Silver Lake Area Real Estate News And Information

Make sure you have adequate home owners insurance on your property

My recent posts about the Station Fire and  home buyers not being able to get home insurance have reminded me of the importance of keeping yourself adequately protected should disaster strike.  I'm not talking about 50 gallon drums of drinking water and being ready for "the big" one. I'm referring to hazard insurance coverage on your home and other property you may own.

 When was the last time you check your homeowners' insurance policy?  Most likely you got your policy when you bought your home and never looked back.  Are you sure that you have adequate coverage?  Like any other insurance, if you wait until you have to make a claim, you could be in for a big shock to find that your coverage may not be what you actually thought it was. 

When you buy a home, your lender requires you to carry enough insurance to cover the cost of rebuilding your home.  But what about your possessions?  Have you made any additions to the property that would not be covered under your existing policy  Your home and belongings need to be protected against possible disaster and liability to third parties should they be injured on your property.

Pull out your insurance policy and see what is actually covered.   Do you live in a flood zone? What about near an earthquake fault?  The type and amount of insurance required will depend on the particulars of your location.  

All homes are not created equal.  Are you living in a home with original hardwood floors and historic architectural details? Are you walls made of lathe and plaster or drywall?  These are important details. Make sure you talk to your insurance agent about the TRUE replacement cost of your home. Should the unthinkable happen, you don't want to find out that the TRUE replacement cost for your home is miles above what it would cost to build a basic house to the same size and configuration without the actual finishes currently in your home.

If you have made any additions to the property, I hope they were done with the benefit of building permits. If not, get down to the city and have the work permitted after the fact. You now have more house to insure, but you don't want to risk your insurance company coming to you later refusing to cover damage due to unpermitted work. If you can't prove that the electrical upgrades were done with the benefit of city inspections, you could have a fight ahead of you should you have an electrical fire down the line. Make sure your insurance agent is aware of any additions or improvements you've made to the property and increase your coverage accordingly.

 Have you lived in your current home a long time?  I bet you have a lot more personal property now than when you moved in.  Put together a list of your valuable possessions. Do you own antiques, jewelry, computers, and electronics now that you didn't own when you bought the house?  Even better than a list- make a video record of your belongs by walking through the house and describing the items as you tape them. Whether you make a video or a simple check list with estimated values, make sure you store it safely somewhere other than in your house! Keep a copy in a safe deposit box; give one to a friend or relative, or both!

Writing this post got me to dig out my various policies for review. Dusty, one of our three cats, decided to give me a hand (paw?) and go through it all.

We all know we need an annual physical and semi annual visit with our dentist. Make sure you have an annual insurance check up as well for your house, your car and even an umbrella policy if your financial situation dictates it.  We all hope we never have to make a claim against our insurance, but should the need arise you'll be happy you've kept your policy in tune with your actual needs.

 
Dusty is pleased to be done getting everything organized!

If you're in need of great insurance agent, it would be my pleasure to refer you. For information on buying and selling real estate in  Silver Lake, Los Feliz, Echo Park and surrounding areas contact me directly at 213-215-4758 or check out LApropertySolutions.com

Broker Associate
Keller Williams Realty, Los Feliz
213-215-4758
http://www.LApropertySolutions.com

These days, with so much information available online, it's really important to show our value beyond unlocking doors.  Being from the old school myself, I could not imagine making such a huge financial investment as buying a home without the help of a professional.  I don't do my own taxes, or my own dental work for that matter!  However, the vast amounts of information available online seem to be leading some consumers to believe that they really don't need us. I just closed an escrow with buyers who initially felt that way, but admitted to me during the process that they were seeing things from a new perspective.  I asked if they would mind putting something in writing that might help me (and other Realtors) understand a bit better where they were coming from.  Here it is:

How Jenny Durling Proved Me Wrong:

I do all my shopping online. When it came time to buy a house, naturally, I felt that online shopping was vastly superior to the outdated methods of old.  Why would I need a person involved in this process, when all the information I need is in my living room?

My strategy proved correct, vast amounts of information came to me with ease, maps, prices, pictures, and stats.... I'm going to have a house locked up by the weekend - w/o some agent getting in my way!

2 months later:

Lost a house, and we were combing over and over again through the same old funky stale listings. We also learned the lesson the hard way on bad deals that the seller's agent telling you they will fight for you as a buyer, not really true... at all. This made me more defiant, that we could go-it alone.  Meanwhile houses were coming on and selling before we knew about them.

After clicking on the same dank/ fixer for the 100th time, we knew it was time to change course.  We just were not seeing the "good" listings, our offers were clumsy, and we were depending on people that did not have our interests at heart to move the process.

My parents had been urging me from the start to find an agent.  They remained close friends with their agent until she passed away, being so happy with the life she helped them achieve - but that was the 70's, this is now.

Very hesitantly we took my parents' advice and called Jenny Durling, who was recommended very highly by a friend who recently bought a home.

I was of the mind to get into things slowly... but not Jenny.  The next weekend she had 6 (new) places set up. Each was mapped out and neatly prepared with a wealth of information on each property.  It did not seem to matter what time of day or night we hit her with questions, she was back too us almost before we hit send!

I was starting to fear I would have to admit I was wrong. The first time we went out, I was sure of it. Going through each house she had a skill for seeing pros and cons in the properties that we, as new home buyers, missed. She also could read the situation on the financial side and give us very reliable, realistic advice we could trust. She knew the market in a way we could not. 

It was during our first offer that I really had to admit I needed a buyer's agent, and Jenny was one of the best!  She came in after hours to put an offer together, and worked the deal with such skill and speed; I knew she was working for us. For that reason, even when the situation changed and my father in law was buying, and we from him, I insisted he work through her.

What I had failed to see is that buying a home is still a very human process. There are politics, and individual human forces driving each sale. Like any trade, you need to have experience to navigate properly.  The tools on the Internet are great, and can help tremendously, but to execute a good deal, you need a buyers agent.  Giving someone a hammer does not mean they can build a house... giving someone redfin does not mean they can buy a house.

Eric T
Proud Recipient of a "SOLD" Sign!!!!!

Broker Associate
Keller Williams Realty, Los Feliz
213-215-4758

http://www.LApropertySolutions.com