Daily Consumer Tips

5 Things to do to get your Rental deposit back

If you are a renter for an apartment or a house, you have probably put down a security deposit for the home you are renting. The money is refundable at the end of your lease provided the house or apartment is in good condition. How do you maximize your chances of getting your security deposit back at the end of your lease? You can do the following:

1. Take pictures of the rental house at the beginning and end of lease. All existing damage should be documented at the beginning of your lease and any disputes resolved then.
2. Always get repairs done as soon as possible and have these documented.
3. Always keep your apartment or house clean. This will help a lot at move out time. After vacating the apartment, have the management inspect it with you.
4. If there are minor repairs like paint scratches and bunt-out light bulbs, repair those yourself. Get a paint touch up kit and repair scratched areas. Replace bunt-out bulbs. You do not want the owners giving you a reason why you cannot get your security deposit back.
5. Make sure that you get your security deposit before you leave.

15 Home owner Insurance Money- saving Tips

Home owners insurance is a big part of owning a home. Over time, insurance costs can rise but a consumer can do the following to lower costs:
1. Find out if your insurance company has discounts for your group such as alumni, senior citizen or warehouse membership.
2. Main a good credit by paying your bills on time. Having low credit scores will increase your insurance rates.
3. Keep your home in good repair to avoid costly repairs or renovations down the road.
4. Do not file for small claims such as broken windows. Such claims will increase your rates.
5. Sign up for electronic bill pay. Some insurance companies provide savings of 5-10% for doing this.
6. It pays to shop around and compare prices.  The best time to do this is a few months before your renewal.
7. Try to stop smoking. Smokers are considered a high risk and therefore result in higher rates.
8. Raise your deductible. A higher deductible means lower premiums.
9. Ask for a discount if you have been with the same insurance company for a long time.
10. Install burglar alarms, deadbolts, smoke detectors and let your insurance company know that you have them installed for a discount.
11. If you live in a coastal area, Uncle Sam probably covers you for flood insurance. Check to make sure that you do not have duplicate coverage.
12. Have the same insurer for both auto and home coverage for maximum discounts.
13. Review your coverage once a year to ensure you are covered for the correct amount. You should always be covered for replacement cost, not market value.
14. Do not pay for coverage that you do not need. If you do not live in an earthquake prone area, there is no need to have earthquake insurance.
15. Avoid certain pets such as Rothweilers that will jack up your insurance costs.

8 Freebies for Home Buyers

If you are in the market to buy a house, Bankrate.com has compiled a list of freebies you should not leave on the table. Added altogether, these freebies could add substantial savings to the total price you pay for your house. Make sure you ask for them. They have included:

   1. Appliances and upgrades with installation included
   2. Vacations are offered to entice buyers
   3. Cars have been offered by desperate sellers
   4. Closing costs
   5. Fencing and landscaping
   6. Home inspection
   7. Memberships, parking and association fees
   8. Warranties on appliances and the home itself.

Hurricane season is here. Are you insured?

Hurricane season starts tomorrow and for some homeowners in some States, this could be the beginning of lots of uncertainty. As the hurricane season starts, many insurance companies have been raising rates, dropping homeowners, changing coverage and as a result, many homeowners are finding that insurance is hard to get. The Boston Globe is reporting that homeowner’s insurance premiums are up 3% nationwide. Insurers paid $26 billion in catastrophic losses last year and the market downturn has not helped at all. According to Shawna Ackerman, who co-chairs the American Academy of Actuaries, insurance companies are trying to limit catastrophic payouts by limiting coverage in coastal areas like Florida, Texas and the Carolinas. What does a consumer or homeowner do in these circumstances? The first thing is to talk to your State regulators to ensure that you are not being price gouged. Also, if premiums get to be too high or the homeowner gets dropped, then it is up to the homeowner to decide if keeping the property is worth it or sell it and move on to locales that are cheaper to ensure.

First Time Home Buyer? Uncle Sam Wants to Help

The Federal Government is providing short-term loans totaling $8000 to help first-time home buyers to purchase a home. The Modesto Bee is reporting that the Federal Housing Administration (FHA) will let borrowers use FHA loans to get cash advances from lenders instead of waiting to get the money from the Internal Revenue service (IRS) after filing a tax return. Who is eligible for these types of loans?

1. Any buyer who has not owned a home in the past three years is considered a first-time home buyer.

2. Any singles with incomes below $95,000 or couples with incomes below $170,000

Borrowers must file an amended 2008 tax return or wait to file for the 2009 tax year.

The deadline is November 30 this year. For more information, contact the NCSHA.