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Insurance

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Tuesday, July 16, 2024   /   by Annie Junker

Insurance

Insurance
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Insurance

A companion piece to real estate is insurance. Home insurance is essential for several reasons:

  1. Financial Protection: It provides financial coverage against damages to your home and personal belongings due to unforeseen events like natural disasters, theft, or vandalism.
     
  2. Mortgage Requirement: Most mortgage lenders require homeowners to have insurance as a condition of the loan, ensuring their investment is protected.
     
  3. Liability Coverage: It offers liability protection if someone is injured on your property, covering legal fees and medical expenses.
     
  4. Peace of Mind: Knowing that your home and possessions are protected against potential risks can provide significant peace of mind.
     
  5. Disaster Recovery: In the event of a major disaster, insurance can help you rebuild your home and replace lost belongings, aiding in quicker recovery.
     

How Often Should You Update Your Coverage?

Updating your home insurance coverage is crucial to ensure it remains adequate. Consider reviewing and updating your policy in the following situations:

  1. Annually: Review your policy at least once a year to ensure it still meets your needs and reflects any changes in property value or personal circumstances.
     
  2. After Major Purchases or Renovations: If you make significant purchases (like expensive electronics or jewelry) or home improvements (such as adding a room or upgrading a kitchen), update your coverage to include these new assets and improvements.
     
  3. Changes in Personal Circumstances: Major life changes such as marriage, divorce, or a new baby can affect your insurance needs.
     
  4. Market Changes: If the real estate market fluctuates significantly, it might impact the replacement cost of your home, necessitating a coverage adjustment.
     
  5. After Policy Changes or Enhancements: Insurance companies periodically update their policies or offer new endorsements (additional coverage options). Stay informed about these changes and consider incorporating them into your policy.

Regularly updating your home insurance ensures you are adequately protected and helps avoid any gaps in coverage that could result in significant out-of-pocket expenses in the event of a loss.

If you need advice about insurance or need any recommendations, call, text, or email me! Or reply to this email!

 

804-350-0879 | chris@smallre.net | chrissmallgroup.com


*We know RVA neighborhoods! Chris Small and Small & Associates are the official Listing Leaders and Sales Leaders in Richmond's Fan and Museum Districts!

*In 2023, 83% of our listings sold at or over the list price, and 61% sold OVER the list price!


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It is my responsibility as your REALTOR® to ensure that when others around you are lowering their expectations, this becomes the time for us to switch gears and discover how to leverage the market effectively to achieve your goals.

If you would like to know more about the current market, or if you have any general real estate questions, call or text me on my cell phone at 804-350-0879 or you can email me at chris@smallre.net.

If you are looking to begin a home search, visit my website to get started!
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    3023 Hanover Avenue
    Museum District
     
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    12 North Crenshaw Avenue
    Museum District
     
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    Additional resources
     
    We are select partners with REALM and Leverage Global Partners. What does this mean for you as our client? If you are looking to relocate or buy a second home in an entirely different city (or on a different continent!), Small and Associates has you covered. As a member of these exclusive networks, we work with other like-minded agents and to put you in touch with the right REALTOR® outside of the Central Virginia area. If you or someone you know has been considering a unique move, let us be your guide.
     
    To learn more, click the links below:
     
    In addition to being a partner to two exclusive global networks, I am a proud member of the Institute for Luxury Home Marketing and am a Certified Luxury Home Marketing Specialist. This means that I will market your property to the highest standards with access to the latest trends in the industry. I am the only Real Estate professional in the Central Virginia area with this designation!
    Are you interested in buying a second home but, aren't ready to fully commit to another property? As a part of our partnership with REALM, we can direct you to properties all over the world with Pacaso. Pacaso is Luxury Co-Ownership where you have the ability to  own a second house for 1/8 of the cost. Click here to learn more and to start shopping!
    Are you looking for your own slice of "La Dolce Vita"? Small and Associates has the connections to make it happen. We have personal contacts with firms in Italy and would be happy to help with your home search and make an introduction!
    Client Testimonial: Click the link below to hear from Laura and Nathan Kottkamp, clients of Chris Small. Thank you for your kind words! It's always been an honor to help you with your Real Estate goals.
    Client Feedback from Laura and Nathan Kottkamp.
    The Chris Small Group at Small and Associates