Insurance Briefing

Posted on July 27, 2023 by marlenebertrand
Photo by Mikhail Nilov: https://www.pexels.com/photo/black-framed-eyeglasses-on-white-paper-7735630/

On July 26, 2023, I attended an insurance briefing presented by the California Department of Insurance (DOI).

Julia Juarez, a California Insurance Executive Team member, facilitated the meeting. The briefing included important information about the insurance industry and ways consumers can protect themselves and find the proper insurance coverage in today’s volatile insurance market. I learned much from Insurance Commissioner Ricardo Lara and Amy Bach, a United Policy Holders organization member. The United Policy Holders is an advocacy organization that takes action on behalf of consumers. And I was also happy to hear from the California Association of REALTOR® president, Jennifer Branchini, who shared information about how REALTORS can reach out to clients and help them navigate the complex process of maintaining or obtaining insurance.

Insurance Companies Leaving California

Because of the large number of fires in California, many insurance companies are canceling policies, and some are even leaving California, no longer writing any policies in this state. But, there are still other, lesser-known companies that are still writing policies. We need to know where to find them. To help you locate these insurance companies, contact the Department of Insurance. I have placed the phone number and website address below.

Contesting Your Insurance Renewal Denial

When your policy renewal is denied, did you know you have a right to contest the insurance company’s decision? Yes. You can! You can ask them why. If they used a scoring system, you can ask them how that scoring system works. They can’t just say, “I don’t know!” They are required to tell you. Then, you can correct any conditions that may be the reason for the denial and then ask them to reassess their decision.

You Must Receive a Notice

Did you know the insurance company must give you a 75-day notice before canceling your policy? Yes. They must notify you at least 75 days before canceling your policy, giving you time to assess your situation and plan how to keep your house covered by insurance.

Get a Fire Safe Home Designation

The Institute for Business & Home Safety (IBHS) is an independent non-profit organization that has studied the science of wildfires and what it takes to prevent them. They are also committed to helping homeowners understand what they can do to keep their homes safe from the effects of wildfires. Did you know you can get your home designated as a fire-safe home? Yes, you can. Having this designation can help when insurance companies decide whether or not they will insure your home. Visit the IBHS website to learn more about getting your house designated as a fire-safe house. I have placed the IBHS website information below.

Get Help

The Department of Insurance is your ally in helping you keep your home covered by insurance. If you are without coverage due to cancellation or want to find another insurance company, the DOI can help you. I have placed their contact information below. Please reach out to them for all your insurance needs.

RESOURCES:

Department of Insurance
Read about the wildfire safety regulations and if you have questions about your home, auto, business, life, or other insurance, contact the Department of Insurance at 800-927-4357 or visit them online at http://www.insurance.ca.gov

The Department of Insurance has two designated resources geared specifically for seniors.

Seniors Information Center
https://www.insurance.ca.gov/0150-seniors/

Senior Gateway
https://seniors.insurance.ca.gov/

United Policy Holders (UP)
At United Policy Holders, you can get information to help you understand the different types of insurance companies, agents, and broker information. You can also get buying tips. Visit the UP website for more details.www.uphelp.org

Institute for Business & Home Safety (IBHS)
IBHS launches the first wildfire mitigation designation program in California. Visit their website to learn more.
http://WildfirePrepared.org

© Marlene Bertrand 7-26-2023

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No Housing Bubble Here

Posted on August 10, 2022 by marlenebertrand
Burst the Housing Bubble Myth

Those of us caught in the volatile housing market in 2008 have a legitimate reason to be skeptical of what is happening in the housing market today. But, there is a considerable difference between what happened in 2008 and what is happening in 2022.

Contrary to buyer and seller concerns, we are not in a housing bubble. What is happening now is basic economic principles. Eventually, the market will balance itself out.

Back in 2008, many houses were built, leaving builders with a lot of unsold inventory. Now, in 2022, it is the exact opposite. There is a housing shortage as not enough houses were built to satisfy demand.

Do you remember our economic lesson on Supply and Demand?

When supply is plentiful (as in 2008) and demand is lower than supply, prices are lower.

When supply is limited (as in 2022) and demand is higher than supply, prices are higher.

As mortgage rates increase, buyer affordability decreases. As buyer affordability decreases, fewer buyers will be able to afford homes in the higher price range. Consequently, more homes will be left on the market, unsold, or at the least, sold at a lower price.

Respected economist Lawrence Yun says,

“I expect more pullback in housing demand as mortgage rates take a heavier toll on affordability.”

Lawrence Yun, National Association of REALTORS® (NAR) chief economist

Even with higher interest rates, buyer demand remains high. As sellers come out to meet the current buyer market (i.e., adjust home prices), eventually, there will be a market correction. This is much different than a market crash.

The Market Will Balance

As someone who has been in the industry for over 33 years, I have seen a lot of market changes. I don’t see it as an up or down market. I know the market as it relates to buyer advantage or seller advantage. I see real estate purchases as long-term investments. Purchase what you can afford at the time and sell when it is advantageous to you.

Prices go up, and prices go down. It all depends on what is happening in the world. I advise people to keep an eye on the market. When they see a scenario that works to their benefit, for instance, they note that they have a current increase in equity, they should act accordingly, meaning they may want to hold on to the property with the hope of acquiring more equity or sell to reap the gain of their current equity.

I think it is always a good time to be in real estate.

Consumer Affairs Report

Consumer Affairs reports that although the number of available homes have increased, home prices remain relatively high. As the pool of buyers decrease due to decreased buying power, economists foresee the market adjusting as sellers decrease asking prices to capture the attention of available buyers in the market.

Read the full report titled “The Number of Available Homes for Sale Surged in July.” Published 8-10-2022 by Mark Huffman, Consumer Affairs Reporter.

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14 Garage Organization Ideas Under $50

Posted on August 25, 2020 by marlenebertrand

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How Not to Regret the Paint Color You Chose

Posted on June 18, 2020 by marlenebertrand

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Lawn Care Tips for Each Season

Posted on May 19, 2020 by marlenebertrand

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