Bradenton – Sarasota:

The homeowners market has changed a little in 2011, but here are some valuable tips to keep your insurance costs down.

Last year rates went up significantly so the price of insurance rose. This year the rate increases aren’t so bad, but the prices are going up significantly because the insurance company cost estimators have gone up significantly which increases the amount of coverage needed for the policy (more coverage, more expensive policy)…..

Citizens the Florida insurer of last resort, in particular because they switched their cost estimator and no longer take other insurance cost estimators, so the insurance agents are stuck with what theirs comes up with. Citizens writes about 20% of the insurance State wide and almost everything 30 – 40+ years of age in South Florida (especially during hurricane season when a lot of the private companies shut down for new business).

The way to combat this is to be sure you send an appraisal (with an estimated cost to rebuild on it, usually on the 3rd page: “Total Estimate of Cost New” – not the actual value of your property) when you get one to whomever is doing the insurance quote.

Almost all companies will allow the figure on the appraisal to be used over their own cost estimator. Other insurance info

FYI: Other items greatly influencing the home insurance costs are:

The older the home, the more expensive the insurance (greater risk, less companies willing to write it, & the cost to rebuild goes up as the home gets older so more coverage is needed). *

Block homes will many times get a better Wind Mitigation discount than Wood Frame because of the roof to wall attachment. *

Any home built 2002 or later does not need a Wind Mitigation inspection, because it has been built to the latest building code and automatically gets the best discounts. *

HIP shaped roofs get a discount (parallel to the ground on all sides and not a flat roof. HIP-Gable does not get a discount, unless it is HIP on over 50% of each side of the home.

We have knowledgeable insurance brokers on hand who can help you reduce your insurance costs!

Axel Weiss, Realtor, Broker
Weiss International Realty
The INTERNATIONAL Florida Real Estate Company
Bradenton, FL 34205
www.bradentonbroker.com
www.weissinternational.com

Please use our contact form for email inquiries!

The funds are part of the $482,236 in State Housing Initiatives Partnership (SHIP) funding from the Florida Housing Finance Corporation that the City received for the 2008-09 program year.

To qualify, the applicant must be earning up to 80% of the Area Median Income but the maximum annual income must not exceed the following limits:

Family size  

1 Person/$34,900
2 Persons/$39,900
3 Persons/$44,850
4 Persons/$49,850
5 Persons/$53,850
6 Persons/$57,850 
7 Persons/$61,800  
8 Persons/$65,800

The City will accept applications for the housing rehabilitation assistance program from Aug. 3-13. 

Applicants must complete a first-time homebuyer’s class and be approved for a mortgage prior to applying. Applications submitted after the deadline will not be considered. Down payment assistance will be awarded on a first-come, first-ready basis to persons owning homes within the City limits.

Source: www.cityofbradenton.com

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But what does this news mean to home buyers and sellers? Generally, it brings stability to the mortgage market, so it is good news for buyers and those who are hoping to refinance their mortgages. Most experts expect mortgage rates to drop over the short term. Mortgage rates fell sharply Monday, as investors reacted to the government’s takeover.

It is also good news for sellers: If mortgage rates fall, this will attract more potential buyers into the market.

But for homeowners who are already behind on their mortgage payments or owe more than their homes are worth the takeover offers little extra relief.

We will need to wait and see whether Fannie Mae and Freddie Mac – under government control – will be able to do more to prevent foreclosures.

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So why not do it up front, before you even start to look? This way you will know your price range and not waste time looking at homes you can?t afford to buy. You may also find out that you qualify for more home than you think.

When getting your pre-approval your bank will check your credit history, employment information, assets and liabilities. The only thing they won’t check is the property that you plan to buy, because, of course, you haven’t found it yet! If you’re concerned that you might not qualify for a mortgage, we highly recommend that you go for pre-approval. Being pre-approved will make the entire experience much less worrisome.

Just give us a call @ 941.866.1666 to get pre-approved today!

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1. Check for and correct errors in your credit report.

2. Pay down credit card bills.

3. Don´t charge your credit cards to the maximum limit.

4. Don´t purchase expensive items e.g. furniture for your new home on credit cards until the loan is approved. The amounts will add to your debt.

5. Don´t open new credit card accounts before applying for a mortgage. This will also lower your credit score.