Real Estate Insight - Residential Properties Ltd.

This week I had one of my all time favorite guests on the show, James Brayton Hall, the Executive Director of The Providence Preservation Society (PPS). In the post-war period the trend was to try and make all American cities look the same, but several early adopters of preservation like PPS saw the beauty and importance of preserving our older buildings. PPS was one of the earliest preservation groups in the country, and their forward thinking plan to save entire neighborhoods has resulted in the largest group of preserved architecture in the Country. There are many benefits to Historic Preservation, aesthetic, cultural, environmental, and educational, I am sure 100 years from now these will remain the most important benefits, but in this climate of falling equity, the economic benefits of stabilizing neighborhoods, increasing the tax base, not to mention the multiplying effect from tourism, (the Newport mansions alone brought in 17 million dollars in revenue in 2008.) are critical to the sustained viability of our State.

This Weekend PPS will once again be hosting its annual Holiday stroll, returning to where it all began with a Holiday on Benefit Street- Guests will get to tour many Benefit Street houses, decked with the finest holiday cheer. This year’s Festival will feature guided walking tours, educational lectures, and volunteers will be at all the houses to answer questions and offer their insight into the unique features of these special homes. The historic Hope Club will also be open this year serving as the headquarters of the festival. PPS has added a Family Day ticket to the Holiday Festival which includes storytelling by Len Cabral; gingerbread house decorating; a visit from the Snow Queen; a pet parade; carriage rides; and a parade to light the City Christmas tree.

This week’s Real Estate Insight:

This weekend try looking at Providence through the eyes of a tourist. Come to The Holiday on Benefit Street, enjoy the day, learn about the rich history Providence has to offer and help support PPS’s mission to improve the quality of life in Providence through historic preservation and the enhancement of the built environment.

Listen to this week’s podcast here:

According to the Insurance Information Institute (I.I.I.), 2011 will be a record setting year for federal disaster declarations. So far there have been nearly 90 disaster declarations, so we should end the year with over 3 times the average of 34 per year. Hurricane season always makes me think about reviewing my homeowner’s insurance policy, too many people realize they do not have enough insurance only after something happens.

So this week Rich and Steve had Andrew Lefebvre from the Nationwide Lefebvre Insurance Agency. Confusion and misinformation is the chief cause for homeowner’s insurance woes, so it is important to know exactly is and isn’t covered in your policy. Guaranteed Replacement Coverage covers the cost of home replacement over the limit agreed to by the insurer, Replacement Cost will cover your home but only up to the amount the insurer agreed to pay. Actual Cash Value Coverage pays fair market value for your home, usually much lower than the cost to rebuild. And then there are variations within the policies, so the only way to really know what you are covered for is to read it cover to cover. Make sure you have separately indemnified expensive items like fine art and antiques, and review your policy yearly to make sure you have taken any upgrades you may have done to your house into consideration. Finally it is a good idea to add a million dollar “umbrella policy” , especially if you have teenage drivers, to cover anything not in your homeowner’s policy, these usually cost about $200/ year, and could save you from losing everything if you get sued.

This Week’s Real Estate Insight:

When it comes to insuring your most valuable asset, you want to make sure you have the best possible coverage for the money, not necessarily the cheapest premiums.

Listen to this week’s podcast here:

Residential Properties Ltd.

Real Estate Insight®

Providence Preservation Society’s Holiday on Benefit Street

Beware of Inadequate Homeowner’s Insurance