You may have heard that HUD recently relaxed, under certain circumstances, the requirement that a seller hold a property for 90 days before selling to an FHA buyer. This so-called “Flipper” rule is designed to protect buyers, but HUD has found that in certain circumstances this requirement is inhibiting the revitalization of neighborhoods. The following information is a summary of the rule changes.
On September 4, 2009, at approximately 1:20pm, Governor Brewer signed HB 2008 which repeals SB 1271 and its changes to the Arizona anti-deficiency statute. For now, Arizona’s Anti-Deficiency Statute will remain in favor of Arizona homeowners.
Car insurance companies in Arizona are required to offer a basic state-mandated policy, in order to provider coverage in case of injuries from accidents. Although it follows that the more coverage you purchase, the better you’re protected from financial risks, the state requires only that you meet minimum requirements. As such, Arizona law dictates the inclusion of both bodily injury and property damage minimums as part of this ‘basic’ level of coverage. The minimum required limits are $15,000 per person and $30,000 per accident for Bodily Injury and $10,000 per accident for Property Damage. Read the rest of this entry »
Comprehensive coverage includes protection from the consequences of fire and theft, as well as vandalism, lightening, flooding, and other external factors outside of your control. Comprehensive insurance is effective if you want maximum protection for your vehicle, especially if your vehicle is newer. Likewise, if you obtained a loan to purchase your vehicle, comprehensive insurance is generally required during the term of your loan. However, if you are driving an older vehicle which is paid off, you must weigh the cost of insurance coverage against the expense and inconvenience of paying for damages out of your own pocket in the event your vehicle is damaged. Purchasing comprehensive insurance coverage is not required, but may be useful for your personal financial circumstances. Read the rest of this entry »
If you are a passenger with coverage but the car you are riding in doesn’t have insurance when are involved in an accident
In most circumstances your personal automobile insurance may apply. As a passenger who is not responsible for the accident, you are likely entitled to the liability coverage provided by your insurance. However, all accidents and circumstances are different. To go over the specifics of your situation, contact Pak & Moring for a free case evaluation and see if you are entitled to compensation from your car insurance company. Read the rest of this entry »
MedPay – Medical Payments benefits (or “MedPay”) provide an added layer of coverage within an auto insurance policy. In some states MedPay is known as personal injury protection, or “PIP” coverage. MedPay provides payment for necessary and reasonable medical expenses incurred as the result of a car accident. This coverage is available to you or passengers in your vehicle, regardless of who is at fault for the accident. Coverage limits are generally between $5,000 and $10,000 and can go toward paying your health insurance deductibles or out-of-pocket medical expenses incurred when seeking treatment following an auto accident. When you are not the at-fault driver in an accident, MedPay is an effective way to cover expenses if you are awaiting settlement from the other driver’s insurance company. The exact coverage and its specifics vary by insurer, and therefore, you should carefully review your policy for a complete and accurate description of the coverage provided.
Arizona Law mandates the purchase of liability insurance to cover bodily injury and property damages that you may cause in an accident. The minimum liability insurance required is 15/30/10. This means that your liability insurance will cover bodily injury claims up to a maximum of $15,000 per person and a total of $30,000 per accident. It also covers up to $10,000 worth of property damage that you may have caused. These limits are the most your coverage will pay, regardless of the number of people who are injured and the extent of their claims. Read the rest of this entry »
If you are an Arizona driver and cause an automobile accident, you will likely be responsible for damages to the other people involved. A claim may be made or a lawsuit filed against you for these losses.If you have insurance, you will have protection up to the limits of your policy. However, if you do not have the appropriate coverage or adequate limits, you may have to pay for the property damage you caused and for any applicable medical expenses, lost wages, and the pain and suffering of any injured person. Of course, if you do not have any insurance, your money, property and other assets may be subject to collection to pay for these losses. Buying the right kind of insurance with adequate limits will help protect you so that this does not happen. Liability insurance will generally cover the damages you may have caused in an accident situation. It will also pay for a lawyer to defend you against any claim or lawsuit that may result from an accident. But what about you, your injuries and the damages to your vehicle? Do you have the right kind of insurance to protect you? And is it enough to cover your losses? There are various available to protect and pay for your injuries or damages to your automobile. These optional coverages will help pay for your losses, whether or not you caused the loss. If you don’t know whether your insurance coverage is adequate for your family’s needs, contact Pak & Moring for a consultation and evaluation of your automobile insurance policy.
If you are hurt in a automobile accident, need medical attention, and are paying for all of your medical expenses out-of-pocket, then the claims process is rather straightforward. The first step is always to seek treatment and recover from your injuries. Due to the fact that you will be paying for all of your expenses without help of any insurance, you will not need to reimburse other parties if or when you receive Med Pay coverage from your own auto insurance of from the at-fault driver’s auto insurance. There are no liens placed on your medical treatment and you will only need to communicate with your own car insurance and the defendant’s insurance in terms of your claim. Each accident and situation is still different, and an attorney could be the most valuable resource in helping you through the personal injury process. Contact Pak & Moring for a free consultation to discuss your accident, and see if we can help you manage your insurance claims. Read the rest of this entry »
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