Float your way to complete coverage. Although a typical homeowners insurance will cover the structure of a home and some of the owner’s personal belongings, it may not offer complete coverage for high-value possessions, such as coin collections and jewelry.

If you posses special items for which the value goes beyond your policy limits, you are advised want to add a “personal articles floater” to your coverage. Rates will vary depending on the state and the actual item insured, but you should be able to buy a personal articles floater for as little as $30 a year to insure your most valuable belonging for their current purchase price or recently appraised value. Such coverage is frequently used to fully insure engagement rings or electronics. “Floaters” have no deductible and typically cover a wider range of claims, such as theft or loss away from the home.

You might also want to consider the following tips when applying for insurance:
•    Read and understand your policy.
•    Keep a list of personal belongings, prepare photographic records, and put them in a safe-deposit box or other place away from home.
•    Be certain that your coverage keeps pace with improvements or rising value.
•    Review your policy every year.
•    Call your local fire department or other emergency agencies for information on improving the safety of your home.

The ultimate goal of all your real estate foreclosure investigation is to make a decision whether a given distressed property provides a good bargain-buying opportunity. To the outstanding unpaid loan balance you must add all the liens against the property and any estimated fixing costs and then subtract that total from the market value of the foreclosed house. If the difference is a strong positive number, you can contact the owner already prepared with all your evaluations and start negotiating a possible sale.

You will also have to collect financial information the lender will require and apply for pre-approval. Try to read as much as possible about the lending process and what steps will be needed to complete it. Check your credit and deal with any credit problems that may have arisen before the lender gets your credit report.

Finally, take a short list of properties you are interested in and hand it over to your agent. Many experienced buyers and investors prefer to purchase real estate foreclosures without the help of an agent, but if you have never done this before, it is a really good idea to trust the expertise of an agent who has both knowledge and experience in purchasing distressed property.