Atlanta Property Management

Bryan Stanton

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Atlanta Rental Market

by Bryan Stanton

We are asked all the time "How is the rental market in atlanta?". Well the answer is "Great" in some areas, "good" in others and "we're seeing rent decreases in that area".

With mortgage qualifying harder these days we see tenants with strong careers and great salaries unable to obtain financing for a mortgage. These people in particular make fantastic tenants. They always pay their rent on time and they treat your home as if it were their own so you the landlord can in turn pay your mortgage and reduce the amount of maintenance or repairs. The trend for these tenants are typically 4 or more bedrooms and a good school district.

High distressed property rate in some areas of metro Atlanta is factor that could bring your net rental proceeds down - distressed means either a short-sale or a foreclosure. Many neighborhoods in Atlanta have a distressed rate of over 80%. Which mean there are going to be some good deals to be had but, this also means more immediate competition and diluting your quality tenants. Investors find themselves reducing their asking rental price in order to limit vacancy time and typically carpet replacement and interior paint are the main repairs that are needed at the end of a 2 or 3 year lease.

The good areas are the lower priced homes 3 to 4 bedrooms in areas that do not have a high distressed property rate. Rental rates are typically $900 - $1100 per month. Tenants are typically stable occupants for appoximately 5 years and your maintenance repairs are less. 

Investors listen up... There are a lot of great buys in the Atlanta real estate market. Houses are selling low and interest rates couldn't be better. Maybe now is a good time to add to your portfolio or buying your first rental. Remember, the best deals are not always the best investment. Pay attention to where you are picking up properties. Wego property management is always happy to point you in the right direction and can see you through from contract-to-closing-to-tenant. Contact Wego Property Management, we have unparalleled access to Atlanta bank owned homes many of which would make great rentals. 

Managing Your Investment

by Bryan Stanton

Well 2012 is here already and time and time again our clients have discovered that hiring Wego is a solid financial decision. Because of our experience, proven management processes and aggressive marketing we’re able to save you money and deliver real value.

Control rental financial losses

by Bryan Stanton

atlanta: Over the past 5 years during one of the most defistating real estate crashes we've ever seen. Property owners have fell subject to huge financial losses with their real estate investments. Two major factors have contributed and inhibited owners from prospering from their rental properties.

1. Poor property maintenance and upkeep. Many Atlanta owners and investors aren't actual residents of Atlanta. Routine maintenance is neglected and issues with their real estate investment suffers. A national survey suggests that the average home owner invests $2000 to $3000 dollars a year on maintenance and improvements.

 

Atlanta investment property management owners are choosing less desirable rental properties without doing the proper research and making the necessary repairs. Serious losses can be avoided by investment property management owners if the rental houses are brought up to a higher standard. Thus creating a more stable tenants and ultimate positive cash flow for our investment property management owners.

 

2. With the overwhelming number of foreclosures in Atlanta, many owners and investors have chosen to place tenants without doing proper screening and background checks. Placement of poor tenants causes a substantial financial loss for property management owners. Loss of rental income from non-payment and from excessive damage to property is a direct hit to real estate values and cash-flow.

The best way to overcome obstacles and control loss is to hire Wego Property Management an Atlanta property management company. Wego property management will do proper research on your Atlanta investment property and handle all repairs and rehab to insure that your investment property is in the best possible condition. Wego also does an extensive background check and places only qualified tenants. Reducing your risk and promoting cash-flow for your property is our key objective.

Wego is the premier property management company in Atlanta. Chosen for our reliabilty and professionalism. Owners, investors and apartment complexes have chosen Wego Property Management as their partner to handle the most complex assets. You should too.

 

When you think property management... Think Wego!

by Bryan Stanton

Experience the difference in real estate Management

Why choose WEGO over traditional management firms?
With the cost of making a mistake so high, it is critical that investors, and landlords select a proven, reputable partner. Even if you do not select WEGO as your provider, do your homework! Read online reviews and talk to other companies in the industry to make sure you are selecting a firm that maintains a consistently satisfied client base. You will quickly find that there are drastic differences in client satisfaction and performance across the management industry.

 

About WEGOTEAM.com
In the small to mid-sized market there are
a wide range of companies offering
management solutions. We understand it can be difficult to select the best solution when it seems all management firms are promising the same thing.

Luckily there is a telling aspect of companies that even the best sales person cannot affect: reputation. Based on the experiences of the investors and landlords that have come before you, the industry reputation and track record of a company will show if the firm produces consistent results as promised or if they are simply "selling" a solution without the ability to make their clients truly successful.

At WEGO, not only have we made client
satisfaction our top priority, we prove it by offering the industry's first "easy out" contract. We do not believe in forcing our clients to utilize our services by relying on legal paperwork.

We are proud to say that each and every client in the WEGO family remains with us by choice. We prove our value every month by producing measurable results and the industry's top customer support.

Reasons WEGO leads the way in residential rental homes,
apartment complexes and condominium management

  • Our solution is specifically designed for small to midsized investors, investor firms,condo complexes, apartment complexes and individual landlords
  • The services and resources you need with none of the expensive "extras" you don't
  • Unparalleled service and support
  • Clients are not required to use our maintenance and repair services
  • Lowest fees; 8% Monthly Management

$8000 Tax Credit coming to an end.

by Bryan Stanton

Homebuyer CreditThe first time home-buyer tax credit dead-line is coming to an end on April 30, 2010. The Worker, Homeowner and Business Act of 2009 extended the dead-line from November 30, 2009 to April 30, 2010.

The tax credit is a value of $8000 if you have not owned a primary residence within the past 3 years. So even if you owned a home back in the early to mid 2000's when the atlanta real estate market was thriving you can still qualify for the homebuyer credit. The IRS has posted income restrictions as well. Single filers adjusted gross up to $125,000 and Joint filers up to $225,000 will qualify for the tax-credit.

What happens if you enter into a contract on April 30, 2010? Do you still receive the credit? The answer is yes - so long as you close on your new home by June 30, 2010. Members of military will have one extra year to claim the credit (April 30, 2011)

So if you've been looking for a new home and have yet to "pull the trigger" on your decision making process. Now is the time. Atlanta real estate prices have never been so low and now a tax credit is the proverbial "icing on the cake".

Will the tax credit be extended again? Of course this is possible but, we've spoken with many of the Atlanta lending institutions and mortgage companies and the consensus seems to be that there will not be another extension. So again, if buying a home is in your plans, hurry. Time is running out.

More information from IRS First time Homebuyer Tax Credit

Buy Atlanta Investment Properties

by Bryan Stanton

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Whether you are a seasoned investor, owner occupant or just looking at different possibilites in the atlanta real estate market. Here are some fantastic opportunities that you can not afford to miss. Every now and then WEGO property management comes across amazing deals that are usually too hard to find. We only post the best deals and a typical savings is 25% off of today's market value and sometimes more. To inquire about any of our investment opportunities send email to assets@wegomanagement.com 

Follow this link to search for all atlanta investment properties and bank owned homes in Atlanta and greater Atlanta area.

Click here to Learn how to Generate Positive Cash Flow for investment properties and rental properties.

 

This Atlanta investment property would make for a great investment . It's located in the Kings Mountain subdivision in Conyers, Ga. Features of this home include an updated kitchen, huge master bedroom with private bath, fireplace and hardwood floors throughout. Full finished basement and tons of square footage make this a gem of an Atlanta investment property. - SOLD

PROPERTY DETAILS PURCHASE DETAILS Financing DETAILS
Year Built: 2003 (Market): $150,000 Refi Loan % of Sale Price: 75%
Approx. Sq Ft: 1710 Sales Price (-$37,500k of mkt): $112,500 Loan Amount: $112,500
# Beds: 3 Down Payment: $5,000 Term: 30 Years
# Baths: 2 1/2 Equity (25% of ARV): $37,500 Interest Rate: 6.5%
Style: 2 Story Closing (Seller Pays) $ Mort Pymnt (P&I): $711.08
Parking: Garage Total Cash Investment: $5,000 Mort Pymnt (w/ Tax & Ins): $919.41
Basement: Full Finished    EST. CASH FLOW
     Market Rent: $1500
    Gross Monthly Cash Flow: $130.59
    Property Mgmt Fee: $105
    Net Cash Flow: $25.59 per month
     
   

 

This Atlanta investment property would make for an excellent owner occupied home. It's located in Heron Bay Country club. Call for a full list of details.

PROPERTY DETAILS PURCHASE DETAILS Financing DETAILS
Year Built: 2005 (Market): $250,000 Loan % of Sale Price: 97%
Approx. Sq Ft: 3100 Sales Price (-$45k of mkt): $205,000 Loan Amount: $198,850
# Beds: 5 Down Payment (3% of mkt): $6,150 Term: 30 Years
# Baths: 3 1/2 Equity (25% of ARV): $45,000 Interest Rate: 4.875%
Style: 2 Story Closing (Seller Pays) $ Mort Pymnt (P&I): $1084.88
Parking: Garage Total Cash Investment: $6,150 Mort Pymnt (w/ Tax & Ins): $1424.63
Basement:    EST. CASH FLOW
     Market Rent: $1500
    Gross Monthly Cash Flow: $75.37
     
     
     
     

 

Jonesboro, Ga 30236 4 Bedroom 2 Bath - SOLD

PROPERTY DETAILS PURCHASE DETAILS REFI DETAILS
Year Built: 1966 (ARV): $108,000 Refi Loan % of ARV: 75%
Approx. Sq Ft: 1250 Sales Price (75% of ARV): $86,400 Refi Loan Amount: $81,000
# Beds: 4 Down Payment (5% of ARV): $5000 Term: 30 Years
# Baths: 2.0 Equity (25% of ARV): $21,600 Interest Rate: 6.5%
Style: Ranch Refi Closing (Seller Pays) $4,047.8 Mort Pymnt (P&I): $511.98
Parking: Street Total Cash Investment: $5000 Mort Pymnt (w/ Tax & Ins): $641.98
Basement:    EST. CASH FLOW
     Market Rent: $850
    Gross Monthly Cash Flow: $208.02
    Prop Mgmt Fee: $80
    Net Monthly Cash Flow: $128.02 /mo
   
   

 

 

Investment Property

Hampton, Ga 30228 3 Bed 2.5 Bath - Investment Property - SOLD

PROPERTY DETAILS PURCHASE DETAILS REFI DETAILS
Year Built: 2004 (ARV): $140,000 Refi Loan % of ARV: 75%
Approx. Sq Ft: Sales Price (75% of ARV): $105,000 Refi Loan Amount: $105,000
# Beds: 3 Down Payment (5% of ARV): $5000 Term: 30 Years
# Baths: 2.5 Equity (25% of ARV): $35,000 Interest Rate: 6.5%
Style: Two Story Refi Closing (Seller Pays) $5,520 Mort Pymnt (P&I): $663.67
Parking: Garage 2-car Total Cash Investment: $5000 Mort Pymnt (w/ Tax & Ins): $830.34
Basement:    EST. CASH FLOW
     Market Rent: $950
    Gross Monthly Cash Flow: $119.66
    Prop Mgmt Fee: $80
    Net Monthly Cash Flow: $43.66 /mo
   
   

Investment Property

 Stockbridge, Ga 3 bed 2.5 bath. Investment Opportunity - SOLD

PROPERTY DETAILS PURCHASE DETAILS REFI DETAILS
Year Built: 2002 (ARV): $ in process Refi Loan % of ARV: 75%
Approx. Sq Ft: 1647 Sales Price (75% of ARV): $ Refi Loan Amount: $101,250
# Beds: 3 Down Payment (5% of ARV): $5000 Term: 30 Years
# Baths: 2.5 Equity (25% of ARV): $33,750 Interest Rate: 6.5%
Style: Two Story Refi Closing (Seller Pays) $5,731.5 Mort Pymnt (P&I): $639.97
Parking: Garage 2-car Total Cash Investment: $5000 Mort Pymnt (w/ Tax & Ins): $831.64
Basement:    EST. CASH FLOW
     Market Rent: $1000
    Gross Monthly Cash Flow: $168.36
    Prop Mgmt Fee: $80
    Net Monthly Cash Flow: $ /mo
   
   

 

 

 Covington, Ga 5 Bed 3 Bath - Investment Opportunity - SOLD

PROPERTY DETAILS PURCHASE DETAILS REFI DETAILS
Year Built: 2006 (ARV): $305,000 Refi Loan % of ARV: 75%
Approx. Sq Ft: 3236 Sales Price (75% of ARV): $228,750 Refi Loan Amount: $228,750
# Beds: 5 Down Payment (5% of ARV): $5000 Term: 30 Years
# Baths: 3.0 Equity (25% of ARV): $76,250 Interest Rate: 6.5%
Style: Two Story Refi Closing (Seller Pays) $8,302.5 Mort Pymnt (P&I): $1,445.86
Parking: Garage 2-car Total Cash Investment: $5000 Mort Pymnt (w/ Tax & Ins): $1,762.52
Basement: Half    EST. CASH FLOW
     Market Rent: $2000
    Gross Monthly Cash Flow: $237.48
    Prop Mgmt Fee: $160
    Net Monthly Cash Flow: $77.48/mo
   
   

Wyndmont_investment property

Covington, Ga 4 Bed 2.5 Bath - Real Estate Investment Opportunity - SOLD

PROPERTY DETAILS PURCHASE DETAILS REFI DETAILS
Year Built: 2008 (ARV): $215,000 Refi Loan % of ARV: 75%
Approx. Sq Ft: 3966 Sales Price (75% of ARV): $161,250 Refi Loan Amount: $161,250
# Beds: 4 Down Payment (5% of ARV): $5000 Term: 30 Years
# Baths: 2.5 Equity (25% of ARV): $53,750 Interest Rate: 6.5%
Style: Two Story Refi Closing (Seller Pays) $6863.5 Mort Pymnt (P&I): $1,019.21
Parking: Garage 2-car Total Cash Investment: $5000 Mort Pymnt (w/ Tax & Ins): $1,260.88
Basement:    EST. CASH FLOW
     Market Rent: $1400
    Gross Monthly Cash Flow: $139.12
    Prop Mgmt Fee: $112
    Net Monthly Cash Flow: $27.12/mo
   
   

 

 Investment Property

  Stockbridge, Ga 4 Bed 2.5 Bath - Real Estate Investment Opportunity - SOLD

PROPERTY DETAILS PURCHASE DETAILS REFI DETAILS
Year Built: 2007 (ARV): $150,000 Refi Loan % of ARV: 75%
Approx. Sq Ft: 2054 Sales Price (75% of ARV): $112,000 Refi Loan Amount: $112,500
# Beds: 4 Down Payment (5% of ARV): $5000 Term: 30 Years
# Baths: 2.5 Equity (25% of ARV): $37,500 Interest Rate: 6.5%
Style: Two Story Refi Closing (Seller Pays) $5,944 Mort Pymnt (P&I): $711.08
Parking: Garage 2-car Total Cash Investment: $5000 Mort Pymnt (w/ Tax & Ins): $911.08
Basement:    EST. CASH FLOW
     Market Rent: $1100
    Gross Monthly Cash Flow: $188.92
    Prop Mgmt Fee: $88
    Net Monthly Cash Flow: $100.92/mo
   
   


90 Wyndmont Way

Covington, Ga 5 Bedrooms 3 Baths - SOLD

Year Built 2008

After Repair Value - $245,000 Refi Loan % or ARV: 75%
Approx Sq Ft 3152 Sale Price (75% of ARV): $183,750 Refi Loan Amount $183,750
# Beds 5 Down Payment (5% of ARV): $5000 Term: 30 Years
# Baths 3 Equity (25% of ARV): $61,250 Interest Rate: 6.5%
Style - 2 Story Refi Closing Costs (Seller Pays): $7,437.5 Estimated Taxes:
Parking - Garage 2 Car Total Cash Investment: $5000 Estimated Ins:
Basement - Half Finished   Mortgage Payment: $1,161.42
    Mtg Payment (w/tax & ins): $1,436.42
    ESTIMATED CASH FLOW
    Market Rent $1600
    Gross Mthly Cash Flow: $163.58
    Prop Mgmt Fee: $128
    Net Mthly Cash Flow: $35.58/mo
     

 

 

 


 

Stockbridge, Ga 3 bed 2 bath in great shape. Appraised value $118,000.00

YOUR COST $95,000.00 - SOLD

 

 


 

Hampton, Ga 4 bed 2.5 bath in great shape. Appraised value $195,000.00

YOUR COST $156,000.00 - SOLD

 

 

 

McDonough, Ga 3 bed 2 bath 1+ Acre in great shape. Appraised value $125,000.00 - SOLD

PROPERTY DETAILS PURCHASE DETAILS REFI DETAILS
Year Built: 1996 (ARV): $ 125,000 Refi Loan % of ARV: 75%
Approx. Sq Ft: 1712 Sales Price (75% of ARV): $93,750 Refi Loan Amount: $93,750
# Beds: 3 Down Payment (5% of ARV): $5000 Term: 30 Years
# Baths: 2.0 Equity (25% of ARV): $31,250 Interest Rate: 6.5%
Style: Ranch Refi Closing (Seller Pays) $5,141.5 Mort Pymnt (P&I): $592.56
Parking: Parking Pad Total Cash Investment: $5000 Mort Pymnt (w/ Tax & Ins): $734.23
Basement:    EST. CASH FLOW
     Market Rent: $950
    Gross Monthly Cash Flow: $215.77
    Prop Mgmt Fee: $80
    Net Monthly Cash Flow: $139.77/mo
   
   

 


 

 

McDonough, Ga. Eagle's Landing Country Club 4 bed 2.5 bath. Appraised value $424,000.00 - SOLD

YOUR COST $355,000.00

Equity $69,000.00

 

 



 


 

 

 

 

Fed has struck again!

by Bryan Stanton

The Fed has struck again!  This time the government has introduced a program to purchase $750 billion in mortgage backed securities.  The idea behind this is to lower mortgage interest rates. The program was announced last week and the immediate action has been favorable.  Wall Street responded favorably and 30 year conventional fixed rate mortgages also dropped to a level below 5%.  This rate is the lowest level in over 30 years.  For homebuyers this is even more favorable news. For those of you who read my e-mails, you know that I have been stating that this current market may be the best home purchase opportuity in most of our lifetimes.  I am now taking that statement to a new and higher level.  With the combination of extraordinary home pricing and historically low interest rates the situation for homebuyers may never be better.

Over the past several months I have been able to help many homebuyers who wanted to upgrade their home.  This is called a move up buyer.  This market is extremely favorable for move up buyers right now.  Yes, your home is not worth what it was a couple of years ago, but if you are upgrading to a more expensive home, that homes value has declined even more than your current home has.  In this kind of market move up buyers can achieve the purchase of the home of their dreams and earn some serious home equity at the same time.  If this is something you are interested in, please get in touch and I can help you with an assessment as to whether this would be a good move for you.

Have An Awesome Week!

Georgia Homeowners Moving to Green Alternatives

by Bryan Stanton

n  www.wegoteam.com

 

Georgia Homeowners Moving to Green Alternatives

The age of corrosive building materials in construction is coming to an end. In the Georgia real estate market, there are a variety of issues worth considering. Used for millennia as a form of building insulation and piping, homes built prior to 1980 may contain asbestos. When purchasing or remodeling property, citizens are adopting green alternatives to asbestos and other hazardous materials.

Although manufacturers of asbestos knew about the dreadful affects of its product, it was used in millions of homes and buildings throughout the 20th century. Asbestos can be a problem for homeowners due to causing a variety of lung diseases, such as mesothelioma. With no mesothelioma cure, there is limited treatment and poor prognosis for patients. Developed through exposure to asbestos fibers, the number of mesothelioma survivors are unfortunately few, far and between.

The Georgia Environmental Protection Division enforces rules based on Georgia statutes. The GEPD is committed to protecting the public from exposure to asbestos-containing material. Asbestos materials can be legally performed by homeowners, regular contractors, or licensed asbestos abatement contractors. Asbestos removal is an extremely delicate and hazardous operation, so removal in homes, buildings and public workplaces must be performed by an abatement contractor.

Once you are asbestos free, green alternatives should be seriously considered. The United States Green Building Council (USGBC), in a study conducted in 2003, estimated a savings of $50-$65 per square foot for well-constructed green buildings in the U.S. (see table below) during that year. Green options such as Cellulose, Cotton Fiber and Lcynene allow for a clean, healthy home, free of health damaging materials.

 

HVAC Preventative Maintenance

by Steve Lackley

HVAC Preventive Maintenance 101

 

Subject of the day is heating & air conditioning, specifically, preventing those uncomfortable periods of time between your frantic phone call & waiting on your contractor of choice to show up to fix your air conditioning system this summer.

Many times, that phone call can be prevented.

“Murphy’s Law” number one; “if anything can go wrong, it will.” We should add an addendum to that saying “it will go wrong on the hottest, most humid day of the year.” Let’s use last summer as a prime example. Our air conditioners are expected to work, on a worst case 95 degree day. Here’s an example of a NOAA blog last summer: 

“The heat wave in atlanta continues. Today’s high temperature of 103 degrees recorded at 12:46 PM at Hartsfield-Jackson airport beat the previous record of 101, set back in 1980.”

To use a simple analogy, your air conditioning system needs to be maintained much like your car or truck; run it too long without proper care, catastrophic problems occur. Air conditioning can be reduced to one phrase, the transfer of heat. If your system cannot transfer heat properly, the result is less conditioned air or cooling. There are simple steps that a good mechanical contractor can take to help with heat transfer.

Dirty condenser coils need to be chemically cleaned. When an outdoor condenser coil becomes contaminated with dirt or grime, it cannot provide adequate heat transfer resulting in higher system pressures and lower efficiencies. As the dirt accumulates, the rest of the system needs to work harder to satisfy the set point indoor temperature. The compressor is the most expensive component of your air conditioning system. With dirty coils, lack of heat transfer raises the internal pressure of the compressor resulting in lower efficiencies and ultimately, premature failure. Higher operating pressures can also promote the reduction of lubrication in the compressor, much like the oil in your car. Once this happens in an air conditioning system, acid forms in the lines contaminating the system. One additional characteristic of poor lubrication of the compressor is noise, everybody hates a noisy condenser!

With your indoor coil or evaporator coil, improper care can result in not only lower efficiencies but also contaminated air. The indoor evaporator coil produces condensation when warm, humid air is blown over it. During the summer, your evaporator coil stays moist most of the time promoting growth of mold and bacteria. Cleaning and sanitizing these areas are critical for efficiencies and indoor air quality. In addition, the area that collects the condensation, or drain pan, must be sanitized with a time released chemical or tablet that eliminates the growth of these contaminates. When the drain line gets clogged, the repair bill may include drywall, carpet and furniture!

The HVAC industry has many products that address these cleaning issues. A popular product line is Nu-Calgon which manufactures Nu-Brite using an alkaline, foaming cleaner instead of the harsh acidic cleaner to clean the coils. Other products on the market include system conditioners, lubricants, flushes, insulators; the list is endless.

Studies have proven the impact of dirty coils on energy costs. The Carrier Corporation conducted a study on systems ranging from three to sixty tons. A typical five ton system with moderately dirty coils uses 8,100 KW hours per season in contrast to a clean coil using 5,500 KW hours during the same season resulting in a 32% more efficient system operating with clean coils.

In addition to system efficiencies and indoor air quality, the advantage of a proactive preventive maintenance program is system reliability. A service technician skilled in his trade can identify many potential problems and parts before they fail. There is a fine line between proactive part replacement and theft. As a homeowner, business owner or building manager, you may not know the difference between a contactor and capacitor; trust in your HVAC contractor is critical; choose one with years of experience in the industry, good reviews on-line and are listed with your city’s Better Business Bureau.

Other key areas that must be addressed during a preventive maintenance visit include clean air filters, drive belt wear & alignment, motor amps & draws, proper refrigerant charge, wiring connections, gas pressures, safety switches and air flow. These are just a few items on an inspection report you must request from your contractor.

Extend equipment life, reduce cost of ownership, lower operating costs, minimize down time and increase reliability. !

Other organizations to further develop your HVAC knowledge include: www.ashrae.org, www.comfortinstitute.org & www.energystar.gov.

Steve Lackley is the Operations Manager at Estes Heating & Air, Mechanical Division located in Atlanta, GA. You can contact Steve at slackley@estesair.com.


 

Renters Insurance: Why You Need It

by Bryan Stanton
Renters Insurance: Why You Need It
 
 
 
There are two big myths about renters insurance. One is that it’s too expensive and the other is that it’s not needed.
Not having renters insurance is a pretty big gamble, considering that without it you face the cost of replacing your personal belongings after an event such as fire or theft. What’s more, you could face the prospect of defending yourself in a lawsuit because of some accident for which you might be held legally responsible, whether it happened where you live or elsewhere.
In many cases, for less than a couple hundred dollars a year you can protect your valuables, like your furniture and clothes, from loss by fire, theft, wind and water damage or other covered hazards.
But many renters still don’t believe they need such insurance. A survey conducted by Cambridge Reports, Inc. for the Insurance Information Institute found that fewer than three out of every 10 renters purchase renters insurance.
Many renters mistakenly believe their landlord’s insurance will cover their own belongings. In fact, it would be extremely rare for a landlord’s policy to extend to tenants’ property.
To determine how much insurance coverage you’ll need, take a complete inventory of your personal items. An insurance agent can help with this by estimating the total value of your property.
You’ll also need to decide whether to opt for depreciated or limited replacement cost coverage.
Depreciated coverage is the cost to repair or replace your belongings minus depreciation. Let’s say you bought a quality sofa with an expected useful life of 10 years. If it’s now five years old and would cost about $1,000 to replace, you could expect to receive about $500 (less deductible) if your sofa was destroyed by fire. You would pay slightly more for limited replacement cost coverage, but you could expect to receive $1,000 for your sofa minus your deductible.
You should also keep in mind that insurance coverage for some types of personal property is limited in terms of dollars. Renters insurance also gives you personal legal liability coverage and medical payments to others who are accidentally injured while in your home, apartment or elsewhere if the injuries are caused by your actions. And, if you are forced to live elsewhere because of damage to your residence due to a covered loss, renters insurance covers additional living expenses.
Remember, you may not own the building in which you live, but you still need to have insurance to protect your property in the case of fire, theft or other hazards. Talk with your insurance agent for more information.
By Ann Sullivan, CLU
State Farm® agent

Displaying blog entries 1-10 of 15

Contact Information

Photo of Wego Property Management - Atlanta Real Estate
Wego Property Management - Atlanta
WEGO Property Management
Proudly Serving Metro Atlanta & Surrounding Areas
Atlanta GA
678-578-5980
800.537.WEGO(9346)
Fax: 770-389-0867