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Why Add Water Backup Coverage?

If you asked homeowners to create a list of situations they hoped to never have to deal with at home, a sump pump failure and water backup would likely rank just underneath having a fire. Why? It’s a disaster. Typically, when a sump pump fails it causes water to backup into your home, sometimes bringing all kinds of water-borne materials with it. A water backup can create costly damage. And homeowners have to quickly arrange for cleanup and repairs to avoid further damage. While all of that may be a good enough reason to take a second look at water backup coverage, here are four more: Reason #1: It’s not included in a standard homeowners insurance policy. Water backup coverage is an optional endorsement that must be added onto a standard homeowners, condo or renters insurance policy. Without the endorsement, you would be stuck paying for the cost of cleanup or damages caused by a sump, sump pump or similar equipment that’s not considered a plumbing system or household appliance. Reason #2: It’s fairly inexpensive. The average cost of water backup and sewer coverage is $50 to $250 annually, depending on your risk exposure and the limits you select. Different limits are available to match people’s different needs. For example, think about what’s in your basement—it’s an area that’s more likely to flood during a water backup. Is it partially or fully finished? Is your basement a storage area for expensive or hard-to-replace items? Work with your insurance agent to choose a limit that matches your unique coverage needs. Reason #3: Water backups can happen to anyone. There are...

Are You Vulnerable To Identity Theft?

It was only a few years ago that identity theft happened when someone lost a purse or wallet, or their mail was stolen. With the recent explosion of database hacking, security precautions have become one of our top priorities. To have a measure of peace of mind, we now spend nearly $300 per year on a subscription service that will notify us of unauthorized activity on our credit reports or checking accounts. “Sadly, it is not a matter of if you are going to be a victim of identity theft – it’s a matter of when.” Remember Target Stores – 110 million records were hacked and stolen in 2014. Anthem Health – almost 80 million records, Home Depot nearly 50 million and Chase Bank about 83 million accounts! These are just a few businesses that sustained major credit card and identity theft hacking during 2014 – totaling hundreds of millions of account combined! Yes, you figured it out – identity theft affects everyone. If hackers can break into the computers of high profile organizations, including federal agencies, they can break into smaller businesses’ databases as well. It should be no secret to you that data breaches today are the biggest threat to identity security. How serious is the threat of identity theft? Everyone needs to realize they are vulnerable, and they can never fully prevent identity theft. No agency can guarantee it will absolutely protect a person’s credit. The only thing that can be done is to be proactive and to mitigate the damage. How can individuals be proactive in protecting their identity? Anything that contains a Social Security...

Risk and Vulnerability Assessment of Your Business

How to Conduct a Risk and Vulnerability Assessment of Your Business Major disasters shut down almost 50% of small businesses permanently. This happens either because the disaster itself is so extensive that the business is simply unable to recover, or because recovery afterward left the business at a reduced capacity where reopening was simply a losing proposition even if it were possible. The best way to avoid becoming a part of that statistic is to get real world, detailed analysis of your risk and vulnerability as a business. These assessments can help you to identify not only potential sources of loss if an emergency takes place, but they can also help you to know more about the costs involved so that you can properly plan recovery budgets and insurance profiles for your business. What Does Risk Assessment Involve? The simplest way to think about risk assessment is to compare it to baby proofing a home; you will need to look at all of the different ways that a baby could become injured, and then take the time to fix those problems accordingly. In your workplace, you’ll have different considerations to take into account, but the general principles remain the same. It’s about understanding what could go wrong, and making the effort to prevent it pre-emptively. Identifying natural hazards is usually one of the easiest to do, but manmade hazards also need to be taken into consideration. In a restaurant, for example, a manmade disaster may be the spilling of grease near an area where a slip could lead to injury by fire. The way to combat this is to...

Keep Budget Season From Becoming a Nightmare!

I hate to break it to you, but… We’re more than midway through summer which means one thing for Property Managers… BUDGET SEASON! If you have been trying to push it out of your mind and not think about it yet, now is the time to do so. It’s never too early to start mapping out numbers for next year. Do your homework before you start If you can’t measure it, you can’t manage it! Dig up old research, previous budgets, market/sub-market conditions, and variance explanations before you get started. This will be crucial information in preparation for your budgeting process. Expect the Unexpected Your contingency plan… needs a contingency plan! While you may think you have everything covered, always expect emergency repairs. Prepare a budget for those “random emergencies” that may and probably will pop up throughout the year. As they say, it’s better to have and not need than to need and not have! If it comes to the end of the year and you find yourself with an excess budget, consider ways that you could apply it to “extras” that will improve your property and make your residents happy. Items such as indoor cleaning services or outdoor work like snow plowing services are always great add-on’s that will please your tenants. Review New Industry Data There is constantly new data and technology coming out in the industry. It’s important to look into all the new apps and information as something might pertain to benefiting your property’s budget. This information can be found via blog articles, YouTube videos, real estate news sites, audio podcasts and more! Also,...

National Night Out- August 7th, Columbus, OH

August 7th is National Night Out is an annual community-building event that promotes police-community partnerships and neighborhood friendships to make our neighborhoods safer, better place to live.  National Night Out enhances the relationship between neighbors and law enforcement while bringing back a true sense of community. This night also provides a great opportunity to bring police and neighbors together under positive circumstances. Millions of neighbors take part in National Night Out across thousands of communities from all fifty states, U.S. territories and military bases worldwide on the first Tuesday in August (Texas celebrates on the first Tuesday in October). Neighborhoods host block parties, festivals, parades, cookouts and various other community events with safety demonstrations, seminars, youth events, visits from emergency personnel, exhibits and much, much more. In 2017, Columbus won a National Night Out Award in Category 1 – 300,00+ Population and Asherton Grove Condo Association in Westerville, won a Rookie of the Year Award.   Click Here For A complete Listing of Events in and Around Columbus,...

Home Damage and Remodeling Tips

Whether you’re dealing with water damage, sewer backup, or a leaking roof, water damage repairs also provide an opportunity to make desirable home improvements. Making essential repairs in a timely manner is critical to preventing or minimizing mold damage which can greatly escalate costs. But what if you could also make home improvements at the time of water damage repairs that would also increase property value and make selling easier? Homeowners insurance will generally provide replacement costs less your deductible for water and mold damage repairs. You may want to enhance restoration with home improvements that increase comfort, aesthetic appeal, and property value while making selling easier. This post will help you to understand what home improvements help property resale and add value the most and where you can expect the greatest return on investment. It will also help you to choose a water damage restoration contractor who is well qualified to perform your job quickly, safely, competently and give you peace of mind throughout the entire water damage repair and restoration process. Here are 5 important home improvements that add to your property value and appeal to potential buyers. KITCHEN HOME REMODELING – After water damage and/or mold repairs in the kitchen, it is often necessary to replace cabinets, countertops, drywall, baseboards, and flooring. There is no doubt that the kitchen can be the biggest selling feature in a home. A kitchen renovation with quality wood cabinets, granite countertops, modern appliances, flooring, lighting and decorative backsplash tiling will add to your enjoyment, pride, and quality of life. The kitchen is an area that will yield the greatest return on investment for...

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