TWO IMPORTANT SUBJECTS
1. HOMEOWNERS INSURANCE IN A HOA
If you or any family members live in a community, such as a condominium, where the HOA provides insurance, you are strongly advised to find out what that insurance covers, and more importantly, what it doesn’t! I was involved as an Expert Witness in a recent case in which over $100,000.00 in damage was caused by a water leak in the unit ABOVE the owner’s unit. The HOA insurance only covered $20,000.00, calling the balance, including flooring, walls, appliances as “tenant Improvements” and the responsibility of the homeowner.
Bottom line, first make sure you are aware of the limits of the HOA policy, and then make sure your insurance carrier provides the difference. A knowledgeable insurance agent can help you with this.
2. 2019 HOUSING YEAR TO DATE-RATES DOWN, INVENTORY UP
A strange thing happened since the beginning of 2019. Interest rates, which were predicted to go up, have actually gone DOWN, and gone down significantly. This is coupled with a higher inventory of homes for sale, has created a bit of a buyers’ market. This is a great time to buy that first home, or to make that move you’ve been delaying while waiting for the right time to make that move.
Bottom Line, this may be an excellent time to make your real estate move. Feel free to call, 949-500-6365, email Frank@FrankDiLauro.com, or through our website www.FrankDiLauro.com for assistance with these ar any other real estate needs.
