Fox Lake, IL (PRWEB) October 31, 2013
Recent real estate market trends indicate an uptick in the purchases of homes in the Chicago area, with the number of homes flipped this year more than doubling last year’s numbers. The Chicago Tribune reports that competition for purchasing properties is growing fiercer, as the housing market is slowly recovering from a longstanding crisis.
As the market trends upward, The Major Agency encourages insurance shoppers, especially those currently looking to flip, purchase, or sell a house, to know the importance of having the proper insurance policies to cover them. While the process of flipping—buying, fixing up, then reselling—a home is a process that involves a lot more work than just a home inspection and a paint job, many people still underestimate the need to have their property insured.
There are many reasons to be covered with proper insurance, not the least of which is the security and peace of mind it can provide to the owner. If someone were to be injured on the property, whether it is while playing a sport in the yard or painting a wall in the kitchen, insurance would protect the owner from liability. Additionally, owners who are in the process of flipping their house will find that anyone working on the property while the remodeling or renovating under Illinois law could be construed as being in their employ. Should they be legally considered an “employer” during the work, owners would be subject to Workers Compensation laws as well.
A “homeowners” policy is designed to cover an owner-occupied dwelling. Covering a “flip” house under a homeowner policy could result in a claim being denied. Further, a homeowners policy excludes injuries to people employed to work on the home. An uninsured workers claim would cost a substantial amount of money, possibly even resulting in bankruptcy.
The bottom line is that it is too risky to not have the proper insurance covering the property, as it provides the owner with a fallback in the event that an accident happens. With house flipping on the rise and the housing market becoming even healthier, The Major Agency hopes that anyone hoping to purchase a home recognizes the importance of having the right insurance policy to cover them and their property. Professional agents are available for clients to discover and select the right home insurance solutions that fit their property needs.
About The Major Agency:
The Major Agency is an independent insurance agency that was founded in 1960. Over time it has grown to serve over 2,300 clients in the greater Chicago area. The main focus of the agency’s business is providing the best possible insurance services to its customers. Since every person and business has unique insurance needs, The Major Agency believes that its job is to help residents and companies in Chicago understand their many insurance coverage options so that customers can make the best possible decisions for their needs. The agency values quality, professionalism, and forming long-term relationships with both providers and customers.