Helpful tips

 1. Don’t scrimp on the home inspection. You may hear that because a home was just built, it doesn’t need to have a home inspection, but this is not true. There may have been problems with the construction or other issues that you will want to know about when you’re able to negotiate with the seller or walk away, if necessary. Hire a trained, certified home inspector. 

2. Check out the comps. Know what else is for sale in the area to help inform your asking price. This includes checking for any foreclosures in the area. Since foreclosed homes usually cost less, you can use that information when you decide on the price you want to offer for the home. 

3. Know the time on the market. If a house just appeared, and there is a lot of demand in your area, be aware that you may need to make an offer quickly. If it’s been on the market for a long time, look at the price history. Your real estate agent can produce a pricing analysis as you consider making an offer. 

4. Ask how flexible the seller is on price. Checking first to see how flexible the seller is before you make an offer can avoid offending the seller with a low-ball offer, while letting you know when there is room to negotiate. If you offer well under asking price, you may end up needing to make offers on several properties before you find a seller who will accept your price. 

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 1. Is Having the Latest Car Technology Important to You? Car manufacturers have embraced new technology to improve the driving experience and improve passenger safety. The newer the car, the more high-tech features it's likely to have. 

2. How Much Are You Willing to Spend on Car Insurance? New cars are more costly to repair or replace than used cars. In general, the more you pay for a car, the more it costs to insure. 

3. Do You Want a Car That Enhances Your Image? Many people view new cars as status symbols. Any car can take you from Point A to Point B, but a new car has more cachet. 

4. Are You Prepared to Deal with Maintenance Issues? While used cars cost less than new ones, they typically require more maintenance. The older the car, the more often you're likely to visit the repair shop. 

5. Are You Aware of New Car Depreciation? A new car begins depreciating in value the moment you drive it away from a dealership. New vehicles typically depreciate between 15 and 25 percent each year over the first five years of ownership. 

6. Will a Teenager Be Driving the Car? The modern safety technology that new cars offer seems made to order for inexperienced teenage drivers. The problem is that new cars are very expensive to insure for teens. 

7. How Much Time Are You Willing to Spend Shopping? The process of buying a new car is simple. You go to a dealership and pick the model you want. The car you choose should be in sound mechanical condition. 

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California insurers have been struggling to remain profitable on home insurance for a number of years. 2022 and into 2023 we have been and will see the effects this challenge has taken on the home insurance market. The reason insurers have not been able to remain profitable in recent past is multi-pronged.  Here are some key reasons:

• Rising costs when a loss occurs
• Inflation
• Increased employment costs
• Carriers have not been able to get approvals for rate increases passed by the department of insurance

Carriers that have recently suspended or pulled out of the CA home insurance market:

• Wawanesa
• Foremost Signature (formerly MetLife Auto and Home)
• Oregon Mutual

The department of insurance has put a Mandatory One Year Moratorium on carriers non-renewing business in certain zip codes in CA. Find out if you are in one of these areas HERE.

For additional information check out this blog written by Robert Pritula Senior Vice President, Marsh McLennan Agency Private Client Services.