Coldwell Banker Kim Volm Cadre 02040644

Coldwell Banker Kim Volm Cadre 02040644 I assist military retirees age 55 and older with their housing needs.

California earthquake insurance: What does home insurance cover after a disaster? Kelly Tyko and Janna Herron f you felt...
07/08/2019

California earthquake insurance: What does home insurance cover after a disaster?
Kelly Tyko and Janna Herron
f you felt the earth move Thursday, chances are you didn't have earthquake insurance.
Thursday's 6.4 magnitude earthquake was the strongest to hit Southern California in 20 years and shook homes and buildings for hundreds of miles.
With the Independence Day quake, the recent spate of tornadoes and with hurricane and wildfire season upon us, you might be wondering how well would your homeowners or renter’s insurance will hold up in a natural disaster.
The answer largely depends on the disaster. Damage from many calamities are covered by a standard policy, but a handful are not and require separate coverage for protection.
For earthquakes, you must buy a separate policy from a private insurer or, if you live in California, from the state’s California Earthquake Authority.
According to a July 2018 study by the California Department of Insurance, about 13% of California residents purchased earthquake coverage in 2017.
Strongest quake in 20 years: 6.4 magnitude quake rattles Southern California on July 4th holiday
Tornadoes, hurricanes and earthquakes: What does home insurance cover after a disaster?
AP Domestic California desert town by epicenter of earthquake A California official says there are some injuries and two house fires have been reported in a town near the epicenter of a 6.4 quake that rattled a large swath of Southern California and parts of Nevada. (July 4)
Even if your insurance covers the peril, it may not be enough. Many homeowners and renters don’t have adequate protection to cover all their losses. And, because of the new tax reform law, uninsured losses can only be deducted in specific cases.
Here’s what you need to know about your insurance covering your house or apartment.
What damage does insurance cover?
Homeowners, condo and renter’s insurance cover damage sustained from most perils, including tornado, hurricanes, severe storms, rain, wind and fires. Homeowners insurance will pay to repair the structure of the property up to the insured amount and other detached structures like a garage or garden shed – typically around 10% of the main structure’s insured amount.
It also covers possessions inside the home – typically up to 50% to 70% of what the structure of your home is insured for. Landscaping elements such as trees and shrubs are generally reimbursed at about $500 per item, says Loretta Worters, a vice president at the Insurance Information Institute.
Condo insurance covers possessions and some structural elements, such as drywall in the unit. The condo association’s insurance should cover damage to the building. Renter’s insurance only covers your possessions – often excluding appliances – but your landlord should have a policy that covers the structural elements of the apartment.
AP Domestic 6.4 earthquake hits California near Ridgecrest A strong earthquake rattled a large swath of Southern California and parts of Nevada on Thursday, rattling nerves on the July 4th holiday and causing some damage in a town near the epicenter amid a swarm of aftershocks. (July 4)
What damage is not covered?
What damage is not covered?
Damage from flooding and earth movement – which includes earthquakes, mudslides, landslides and sinkholes – is excluded from homeowners, condo and renter’s insurance.
According to the California Department of Insurance, if you have homeowner’s insurance in the state your company must offer to sell you earthquake insurance too.
Some policies may also exclude specific weather in certain areas where it's common – such as windstorms for coastal states.
Homeowners, condo or renter’s policy will reimburse you for any additional living expenses you incur because you can’t live in your damaged home: costs like hotels, restaurant meals and laundromat expenses.
“These are for costs that exceed your typical costs,” Worters says. “You can’t have an exorbitant restaurant bill. It comes with limits.”
Any theft or damage done to your home by looters or vandals after a disaster is also covered by your homeowners, condo or renter’s policy.
What about your car?
If your auto insurance policy includes comprehensive coverage – which is not required by law – then your insurer will pay for costs to repair damage to your car from any peril, such as major weather events or simply a fallen branch.
Unlike homeowner’s insurance, your auto policy typically covers flood and earth movement.
Your auto insurance often will cover rental car fees while your car is repaired or replaced. In some cases, it’s not automatically included, so you have to purchase this coverage at an extra cost.
Insurance preparation
Your insurer can only cover what it knows you lost. That’s why it’s important to keep accurate records for filing claims in the future.
• Make sure your insurance policy accurately describes your home – including square footage, number of rooms, age and materials it’s constructed from. It should also account for any recent improvements – like a new roof or water heater – and upgrades – such as a room addition or new pool.
• It’s also important to have an inventory of your possessions. It can be hard to remember what you owned in the emotional aftermath of a disaster, especially if you and your family are dealing with injuries or worse.
• An easy way to take inventory ahead of time is to go through each room and closet and record every possession on your smartphone's video. When possible, note the make and model of items, especially higher-end appliances.
• Rare or expensive items such as art, collectibles or jewelry require additional coverage apart from your homeowners, condo or renter’s insurance, and must get appraised first before getting a separate policy.
• Store your inventory record and insurer’s contact info somewhere besides your house or digitally where you can retrieve it at any time.
California earthquake insurance
Here are some things to know about earthquake insurance from the California Department of Insurance:
• There are limits on what earthquake insurance pays. The purpose of earthquake insurance is to help put a roof back over your head. It does not replace everything you lost.
• To estimate your earthquake insurance premium, use the Premium Calculator at www.earthquakeauthority.com.
• To find out if you live where earthquakes are common, including nearby fault lines, search on the U.S. Geological Survey website at https://earthquake.usgs.gov.
• A house is likely to have more damage if it is older, or built of brick or masonry, or has more than one story.
• If you can’t afford earthquake insurance, the state says there are ways to protect your home and reduce damage caused by earthquakes. It suggests retrofitting houses, securing breakable items with museum putting, bolting furniture, tying down computers and televisions.
This article originally appeared on USA TODAY: California earthquake insurance: What does home insurance cover after a disaster?
Kim Volm DRE #020440644
Coldwell Banker homeowners

06/18/2019

A Non-Arm’s Length Real Estate Transaction is a VA Loan Non-Starter
May 16, 2016 by AHRN Blog Team 3 Comments
We enjoy working with people we know – family, friends and professionals with whom we have an existing relationship. But when it comes to your VA Loan, buying a home from someone you know could impact your ability to utilize VA lenders!
When something of value is given in order to receive something else in value, the deal is considered either an “arm’s length transaction” or it’s not.
What is a Non-arm’s Length Real Estate Transaction?
A non-arm’s length transaction is one where the buyers and the sellers have some sort of family relationship or a third party has a business relationship that will be compensated if the deal closes. This relationship could influence the final price of the home, either by giving the buyer a price that is well below market or misrepresenting the terms of the loan. The VA considers parties that cannot conduct business with one another if there is a relative involved or a personal relationship with a third party such as a:
• Builder/Developer
• Seller
• Lender
• Real Estate Agent
• Appraiser
• Settlement Agent
If any of these parties has some sort of special relationship that does not appear to be independent of one another, it could fall under this consideration. The obvious might be a father selling to his son. Such a transaction will be heavily scrutinized as it relates to value and any compensation to third parties paid after the deal has closed. Other examples are a mortgage company employee buying a home from his boss, or a listing agent is selling a home for her daughter.
Any special or direct relationship between the buyers, sellers and certain third parties need to have a relationship that could not be affected by any current or previous relationship. There are ways to finance a property when such an event occurs but the rates and terms are less favorable and there are fewer loan choices.

06/04/2019

I am a realtor associated with Colwell Banker. I am presently taking an online course in property values. So here are three tips that I am going to share with you.
Here are three things your realtor should know
1. Be knowledgeable about the property you are interested in.
2. Have access to the information and resources so they can answer any questions that you as a potential buyer might have.
3. Be familiar with the neighborhood where the property that you desire to purchase.

04/29/2019

Article from break through broker
Break through broker
During a divorce, you’ll likely have many questions concerning what happens to your home, your current mortgage, and even your credit rating. At (company name), we are here to help educate you on all available options so you can take the proper steps in purchasing your next home. We will guide you through this process one step at a time, discuss your financial goals, and tackle the inevitable concerns and questions that will arise. We can provide a free consultation including a comparative market analysis of your home (CMA) to help give you the answers you need to make the best financial decision.
Below are some answers to frequently asked questions:
What happens to my current home?
If you and your spouse own a home, there are two main routes you can take to reach a solution. You can sell the home and split the proceeds or one person can “buy out” the other by refinancing the mortgage. Sitting down and discussing these options will help you get on the same page and minimize friction.
How does a divorce impact my credit score?
Unfortunately for many, divorce is a time of great financial hardship and credit challenges. Because you are responsible for the mortgage until it is paid in full or refinanced, it is imperative that you remain current on the monthly payments. We can discuss further whether refinancing or selling is a better option for your situation and come up with a plan for accomplishing your goals.
Can I buy a new home if I’m still listed on the previous mortgage?
Yes, but it’s sometimes difficult to purchase another home until your divorce is final. In most situations involving child support and alimony, the payments must be received for a specific time period before you can use it as qualifying income. If you are still listed as a co-borrower on the mortgage for the prior home, many mortgage programs will allow you to qualify while excluding that debt. We will connect you to an experienced lender who can give you the best advice for your unique situation.
Why work with (company name)?
We’ve navigated this process alongside many of our clients who have struggled with the same financial questions and stresses you are experiencing. We know that being properly educated on the intricacies of this process and being aware of your available options is the best way to minimize unnecessary confusion. Finally, we understand the emotional impact a situation like this has on someone and that you need an advocate, not a salesperson.
You have options regarding home ownership and we want to earn your trust. To learn more about how we can help, call us at (phone) or email us at (email).
Regards,
[Your Name]

04/09/2019

Don’t wait until summer to sell your home
A lot of parents are reluctant to sell their home until the summer so their kids do not have to move until the school year is over. It’s hard to say goodbye to good friends, especially in the middle of sports seasons or projects.
However, you might be surprised to find that there may be some advantages to making your move during a school year:
(1). Kids who move during the school year will have a chance to make new friends before the summer break, and they will have more chances to get to know them better during the summer.
(2). Teachers will be able to get to know the kids as new students and have a chance to integrate them into school projects, sports and activities right away. By the time fall comes, the kids won’t be strangers, and will already have plans, projects, sports and friends in place for the new school year.
When students move during the summer, they will most likely get to meet a few kids in the neighborhood, but when they start a new school in the fall, they will feel like strangers to most of the other kids. They might also miss some enrollment deadlines for popular activities that are signed up in the previous term if they don’t arrive until the new school year.
Of course, as parents, you are the experts at meeting the social and emotional needs of your children. Some kids adjust really well to being the new kid at a new school, and others would benefit from the kind of softer transition that moving at the end of a school year might provide. As you plan your move, make sure you work with your Realtor to learn about schools in your target neighborhood and the kinds of programs they have to welcome your family to your new home.

03/26/2019

Close your door for better sleep.
As a Senior Residential Specialist for Coldwell Banker DRE 0204046y44 and a member of AARP I am going to give my fellow AARP members a safety tip and getting a good night’s sleep.
According to Caroline Picard of Good House Keeping. If you want a good sleep close your bedroom door.
Ms. Picard explained that by closing bedroom doors. It slows the flames, reduces toxic smoke and improves Oxygen levels.
Also, by closing the doors before going to sleep the average time is takes to escape a fire has gone from 17 minutes to three minutes in less than a decade
So if any of my fellow AARP members want some more advice on safety in the bedroom and getting a goods night sleep feel free to email me at [email protected]

03/19/2019

7 Reasons Not to Pay Off Your Mortgage Before Retiring
Emmet Pierce,Money Talks News 15 hours ago
My name is Kim Volm DRE 02040644 and I am Senior Residental Specialist associated with Colwell banker Also I am a member of AARP and I assist AARP members with their housing needs
Now I am going to share this article from Money Talk News.
Paying off a home mortgage before you retire is a common goal, but it isn’t always the best financial strategy.
It could end up costing you in the long run — such as by leaving you without cash savings to cover an unexpected expense or without the flexibility to take advantage of an opportunity to earn a better return on your money.
What follows are some financially shrewd reasons to carry your mortgage until you retire.
1. You plan to sell your home
Many people decide to downsize before or in retirement. They find that a smaller, less expensive home better fits their retirement lifestyle, as we detail in “7 Unexpected Benefits of Downsizing in Retirement.”
If you think you may be selling your home soon, think hard before you pay off the mortgage on your current home. That’s because selling your dwelling may give you the money you need to repay your home loan without having to deplete your savings
2. You plan to rent out your home — or a room
Does your retirement plan include relocating and renting out your present home? There’s no pressing need to pay off your home loan if the tenants’ rent payments will cover your future mortgage costs.
You could avoid tapping into your savings to pay off the loan. You may even realize a profit after your mortgage bill is paid each month.
That could be true even if you remain in your home and simply rent out a spare room through a vacation rental site like Airbnb.
A 2018 analysis by Homes.com found that in some cities, a homeowner could make enough money by renting out a room just four or five nights per month to cover a monthly mortgage payment. We detailed the analysis findings in “Do This a Few Days Each Month and Watch Your Mortgage Disappear
3. It’s more important to repay debts with higher interest rates
Before you commit to paying off a mortgage, determine whether there are better ways to spend your money.
For example, if you’ve purchased or refinanced a home in the past decade, your home loan likely has a relatively low interest rate. And if that’s the case, you will be better off financially if you first repay debts with higher interest rates, such as credit cards debt.
4. You’re still saving for retirement
Not everyone completes their career with enough money to enjoy a comfortable retirement. That’s why many Americans continue to work after age 65, the traditional retirement age.
If you’re contributing to a retirement account, such as an IRA or a 401(k), it may make more sense to use any extra money you have to build your retirement savings rather than to repay your mortgage ahead of schedule.
Retirement accounts are tax-advantaged. So, saving money in one will likely enable you to lower your taxable income now or avoid taxation when you withdraw
5. You’re low on cash reserves
Maintaining an emergency fund is critical for financial stability. If paying off a mortgage will drain your cash reserves, it could leave you in a weakened position. No one can predict when an emergency will happen.
Corey Vandenberg, a mortgage banker in Lafayette, Indiana, says people who pay off their mortgages early often end up with lots of home equity but no money in the bank.
“This position is not financially healthy,” he tells Money Talks News. “You have to have an emergency fund for life’s unexpected events.”
6. You’d rather maximize your income through investments
If you pay off your mortgage, you will have less cash to invest. Much of your wealth will be tied up in the value of your home. The only way to get at it will be to sell the home or take out a loan against your home equity.
Without any liquid funds on hands, it will be more difficult to take advantage of an investment opportunity.
7. You want to deduct your mortgage interest
One of the benefits of being a homeowner is the ability to deduct the interest you pay on your home loan.
The Tax Cuts and Jobs Act of 2017 — the federal tax reform law — placed new limits on the deduction, but it’s still beneficial to homeowners, says Eric Tyson, co-author of “Mortgages for Dummies.”
For loans taken out after Dec. 15, 2017, most homeowners can deduct the interest they paid on up to $750,000 of qualified personal residence debt on a first and/or second home, Tyson tells Money Talks News. Married couples filing separate tax returns can deduct up to $375,000.
The previous limits were $1 million and, for married taxpayers filing separately, $500,000. If you took out your home loan before Dec. 16, 2017
I hope all of my fellow seniors found this article very informative.
Having said that keep this in mind paying of a mortgage is not a cookie cutter approach so my advice would be to consult a financial advisor in order to know all of your options.

02/19/2019

History of the VA Home loans
Presently I am taking an online class on becoming a Certified VA loan officer. So, I am going to pass along some knowledge on the process of obtaining a VA home loan.
1952: Congress made some adjustments to the program that were preventing some veterans from fully taking advantage of of their benefits. So here were the adjustments in 1952
• The cutoff date was extended from two to ten years
• Congress Not only expanded the benefits to WWW2 but also to those who served in Korea
• Still the VA loan program was below the expectations and fewer veteran took advantage of purchasing a home
1972
• The cutoff date for utilizing the program was totally eliminated
• Congress expanded the benefit to not only that served in the time of war but to all veterans
• The bill allowed veterans to use the use the VA home benefit several times and not only once
1992: VA home benefits to the following groups of people
• All military people meeting time in service requirements and being discharged under other than dishonorable
• Those who served at least six years in either the National guard or the reserves
• Active duty personal who served at least 181 days
• Surviving spouses of service people while on active duty or from a service related disability
2015: According to the NAR the result of these changes military and veterans account for over 21% of the home purchases in 2015
If any of my fellow veteran have any questions concerning the history of VA home loans feel free to email me at [email protected]

02/16/2019

Origins of the VA Home loans
Presently I am taking an online class on becoming a Certified VA loan officer. So, I am going to pass along some knowledge on the process of obtaining a VA home loan.
History of the GI Bill and Home loans
Purpose of the GI Bill was to help the veteran
• Assimilate,
• Secure their future
• stimulate the economy.
The many obstacles returning veteran when purchasing a home
• They needed a 30% down payment to purchase a home.
• That 30% could take years to save up for.
• So, in order to get lenders to borrow money for the purchase of a home the VA guaranteed $25,000 in the event the house went into foreclosure.
• Now because of the $25,000 guarantee veterans no longer need to purchase Primary Mortgage Insurance (PMI).
Now if any of my fellow realtor have any questions concerning the origins of the GI bill feel free to email me at [email protected]

02/13/2019

My fellow realtors who are also landlords.
Here some advice from Joe Menting RIP who was also, my plumber when I was a landlord. And this is some advice he gave me on what not to put in a garbage disposal.
• Coffee
• Pasta and Oatmeal because both items expand when they are soaked in water therefore, it could clog your disposal.
• Bones and pits because disposals are not made to deal with hard items.
• Nuts when peanut is made the nuts go into a grinder and then are spun into a sticky thick paste when they are grinded. And a garbage disposal is good version of a grinder.
• Onion skins Potato Peels and Corn husk are items that due to their thin skins can pass through your disposal and get wedged up in the drain.
• Eggs shells
• Pumpkin and other fibrous vegetables because their long strands can get caught in your disposal and leave a sticky mess.
• Cleaning Chemical Soap or Normal cleaners are ok having said that avoid harsh drain and industrial cleaners because both can cause excessive wear on your garbage disposal and possibly drain the line.
• Paint such as latex and/or oil should never be put down a disposal or poured down your drain, because both can cling to disposals or sit in the pipes and clog and harden.

Now if any of you land lords would like to be referred to in plumber in your area feel free to email me at [email protected]

02/11/2019

Using a Comparable Under new Construction
As a fellow realtor I am now taking an online class on doing a CMA and here is some information that I am going to share with you.
Keep this fact in mine when using a comparable under new construction.
Due to fact, that a lot of home builders are selling the homes themselves those homes under constructions are not listed with Brokers in the MLS
Any questions concerning using a comparable under construction feel to email me at [email protected]

02/11/2019

Using a CMA with expensive personal property
As a realtor I am now taking an online class on doing a CMA and here is some information that I am going to share with you.
Using personal property as a comparable
Lets say an owner of a lake property has a ten thousand dollar speed boat and will not be using it in their new home. So, if the boat is not going to be used in their new home and it is included in the property sale it would skew the price by ten thousand dollars.
Now if this property is used as a comparable the price should be adjusted down by ten dollars.
Now if any of my fellow realtors have any additional questions on using a CMA with personal property feel to contact me at [email protected].

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