Pasadena, Altadena and San Gabriel Mountain foothill Homebuyers may have trouble getting their loans due to the Station Fire in the Angeles Forest
The station fire is about 50% contained as of today. The fire has destroyed nearly 155,000 acres, including 76 homes, 2 commercial structures and 86 out buildings. The station fire ranks at the largest ever in Los Angeles Count y and full containment is not expected until Sept 15.
Here's a photo of the smoke that I snapped while shopping in Pasadena
If you are in escrow to purchase property in Altadena, Glendale, Pasadena, La Crescenta, La Canada or surrounding neighborhoods, please make sure you contact your insurance carrier to confirm that they are currently providing coverage. One of my clients is in escrow on an Altadena duplex (she understands the value of buying income property), and though the duplexis not in an evacuation area, she is unable secure insurance at this time. Most insurance companies are simply refusing to ensure specific zip codes. When the fire is closer to containment, these zip code restrictions should be lifted but be aware that you cannot get a home loan without insurance so your escrow may not be able to close on time. This can also affect your interest rate depending on when you locked it and for how long so touching base with your lender is also a good idea.
My home is not in any danger from the station fire, but having such devastation nearby reminds me of how important it is to have adequate hazard insurance. I'll be reviewing my own coverage this week, which is something we should all do at least annually. It may not be my favorite way to spend an afternoon but should disaster strike, I'm sure I'll be glad to have done it!
For more information on Silver Lake, Los Feliz, Echo Park and surrounding areas like Pasadena, Altadena, and South Pasadena 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
Bill Ladewig, Your FHA Guru
Thanks Bill- Hopefully the Realtors involved are aware of the issue and making sure everyone is on board. I was a bit surprised to hear that my client is having difficulty getting insurance since the property is pretty far from the trouble area. I spoke with my insurance agent this morning and he's going to send me a list of affected zip codes. With the fire only 50% contained, it could be a while insurance companies get back to business as usual.