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Housing slump good news for some renters

7/18/2012

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— The Associated Press, March 16, 2010 http://www.pressherald.com/archive/housing-slump-good-news-for-some-renters_2008-06-04.html

Renters may be the biggest winners in the current housing slump,  especially in places like Florida, Las Vegas and Southern California,  that have thousands of vacant for-sale and foreclosed homes and condos  on the market.

 Apartment vacancies are edging up in many areas of the country as frustrated sellers instead try to rent out their homes and condos in  once red-hot housing markets. And that is making it harder for landlords to raise rents. In the toughest markets, apartment owners are even offering lease incentives to snag renters. This ''shadow market'' of investor-owned homes and condos accounts for almost half of the rental stock, and attracts displaced homeowners more often than your typical apartment renter.

 ''What's different now is the degree of excess homes and condos being put on the rental market. The sheer volume is creating more competition for traditional rental markets,'' said Hessam Nadji, managing director at Marcus &  Millichap Real Estate Investment Services, which analyzed the data for  The Associated Press.
 
After staying relatively flat last year, apartment vacancies bumped up in the first quarter from the end of last year, the research showed. The vacancy rate is expected to rise by a half-percent this year to 6.1 percent as the market absorbs about 3.3 million more rental home and condo units. Nadji also predicts rent growth nationwide will slow to 3.5 percent from 4.6 percent.The national trend, however, belies what's happening in the  country's most beleaguered housing markets. Areas that experienced  explosive condo development and conversions of apartments into condos for sale are finding those units unloaded onto the rental market because developers can't sell them.

 Sharp increases in vacancy rates plague most Florida markets where condo development was rampant. In Jacksonville, for example, rental vacancies spiked to more than 10 percent in the first quarter, up from 5.8 percent in the prior year.''As the sale activity for condos and single-family homes  declined over the last 24 months, investors decided to rent them instead of trying to sell them at reduced prices,'' said Ron Shuffield,  president of Esslinger-Wooten-Maxwell Realtors Inc. in Miami.Meanwhile, renters in some of the costliest cities aren't getting any relief. Rents in pricey San Francisco surged 11.5 percent last  year, while New York rents shot up 9 percent and rents in San Jose,  Calif., climbed 8.7 percent, Marcus & Millichap said.
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The Importance of Renters Insurance

4/9/2012

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When moving into a new rental home or apartment it's important to know that your landlord's insurance only covers the building itself.  Be sure to protect yourself and your assets by insuring all of the items in your new place.
The cost of renters insurance in most cases is minimal.  Prices are based on the stated value of your personal belongings. For example, the cost to cover $30,000 worth of personal items and $100,000 worth of liability is only $12 a month.  The lower the replacement cost of your personal belongings, the less the monthly payment. The wise saying "it's better to be safe than sorry" most definitely applies when it comes to renters insurance.
         
Here are a few key reasons to make sure you have this insurance:

Natural Disasters
Maine has seen it's share of heavy snowstorms, strong winds, hail, lightening, or even a fire. If the building you are in is damaged by any of these things renters insurance will cover your losses.

The Unexpected
Cars veering off the road and ending up in your living room, hot water heaters exploding, smoke damage from a fire next door, broken water pipes, electrical surges that fry your computer and tv or the weight of a heavy Maine snowfall causing your roof to collapse. All of these scenarios could happen and having renters insurance will make dealing with the situation much easier.

Vandalism
If anyone decides to vandalize your home/apartment or decides to break in and steal your belongings, renters insurance will help replace the items that were stolen/broken.

Financial Coverage When You’re Without A Home/Apartment
In the event you’re unable to stay in your place, renters insurance will cover the expenses you incur while your place is being repaired or rebuilt. Most renters policies limit the amount they cover under this benefit to 30 – 40 percent of the policy value. Check with your agent prior to the purchase of your policy in order to ensure that you have enough coverage to sustain you until you can get back into your house or apartment.

Protection Yourself From Liability
Imagine your tub or sink overflows and the water seeps through the floors and stains the ceiling of the apartment below yours. This is another good time to have renters insurance as it will cover the cost to repair damage to another house/apartment that has occurred due to an accident on your part. Likewise, If someone slips and falls in your place or runs into a door and needs stitches, your renters insurance will protect you from that liability by covering the cost of treatment.

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