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MORTGAGES

Will the wildfires create an insurance desert in California North Coast?

September 10, 2021 by NREB Staff

A record breaking heat wave, extended drought, and a post-vaccination summer full of crickets and fireworks mean one thing: wildfires are back and are expected to get worse than ever.

It is clear that this problem will not go away. As firefighters grapple with intense heat and extreme drought, homeowners and businesses are losing their insurance in an increasingly unsustainable risk environment. However, an insurance desert in one of the country’s largest markets does not have to be a matter of course.

Risk management is also possible in high-risk forest fire areas. As forest fires increase in severity and duration each year, companies that find ways to manage risk and insure residential and commercial real estate have a unique opportunity to gain access to a market in dire need of insurance.

In the Napa Valley, for example, fires threaten not only lives and property, but also the $ 5 billion wine industry and $ 2.2 billion in tourist spending.

Fires are an existential threat to the wine industry, especially vineyards that are losing their insurance. Last year, the Napa wine industry lost an estimated $ 2 billion when vineyards and inventory burned and smoke destroyed the delicate conditions necessary to produce a quality wine.

This year, one in four Sonoma County Farm Bureau members did not have to renew their insurance, and those who are eligible have tripled and quadrupled the cost for a fraction of the coverage.

The California FAIR Plan, a government-sponsored insurance pool designed to help diversify risk and provide insurance to farmers and wineries, was recently enacted by Governor Gavin Newsom. While the new bill is a welcome step in the right direction, there are still concerns among some in the wine sector that it is still insufficient.

“We have some big, big problems and threats to the overall resilience of the Napa Valley wine business, and we must all come together to find those solutions,” said Michelle Novi, director of industrial relations and regulatory affairs for Napa Valley Vintners, in an interview with the Napa Valley Register.

Wineries aren’t the only ones facing a fire season without insurance. From 2015 to 2019, the insurers discontinued property insurance for over 143,000 customers.

Although California Insurance Commissioner Ricardo Lara has put in place a moratorium on non-renewal or cancellation of residential property policies for homes near or in areas that burned in the 2020 wildfires, that restriction is set to expire in November, the middle of this year’s fire season. Over 2 million policyholders could lose their insurance if they are at the highest risk of losing their home.

The risk of fire has increased dramatically in recent years, and trying to cobble together adequate coverage at an affordable price has become an almost impossible task.

On the flip side, California’s wine country, with more manageable fire risk, could be extremely attractive to insurers, both because of its high property value and as a model for risk mitigation amid a changing climate.

Fires have become a problem for society as a whole – and reducing fire damage requires comprehensive solutions. In Napa, residents have proactively taken steps to protect homes and properties, clearing underbrush, setting up staging areas for first responders, and hiring private fire departments to reach the many remote areas across the valley.

As a communications infrastructure company based in Napa County, we use our expertise and experience to directly fight the fires that threaten our community. To really improve fire safety, early detection, better communication and faster response times are critical.

We partner with Napa County to deploy state-of-the-art fire detection technology that can detect fires in minutes. The fire alarm system in combination with the telecommunication infrastructure improves the communication signals throughout the valley and alleviates communication failures in the event of fires.

The reality is that policyholders who take all available measures and measures to protect their properties from fire are still too high a risk for many insurance companies. That’s because increasingly devastating forest fires are not a problem that anyone can solve on their own – but that doesn’t mean fires are not a solvable problem. To address this crisis, we need to invest in solutions that protect entire communities over the long term.

With natural disasters worsening, the insurance industry needs to take proactive steps to support comprehensive solutions.

Constantly falling insurance coverage and rising costs are not sustainable, especially if the risk only grows exponentially. Leveraging infrastructure that is easy to build and maintain, finding ways to make the best technology in the market affordable, and focusing on long-term approaches rather than short-term risk management could improve access to lucrative markets.

Insurers are not at the mercy of the threatening forest fires. Acting now could save countless lives and property, protect the local economy, and enable insurers to lead the industry towards a more sustainable model amid climate change.

Originally Appeared Here

Filed Under: INSURANCE, MORTGAGES

Township Of Belleville: NJDOBI Offers Guidance On Filing Homeowners, Auto Insurance Claims To NJ Residents Impacted By Tropical Storm Ida

September 10, 2021 by NREB Staff

09/09/2021

The Department of Banking and Insurance today provided instructions on how to file a homeowner’s or auto insurance claim for storm damage, as well as information on flood insurance, to help New Jersey homeowners who suffered property damage from the tropical storm that struck the state to have .

“Tropical Storm Ida caused widespread damage across the state. Residents who suffered property damage or auto damage from the storm should know they can file a claim with their homeowners and auto insurers. We also want residents to know that if they have a problem or concern related to their insurance claim they can contact the department for help, “said Commissioner Marlene Caride.

Home insurance protects homeowners from damage to their home, other structures unrelated to the home such as freestanding garages, storage sheds and fences, and personal property such as furniture. Household contents insurance excludes water damage from flooding. Tenant insurance also excludes coverage for flood damage. Only flood insurance covers a person’s home and personal belongings from floods. Consumers can purchase flood insurance from the National Flood Insurance Program, a federal program that is the premier provider of home flood insurance. Private flood insurance is also an option.

Damage to a personal or commercial vehicle from flooding is covered by the optional fully comprehensive insurance of a car policy (also known as comp or “out of collision”). If you have comprehensive coverage, contact your agent or company to file a claim. If you only have liability insurance, your insurance will not cover any flood damage to your vehicle.

Hurricanes pose many threats to coastal communities and inland New Jersey. A storm that is not as strong as a major hurricane can still cause extensive damage. The peak potential for hurricane and tropical storms in New Jersey ranges from mid-August to late October. The hurricane season runs from June 1st to November 30th.

How to File a Homeownership Insurance Claim, Commercial Property Insurance Claim

Call your agent or insurance company. Call your agent or insurer as soon as possible to report your loss. Have your policy number ready, along with all relevant information, and have pen and paper ready to record the claim number, the contact information of the assigned claims representative and any important information about your claim. Ask your agent or insurance company what documents you need to provide. If you have any questions, your agent or your insurance company will help you.

Carry out necessary repairs. If your property has been damaged, it is important to make all necessary temporary repairs to protect the property from further loss or damage. For example, if the windows are broken, have them boarded up to protect against vandalism or the weather. Save any receipts or invoices to submit for your claim.

Work with the claims adjuster. Your insurance company hires a claims adjuster to examine the damage and determine the insurance coverage. You should work with the assessor and keep written records of discussions about your claim. The company should provide you with a copy of the damage estimate and, if requested, provide you with the name of a contractor who will carry out the work at the estimated price. You are not required to use the contractor recommended by the company. If all or part of the damage is not covered, the company must explain how coverage is excluded under your policy.

Understand public adjusters. Public adjusters, licensed by the Department of Banking and Insurance, are professionals who can be hired by policyholders to assess damage to their property and negotiate their insurance claims. They are paid out of a policyholder’s claims settlement proceeds, typically a percentage of the total amount received. State regulation requires that public appraisal contracts contain a list of the services to be provided and the maximum fee to be charged, “which fees are in reasonable proportion to the services provided” and should not be excessive. They are not required to make or resolve claims with an insurance company. Consumers who have questions about the procedure can contact the department.

Document the damage. It is recommended that consumers / business owners take photos of any damaged items prior to disposal and, if possible, retain the damaged items until the insurance company either inspects them or reports them for disposal. Consumers / business owners should check with the insurance company on how to proceed as in most cases the company requires that the damaged property be physically available for inspection and not removed or destroyed.

Dispute Resolution. If you and the insurance company do not agree, first try to resolve your problems with the insurance company. Sometimes it helps if your contractor speaks directly to the claims adjuster. If you can’t resolve the dispute with your insurance company, you can:

  • Contact the Department’s Consumer Line at 1-800-446-7467 (Monday through Friday, 8:30 a.m. to 5:00 p.m. EST) or go to the Department’s website and click Consumer Assistance – Inquiries / Complaints below https://www.dobi.nj.gov

Understand flood insurance

Flood insurance is not included in most homeowner policies, as well as policies for businesses, homeowners, and tenants. Consumers can purchase flood insurance from the National Flood Insurance Program (NFIP) or from an insurance company that offers private flood insurance.

Consumers should be aware that flood insurance is only effective 30 days after the sale. Therefore, consumers who want flood insurance for this storm season should contact a licensed flood insurance agent immediately and not wait for another approaching storm.

Further information on flood insurance through the NFIP can be found at: www.floodsmart.gov.

New Jersey consumers can start purchasing personal flood insurance by getting the List of the Ministry’s private flood insurers.

For more informations

Learn more about it Homeowner insurance coverage

Learn more about it Insurance coverage for the tenant

To find out more about the. to experience National flood insurance program

Learn more about it Emergency Preparedness in New Jersey

This news release was prepared by the Belleville Community. The views expressed here are your own.

Originally Appeared Here

Filed Under: INSURANCE, MORTGAGES

Financial experts: Newlyweds should plan for all of life’s changes | Nvdaily

September 9, 2021 by NREB Staff

The wedding is over, you are home from your honeymoon and now it is time to settle into a new life together.

With all of the planning for a wedding, it can be easy to miss out on opportunities to talk about budget for living together. But the region’s financial planners have some tips for newlyweds and long-term partners on how to make smart money decisions.

Heather Ramirez, Branch Manager at Farmers & Merchants Bank in Woodstock, and Sara Berry, Retail Area Manager at F&M Bank, gave the following advice to newlyweds or others looking to pool their finances:

• Create a budget. Calculate monthly bills and other financial obligations. Know how much your joint income compares to your bills. You should also estimate additional bills if you plan to make a major purchase, such as buying a home. In addition to estimating the mortgage payment, estimate your utilities, taxes, and home insurance as well.

• Set a goal for how much you will deposit into a savings or other interest-bearing account per month / payment period.

After the marriage:

• If you have a credit card, try to pay it off in full each month to avoid interest. If you can’t, you’ll be paying more than the minimum payment. This will help you avoid a lot of interest fees while paying it off.

• Use the pickup app from your grocery store, which can turn the tide for budget-conscious shoppers. Make a list of what you need from the grocery store and stick to it. Ordering online eliminates impulse purchases in-store.

• Don’t forget to pay yourself. Set up a savings account to which part of your joint income will be transferred when you pay out. Have a savings account that is a safety net for unexpected expenses.

Two big financial mistakes people make before and after marriage are maxing out their credit cards and buying new vehicles, which immediately lose value after purchase and can also weigh on or exceed the household budget.

What to do instead:

• Get back to your budget whenever you think about adding a new monthly invoice or service to make sure it is not a financial burden. Keep an eye on your bank accounts and communicate openly with your significant other about your finances.

• Develop a relationship with your banker and the bank where you share your accounts. Bankers can offer advice and talk about financial mishaps.

F&M Bank offers several types of accounts, which can be individual or joint accounts, including free checks with rewards, free cashback checks, and high yield money market accounts.

They offer checking accounts with interest or cashback every month. The interest or cashback you earn each month can be deposited into an interest-bearing savings account with no minimum balance to help you save (requirements apply). This account is great for people who have shared their finances and those who choose to keep their finances separate.

Those looking to get married should try to enjoy the process and plan their financial plans step by step. If you are planning a wedding, buying a house, buying a car, planning a baby, or planning to retire, reach out to your banker to find the right product to help you succeed at every stage of life.

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Originally Appeared Here

Filed Under: INSURANCE, MORTGAGES Tagged With: Life, nvdaily

Inside Better.com’s ambitious plans – TechCrunch

September 9, 2021 by NREB Staff

When executives at online Mortgage bank Better.com decided earlier this year to go public. Instead, Better will reach the public markets by merging with blank check company Aurora Acquisition Corp in a $ 7.7 billion SPAC deal.

While SPAC companies’ stock performance was shaky at best after the merger this year, the Better team believed they could get a better deal by combining it with Aurora (and additional investments from SoftBank) than they would if they had decided to bankers and institutional clients sell to investors through a traditional IPO roadshow.

“When an investment bank signs up to sell your shares to the public, there is no price guarantee or certainty of execution,” said Vishal Garg, CEO of Better. “We just weren’t confident that the investment bankers would be able to execute the execution.”

Better’s leadership can hardly be blamed for this lack of self-confidence. Last year, two more online mortgage lenders – Rocket Companies and LoanDepot – went public through traditional IPOs, priced below the price range due to lackluster demand from institutional investors.

The same thing happened with real estate agent Compass, which lowered its target range on the day it went public and has continued to drop its share price since going public.

“A traditional public offering makes sense for a story your traditional investment banker can understand and categorize,” Garg said. “If you can easily be categorized as an enterprise SaaS company or a payment company, a public offering makes sense.”

But the Better team has bigger ambitions than just being seen as mortgage lenders and being compared to other financial services companies. With the mortgage loan at its core, Better has added a number of additional products and services including real estate brokerage, property insurance, and homeowner insurance.

Better plans to begin offering home services and improvement loans in the second half of this year, and eventually expand to other financial and insurance products such as personal, auto and student loans, as well as life and disability insurance.

“We’re not that easy to categorize,” said Garg.

Make mortgages cheaper, faster and easier

Like many digital disruptors who wanted to turn established industries upside down, Better was born out of a person who wanted to solve a problem for himself. Sometime around 2012, Vishal Garg, founding partner of One Zero Capital and founder of online student loan company MyRichUncle, was hoping to buy his “dream home” but got stuck in the process of securing a mortgage and lost the bid for a buyer who got the business faster could complete.

As the apocryphal founding story suggests, there were few options for someone wanting to apply for and secure a mortgage online – or even get a mortgage pre-approval letter. So Garg set out to build it.

“The original vision was to go from tenant to homeowner process. cheaper, faster and easier, ”said Garg. “We have developed a product that allows you to get a pre-approval letter online in five minutes instead of five days or five weeks.”

Sarah Pierce, who joined the company as one of the first 30 people and now leads all sales and operations, said Better was able to achieve its goal of getting a mortgage approved faster by using its borrower risk assessment technology.

Originally Appeared Here

Filed Under: INSURANCE, MORTGAGES

Many victims of Ida in Chester County take advantage of multi-agency assistance – Daily Local

September 8, 2021 by NREB Staff

WEST BRADFORD – Russell Hightower watched from the roof of his house on Brandywine Avenue last week as rain trickled into his home from the remains of Hurricane Ida.

“I watched the raging river literally three feet below me,” said Hightower. I saw a car wash down the Brandywine. We lost everything on the first floor. My basement was completely submerged. I’ve never seen it so bad. “

Hightower was one of the hundreds of residents affected by Ida to seek the help and services of the county to assist them in their recovery. A Multi-Agency Resource Center (MARC) was established at the United Sports Training Center in West Bradford, giving residents access to representatives of nonprofit disaster relief organizations. The MARC is on 09.09. in operation again from 12 p.m. to 7 p.m.

Residents who seek help from MARC will receive help reporting property damage and contacting local authorities, an important first step in applying for future state and federal assistance.

About 40 agencies were on hand Wednesday afternoon to offer assistance, including the American Red Cross, United Way, Salvation Army, Southeastern Pennsylvania Legal Aid, Home of the Sparrow, Career Link, and many more.

The United Sports Training Center will be used as a resource center for people displaced by floods in Chester County. (FRAN MAYE – MEDIANEWS GROUP)

Chester County commissioners said they would do everything possible to provide the displaced with the help they need.

“I’ve seen neighbors firsthand rescuing neighbors, people cleaning up houses for others, and churches gathering,” said Marian Moskowitz, district commissioner. “It’s an incredible sight. People are ready to help others. It shows the Chester County route. We have to do everything we can to get it to work. “

Josh Maxwell, a Chester County commissioner who has lived in Downingtown for more than 30 years, said it was the worst storm he has ever seen.

“I’ve got thousands of emails and messages from people asking how they could help,” Maxwell said. “We’re here to make sure we don’t leave anyone behind. We will ensure that everyone affected by the flood immediately receives the resources they need to get back on their feet. “

District commissioner Michelle Kichline said the district officials will ensure that anyone who has suffered a loss can get well.

“We are here to provide food resources and help you report your losses so you can get help from the appropriate authorities,” she said.

Josh Maxwell, Chester County commissioner, speaks at a news conference in West Bradford on Wednesday. (FRAN MAYE MEDIANEWS GROUP)

Pat Bokovitz, Chester County’s director of human services, said he hoped those who suffered losses from the storm will come to the United Sports Training Center by September 9.

“We want to make sure we connect with everyone and nobody falls through the cracks,” he said. “It can be overwhelming. We are looking for the connection (displaced residents) to providers in the community who can stay with them. This is a marathon, not a sprint. People who come here today are not going to solve their problems today, but it’s a starting point. “

Flood damage to houses is usually not covered by household insurance, so the damage is not recoverable.

William Turner, assistant director of emergency management for Chester County, said that residents were even offered psychological counseling to residents affected by the storm.

The United Sports Training Center is located at 1426 Marshallton-Thorndale Road.

A house cleaning hotline has been set up for Chester County residents affected by Hurricane Ida. Call 844-965-1386 to connect with volunteers from local organizations, community groups, and faith groups to help with fallen trees, dry stone walls, floor and equipment removal, roof planning, and mold control. All services are free, but the service cannot be guaranteed due to overwhelming demand. The hotline will remain open until Friday, September 17th.

Originally Appeared Here

Filed Under: INSURANCE, MORTGAGES

Snapsheet Logo (PRNewsfoto/Snapsheet) | National News

September 8, 2021 by NREB Staff

CHICAGO, July 29, 2021 / PRNewswire / – Snapsheet, an emerging leader in cloud-native claims management software, today announced a new partnership with Openly, the premium insurance platform for homeowners. Openly selected for Snapsheet’s end-to-end claims management platform to provide greater visibility, faster cycle times and better customer experiences throughout the claims process. The connection between Openly and Snapsheet further demonstrates the growth of Snapsheet’s presence in the home insurance industry.

Originally Appeared Here

Filed Under: INSURANCE, MORTGAGES

3 Downsides of refinancing a mortgage, and when it’s worth it

September 7, 2021 by NREB Staff

Is there a downside to refinancing?

Refinancing replaces your existing mortgage with a new one. This can lower your interest rate and monthly payment, and potentially save you thousands.

But even if refinancing has its advantages, it is not the right choice for everyone. A refinance starts your loan from scratch. And there are also closure costs to consider.

Some people just focus on the new tariff and payment. However, for refinancing to make sense, you need to look at the bigger picture and make sure you are saving in the long run – not just month to month.

Check your refinancing eligibility (September 7, 2021)

In this article (continue to …)

Three Things You Should Know Before Refinancing

In addition to a lower interest rate and monthly payment, other common reasons for refinancing a mortgage could include switching loan programs or products, paying off your home equity, or removing someone’s name from the loan.

But even if you have a good reason to refinance, make sure you understand how it works. There are a couple of inherent drawbacks to refinancing that will affect your decision.

Hee is what you should know.

1. With the refinancing, your loan starts all over again

Since the refinance replaces your current mortgage with a new one, the loan starts over. And in many cases, borrowers postpone the clock with another 30-year term.

Starting a new 30 year loan term can offer the greatest monthly savings. However, this isn’t always the smartest move depending on how many years your existing mortgage has left.

If you’ve had the original loan for five, 10, or even 15 years, starting over with a new 30 year mortgage will mean paying interest on the home for a total of 35 to 45 years. This could increase the total amount of interest you pay over the life of the loan – even if your monthly payments go down.

That doesn’t always happen, of course.

Some people are given a repayment date that is similar to their original loan. To do this, you need to refinance into a shorter term.

Let’s say you have had the original mortgage for five years. Instead of another 30-year mortgage, you can refinance into a 15- or 20-year mortgage. Or, if you’ve had the original loan for 20 years, you can refinance it into a 10 year mortgage.

Just keep in mind that short term loans almost always have higher monthly payments. Because you have to repay the same loan amount in less time.

However, as long as your new interest rate is low enough, you should see significant overall savings with a shorter loan term.

Check your refinancing eligibility. Start here (7.09.2021)

2. Refinancing costs money

Do you remember paying the closing costs when you bought your home?

Unfortunately, there are acquisition costs associated with refinancing. These vary, but are usually between 2% and 5% of the loan amount. The acquisition costs are due upon acquisition and can include:

  • Lender formation fee
  • A new home valuation
  • Admission fees
  • Discount points
  • Prepaid taxes and home insurance
  • And more

In general, refinancing only makes sense if your savings outweigh the closing costs. This is the “break-even point”.

For example, let’s say the refinance reduced your monthly payment by $ 300 per month and you paid $ 6,000 in closing costs. You must hold the new mortgage for at least 20 months to break even.

The good news is that you can often add closing costs to your mortgage loan to avoid paying upfront – but only if you have enough equity.

Some lenders even offer no closing fee refinancing where you pay nothing (or very little) out of your pocket.

The lender will give you credit for your fees, but it is technically not free. In return for a refinancing with no closing costs, you will likely pay a higher mortgage rate.

3. You could pay more in the long run

Yes, refinancing can result in instant monthly savings by lowering your mortgage payment. But it doesn’t always offer long-term savings.

For example, if you’ve paid off a 30-year loan almost in full and start over with a new 30-year term, you will pay much more interest in the long run.

And it’s not just your new interest rate and new repayment term that affect the total cost. The size of your new mortgage also plays a role.

Cash out refinancing is another common reason for a mortgage replacement. This includes taking cash out of your equity for home improvement, debt consolidation, and other purposes. In this case, your new mortgage balance will exceed your current debt.

If you start over now with a new term of 30 years and a lower interest rate, you can save monthly even with a higher credit balance. But you will pay more in the long run – not just because you have taken out more credit, but also because you have extended the total term of the loan.

Before you apply, use a refinancing calculator to estimate your savings and costs.

You can avoid paying more by not touching your equity and by keeping your new payout date similar to the original one.

However, sometimes the lesser evil is paying more.

The bottom line is that refinancing can create room for maneuver in your budget and free up money for other purposes. So, if you are struggling to pay your current mortgage payment or meet other financial goals, the instant savings can keep you afloat.

Check your refinancing eligibility. Start here (7.09.2021)

When is refinancing not useful?

In conclusion, refinancing is not always a good idea – even if you are getting a lower mortgage rate.

Here’s a look at when refinancing a mortgage loan doesn’t make sense.

  • You won’t hold the mortgage long enough to break even
  • You can’t get a lower interest rate
  • You are having problems with your credit history or credit history and you cannot qualify
  • You are about to pay off the original mortgage
  • You pay a lot more in the long run
  • You cannot afford closing costs
  • You are cashing in your equity for the wrong reasons (vacation, shopping, etc.)

Remember that the refinancing must have a net financial benefit. If mortgage refinancing doesn’t improve your financial situation in any way, then it’s probably not worth it.

When is refinancing worthwhile?

Despite the inherent disadvantages – for example, having to start your loan over – refinancing is often worthwhile. Millions of homeowners could save their housing costs, especially with today’s record-breaking low interest rates.

Here are scenarios where refinancing is often a good idea.

  • You can lower your monthly mortgage payment
  • Your new price is at least 1% below your current price
  • Your credit profile has improved and you can get a cheaper loan
  • You want to switch from an adjustable rate mortgage to a fixed rate mortgage
  • You want to switch to another loan program (e.g. from an FHA loan to a conventional loan without PMI)
  • You plan to hold the mortgage long enough to cover your closing costs
  • You can afford the closing costs in advance
  • You want to get rid of FHA or USDA mortgage insurance
  • You want to shorten or increase the repayment period
  • You want to tap into your home equity
  • They remove a name from the mortgage loan

There are many ways that you can benefit from mortgage refinancing. In addition to saving you money every month, a refinance can help you consolidate debt, pay for home improvements, prepay your home, and much more.

When you are on the fence, speak to a mortgage advisor or loan officer who can help you explore your loan options and decide whether it is worth refinancing.

The Bottom Line: Should You Refinance?

Refinancing can lower your mortgage rate and monthly payment, and can provide cash from your equity. Just make sure you consider the bigger financial picture before you apply.

You need to consider both the savings and the cost of refinancing – both in the short and long term.

  • How long will it take to break even?
  • How long do you want to live in the house?
  • How long is the new mortgage term?
  • Are you paying more or less interest overall?

As long as you crack the numbers first, refinancing can be a good decision. Many homeowners save thousands or even tens of thousands by refinancing at a lower interest rate.

Confirm your new plan (September 7, 2021)

Originally Appeared Here

Filed Under: INSURANCE, MORTGAGES

De Blasio, Schumer, Ocasio-Cortez survey flood damage

September 6, 2021 by NREB Staff

There is not much left of Marge Kolb’s cellar in Woodside. The rains of Hurricane Ida completely flooded her house.

She and her family have lived in the area for 30 years. She said she had never seen floods like this before.

“We lost our washer and dryer, we lost our water heater, and we’ll probably need to replace the heater, we’re not sure. We have to remove the entire slab of rock. We had really nice cupboards in the basement that we took out to see if we could save them, but I don’t know if we can or not, ”said Kolb.

She believes the damage could easily cost up to $ 15,000 to repair and is hoping for government help.

On Monday, President Joe Biden approved the New York Disaster Statement, paving the way for further federal aid.

Mayor Bill de Blasio, Senate Majority Leader Chuck Shumer, Rep. Alexandria Ocasio-Cortez, and FEMA officials spent the Labor Day holidays touring this Woodside neighborhood. Puddles, rubbish and damaged cars still line the street.

A local resident told NY1 that a line of dirt on his fence marks where the water rose on the day of the storm.

“The city will be sending door-to-door teams to the affected areas to make sure people sign up to break through the red tape. People need money and they need it fast. That will make a difference. They have just gone through devastation, ”said de Blasio.

Queens was badly hit by the storm. Eleven of the 13 people who died from the floods in the five counties lived in Queens. Woodside is not considered a floodplain. therefore, flood insurance is not available for these residents. But elected officials here say insurance companies need to be strengthened.

“This was also a waste water incident that is covered by household insurance. Therefore, we will do everything in our power to provide all the necessary documentation to support this claim, ”said Ocasio-Cortez.

For many here it is the irreplaceable ones who make this situation difficult.

“We are all devastated. We’re throwing away photos and things that you’ve had for years and it’s sad, ”said Kolb.

President Joe Biden will be surveying the damage in Queens on Tuesday.

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Originally Appeared Here

Filed Under: INSURANCE, MORTGAGES Tagged With: APP Local and State Policies, APP top stories, New York City, news, politics, Queens, Top Stories, Victoria Manna

30- and 20-Year Rates Climb

September 6, 2021 by NREB Staff

Mortgage lending rates are higher today for the 30 and 20 year loans. Refinance rates tend to be a bit higher than the rates you see on a new purchase mortgage, but right now they are extremely competitive historically. This is what they look like on Monday, September 6th:

Data Source: Ascent’s National Mortgage Rate Tracking.

6 simple tips to secure a 1.75% mortgage rate

Secure access to The Ascent’s Free Guide to How to Get the Lowest Mortgage Rate on Your New Home Purchase or Refinance. Interest rates are still at several decades low, so take action today to avoid missing out.

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30 year mortgage refinancing rates

The average 30-year refinance rate is 3.102% today, up 0.004% from Friday. At today’s rate, for every $ 100,000 you borrow, you pay $ 427.00 in principal and interest. This does not include additional expenses such as property taxes and home insurance premiums.

20 year mortgage refinancing rates

The average 20-year refinance rate is 2.790% today, up 0.006% from Friday. At today’s rate, for every $ 100,000 you borrow, you pay principal and interest of $ 544.00. Although your monthly payment will increase by $ 117.00 on a $ 100,000 20 year loan compared to the same amount on a 30 year loan, over your repayment period you will save $ 23,125.00 in interest for every $ 100,000 that You borrow.

Mortgage refinancing over 15 years

The average 15-year refinance rate is 2.371% today, down 0.004% from Friday. At today’s rate, for every $ 100,000 you borrow, you pay $ 661.00 in principal and interest. Compared to the 30 year loan, your monthly payment is $ 234.00 more per $ 100,000 mortgage equity. However, your interest savings will be $ 34,674.00 per $ 100,000 mortgage debt over the life of your repayment period.

Should You Refinance Your Mortgage Now?

Refinancing your mortgage can be a wise financial decision when a new home loan can lower your interest rate and monthly payments. However, there are a few important things to consider before refinancing.

First, if you extend the term of your loan, over time you may pay a higher total amount of interest than you would on your existing mortgage. This can be the case even if you are entitled to a lower interest rate as you would be paying interest over a longer period of time. You can avoid this by opting for a refinancing loan with a shorter term. Or you decide that you are willing to pay more interest in exchange for a lower monthly payment over the life of your loan.

Second, you need to consider closing costs, which are the upfront fees you will be charged when you refinance a mortgage. Ascent’s research found that the median closing cost of a home refinancing loan was between $ 5,000 and $ 12,500. However, your closing fees will depend on the specific size of your mortgage, your location, and your lender.

Eventually, these closing costs should be offset by your lower monthly payments – but that can take time. If you saved $ 200 per month by refinancing and paid $ 6,000 in closing costs, it would take 2.5 years to break even. It’s important to keep the numbers and consider whether you will be staying in your home long enough for the refinance to pay off.

In general, refinancing can be very useful if you are unable to move in the next few years and can lower the interest rate on your home loan by at least 1% (or close to). If you already have a low interest rate on your mortgage, you may not want to refinance. But if you took out your home loan years ago and have great credit, it is worth seeing what interest rates you are eligible for today.

When you are ready to refinance your mortgage, contact different lenders to compare the interest rates available. Also, ask about the closing costs so you can see the bigger picture and see which lender really offers the best deal.

Originally Appeared Here

Filed Under: INSURANCE, MORTGAGES

Survey Finds Many Homeowners Are Financially Unprepared For An Emergency Home Repair

September 5, 2021 by NREB Staff

A new survey of Canadian homeowners found that although many of them have experienced a home repair emergency in the past year, a significant number of them have little to no money to cover such repairs, which raises serious concerns about the Adverse effects such as repairs can affect the homeowner’s financial well-being. In addition to financial unpreparedness, the survey found that the majority of homeowners are unaware that they are responsible for one of the most common home repair emergencies – the failure of water or sewer pipes on their property.

This first “State of the Canadian Home Survey” was carried out by Leger Opinion on behalf of Service Line Warranties of Canada (SLWC). The survey sample included 1,529 Canadian adults, of whom 902 were homeowners.

The annoying and financial burden of home repairs

The survey found that a significant number of Canadian homeowners are financially unprepared for a home emergency. Almost every fifth (19%) homeowner has no money at all for an emergency home repair, almost a third (31%) only has $ 500 Or less.

This unpreparedness is particularly worrying as the survey also found that over a third of Canadian homeowners (37%) had a home repair emergency in the past 12 months. Common home repairs included clogged and / or overflowing toilets (8%), leaking water pipes (8%), and leaking or clogged outside water and sewer pipes (7%).

But the challenges of home repairing don’t end there. A third of homeowners (33%) say they even have difficulty finding a contractor to do a repair, and half of homeowners (50%) say they have a problem with a contractor they can do it with who have commissioned work in their homes. The most common problem is that the job ends up costing more than originally estimated (11%), followed by concerns about a contractor’s trustworthiness (8%).

“For the past year and a half, Canadians have spent more time at home than ever before, which can put a heavy strain on our home’s infrastructure and key systems,” said Mike Van Horne, General Manager, Service Line Guarantees of Canada. “The survey, which found that about a third of Canadian homeowners can expect a repair emergency in any given year, along with far too many homeowners with limited or no savings for a home emergency, is a recipe for disaster. ”

“SLWC’s non-deductible service plans, available through participating communities, protect homeowners from the financial burden and inconvenience associated with home emergencies. SLWC only uses local, qualified contractors and does all of the work to hire a technician to get a repair done quickly and professionally at no cost, ”added Van Horne.

Understand responsibility for home repairs

The survey also found that two-thirds (66%) of Canadian homeowners are unaware that they are financially responsible for necessary repairs or replacements of the water and sewer pipes that connect their home to municipal systems. Almost one in five homeowners (18%) mistakenly believe that these repairs are covered by home insurance, and 20% mistakenly believe that the municipality would be responsible for the repairs. These types of repairs are rarely covered by standard home insurance, and if the lines fail, the cost of the repairs is borne by the homeowner.

Given that so many homeowners are unaware of their responsibilities, it is not surprising that the vast majority (88%) of homeowners, when asked, believe that the community has raised homeowners about their responsibilities related to water or sewer breaks should enlighten their property.

“We often hear from communities that residents are upset when they find they are financially responsible – not community or home insurance – if the water or sewer pipes on their property go down,” said Van Horne. “This is one of the many benefits of partnering with SLWC as we work with the community to educate homeowners what repairs they are responsible for. And SLWC service plans provide an intelligent financial planning tool that reduces financial and emotional stress when an inevitable home emergency occurs. ”

SLWC now looks after 40,000 customers throughout Ontario through its community programs, and the network of SLWC contractors, has grown to 38 local companies employing over 150 technicians. Homeowners participating in a participating municipal program have access to repair plans that cover required repairs to outdoor water and sewer lines connecting their homes to municipal systems, as well as to in-house plumbing systems. Ontario Homeowners have saved over $ 6 million in repair costs due to the SLWC program available through your community.

Find ways to cut the cost of home ownership

The survey also found that three in five Canadian homeowners (62%) are taking steps to reduce the cost of owning a home. Many homeowners say they are trying to cut their electricity bills (41%) and installing energy saving features in their homes (21%). In addition, many homeowners (19%) report they are putting off home upgrades. An SLWC service plan provides homeowners – who are confronted with record high home prices and high mortgage loans as a result – a smart way to protect themselves from the additional home costs associated with repairs.

As of 2014, over 65 Canadian communities have partnered with SLWC to provide their residents with affordable repair plans for general plumbing emergencies. SLWC is the trusted source for utility line protection programs in Ontario recognized by the municipal services, part of the municipal association on Ontario (MASTER).

Homeowners with questions or more information about SLWC or available plans should call toll free 1-866-922-9004 or visit www.slwof.ca. Local communities interested in learning more about the program for their community can visit www.servicelinewarranties.ca.

Originally Appeared Here

Filed Under: INSURANCE, MORTGAGES

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