from the studs in plus personal possessions.

· "If you think it -ink it." 

· Keep a pad on hand to remember clauses to add into the agreement

· Disclose - Disclose - Disclose

· Always recheck legal descriptions of property.

· Review the SPDS to see if anything needs to be addressed in the contract

· Ask your clients if there is anything they wish to specifically address in the agreement

· Sleep on what you have written - review it with a fresh set of eyes the next day

· Write as if ALL twelve members of the jury have to agree to what was meant or intended

· All contracts should include a cover letter with instructions to the client on how to read and sign the contract.

Writing a Real Estate Contract?


Write It Right or Lose the Right!

Can your agent explain what's in the Preliminary Title Report Schedule A?  Schedule B - Section I? Schedule B - Section II? Do they know what to look for in the title report review?

5 reasons why we believe every agent should read this important document:

1. Understanding the title and escrow process helps you serve your clients better

2. Look for errors in the details (names, loan amounts, sales price, typos, etc).

3. Understand what's in the deal & the liability as outlined in Schedule A

4. Confirm there's nothing "extraordinary" in Schedule B - Section I (requirements that must be met, things that should happen).

5. Careful consideration to Schedule B - Section II which includes exceptions to the policy & what is not covered nor insured.