Insuring High-Value Items on Your Renters Policy | South Salem Real Estate

What you don’t know about your renters insurance policy can hurt you, especially when it comes to insuring high-value possessions such as artwork, furs, jewelry or collectibles.

Renters policies typically cover those items — up to a point. Payouts for these items often have limits, which may come up short of the amount you’d need to replace your belongings. Fortunately, there are ways to make sure all your possessions receive adequate protection.

The case for renters insurance

If you’ve purchased renters insurance, you’re already in the informed minority. Only 37 percent of renters have insurance, according to a 2014 survey conducted for the Insurance Information Institute. Meanwhile, more than 95 percent of homeowners have home insurance.

The big reason for the disparity is that most homeowners don’t have a choice. Their lender requires them to have home insurance as a term of their mortgage, because it protects the lender in case of damage from fire, wind, hail and other covered perils. While some landlords require tenants to purchase insurance, it is not standard procedure.

Another reason many renters don’t purchase insurance is that they mistakenly believe that the landlord’s policy covers them. But the landlord’s policy protects the building and the landlord’s possessions within it – not renters and their belongings. For that, tenants need their own coverage.

Protecting high-value items

One of the reasons you purchase renters insurance is to protect your possessions – your furniture, clothing, electronics and other belongings. However, as mentioned above, standard policies can limit how much you’ll receive for particular items. Jewelry coverage might be limited to $1,000, for example.

If you own a family heirloom that’s worth, say, $5,000, you have two options:

• Schedule an endorsement. An endorsement extends full coverage to the item as part of the policy. It often is the most economical way of making sure you have the protection you need, and it keeps all your coverage with one provider.
• Purchase a personal articles floater. This is a separate policy, usually purchased from a company that specializes in covering high-value items. It will cost more, but there usually are no deductibles, and coverage can apply outside the home as well.

Either way, you’ll need an appraisal of your high-value items to document their value. The appraisal can be the beginning of a home inventory, which can help when you have to file a claim.

A home inventory is a room-by-room list of your possessions that should include photos of each item, their serial numbers, and receipts, if you have them. One of these sample forms can help you get started.

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http://www.zillow.com/blog/high-value-items-renters-policy-170585/

U.S. new home sales dip, but remain near multi-year highs | Katonah Real Estate

New U.S. single-family home sales in January fell less than expected and supply rose to its highest level since 2010, hopeful signs for the sluggish housing market.

The Commerce Department said on Wednesday that sales dipped 0.2 percent to a seasonally adjusted annual rate of 481,000 units. December's sales pace was revised up to 482,000 units, the highest level since June 2008, from 481,000 units.

Sales last month were likely held back by inclement weather in the Northeast, where sales recorded their biggest drop since June 2012.

Economists polled by Reuters had forecast new home sales, which account for about 9.1 percent of the housing market falling to a 470,000-unit pace last month.

Compared to January last year, sales were up 5.3 percent.

Housing activity has remained lackluster since hitting a speed bump in the second half of 2013 as tight home inventories and higher prices sideline first-time buyers, against the backdrop of tepid wage growth.

It has lagged the overall economy, even though mortgage rates have declined substantially from their 2013 peaks. Recent data showed a plunge in home resales in January and softer single-family housing starts and permits.

Last month, new home sales in the Northeast plunged 51.6 percent to a record low. Sales in the South rose 2.2 percent to their highest level since May 2008. They surged 19.2 percent in the Midwest, but sales in the West slipped 0.8 percent.

The stock of new houses available on the market rose 1.4 percent last month to 218,000, the highest since March 2010.

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http://www.reuters.com/article/2015/02/25/us-usa-economy-homesales-idUSKBN0LT1LM20150225

US home sales plunge 4.9 percent in January | Bedford Hills Real Estate

U.S. home sales struck a snow drift in January, plunging to the slowest pace in nine months.

Relatively low mortgage rates and steady job growth have yet to spur more activity from buyers and sellers, raising the possibility of either a spring sales rush or a second straight year of numbness in the real estate market. Few properties are being listed for sale, would-be buyers are holding off on purchases and snowstorms are cutting into traffic at open houses.The National Association of Realtors said Monday that sales of existing homes tumbled 4.9 percent last month to a seasonally adjusted annual rate of 4.82 million. That brings sales down to their lowest level since April 2014.

Weak sales in 2014 had set up expectations of a strong rebound in 2015, yet signs of that resurgence have yet to appear. The addition of roughly 1 million new jobs over the past three months has failed to make much of a dent in home-buying.

Homes did sell at a rate 3.2 percent faster than January 2014, but that increase largely reflects the brutal winter weather at the beginning of last year that depressed home-buying and caused the entire U.S. economy to briefly shrink. The noticeably more robust U.S. economy coming into 2015 was supposed to buoy sales, but the market has barely stirred so far.

"The weather hit is nothing like the scale of the damage seen last winter, but we would not now be surprised to see a further decline in activity in February," said Ian Shepherdson, chief economist at Pantheon Macroeconomics. "The underlying trend in sales is more or less flat."

Few properties are coming onto the market. Just 4.7 months of supply were listed for sale at the end of December, compared with an average of 5.2 months during 2014, according to the Realtors.

Nor have builders ramped up construction. Housing starts slid 2 percent in January, according to a report from the Commerce Department last week.

The limited supply of homes can lift prices to higher levels, which may then lead would-be buyers to wait until they have more choices. Weekly mortgage applications fell 13.2 percent, the Mortgage Bankers Association reported last Wednesday.

Affordability has become a problem as prices have climbed at a faster clip than incomes. The national median home price rose 6.2 percent over the past 12 months to $199,600. That has priced out many first-time buyers, who represented just 28 percent of sales compared to their historic share of 40 percent.

Mother Nature is also beginning to take its toll. Nasty snowstorms in the Midwest and Northeast likely kept would-be buyers away, further crimping sales heading into March and beginning of the spring buying season.

Buyer traffic for newly built homes slowed in February, according to the National Association of Home Builders/Wells Fargo sentiment index.

The Realtors said previously in a separate report that the number of signed contracts in December fell 3.7 percent, suggesting that sales will remain under pressure in the coming months.

Sales slid in all four major geographical regions last month: dropping 6 percent in the Northeast, 2.7 percent in the Midwest, 4.6 percent in the South and 7.1 percent in the West.

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A Retouched Palm Springs Post-and-Beam | Bedford Real Estate

Photos by Lance Gerber

Location: Palm Springs, California
Price: $1,350,000
Part II of Curbed's Palm Springs Modernism Week House of the Day extravaganza is an Alexander Home in Vista Las Palmas, the third Palm Springs tract developed by the father-son team of George and Robert Alexander. Designed by architect William Krisel, this high-gabled A-frame greets passersby with the kind of carport that "makes everything look expertly designed," according to listing agent Matthew Reader. (That's his 1962 Oldsmobile Holiday Ninety-Eight parked there in the photos.) At the very least, it was a pretty essential part of the package that lured newly minted two-car families to this and other modernist tracts in the early '60s.

Once inside the courtyard, what the listing calls a "breathtaking" glass facade presents itself. Head beyond it, and some of the current owners' cosmetic alterations become apparent: a mosaic tile accent wall above the fireplace, a redone kitchen with a penny-tile backsplash, and new porcelain tile floors. If you like how it looks now, "newly-placed furnishings are available under separate contract outside of escrow."

Out back, the owners have put in a fireplace, a barbecue, a pergola by the pool, and are in the midst of building out the patio to connect it to the two guest rooms. Last sold (at least according to Zillow's record) for $800K in 2004, the home is now offered for

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http://curbed.com/archives/2015/02/19/

Color to Create Calm at Home | Bedford Corners Real Estate

I have spoken with far too many friends who have had a rough start in 2015. I say anyone who needs it should get a do-over and begin anew and make it better. One way to ease your way through tough and turbulent times is to create soothing spaces in your home. Specifically, I think bedrooms and bathrooms ought to be made into sanctuaries. That way you start and end your day in a good place. My favorite way to make a quick, cheap and easy change in a room is through the elimination of clutter and then the addition of color. Featured here are seven rooms awash in soothing color, along with paint color palettes inspired by each space.

The Homestead Shop Inc.

Jennifer Ott Design

This room showcases a few of my favorite soft and soothing hues for bedrooms: a light sea-glass green, a warm gray and an ethereal blue. Any of these would work well as a main wall color; simply mix in one or more of the other hues for a soft and pleasing punch of color. White linens are clean and classic, but it’s nice to add pillows, art and accessories in colors from the palette. Keep the room free of excessive clutter and you’ll have a stress-zapping bedroom sanctuary.

Sample palette: Get a similar look withWhite Clover, Turtle Dove and Tinsel, all from PPG Pittsburgh Paints.

Volz O'Connell Hutson

Most bathrooms have one small window, or no windows at all, which can make an already small space feel even more confined. If this is the case in your home, think about using color to lighten things up. I like to select two or three shades of my chosen hue and use the darkest color sparingly, and preferably near the lower areas of the room, then go lighter as I work my way up toward the ceiling. This makes the room feel more open, expansive and light-filled, and can help start the day on a cheerful note.

Jennifer Ott Design

Sample palette: Get a similar look withPearl Onion, Celery and Ryegrass, all from Sherwin-Williams.

Erica Broberg Smith Architect PLLC

Jennifer Ott Design

Soothing color need not be limited to light and wispy shades. But if you go with bolder hues, I recommend sticking to those on the cooler side of the color wheel: greens, blues and purples. These cool hues, along with gray shades, have been shown to help lower blood pressure and are associated with rest and relaxation. You can always punch up the palette with a small accent of a warmer hue, such as the shocking yellow-green here, via a painted accent area or art and accessories.

Sample palette: Get a similar look with Bon Voyage, Rain Washed and Carolina Parakeet, all from Behr.

Farrell and Sons, LLC

Jennifer Ott Design

Take the stress out of selecting paint colors for a bathroom by pulling a favorite hue or hues from your tile. The cabinet color here is an excellent selection. Paired with plenty of white, it looks crisp and clean against the brick.

Sample palette: Get a similar look withBelle Grove Spruce, Tropical Bay andBrown Buzz, all from Valspar.

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http://www.houzz.com/ideabooks/30495281

Sink or Swim in Google's New Spa-Themed Office in Budapest | #Pound Ridge Real Estate

All photos by Attila Balázs via Behance

Google's notoriously quirky approach to office design has taken an intensely aquatic turn in Budapest, Hungary. While the newly-completed interiors of the tech giant's Budapest outpost lacks, say, the strange orange groves or Smurf-blue carwash brushesfound in some other global locations, local firm Graphasel Design Studio makes it up with a hard-core spa theme, inspired by some 500 springs found in the Hungarian capital.

The office's conference room, for example, has a vinyl floor with a sparkly pool effect, plus matching blue rolling chairs. And to weave in Hungary's strong water polo culture, the room also features printed wallpaper that appears to be blown-up photographs of a water polo match, along with a bunch of pink water polo ballshanging from the ceiling. Elsewhere, a meeting room is modeled after a hall in Hungary's famous Gellért Baths, a white-tiled sofa comes with its own pool ladder, and of course, a wood-lined sauna is already equipped with a computer.

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http://curbed.com/archives/2015/02/12/google-budapest-office.php

Historic Homes and Modern Insurance | Chappaqua Real Estate

Many people who buy historic homes — from bare-bones colonials to elaborate Victorians — are drawn to them, at least in part, because they want to return to simpler times. Unfortunately, buying home insurance for these houses can be complicated. They may be high-value, hard to repair or rebuild, or difficult to appraise.

Complicated, however, doesn’t mean impossible. Consider the following factors as you seek homeowners insurance quotes for your historic home.

It matters when your home was built

Historic homes often fall into two categories: houses built prior to 1945 and those built before 1900.

If the home was built before 1945, it’s possible that it could be protected with a standard homeowners insurance policy — with a few tweaks. This is especially true if the electrical and plumbing systems have been replaced and a modern HVAC system has been installed.

If the home was constructed before 1900, however, there’s a larger chance it includes unique architecture, unusual features and building materials that were common then but not widely used now. None of this means you won’t be able to insure it, but you may need to search for an insurance provider that specializes in historic homes coverage.

Determining the replacement value

One of the major sticking points in insuring a historic home — regardless of which era it was built in — is determining its replacement cost. With modern homes, providers start by multiplying the square footage of the home by local building costs and then add the cost of upgrades such as granite countertops and hardwood floors.

With historic homes, providers usually assign appraisers and restoration experts to evaluate the home before they issue a policy. That’s because of the difficulty in rebuilding it with the same features and materials. Because of this factor, the replacement cost of your historic home could greatly exceed the amount you paid for it — and the replacement cost is the amount for which you’ll need to insure it.

Finally, you should also consult a licensed agent to determine whether you need to add Ordinance and Law Coverage to your policy. This helps you by providing additional costs required to rebuild your historic home to local building codes and other laws. For example, your city’s building code could require you to widen stairs or rewire the electrical system. If you don’t have this coverage, you could have to pay the extra expense on your own.

What’s in the home?

Standard home insurance typically includes contents coverage for your personal possessions inside the home, including furniture, electronics and other items. The amount of coverage for these possessions typically is 5o to 70 percent of the replacement cost of the house. However, payouts for high-value items can be limited.

That’s important because most historic homes also contain antique furnishings and sometimes expensive artwork. These items may not be covered unless you schedule an endorsement — an addition to the policy specifically covering those items.

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http://www.zillow.com/blog/historic-homes-modern-insurance-169604/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+ZillowBlog+%28Zillow+Blog%29

Appraisers: Does CU Mean See You Later? | Armonk Real Estate

Will Fannie Mae’s roll out this year of Collateral Underwriter (CU), its proprietary automated appraisal risk assessment tool, reduce appraisers to be nothing more than servants of a computerized tool?  Or is it “just another tool that is reviewing appraisers just as other processes have all along.” as a Fannie spokesperson put it?

Will it meld underwriting and appraisal into one operation, providing both borrower and lender faster and more accurate answers”  Is it the newest Big Data arrow in the GSE’s quiver to reduce lender risk and prevent fraud and help appraisers deliver more accurate valuations?  Or will the appraisal process become subject to the same inflexibility that created the credit box and to bureaucratic decision-making that keeps Fannie two generations behind in the use of the latest FICO models?

Collateral Underwriter leverages an extensive database of property records, market data, and proprietary analytical models to analyze key components of each appraisal, including data integrity, comparable selection, adjustments, and reconciliation. Coverage may vary slightly from market to market, but it is able to score approximately 97% of appraisal submissions nationwide. It has been used internally at the GSE for years.  Now the decision has been made that it is ready for prime time.

Effective earlier this week, on January 26, 2015, Fannie Mae introduced an appraisal risk score, flags, and new messages from Collateral Underwriter into its Uniform Collateral Data Portal (UCDP).  Lenders can voluntarily submit appraisals and receive feedback; submissions are voluntary—at least for now—lenders are sell to Fannie are “strongly encouraged” to use the system.  CU will provide a numerical risk score from 1.0 to 5.0, with 1 indicating the lowest risk and 5 indicating the highest risk. Twenty-one Risk flags will identify appraisals with heightened risk of quality issues, overvaluation, and property eligibility or policy compliance violations and messages identify risk factors and specific aspects of the appraisal that may require further attention.

The jury is out on how CU will impact residential real estate, but one thing is clear.  It will be much more than a backstop for lenders to check up on whether an appraisal could cause them future problems when the time comes to sell a loan to Fannie.   Fannie has already announced plans to will make it available to lenders to “support proactive management of appraisal quality and help lenders more effectively and efficiently identify issues with appraisals.

There’s no doubt CU will become, as its name says, and underwriting tool for property for lenders just as DU is a tool for underwriting the loan.   “CU will be integrated with DU® (Desktop Underwriter) in the first half of 2015 to give lenders a holistic view of risk. This will provide a foundation for future waiver of representations and warranties on value, and we are working with our regulator, FHFA, on timing and details,” Fannie says in its FAQ.

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http://www.realestateeconomywatch.com/2015/01/does-cu-mean-see-you-later/