Insurance - California Homeowner Policies - Tips on Finding and Keeping

Insurance is the Key!

Several companies have stated they are not issuing new policies to new customers, and some existing customers are receiving cancellations.  Below are some advisory tips whether you are in escrow and need insurance for a new purchase, or you're in an existing home and have received a notice.

 If an insurance company is not going to renew your policy, you must receive notice 45 days before the expiration date. If you didn't receive the property notice, the California Dept. of Insurance may be contacted at 1-800-927-HELP or online at www.insurance.ca.gov. Look for renewal provisions in your policy to see what you might qualify for under certain conditions.

Contact your insurance company immediately to see if there are fire-hardening steps you may  take to change the company's decision about non-renewal.

If you don't have an insurance agent, check online with the Department of Insurance in the Consumers Section to help you find an agent, and check if the agent works exclusively with one company or has access to multiple carriers. 

 Check the Residential Insurance Contact List on the DOI website for a list of admitted insurance companies.

Ask questions of the insurance agent: Does it cover current cost of rebuilding per current construction codes? Does it cover replacement cost value? Will the policy cover cost of rebuilding to pre-loss condition? Cover demolition and debris removal? Coverage on temporary rent and expenses while home is being rebuilt? What loss causes are not covered? 

Non-admitted carriers, i.e., surplus lines, do not have CIGA protection, but may be a solution for you. Investigate financial strength of a non-admitted carrier at A.M. Best.

As a last option, try the California FAIR Plan, which only covers fire and smoke. However, if you currently can find no other carrier, this Plan will provide you with coverage required by most mortgage company to keep your loan, or get a new one. It was designed to be a temporary option only, but this may be gap coverage until you are able to obtain a policy with more coverage. 1-800-339-4099. A Differences in Condition policy can be obtained separately to cover theft and liability.

IF YOU ARE IN ESCROW OR ABOUT TO BE:  Do not delay the search for home insurance. Begin immediately. Some insurance companies are using a monthly pool amount to issue policies, so if you qualify and are told you will get insurance, your transaction must close on the date you give to the insurance company, or otherwise if it's delayed in closing, you will lost your place in line, get rolled over to the next month where you start over again--the seller may not go along with this unless it was agreed upon in writing, and given the competitive nature of the housing market, there may be another buyer in line with an offer.  So do nothing to delay your closing date if this is how you are advised you're getting insurance coverage.  

Thanks for California Association of Realtors for the above information.

Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996

Dark Sky Illumination Trend Addresses Adverse Effects of Light Pollution

 

Dark Sky Anza Borrego Desert - Credit: John Loo via Flickr (CC)

Dark Sky Illumination Trend Addresses Adverse Effects of Light Pollution: 

Light pollution disturbs nature and can cost billions. Communities and cities are increasingly aware of the negative effects of light pollution and are passing ordinances to curb the problem. This affects how homeowners light their yards, and real estate professionals who know the ins and outs are better equipped to help their clients.

Have you looked at a nighttime photo map of the U.S. showing major cities with clusters of lights?  According to the article at the link, "Over the last 25 years, light pollution has increased by at least half and is growing about 10% annually, according to the International Dark-Sky Association (IDA), a Tucson, Ariz.-based organization focused on reversing the issue."  

Christmas lights, LED landscaping lights, expanding population in cities needing nighttime lighting, commercial displays, are all sources of increased light pollution.  It doesn't just block out our view of the nighttime sky, it impacts "plants, animals, insects, fish and people by affecting their natural rhythms and habits."   Further, " 'About 20 to 50% of the light that shines into the night sky is said to be lost due to fixtures being unshaded, which results in an estimated economic cost of about $3 billion, says Brian Liebel, Director of Strategic Initiatives at IDA. “We all pay that cost, either directly through utility bills or in the prices of goods and services, into which infrastructure costs are rolled.' ”

Tips by the IDA that property owners may want to consider are:

• All light should have a definite purpose. Before installing any, homeowners should weigh reflective paint or self-luminous markers instead of permanently installing outdoor lighting.
• Light should be directed only where needed, which is made easier with a shield and by aiming the light beam, so it points downward.
• Low light levels limit the amount of light.
• Light should be used only when it is needed rather than left on 24/7; that is why motion detectors and timers are useful.
• Light colors should be carefully selected and preferably warmer colored rather than blue-violet. “The blue scatters the light more in the night sky and increases the level of light pollution,” Libel says.

Please see the entire article at the link. And view the International Dark Sky Association site.

If you would like a home consultation because you are thinking about selling, please contact me by text, email or online. I have a lot of experience which I can put to work for you.

 

 

Long Beach Houses: What's on the Market And for How Long

Beautiful corner lot home

The market seems to be back to multiple offers and buyers feeling a lot of stress, unable to get into contract with a seller. It's true, there's low inventory, and higher interest rates.  

But not all properties are selling within a few days of coming onto the market. However, many of the home sitting on market are in the higher price range, over $1,000,000.  

The record holder on the active market in Long Beach right now is a single family in the 90803 zip code listed at $3,149,000, on market for 350 days as of July 11th--it doesn't appear to have been in escrow according to MLS data.  

The next highest time on market is a house listed at $829,000 in the 90804 zip code, on market for 336 days as of July 11th.  It was reduced from $929,000, and doesn't reflect that it's ever been in escrow.   

The next property is back in the 90803 zip close to the water listed at $3,749,000, on market for 243 days, also never in escrow per the MLS data. 

Another home in North Long Beach, completely redone on the interior is listed at $795,000, on market for 148 days.  

Then Bixby Highlands has a listing $1,099,000, on market for 127 days, never in escrow.

And so it goes through a list of 124 active properties, with the lowest house starting at $469,000, the highest list price being $6,999,000.

In Long Beach, in this group of 124 all active SFRs in the city, the average list price is $1,522,138 with an average of 41 days on the market.  There are 64 listings under $1,000,000, roughly half of the total group.

Currently, there are 109 SFRs in escrow , with average of $1,162,566 and an average 35 days on market.

So in spite of the overall inventory shortage, there's more active listings than are getting into escrow.

If you would like help buying or selling, please contact me for local area information of your property, and local listings on the market. I've had 28 years of experience helping both buyers and sellers.

 

Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996