What is Homeowners Insurance?

What is Homeowners Insurance?
"Homeowners insurance provides financial protection against disasters. A standard policy insures the home itself and the things you keep in it.Homeowners insurance is a package policy. This means that it covers both damage to your property and your liability or legal responsibility for any injuries and property damage you or members of your family cause to other people. Damage caused by most disasters is covered but there are exceptions. The most significant are damage caused by floods, earthquakes and poor maintenance. You must buy two separate policies for flood and earthquake coverage
Every Insurance policy is different, check your own insurance policy for specific coverages

Maintenance-related problems are the homeowners' responsibility....." Homeowners Insurance

Vacant Homes rising in 29 markets

"Vacancies have risen in 29 markets in the fourth quarter of 2007, including Las Vegas, Palm Beach, Memphis, Orange County, Calif., and Orlando, according to Reis Inc., a New York real-estate research firm. Ron Witten, a Dallas-based housing analyst, estimates there are 760,000 vacant condos and homes for sale nationwide beyond what the market could normally carry, in addition to a surplus of 350,000 vacant rental properties.

Behind the trend are tens of thousands of unsold condominium units that are being dumped on markets such as South Florida, Las Vegas and Phoenix. While thousands of single-family homes also are coming on the market, renters prefer condos to houses, which typically have more expensive upkeep. "Tenants have to pick up more of the bills," says Artur Ciesielski, a Phoenix real-estate agent....." Vacant Homes Increase

Investor Report: New Risk List Guide

Investor Report New Risk List Guide:

"A new national "risk list" could help guide real estate investors -- not only those looking to scoop up distressed property through short sales or pre-foreclosure deals with lenders -- but those looking for the safest places to stash their real estate dollars.

PMI Group's quarterly risk list, released earlier this week, rates the relative riskiness of owning or buying property in dozens of major markets around the country. PMI, which is one of the largest private mortgage insurance companies, uses the ratings in its own risk underwriting on home loans." from Yahoo Real Estate

Commercial Property Crunch Las Vegas

Las Vegas Default Highlights Commercial Property Crunch:

"The credit crunch that roared through the residential real-estate market is starting to bite commercial projects, too.

Yesterday, Ian Bruce Eichner, the developer of a twin-tower casino resort in the heart of Las Vegas, defaulted on a $760 million loan from Deutsche Bank AG after he failed to get refinancing. The default on the loan supporting the $3 billion Cosmopolitan Resort Casino is a signal of trouble for Mr. Eichner, who gained notice during an earlier real-estate downturn in the early 1990s when he lost several projects in New York City.

Owners and developers of some of the country's choicest properties are having trouble refinancing shorter-term loans they received during the boom days......" Real Estate Journal