Since all the housing and financial market mess, lenders are paying more careful attention to what kind of protection you have on your condo, since ultimately this insurance would pay to replace or rebuild their collateral against your loan if it were to be destroyed or damaged, who would blame them. Freddie Mac and Fannie Mae and FHA all have new requirement out now to make sure you have this Walls in coverage. Often I see folks in Northern Virginia who have purchased coverage and are paying too much for the wrong type, or are under the false impression that they don't need an individual policy, because the master policy protects them fully.

Condo homeownership is a bit more complex than a single family home so let me fill you in on some background to help make sense of it all.

With Condos there are master insurance policies, and there are individual policies. The type of master insurance policy the board of directors purchases for your condo association will dictate what kind of individual policy you will need.

There are two types of master insurance policies;

1. Bare Walls Master Insurance Policy- This type of policy insures the outside structure of the condo only from the studs in the walls in. It is the responsibility of the individual to buy insurance on their personal policy. This type of policy puts the burden of repairing or rebuilding the interior of your unit onto your individual policy.

2. Single Entity Type Master Insurance policy- This type of policy covers everything that conveys at settlement, including the carpet, the walls, the cabinets and fixtures. Some even cover any improvements or betterment that have been made to the unit. This type of policy provides the Walls in coverage your lender is looking for. However, it is imperative that you understand that you still need a personal policy to fill in the gaps where the master policy does not cover.

Weather your Condo association has a Bare Walls or Single entity type policy you are leaving yourself up the creek without a paddle if you don't buy an HO-6.

If your master policy is bare walls you need to buy insurance for the cost to rebuild your unit from the studs in the walls in as building coverage on your HO-6. In order to determine how much to it would cost to rebuild you should consult with a appraiser, or builder. Often If you look at page 3 or 4 of your appraisal there is an estimated cost price new listed that you can use. It is often listed as a cost per square foot. Simply multiply that cost per square foot by the number of square feet in your unit and you have an estimate of how much it would cost to rebuild.

You also need to buy insurance for the dwelling if your master insurance policy is a single entity type, in order to prevent you from having to pay the master policy deductible if there is a loss that effects your unit. Most master policies carry a deductible of $5000 or more, most individual policies carry a deductible of $500 so unless you want to pay. ask the question. If you have it set up properly the $500 deductible under your personal HO-6 is the most you should have to pay out- of- pocket. Your individual policy will pay the $4500 difference in this example until the master policy kicks in. This is what I refer to as difference in deductible protection.

Also some single entity type insurance policy does not cover the cost of upgrades and improvements to what was in originally constructed..another key question to ask..

Many insurance companies handle this difference in deductible differently, some as dwelling coverage, some as loss assessments coverage, you should consult with your insurance professional to make sure they are aware of the master policy deductible so they can design an HO-6 accordingly.

The HO-6 or condominium unit owner policy fills in the gaps where there is no coverage under either type. Let me give you some more examples of things that are not covered under any master insurance plan.

1. Your personal property-all of your personal property should be insured at 100% of replacement cost value so you can replace those items lost from a fire, or theft.

2. Your personal liability-The liability for bodily injury or property damage that occurs within the walls of your unit is not covered by any master policy.

3. Loss of use coverage.- This coverage pays to put you up in a hotel and also pays for your additional expenses included food, shelter and related items while your home is damaged and uninhabitable from a covered loss.

If you are renting your condo out everything I have told you above holds true. There are a few slight variations. This type of policy is commonly referred to as a landlord policy, or a rental condominium unit owners policy.

Instead of loss of use coverage you need loss of rents coverage. This coverage will reimburse your loss of rental income while you home is under repair and uninhabitable following a covered loss.

Now that you are armed with the knowledge you need to get the right type of HO-6 policy for your individual circumstance, you should be able to sleep better at night. I know I will.

Find out the latest information on Virginia Condominium or HO-6 Homeowners Insurance, and how to get the right protection at the right price. The advise is free the choice is yours. Send me an email to Craig@Griffithagency.net or call 703-253-8585 ask for a free Virginia Walls in HO-6 Guide to Condominium unit ownership.



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The Danger to you from Uninsured Motorists in Virginia

The economy has hit many families hard with many choosing between spending money for groceries and paying their vehicle insurance. Pass ten cars on the highway and at least of them is probably uninsured. According to recent statistics, at least ten percent of all drivers in Virginia are uninsured. You may think this doesn’t affect you. But what if you are in a wreck and the other driver that caused the wreck is uninsured? How will you pay for your medical bills and for repairs to your car? Virginia uninsured motorists insurance can give you peace of mind as you recover. These policies cover:

• Bodily injuries caused by an uninsured driver.
• Bodily injuries when the driver’s insurance company is out of business or can’t pay the claim for some reason.
• Bodily injuries and damage caused by a driver that doesn’t have enough coverage to pay for your medical expenses and damages to your car.

Your options for protecting yourself from uninsured motorists are few if you don’t have Virginia uninsured motorist insurance.

• You could sue the other driver. However, if they don’t have enough money to pay for insurance coverage, how much can you actually recover? You may never recoup your legal fees if you sue, much less the costs of your medical treatment and damages.
• Try to avoid getting in a wreck all together. Defensive driving is a way that you can prevent wrecks. Keep you eye out for people who are driving recklessly. Don’t follow too closely. Watch the road and stay off the cell phone and avoid eating lunch in the car. If you want to learn defensive driving techniques, take a class. Most insurance companies offer a discount for those who take one of these courses.

Hopefully, you will not be hit by one of these drivers and have to use your Virginia uninsured motorist insurance. But if you are, make sure you get all of the information about the driver including their license plate and driver’s license numbers. Get the names of witnesses who may have seen the wreck. And call the police. The driver will likely be cited for driving without insurance.

Finally, don’t accept any cash money offered by the other driver. If you do, you may not be able to collect on your Virginia insured motorist coverage or have any further legal action.






About Craig Griffith:

Craig Griffith is an entrepreneur and a small business owner living in Northern Virginia. As a professional insurance agent working in his field for the last 14 years, he has built his agency to become one of the premier insurance agencies in Northern Virginia. With a bilingual experienced staff of 8 full time representatives they assist thousands of satisfied Virginia residents with their insurance needs. Craig does not believe in the hard sell, he and his agency give expert straightforward advice, and will tell you right up front if they can not help you. When Craig is not helping folks understand their insurance he likes to spend time with his family enjoying outdoor activities including, waterskiing, hiking, boating, skiing, and golf.


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When many people buy their Virginia homeowner’s insurance, they take their mortgage papers, the most recent assessment and then allow the agent or his or her representative to inspect the home. Then, they pay the premium without asking any questions. There are many homeowner’s insurance discounts that are often overlooked and are sometimes not mentioned by the agent. If you are purchasing a homeowner’s policy, ask about these Virginia insurance discounts.

• Fire protection. While smoke detectors are a must for a home, many people go the extra mile and add sprinkler systems and fire extinguishers. This extra step can save you on your monthly premiums. Insurance companies see it as an effort on your part to reduce claims.
• An alarm system. If you have a burglar alarm that alerts a service, you may be eligible for a discount. After all, if the thief does not get in, you won’t be filing a claim if your valuables are taken.
• Other security measures. Even a dead-bolt lock can lead to a discount on your policy. Make sure you point out all of the safety measures on your home, no matter how small they may seem to you.
• Are you a home improvement junkie? If you have made improvements to the plumbing, heating or electrical system in your home, you could receive a homeowner’s insurance discount.
• How long have you been with your current agent? You may receive a break for your loyalty.
• Are you older and retired? Many companies offer special rates to senior citizens.
• Wind resistant shutters. Strong winds can affect almost any region at any time. Most companies recognize the protection the shutters give to windows and the home.

Finally, the easiest way to get Virginia homeowner’s insurance discounts is to have all of your policies with the same company. Many people think it is a good idea to have a different company for each policy and many times that is based on the rate. However, they don’t factor in how the savings if they insure their home, life, car and other valuables with the same company. This could lead to a savings of up to 20 percent. In addition, should you be involved in a disaster that strikes your home, car and boat, you will only have to call one agent. Ask your agent about homeowner’s insurance discounts if you already have your other policies with them.


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How to improve your Ego and your Homeowner’s Insurance in minutes!

Subject- How to totally revolutionize your Virginia Homeowners Insurance buying Experience. By reading this article you will learn the 5 secrets will help you stop paying too much, make sure you understand what’s covered, Get extra coverage you need, and get the best value for your insurance.

Most customers in Virginia only focus on the bottom line when buying their homeowners insurance policy. This report will help you cut through the bull and make sure you have your most important asset is properly covered in the event of a loss.

Here are the Top 5 Things I see people miss when reviewing their Northern Virginia Homeowners Insurance Plan

1. Understand your deductible Many clients who come to me to review their Virginia Homeowners insurance policy realize they have a deductible they didn’t know about or even understand. Some Insurance Companies offer split deductibles meaning they offer one deductible for theft say $500 but a much bigger one for windstorm or tropical cyclone say 5%. ( on a house that’s insured for $250,000 that’s a $11,250 deductible) that’s a huge deductible and while your premium will be super low. If a windstorm drops a tree on your house you pay the first $11,250.00 before the insurance company pays a dime. I usually recommend high deductibles, but It is never a good thing when it’s a surprise.

2. Sewer and Drain Coverage—Expands the type of water that is covered under your policy I recommend it to everyone. Understand what the difference between a Sewer and drain back up and ground water. Be diligent and keep all exterior drains to your house clear of leaves and debris.


3. Combine Virginia Homeowner and Auto Insurance to get discounts. Most Virginia Insurance companies offer a discount for combining the two policies. With this added discount you can often use those saving to protect your assets with a Virginia Liability Umbrella Policy. The savings on combining the coverage often allows you to pick up this valuable excess bodily injury and property damage liability very affordably.











4. Watch out for Jewelry limitations. Most Virginia homeowner’s insurance policies carry a limitation for Jewelry coverage for theft and breakage. Theft and Breakage are the real threats to your jewelry. A separate annual policy or as an endorsement to your homeowner policy you can add this coverage. You usually just need a full description of the item or a recent appraisal. It’s not expensive at all.

5. Make sure you have adequate Replacement Cost Dwelling Coverage…Many customers just rely on their agent to tell them how much to insure the house for. You should be proactive and use several sources to come up with a number.. Here are 3 you can use right now.
1.)*** Fairfax County http://icare.fairfaxcounty.gov/Main/Home.aspx
*** Prince William County http://www4.pwcgov.org/realestate/LandRover.asp
*** City of Alexandria http://realestate.alexandriava.gov/
Remember you don’t have to insure for the value of the land!

2.) Find your latest appraisal and look on page 2 or 3 where they show the Cost Approach to Value.

3.) Know any contractors or home builders? Call one and ask about the average cost per square foot. Measure your house and do the math. Pro’s Tip** the links above for your property assessment will give you the above ground square footage of your house. Don’t forget to add in the cost of finishing your basement.

Do you have imported Italian marble floors or a Viking Range??? Probably should go with higher than average amount!.



Find out the latest information on Virginia Homeowners Insurance, and how to get the right protection at the right price. The advise is free the choice is yours.
Send me an email to Craig@Griffithagency.net or call 703-253-8585 ask for a free Virginia Homeowners Insurance Comparison Report

“All I Want For The New Year Is My Two Front Teeth.”

Scratch That. I’ll Just Take Some Stability In This Unstable World…

We’ve seen some wild and unprecedented events happen in our financial system and economy over the past several months.

“Titanic Sized” financial institutions -- who were thought to be infallible by themselves and others-- have come to their knees. Federal Government Bailouts have become as common as baseball players on steroids.

Many people are fearing for their jobs, homes and the overall stability that we’ve been used to for the past 20 years.

In times like these it’s important to make sure your finances are secure and your costs are low.

One of the ways to be secure is to make sure our finances and insurances are set up properly. The best way to do this is to have me take a quick look at ALL your insurance policies and make sure there are no ‘holes’ in your coverage’s…and that you are getting as many multi policy discounts as possible.

This may sound terribly self serving, but nonetheless, if you don’t have your home and auto with us you may have coverage gaps, you are probably paying too much for your insurance.

State Farm offers some huge discounts for doing both home and auto together, plus the two policies work together to provide important additional coverage’s.

Amidst the turmoil on Wall Street State Farm is still very stable and secure financially. But that doesn’t do us any good if there are gaps in coverage, or you are needlessly paying too much because you don’t have your insurance “Packaged Properly”.

Many clients save hundreds per year just by combining policies! WHY?

Insurance companies are willing to give major discounts for multiple policies because they know you have the right coverage’s -- creating fewer claims problems -- and they statistically they keep clients longer if clients have more than one policy in force.

So give me a call or shoot me a quick email and we’ll make sure you aren’t paying too much for your insurance, and you don’t have any dangerous coverage gaps.

Super Agent Craig
Phone 703-971-7007
Email Craig@Griffithagency.net


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