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The looming impacts on real estate and insurance are also at the forefront of Californians minds. “We’ve got clients calling us frantically looking for leases. Obtaining home insurance in California has been a longstanding issue. It certainly is not going to drive costs down. Who’s bearing the risk?
As wildfires continue to ravage the LA area a week after starting, the impact on insurance premiums and costs to rebuild are still very uncertain. SW: Insurance costs are expected to rise in the aftermath of these fires. What are you predicting in terms of insurance pricing in the area?
Rising personal home insurance rates, fueled by escalating claims costs, increasing property values and the growing frequency of natural disasters, will all have a profound impact on market dynamics and homeowners insurance costs. In the first half of 2024 alone, insured losses hit $62 billion , 70% above the 10-year average.
“In line with guidelines from our lending partners and other entities that own or insure mortgages, NAF will offer forbearance assistance to customers whose homes are uninhabitable or who cannot work due to the wildfires,” the company told RMD in a statement. Reach out to your clients, he said.
With home sale prices continuing to rise, wire fraud prevention firm CertifID announced Thursday that it is increasing its direct, first-party insurance coverage maximum to $2 million. This means that up to $2 million of a wire transfer verified by CertifID can receive direct, first-party insurance coverage.
Insurance brokerage platform VIU by HUB has partnered with mortgage servicing company Valon to provide homeowners with streamlined insurance options amid rising costs. Through the partnership, Valon customers will have access to instant insurance quotes from multiple carriers along with guidance from licensed agents.
We have an insurance problem,” said Charlotte Johnson , a Keller Williams agent based in Mandeville. Our insurance is pricing people out of their homes.” Between 2018 and 2023, homeowners insurance rates in Louisiana jumped 24.9%, according to an analysis by S&P Global. From 2022 to 2023 alone, rates jumped 21.2%.
Financial advisers are professionals uniquely suited to assist their clients with assessing and managing health care costs in retirement. Unlike the households, financial advisors surveyed think that LTC affordability or covering medical costs are the biggest risks their clients face to ensuring a secure retirement, the brief explained.
And yet, about that same amount failed to upgrade their insurance policies to protect their new investment. homeowners, 400 independent insurance agents, and 131 empty nesters, identified as married or partnered U.S. homeowners, 400 independent insurance agents, and 131 empty nesters, identified as married or partnered U.S.
For most real estate industry professionals, title insurance needs no introduction. A trusted product , title insurance has been used to protect real estate transactions and property rights for over a century. Title insurance is different than most other insurance products. Diane Tomb, ALTA CEO Contributor.
Homeowners insurance costs are higher now than they have typically been , which has the potential to hit those living on a fixed income particularly hard. A lot of my calls start with clients asking about whether or not they should get a reverse mortgage,” she told the outlet. “My My next question is, why are you calling?
As recently as five years ago, homeowners insurance was certainly not top of mind for most homebuyers and their real estate agents , but the rapidly rising cost of insurance premiums is changing that. Before, insurance was kind of an afterthought. nationwide in 2023, with Farmers Insurance Group of Cos. and Utah at 20.3%.
While it may be easy to attribute the slower market conditions to the state’s well-publicized insurance issues , local agents say there is a perfect storm of factors. “It Insurance is still a major hurdle for many. Altos’ data shows that the 90-day median time on market jumped from 49 days a year ago to 70 days as of mid-July.
On Tuesday, the firm launched Compass Resort, a network for agents in vacation-home markets and clients searching for second homes. ” The resort network will provide agents and clients in these markets with additional support, as buyers and sellers operating in these places often expect a higher quality of service from their agents.
Kortney Lane-Schafers has been promoted to vice president of growth and client advocacy at Mobility Market Intelligence (MMI), which offers data intelligence and market insight tools for the mortgage and real estate industries.
However, long-standing challenges still persist within foreclosure firms, title and escrow companies, and title insurance underwriters. Fortunately, information technology company Mortiles brings comprehensive solutions to the ever-changing title insurance, escrow and settlement arena. to introduce them to our services.
HousingWire recently spoke to Tom Kriby, vice president of client development and partnerships at Westwood Insurance Agency, about how working with an insurance agency can simplify the closing process for their customers, even in times of interest rate uncertainty. Take insurance, for example.
Local real estate professionals attribute the slower market to a variety of factors including higher home prices, which have remained steady despite the slowdown, higher interest rates , and rising costs for homeowners and flood insurance. homeowners insurance policy was roughly $1,700 in 2023. In comparison, the average U.S.
We have amazing data scientists who are building out new models — from reducing premiums on wildfire insurance in California to using image analytics so that an appraiser can capture the appraisal in real time and use it for quality assurance. The insurance commissioner there declared 13 resiliency prerequisites. Risk Rating 2.0
But when we say this is the Ultimate Resource Guide for title insurance professionals, we mean it! Associations American Land Title Association (ALTA) ALTA serves as the national trade association and voice for the title insurance industry, representing over 6,000 title insurance companies, agents and real estate attorneys.
Getting the home insurance required to close is often more complicated than it needs to be. HousingWire recently spoke with Tom Kriby, vice president of client development and partnerships at Westwood Insurance Agency , about the home insurance shopping process and how lenders can help make it simpler for their borrowers.
Such quality concerns could be keeping some baby boomer clients from moving into newly constructed homes, Cook said. If that client is not planning to move or plans to age in place, thats a deeply personal thing. I think they’re more or less sitting on what they have, or buying that 20- to 30-year-old home.
When clients find their dream house and are ready to make an offer, Todd Armstrong’s next call isn’t necessarily to the seller’s agent or the buyer’s loan officer. “We Insurance policies for homeowners are skyrocketing. In Florida, agents are also grappling with insurability issues that are relatively new and vexing. The result?
In late June, Susan Gregory received an estimate for a new homeowner’s insurance policy on her 120-year-old St. Augustine, Florida property, after her previous insurer, United Property and Casualty, went insolvent earlier in the year. This is one of the easiest parts of Florida to insure and costs have gone up over 40%.”
He advised Black agents to maintain an objective approach when working with clients. Kalin also recommended that agents help their clients consider the time and cost of rebuilding , homeowners insurance proceeds, temporary housing expenses, and the benefits of selling for cash value versus rebuilding.
methodology in October 2021, thousands of homeowners in low-elevation coastal areas of the United States braced for federal flood insurance hikes. Recently released data from the agency shows that annual flood insurance premiums will eventually double or even triple for homeowners in some U.S. When FEMA released its Risk Rating 2.0
Advocus National Title Insurance Co. has introduced GO Live, a virtual closing system designed to streamline real estate transactions for attorneys and their clients. Advocus is committed to redefining the title insurance experience, said Peter Birnbaum, executive chairman of Advocus.
This is evident when you ask any highly successful agent where they find their clients. Inevitably, their answer will be “my past clients and sphere.” Perhaps the client wishes to make a purchase that isn’t in the agent’s geographical area or their wheelhouse of expertise. What are the benefits of referrals?
Through the partnership, loan officers can introduce their clients to an RIA within Encompass. Borrowers will receive financial advice including – college savings plans if their household is expanding, additional life insurance and 401k at no cost.
The bill passed the Alabama House of Representatives in mid-February and is currently on the calendar of the state Senates banking and insurance committee for further review. But Ellison said that her agents have not had any issues with clients about these agreements. And that is positive. I think it is a bad move.
UWM’s TRAC+ announcement comes as the federal government pushes title insurance alternatives designed to save consumers money. the company also announced ChatUWM, an AI-powered search engine that provides instant responses to clients, including guidelines, matrices, lender tools, and technology. loans but only for refinances.
Users can enter a potential home price, down payment, interest rate, loan terms, property taxes, insurance costs, and homeowners association (HOA) fees. With access to the correct information and clarity on the financing process, agents can empower clients confidently, translating into a better experience for all parties. Click Here
The Tech Trendsetters are made up of the top product and technology leaders who have been essential in bringing innovative tech solutions to market for mortgage and real estate clients. This year, 75 honorees were selected.
Evernest already offers services including brokerage , maintenance, renovation, insurance and lending. Poplar co-founder Chuck Hattemer will also join Evernest to guide integration and growth initiatives. It combines its platform with local teams to carry out these services.
Fortunately, there are ways to detect deed fraud attempts early, but mortgage professionals need to be well-informed to protect themselves and their clients. For consumers, understanding the role that title insurance plays in safeguarding their homes is also critical.
“Our clients appreciate their ability to internalize their core challenges, and apply their comprehensive industry knowledge to solving them.” “Its a pleasure to be with a company that can consistently support our clients.
Arguably, one of the most important functions of a real estate agent is to guide and be a subject matter expert to clients through the buying and selling processes. Put simply, a good agent is a sherpa who knows every step of the journey and expertly leads their client up the path. How do real estate agents get paid?
Real estate agents often make the mistake of believing their clients will remember them forever but they dont. Its up to us as agents to stay engaged and stay in contact with our clients. When you buy through our links, we may earn a commission. So, where do you start? Why send a regular real estate newsletter?
The checklist covers such broad areas and topics as: organizational structure; litigation; compliance ; intellectual property; real property; financial and tax; labor and employment; material, vendor, and software contracts; insurance; and customers. Patent & Trademark Office. Nettleingham is a shareholder at Maddin Hauser.
We want to assure our clients that all loans in process will proceed without issue, and we remain committed to supporting them through this transition, Rocket Mortgage said in a statement. JMG and its founder, Jason Mitchell , were also accused of participating in the alleged scheme by referring thousands of clients to Rocket entities.
Clients expect their real estate professional to work for them wherever they are buying a home, in their local community or a different state, and we know migration among our states continues to increase, MetroList president and CEO Dave Howe said in a statement. The partnership was prompted by migration data from the U.S.
The Consumer Financial Protection Bureau (CFPB) this month published an issue spotlight that takes a closer look at home equity contracts, or what the industry refers to as home equity investments (HEIs) that offer a lump sum payment to clients in exchange for a stake in their home equity.
The company also anticipates launching a version of Leo for clients later this year. The company also touted its title insurance business as high margin and rapidly growing, with revenue reaching $4.8 The company said that roughly 2,500 agents use Real Wallet accounts, accounting for $7 million in deposits.
Here’s what these the leaders of these organizations had to share: “ Traditionally, the insurable title process has been time-consuming and manually intensive, often delaying closings and increasing costs. For instance, the system can flag potential issues and suggest solutions, leading to faster, more accurate closings.
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