NLIC.org

Hugh Said:

Is it legal to charge a higher rent for students vs. non students for the same rental property in Canada?

We Answered:

Do you have rent control laws in your area? If not, you can charge whatever the traffic will
pay. Check with local authorities for any laws involved.

Courtney Said:

My car was flooded in my parking lot at work, is the property manager liable for the damages?

We Answered:

Probably not. Different states and cities have different laws regarding flood damage.
Unless you can prove the building changed the natural flow of water and caused the flood you don't have much of a chance.
If the company is large they can keep you from your day in court for years, and increase your cost to more than you can hope to recover.
This is the same as home damage from flooding which is not covered by homeowners insurance.
In your case it is a lesson that did not cost you several thousand dollars.

Jo Said:

What is the cost of homeowner's insurance on a $100k property ?

We Answered:

It can be anywhere from $400 to $5,000 a year, depending on coverages, location, your credit score, and claims history, and the age/condition of the house.

For cheaper rates, stay away from houses more than 25 years old, or more than 5 miles from a fire department, or made from wood, or in the states of TX, LA, FL, or CA, or anywhere coastal, or near a large body of water.

Condos LOOK cheaper, but catch you on the fees.

I think you really need to talk to a local real estate agent. When you look at properties, one of the things on the sheets is insurance and taxes cost.

Micheal Said:

Insurance rate on a $3.2 million dollar waterfront property?

We Answered:

No. Here's why. The price tag you're paying is MARKET value. Insurance values are based on the COST TO REBUILD.

Assuming the cost to rebuild this thing is $1,000,000, and it's a single family home, the MAXIMUM flood insurance you'll be able to buy on it is $250,000. Dwelling coverage WILL be with Citizens - maybe 5% for everything else, 5% for wind, $4,000 for flood. 5% is about the going rate right now for property and wind. But next year it's probably going to double.

But you're not going to be able to BORROW more than $250,000, because that's the most flood insurance you'll be able to get.

I hope you're an expert investor - because buying real estate in Florida right now is a VERY VERY risky proposition - the whole real estate market is about to collapse.

Wayne Said:

How much does homeowners insurance cost in Nassau County, NY?

We Answered:

I live in Nassau county (Hicksville) and pay $1,025 per year for $275,000 of building coverage as well as the liability and all the other bells and whistles. Expect to pay anywhere from $800-$1500+. Rates go by the amount of building coverage (in dollars) as well as the area of the home (square feet). The higher the value (and larger the area) the higher the premium will be. You're credit will also be a factor. Also, brick houses are a little cheaper (not as combustible) and so are newer houses.
Good luck!