Tuesday, August 29, 2017

Homeowners Insurance Regulations in California

As a Realtor with Sotheby's International Realty in Los Angeles, California, Corey Nelson draws on over 12 years of experience in the local market. Realtor Corey Nelson helps buyers to navigate the complexities of buying a house, which includes the purchase of homeowners insurance.

While the law does not require someone to have homeowners insurance simply because he or she owns a property, most mortgage lenders do require buyers to have a policy. This protects the lender against loss in case that a fire, natural disaster, or other event leads to damage or destruction of the home.

Under California law, insurers can determine their own rates, provided that they secure approval by the California Department of Insurance (CDI). As long as the CDI determines rates to be competitive and reasonable, the insurer can charge a buyer based on coverage purchased, construction of the home, property location, and other factors that may increase or decrease an insurer's risk. If a homeowner cannot afford a policy at market rates, he or she may be able to secure coverage through the state's Fair Access to Insurance Requirements (FAIR) plan.

The insurer has the right to alter these rates within 60 days of a policy start, provided that the company contacts the buyer and gives him or her the opportunity to cancel coverage. In addition, the insurer can only cancel coverage after the policy has been active for 60 days, and then only for specific reasons including nonpayment, fraud, or significant changes to the property. The policy holder must receive notification at least 20 days before cancellation, or at least 10 days prior in the case of fraud or failure to pay.

Friday, August 18, 2017

Simple Ways to Boost the Value of Your Home

Corey Nelson serves as a realtor for Sotheby’s International Realty and represents buyers and sellers of homes and investment properties. Based in California, realtor Corey Nelson ranks in the top three percent of all nationwide sales associates for Sotheby’s parent company, NRT, and primarily handles real estate in Hollywood Hills and the surrounding Los Angeles neighborhoods.

In recent months, the median home price in Los Angeles county has quickly risen above the pre-recession record of $550,000. Some analysts expect this trend in toward higher prices to continue, as demand will soon likely outgrow new supply in the area. 

This increase was seen throughout most of Los Angeles’ neighborhoods. Atwater Village experienced the largest boost in year-over-year sales volume between the second quarter of 2016 and that of 2017, and the average sale price of these homes within this neighborhood jumped from $730,106 to $763,230. Meanwhile, other pricier neighborhoods within the city, including Playa del Rey, Los Feliz, and Cheviot Hills, have experienced between 86 and 128 percent higher sales volumes.

The upscale neighborhoods in LA aren’t the only ones to see a growth in popularity. Certain areas in Northeast and South LA have also grown, including Cypress Park, South Inglewood, and Ladera Heights. All of these areas experienced a sales volume increase of more than 30 percent.