Posts Tagged ‘Buyer Agent’

What Is Not Covered Under Standard Homeowners Insurance?

Until it happens, most homeowners think of disasters as something that won’t happen to them. Disasters can be as minor as a tree branch falling and breaking a few windows, or as concentrated as a pinhole roof leak slowly dripping water into a residence—causing mold or other ripple effects. Sadly, too many people who experience disaster on a large or small scale may find the trauma continues when it’s time to file an insurance claim.

You need to be knowledgeable about what your Homeowner’s Insurance does and does not cover. These common held assumptions about insurance are items that are NOT covered and may require additional insurance or riders.

Wear and Tear Is Covered-Myth

Fact: Coverage typically includes damage from fire, weather and theft, not damage due to general wear and tear or neglect. As a policyholder it’s up to you to maintain your home, including making routine repairs and protecting your home from pests. If you neglect to take care of your property ( a leaky roof) you may not be covered.

You’re Insured in Case of Flood Damage, Earthquakes, Tornadoes and Hurricanes-Myth

Fact: Although some weather-related damage is generally covered, such as from hail, other storm related damage from wind or water may not be.

Floods require specific flood insurance from the Federal Government. Earthquakes might be covered, but sometimes they require additional insurance. Hurricane and tornado damage requires a separate windstorm policy. Sinkholes, mudslides and other earth movement (except in CA) requires a separate endorsement.

All Personal Belongings Are Fully Covered-Myth

Fact: Homeowners insurance typically covers furniture, clothing and other personal items, but more valuable items like jewelry and artwork may require an add-on policy. Homeowners should routinely inventory belongings to determine if policy limits meet their coverage needs.

You Have Protection Against Any Injuries That Happen at Home -Myth

Fact: Your policy’s liability coverage protects you if a guest is hurt in your home, but if a family member is injured at home, it’s normally covered by health insurance.

Home Businesses Are Part of the Package -Myth

Fact: A home business requires business insurance to cover property damage and liability; homeowners should consult with their insurance carrier or agent to be sure they’re fully covered from disasters large or small

You Can Rebuild For The Amount Of The Insurance Coverage-Myth

Fact: Unless you insured for “replacement value” you may be under insured to rebuild your home. “Ordinance of Law” exclusions may not cover to the changes to building codes and the additional costs of bringing the property up to code if damaged.

Overflows of back-ups from your sump pump, sewer or drain are covered-Myth

Fact: A standard policy does not include coverage for these issues and require a separate endorsement.

It may not seem like particularly interesting reading material, but it’s better to take the time to thoroughly understand what your insurance policy covers than to be stuck in a situation where you’re not sure when you really need it.

Filed under: Blog, Boca Raton real estate, Exclusive Buyer Agent, First Time Homebuyers, Flood Insurance, Florida Real Estate, Home Buyer Advice, Home Buyers, Home Maintenance, Homebuyer Advice, Homeowners Insurance, Insurance Claims, Real Estate, Real Estate Investment, real estate news, Real estate trends, South Florida Real Estate by Kim Bregman
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Types of Movers for Home Buyers

Moving to a new house, city or state is one of the most stressful things a person can go through. Even when everything goes smoothly, you’ll likely be exhausted when all is said and done. Whether it’s down the street or across the country, moving is a major task that requires much effort and coordination. For this reason, many people choose to hire a moving company, but knowing who to entrust your belongings can be a daunting task.

While you do have the option of going the DIY route when moving, things will be so much easier and more convenient for you if you hire professional movers instead. You’ll incur certain costs by doing so, but the help they can provide is worth it.

It’s also a common mistake to hire the first moving company you lay your eyes on in an ad. There are so many moving companies out there, but not all are created equal. The movers you should hire are legitimate ones with licenses, insurance and other vital considerations. You should also get quotes from at least three movers to determine the best deal. Ask for references and verifying credentials. And remember to never pre-pay for a move!

Local Movers

There are many kinds of moving companies depending on the type of move you’re looking to make. Some companies specialize in local moves and will have limitations on the distance they’re willing to travel. Local movers are great for small cross-town moves since they typically charge by the hour.

Long-Distance

If you’re moving across the country, you’ll want to find a long-distance mover. These movers have special licensing that allows them to operate across state lines and they typically charge a bulk rate based on how quickly you need to be moved and how many items you’ll be moving. In some circumstances, you may even need to move out of the country. International movers will help you pack and get your items overseas. These moving companies are usually prepared for immigration and customs issues.

Full-Service

If you want a completely stress-free move, you should consider a full-service moving company. These companies take all the hassle out of your move by disassembling and packing up your old house and then unpacking and reassembling everything in your new place. Additionally, they provide all of the materials so you don’t have to worry about how much tape you’ll need or what size boxes to get.

Filed under: Blog, Boca Raton real estate, Down Sizing, Exclusive Buyer Agent, First Time Homebuyers, Florida Real Estate, Foreign Home Buyers, Home Buyer Advice, Home Buyers, Homebuyer Advice, International Home Buyers, International investors, Real Estate, real estate news, Relocation, Retirement, South Florida Real Estate by Kim Bregman
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ALINA Residences

Alina Condominium, Boca Raton, FL

ALINA Residences is currently under construction on more than 8 acres on Southeast Mizner Boulevard in Downtown Boca Raton. This luxury development is one of Palm Beach County’s latest new construction projects in South County. The development will include a nine-story building with 121 condos, 102 of which will be fully furnished and 12 will be penthouses. The units will range from one to four bedrooms ranging in size from 1400 to more than 4,800 square feet overlooking the Boca Raton Golf Club. Alina will include seven villas with lanais and private gardens.

ALINA, designed by Garcia Stromberg and developed by El-Ad National Properties, will feature more than 32,000 square feet of residents-only outdoor amenities, a club room, fitness center, sauna, steam room, rooftop pool deck with cabanas and bike storage. ALINA’s landscaped outdoor promenades connect to the heart of Boca Raton, where Royal Palm Place, Mizner Park, al fresco dining, upscale galleries, and couture boutiques are all just a stroll away. Surrounded by nature in a peaceful resort atmosphere, ALINA is quietly tucked away in historic downtown Boca Raton, yet so close to a world of conveniences. Envelop yourself in the energy of downtown living, the captivating greenscape of the Boca Raton Resort and Club golf course, and the beauty of nearby beaches and fresh ocean breezes. This rich environment provides an abundance of options for active lifestyles and the opportunity for outdoor fitness and recreation.

View Residences for Sale in ALINA below. Call Kim Bregman at 561-251-7170 for a private showing.

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Filed under: aliña, Exclusive Buyer Agent, Florida Real Estate, Home Buyers, International Home Buyers, International investors, Real Estate, Real Estate Investment, real estate news, Relocation, Retirement, South Florida Real Estate by Kim Bregman
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What Home Buyers Can Learn From a Seller’s Disclosure Statement

Any responsible buyer wants to know everything about the home they’re buying before signing on the dotted line. After all, this is probably the biggest purchase you will ever make, so due diligence is a must. The majority of the real estate agents in Florida are Transactional Agents and do not owe the Buyer a fiduciary duty, An Exclusive Buyer Agent does and will work for the buyer to determine all the information known about the property and advise you on inspections, permit searches, etc. Reviewing the Seller’s Disclosure is the first step in this process.

A Seller’s Disclosure in the State of Florida Is a standard form that is essentially a checklist in which a seller indicates the condition of the different features of a property, any known problems affecting the property, and any pending legal issues. This could include things like knowledge of lead-based paint, water damage, pest damage, past repairs, past insurance claims, any history of property line disputes, etc.

Typically, a seller’s disclosure form is filled out by the seller along with their listing paperwork. When buyer’s agents go into the Multiple Listing Service (MLS) to look up potential properties for their clients, that disclosure statement should be available or can be requested from the listing agent.

I am increasingly running into situations wheretransactional brokerage firms are taking the position that since a Seller’s Disclosure is NOT required by law that are not asking the sellers of their listings to fill one out. The first line of the SPDR provides “Notice to Licensee and Seller”; the less they know, the easier it is to make a “deal”. They are relying on the fact that other transactional agents working with buyers will feel the same and not ask for a Sellers Disclosure.

Although sellers aren’t required to complete this specific SPDR form, a residential seller does have to comply with the rule established in Johnson v. Davis. In that case, the Florida Supreme Court held that “where the seller of a home knows of facts materially affecting the value of the property which are not readily observable and are not known to the buyer, the seller is under a duty to disclose them to the buyer.” These material facts are sometimes referred to as latent defects. In addition, in Rayner vs. Wise Realty Co. of Tallahassee, the First District Court of Appeal provided that this same disclosure requirement applies to residential properties that are being sold as is.

In cases were the listing agent does not provide a Sellers Disclosure I request that the Seller answer all my questions in writing and provide a comprehensive list of questions that encompasses everything asked on the SPDR and more.

A seller’s disclosure form is NOT a substitute for a home inspection. Remember, sellers are required to disclosure only problems they know about. Most homeowners don’t go in their attic very often, and have probably never been up on their roof, and they aren’t required to do so before filling out the disclosure. While this document can provide a lot of valuable information, the home inspection is another layer of protection for a buyer.

The importance of this disclosure statement is just one of the many reasons why it’s critical for buyers and sellers to use an Exclusive Buyer Agent ( EBA) during any real estate transaction. EBAs are up-to-date on the latest laws and regulations and are very experienced with the complex documents and paperwork. They can help walk buyers through the disclosure so they understand all aspects of the home they’re buying and recommend the appropriate home inspections ( WDO, Radon, Leak Testing, Mold, and more) to ensure that any hidden defects are found in advance of the purchase.

Filed under: Blog, contracts, Exclusive Buyer Agent, First Time Homebuyers, Florida Real Estate, Home Buyer Advice, Home Buyers, home Inspections, Homebuyer Advice, House Closings, Real Estate, Real Estate Closings, Real Estate Investment, real estate news, Real estate trends, South Florida Real Estate, Uncategorized by Kim Bregman
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Key Trends Home Buyers Should Watch in 2019

2019 Real Estate Market Trends

It’s a time to look ahead, to make new plans, to achieve new dreams. If those dreams include buying your own home, you should keep an eye on the ever-changing tides of the housing market. Now, markets are like the weather: You can’t entirely predict how they will act, but you can get a sense of the forces that will push things in one direction or another.

There will be more homes for sale, especially in luxury markets

There has been a tight inventory of homes for sale for several years now and homes have been hitting the market, but not enough to keep up with the demand. Nationwide, inventory actually hit its lowest level in recorded history last winter, but this year it finally started to recover. Inventory growth is expected to continue into next year, but not at a blockbuster rate—less than 7%. This is welcome news for buyers.

Affording a home will remain difficult

Life is also going to be more difficult for home buyers, because mortgage rates are expected to continue to increase, as well as home prices, so the pinch that buyers are feeling from affordability is going to continue to be a pain point moving into 2019.

Mortgage rates, now hovering around 5%, are projected to reach around 5.8% by the end of 2019. That means the monthly mortgage payment on a typical home listing will be about 8% higher next year. Meanwhile, incomes are only growing about 3% on average. That double whammy is toughest on first-time home buyers, who tend to borrow the most heavily and who don’t have any equity in a current home to draw on.

Millennials will still dominate home buying

Just a few years ago, Millennials were the new kids on the block, just barely old enough to buy their own homes. Now they’re the biggest generational group of home buyers, accounting for 45% of mortgages (compared with 17% for baby boomers and 37% for Gen Xers). Some of them are even moving on up from their starter homes.

At the time of last year’s forecast, the GOP’s proposed revision of the tax code was still being batted around Congress. While there was talk that it might discourage people from buying a home, no one really knew how it might affect the real-estate market.

This year … well, we still don’t really know. That’s because most taxpayers won’t be filing taxes under the new law until April 2019. And while some people might have a savvy tax adviser giving them a better idea of what’s in store, for many, the reality check will come in the form of a bigger tax bill—or a bigger refund.

Renters are likely to have lower tax bills, but might not be tempted to buy while affordability remains a challenge, and with the new, increased standard deduction reducing the appeal of the homeowner’s mortgage-interest deduction.

“I think the new tax plan will affect mostly homeowners and home buyers in the upper parts of the distribution,” says Andrew Hanson, associate professor of economics at Marquette University in Milwaukee, WI. “Those who either own or are buying higher-priced homes are going to pay a lot more.”

The biggest change resulting from the new tax law, Hanson predicts, will be in mortgages, since people will be less inclined to take out large mortgages.

Filed under: Blog, Exclusive Buyer Agent, First Time Homebuyers, Florida Real Estate, Home Buyer Advice, Home Buyers, Home Financing, Homebuyer Advice, Mortgage Information, Real Estate, Real Estate Investment, real estate news, Real estate trends, South Florida Real Estate, Tax deductions by Kim Bregman
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Tax Considerations When Deciding to Relocate.

Florida retains its ranking as one of the nation’s lowest-tax states, according to the latest study released by Florida TaxWatch. Out of 50 states, Florida ranks No. 42 in the average amount of money paid by residents.

Florida TaxWatch findings:

Floridians pay an average $5,679 per person in state and local taxes
Residents pay an average $2,584 in state taxes – one of the least amounts nationwide. Only the residents of one other state pay less.
However, local tax burdens are higher. “Per Capita Local Tax Collections” ranked No. 27 nationally.
In the balance between state and local taxes, Florida relies more heavily on local revenue than almost all other states and is No. 2 nationwide. Local taxes account for 53.3 percent of the total.
With property taxes, Florida ranks a solid “average” score – No. 25. The state’s per capita property tax ranking is right at the median – 25th.
Florida also classifies 38.7 percent of its state and local revenue as non-tax revenue (such as “fees”) – the 7th largest percentage in the nation.
Florida relies more heavily on transaction taxes, such as general and sales taxes. They make up, 81.5 percent of all state tax collections compared to the national average of 47.2 percent.
Florida has the highest state and local selective sales (excise) taxes on utilities in the nation. The tax on motor fuels is No. 15; the tax on alcoholic beverages is No. 19.
Florida’s housing sector produces significant revenue, and the state’s documentary stamp taxes are rising rapidly post-recession. It collected an average of $276 per capita in 2006, $72 in 2009, and $130 per capita in 2016 – the nation’s second-largest doc-tax burden.
Florida is one of seven states without a personal income tax. The average state relies on personal income taxes for 37.0 percent of its tax revenue.
Businesses pay 51.7 percent of all Florida state and local taxes – the 12th highest percentage in the nation.

Filed under: Blog, Down Sizing, Exclusive Buyer Agent, First Time Homebuyers, Florida Real Estate, HELOC deductions, Home Buyer Advice, Home Buyers, Home Financing, Homebuyer Advice, International Home Buyers, International investors, Mortgage Interest Deductions, Real Estate, Real Estate Investment, real estate news, Relocation, Retirement, South Florida Real Estate, Tax deductions by Kim Bregman
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How to Declutter for the New Year!

The idea of living a simplified, uncluttered life with less stuff sounds attractive to many. They have considered the benefits of owning fewer possessions: less to clean, less debt, less to organize, less stress, more money and energy for their greatest passions. They are ready to declutter but some get quickly tripped up by the very next question… where in the world do I begin?

Many begin to feel overwhelmed, anxious, and defeated around the idea of decluttering their homes. That’s too bad. The decluttering journey doesn’t need to be as painful as some make it out to be. In fact, there are a variety of people who have come up with some pretty fun, creative ways to get started.

Below are three decluttering philosophies to help you clear out and clean up your home and life.

Feng Shui — The driving principle behind this Eastern philosophy is to create harmony and balance between an individual and his or her environment. Good feng shui invites prosperity and brings an overall sense of well-being into your space. From the front door to the bathroom, small changes to color, decor and furniture arrangement are believed to promote health, wealth, happiness and good energy.

The KonMari Method — Famed Japanese organizer Marie Kondo promises that you can drastically improve your lie by tidying up. In her book, “The Life-Changing Magic of Tidying Up: The Japanese Art of Decluttering and Organizing,” she explains a two-step approach. First, you take all of your possessions and lay them out categorically (clothes first and sentimental pieces last). Then, you hold each item in your hand and decide whether or not it brings you joy. If it doesn’t, you let it go.

The 90/90 Rule (Minimalism) — This home organization concept also relies on a two-part process. When implementing the 90/90 rule, assess each belonging based on two simple questions: Have I used it within the last 90 days, and will I use it in the next 90 days? If not, it’s time to say goodbye.

While some of these techniques require a big commitment of time, energy and emotional “letting go”, it may require starting with small steps before you fully embrace the concept of minimalism, if at all.

Consider this list of 10 creative ways to declutter your home:

Give away one item each day. By giving away one item at a time and donating it to someone less fortunate you can declutter and enrich your life.

Fill one trash bag. Early in your journey towards simplicity, a favorite decluttering techniques is to grab a simple large trash bag and see how quickly you can fill it. This could also be used to fill a bag for a needy charity or just toss in the trash.

Try the Oprah Winfrey Hanger Experiment: While this idea didn’t originate with Oprah, she was the one to help give it notoriety. To identify wardrobe pieces to clear out, hang all your clothes with the hangers in the reverse direction. After you wear an item, return it to the closet with the hanger facing the correct direction. After six months, you’ll have a clear picture of which clothes you can easily discard. This experiment could also be applied to a number of clutter areas in your home (cleaners, toys, linens, tools, hobbies and craft items).

Take the 12-12-12 Challenge. A simple task of locating 12 items to throw away, 12 items to donate, and 12 items to be returned to their proper home can be a really fun and exciting way to quickly organize 36 things in your house. This challenge actually became a quick competition … and your kids don’t have to be too old to participate as well.

9. Use your imagination. Psychology Today recommends using your imagination to help declutter objects that may seem difficult to remove. Try asking yourself unique questions like, “If I was just buying this now, how much would I pay?” These creative techniques may prove to be very helpful for some with difficulties removing unneeded clutter.

No matter what you choose to help you get started – whether it be one of these ten or one of countless others – the goal is to take your first step with excitement behind it. There is a beautiful world of freedom and fresh breath hiding behind that clutter. How you remove it is up to you.

Ultimately, there’s no shortage of ways to declutter and simplify your life. The important thing is to be willing to let go of the items that no longer serve you and make way for new experiences.

Filed under: Blog, Down Sizing, Exclusive Buyer Agent, Florida Real Estate, Home Buyer Advice, Home Buyers, Home Maintenance, Homebuyer Advice, Relocation, Retirement, South Florida Real Estate by Kim Bregman
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Equifax Breach: What To Do Now?

As data breaches go, this is one of the most extensive.

What steps should you take now in response to the massive Equifax data breach?

The sensitive information of almost half of all Americans has been compromised, all because the company safeguarding that information reportedly failed to upgrade and update software despite being warned to do so.

To make it worse, company execs sold millions in stock after the breach, but before they told the public what had happened. The company continued to sell consumers like you pricey identity protection packages, even though they knew they were guilty of exposing that same consumer data to hackers. And it seems they suffered another hack earlier in the year but failed to notify us of the potential damage.

No wonder consumers feel helpless as they try to protect themselves from identity fraud.

Here’s what you should you be doing now in response to the Equifax breach.

Read up

The Federal Trade Commission (FTC) has put together some very helpful and comprehensive background information on the Equifax breach, chock full of consumer tips. You can read that guidance here.

Do a test

Visit the Equifax website www.equifaxsecurity2017.com to see if your personal data has been exposed.

Here’s the how-to’s from the FTC: “Click on the “Potential Impact” tab and enter your last name and the last six digits of your Social Security number. Your Social Security number is sensitive information, so make sure you’re on a secure computer and an encrypted network connection any time you enter it. The site will tell you if you’ve been affected by this breach.”

Monitor your credit

If you’re affected, sign up for the year of free credit monitoring that Equifax is offering. Even if you are not affected, you should monitor your credit to make sure no one else is taking out loans in your name. (Many big-name credit card companies offer free credit monitoring as a cardholder perk. Use it).

Once a year, you can get a free copy of your credit report from each of the three major bureaus (Experian^®, Equifax^®, TransUnion^®) at annualcreditreport.com.

Here’s some additional advice from credit card lender Capital One: “It’s important to review all three reports—some lenders don’t report to every bureau, so they may have different information. Read through each report carefully and make sure you recognize the accounts. If something strange turns up, start by contacting the lender to investigate. For more info, take a look at this article on checking your credit report.”

Practice safe financial habits

Keep a close eye on your finances by reconciling bank accounts and credit card statements monthly, shred financial papers, change passwords often, use different passwords for different financial accounts, be careful what you click on, and practice safe computer habits.

It’s not a bad idea to enroll in purchase notification programs with your bank or credit card providers. They’ll alert you by text or email if there are large or unusual purchases in your accounts. Some even let you lock or unlock your card via mobile app. (I’ve got some funny stories to share about the purchase alerts I’ve gotten for my college age kids. Definitely TMI).

Fraud alerts and freezes

There’s been a lot of talk about fraud alerts and freezes. Putting afraud alert on your credit reports lets potential lenders know what’s going on, explains Capital One, and alerts them to take extra steps to verify your identity before issuing credit in your name.

According to Capital One, “you only need to notify one of the three credit reporting companies to put a fraud alert on your credit report and they’re required to tell the other two companies. Make sure you keep copies of all letters and renew the alert every 90 days until the issue is resolved. You can also check out the Federal Trade Commission’s website for more information.”

A credit freeze provides more protection but is time-consuming. A freeze restricts access to your credit report. Without reviewing that info, few lenders will open a new account for you. “This makes it harder for potential thieves to apply for credit or open accounts in your name,” says Capital One. However, freezing your accounts may involve service charges, takes time on the phone or online, and can get in your way the day you want to buy a new car or make some other consumer purchase using credit. To learn more about credit freezes, click here.

Filed under: Blog, Exclusive Buyer Agent, First Time Homebuyers, Florida Real Estate, Home Buyer Advice, Home Buyers, Homebuyer Advice, Real Estate, real estate news, South Florida Real Estate by Kim Bregman
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7 Legal Tasks to Do When You Move

The Internet is full of checklists and resources to use if you are planning to move. There are packing timelines. There are lists of packing supplies. There are even directions on how to pack boxes.

But moving is much more than purging and organizing your personal affects. There are legal tasks you need to take care of too.

Here are 5 legal tasks to complete when you move:

Read your leases: Review your current lease to make sure you will not get into trouble for leaving. You are responsible for paying rent for the entire lease term, even if you have vacated the premises. If you need to move before the lease term is expired, read the lease to see if you can sublet or assign to a new tenant. Check your new lease for these terms before you sign it. And make sure you complete these tasks to protect your rights as a tenant.
Protect yourself with insurance: Thoroughly read any contract with a moving company before you sign it for delivery times and insurance coverage. Moving companies are required to provide some moving insurance. But you may wish to purchase more. You should also consider renter’s insurance or homeowner’s insurance.

Notify your creditors: Update your address with all of your creditors to ensure you do not miss a payment. And be sure to complete a change of address with the United States Postal Service and request that your mail be forwarded to your new address.
Keep receipts if you are relocating for a job: You may be able to write off your expenses if you are required to relocate more than 50 miles due to a job change. Review the Internal Revenue Service’s requirements to qualify for this tax break.
Update your estate plan: State laws governing wills and estate plans differ. If you move to a different state, update your estate plan.
Register your vehicles:If you’ve moved states, provinces or countries, register your car and get a new driver’s license, tags and/or plates for your vehicles. Check your local DMV for more information.
Register to Vote: Again, if you’ve moved cities, it’s important to make sure you’re on the voter’s registration for your local area. You should also make sure you’ve updated all important files and documents with your new address.

Filed under: Blog, Exclusive Buyer Agent, First Time Homebuyers, Florida Real Estate, Home Buyer Advice, Home Buyers, Homebuyer Advice, Real Estate, Real Estate Closings by Kim Bregman
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Flood insurance: Facts and Fiction

If a flood swamps your home, will insurance cover the damage? That depends on the value of your home, the amount of water damage and whether you have a flood insurance policy.

Let’s look at some persistent myths about flood insurance.

Myth: You must live in a flood plain to get coverage.

If you live in a flood plain, your mortgage company will likely require you to buy flood insurance. But you can purchase it even if you don’t live within a flood zone. “Almost anybody can get flood insurance who wants flood insurance,” says Chris Hackett, director of personal lines for the Property Casualty Insurers Association of America. The price through the federal flood insurance program is based on standardized rates and depends on the home’s value and whether or not it’s in a flood plain.

Myth: Flood insurance covers everything.

When it comes to the physical structure of your house, federal flood insurance policies top out at $250,000. If you have a $300,000 house that’s a total loss because of a flood, the most you can recoup through the program is $250,000 to cover the structure itself. For your personal possessions, the cap is $100,000 under the federal program.

Myth: My homeowners policy covers floods.

“Unfortunately, a lot of folks may be under the impression that their standard homeowners policy might cover flood damage,” Hackett says. But the standard policy does not! The typical home insurance policy doesn’t cover earthquakes or floods. So a homeowner wanting coverage for either of those disasters will need to pick up separate, specific coverage against those types of disasters.

Myth: Water damage is water damage. When it comes to your insurance, not all water damage is the same.

If there’s a storm and your “roof comes off and water comes through, that would be covered under your homeowners policy,” Hackett says. “Versus a flood situation where the water is rising from an over flowing riverbank overflows or an unnatural amount of rain that is rising from the street.

Myth: Flood maps don’t change.

Flood plains (and flood plain maps) change and evolve. Just because you weren’t in a flood plain when you bought your home a few years ago doesn’t mean you’re not in one now.

For more information, visit FloodSmart.gov.

Filed under: Blog, Exclusive Buyer Agent, Flood Insurance, Florida Real Estate, Home Buyer Advice, Home Buyers, Homebuyer Advice, Homeowners Insurance, Insurance Claims, Real Estate, Real Estate Investment, real estate news, South Florida Real Estate by Kim Bregman
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