Monday, October 20, 2014

Just One Insurance Claim Can Prove Costly...Robert De La Rosa An Expert In Your Court 909.271.5640 CALL NOW!!!!

Just One Insurance Claim Can Prove Costly

DAILY REAL ESTATE NEWS | MONDAY, OCTOBER 20, 2014

In some states, all it takes is just one claim to a home owner’s property insurance to see premiums soar by hundreds of dollars. Filing a single claim can result in a monthly premium increase of 9 percent, according to a study by InsuranceQuotes.com. A second claim? Premiums climb an average of 20 percent.

The claims can be for anything ranging from tornado damage to a stolen bicycle. Filing a small claim can increase your rates by just as much as filing a catastrophic one, according to the study.

"Winning a small claim could actually cost you money in the long run," Laura Adams, InsuranceQuotes.com senior analyst, told CNNMoney. "Home owners need to be really careful. Even a denied claim can cause your premium to go up. ... The insurers have found that people who make a claim are more likely to make another. You've become a riskier customer."

Did you know?

The cost of homeowners insurance rose 36 percent from 2003 to 2010—nearly double the rate of inflation.

The most expensive type of claims that can result in the highest premium increases are liability claims—such as from personal injuries (averaging a 14 percent raise in premiums). Big premium increases also often result from theft and vandalism claims, the analysis shows.

Premium increases can vary greatly by state. Wyoming home owners see the largest hikes in their premiums, an average of 32 percent, after one claim is filed. However, the state tends to charge low premiums compared to other states—$770 a year compared to the nationwide national average of $978. Connecticut, Arizona, New Mexico, and California also saw large spikes after one claim, with premium increases of 18 percent or more, according to InsuranceQuotes.com. However, in some states like Texas, insurers are not permitted to raise premiums based on a single claim.

Source: “One Property Insurance Claim Can Hike Your Premiums by Hundreds,” CNNMoney (Oct. 19, 2014)

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Monday, October 13, 2014

Wave of Singles to Make Big Impact on Housing...www.TheCaliforniaPropertyConnection.com

Robert De La Rosa

An Expert In Your Court

909.271.5640 CALL NOW!!!!

DAILY REAL ESTATE NEWS | MONDAY, OCTOBER 13, 2014

Half of all American adults now live in one-person households, a rapidly growing number, according to the Bureau of Labor Statistics. The singles demographic is likely to reshape multifamily communities and single-family home designs going forward, according to Builder Online.

In 1976, only 37 percent of adults were single. As of August, that percentage has bloomed to 50.2 percent, or about 124.6 million singles. It marks the first time that single Americans make up the majority of the adult population since the government began tracking such data.

Get tips on how real estate pros can best serve this growing group.

“Thanks to the growth of single-adult households, floor plans will go from static to flexible as living arrangements change more frequently,” Susan Yashinsky, vice president of innovation trends for Waterford, Mich.-based Sphere Trending, LLC, predicts on Builder Online. “Analysts project that this group of adults will job hop more often, bring new types of living arrangements into the housing market (think friends buying homes together), and expect their environments to adapt to their frequently changing lifestyles as easily as picking a favorite Keurig coffee flavor.”

Affordability will be key, since single home buyers will have less income per household than dual-earner couples.

Also, “housing developments will need to embed elements of community that address the social aspects singles need, similar to what we have seen in multifamily new builds,” according to Builder. “Builders, developers, and designers who create housing for single consumers need to consider fresh concepts, such as communal sheds for lawnmowers and snow blowers, and even cars that can be rented as needed versus owned. Work/live spaces will evolve to reflect the growing number of entrepreneurs working from home. And, backyard cottages will bring solutions for related and/or unrelated adults sharing a single lot.”

Source: “More Americans Are Going Solo,” Builder Online (Oct. 6, 2014)