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Thread: Real Estate Crash thread
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04-17-2024, 08:45 AM #27051Registered User
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this is pretty much what I can't get over when it comes to real estate and it blows my mind
I pretty much tell people that everything in a home windows siding roof doors appliances hvac all has a lifespan of 25 years and then it's done toast
distressed or property that has not been maintained (we are not even talking about updated for taste) stuff is selling for top dollar it seems people are too stupid to realized that the home needs 100k in basic work
a house maintained and updated sells for 625k the shit hole next door same floor plan sq ft etc hasn't been maintained furnace is 40 years old and holding on by a thread roof is orginal and it has aluminum windows and that guy things he can get 575k cause well the house next door went for 625k sure enough some dumb fuck comes by and says that works.............
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04-17-2024, 08:49 AM #27052Registered User
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the people quoted in the article are the same people who may have lived in a single family home for 30 years and not done a single thing unless water was pouring in through the roof or the heat or hot water went out
so many hoa's get run into the ground because no one wants to spend money
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04-17-2024, 09:27 AM #27053Registered User
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Huh, I didn't realize that.
Maybe a bit lazy, sure, but also too busy to shop around simply because the guy annoys me. I'm annoyed by people who suck at their job, the fact they don't care they suck, and they get paid handsomely - I couldn't switch plans and save money. Now I think about it - I also caught him being dishonest last year withholding important info before I signed up for another year.
I absolutely realize $25k is nothing, and that's split up between many insurance companies so no one entity is even getting 25k. So it's small apples but it doesn't mean I should be treated like shit IMO. I appreciate your advice.
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04-17-2024, 09:35 AM #27054Hucked to flat once
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I agree with you-you should absolutely be treated better. The industry I'm in has a deservedly bad rep on the sales side. I do hope there are some of us that show up and provide value. Plus making money doing this is easier when there are people like your guy. One thing to consider is depending on your insurance companies, you might be able to switch agents without changing carriers and send a shot across his bow if you wanted to.
AdironRider is correct for some direct writer insurance companies like Federated, Farmers, etc with varying comp models. Most independent agencies are going to get between 10-15% of the premium annually. How that is split with the agent-agency varies but it is residual and every year so they should continue to work for you.
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04-17-2024, 10:12 AM #27055
I've been really happy with Amica and I like their direct writer model.
I had a >$30k hail claim six months into ownership of my first house and they were great to work with.
I use them for home (including earthquake), auto and umbrella. Their service has been exceptional.
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04-17-2024, 10:24 AM #27056Hucked to flat once
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Good company when the cycle is good. Their performance will be regional and if I were you, I'd ride it as long as they let you. Here is some info that supports some of my trepidation with certain lines of insurance business. Amica has a great rating right now and a potential downgrade coming but with the downgrade will be still be a highly rated company.
The negative outlooks for Amica Mutual Group reflect the decline in its balance sheet strength, specifically a deterioration in risk-adjusted capitalization in recent years. Increased loss costs in both the auto and homeowner’s line of business have driven substantial underwriting losses in 2022 and 2023, which has significantly impacted the group’s surplus position and overall liquidity. Nonetheless, the group’s liquidity profile remains supported by Federal Home Loan Bank borrowing capacity, reinsurance and portfolio cash flow. Additionally, Amica Mutual Group’s results rely heavily on net investment income and realized capital gains, which have contributed collectively to positive net earnings in most years. However, this benefit was muted in 2022 and 2023 due to the turbulent investment markets and rapid increases in interest rates, which caused underwriting losses to outpace investment earnings.
A leading credit rating firm said Monday that U.S. insurance companies that sell homeowners policies face a future of major losses — prompting the firm to assign the homeowners sector a “negative” outlook for the first time.
AM Best said it dropped its outlook for the home insurance sector from “stable” to "negative" in large part because of “elevated natural catastrophes” and “more frequent” weather-related events that cause major home damage.
This will reduce the options and raise pricing in many locations.
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04-17-2024, 11:41 AM #27057
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04-17-2024, 11:43 AM #27058Hucked to flat once
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04-17-2024, 11:52 AM #27059Registered User
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04-17-2024, 11:56 AM #27060Hucked to flat once
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04-17-2024, 12:10 PM #27061
My insurance co is covering my roof (just about 20y after they covered my roof the 1st time) due to a couple gnarly hailstorms last summer.
I'm getting stone-coated steel this time around. My mate that is an actuary in the industry said that there is a *significant* premium discount with a hail-proof roof.
I just don't ever want to deal with roof damage again...
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04-17-2024, 12:39 PM #27062
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04-17-2024, 12:45 PM #27063
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04-17-2024, 04:28 PM #27064
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04-17-2024, 04:36 PM #27065
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04-17-2024, 04:55 PM #27066
My house is across the street from large open space area, and between the street and my place is a HOA green space with Eucalyptus trees. Not only are the trees messy, I worry about those trees tipping over on the house or being a fire risk. I'm not sure how insurance companies define high fire risk, but I'm in it.
Also doesn't help that San Diego has had two huge fires, one thanks to a clown from LA: https://en.wikipedia.org/wiki/Cedar_Fire and second thanks to the shitty local power company: https://en.wikipedia.org/wiki/Witch_Fire
I'm amazed more places in the Western US are not having issues with fire insurance, maybe because those cities and towns haven't had much building loss yet. All it would take is the wind going the wrong direction in a lot of places I have seen.
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04-17-2024, 08:14 PM #27067
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04-17-2024, 08:15 PM #27068
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04-17-2024, 08:36 PM #27069
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04-17-2024, 09:06 PM #27070
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04-17-2024, 09:38 PM #27071
I have it after seeing two earthquakes in the San Fernando valley area. Easily hundreds of thousands of dollars in damage to many many homes. Really not a bad idea in CA and I don't remember the premiums being too crazy.
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04-17-2024, 09:51 PM #27072
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04-17-2024, 09:58 PM #27073
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04-18-2024, 08:13 AM #27074
Well, it's a bit of a long story with some fake dormers that were improperly installed 20 years ago and the leaks started when they were removed. Oh, and Vail was managing our HOA and paid the contractor who was supposed to remove them so of course he split after getting paid before the work was complete. Regardless, the roof is now new as of last summer.
The ski in ski out place is running close to $2K a month because their insurance was dropped, and it's ready for some serious updates, easily $100K. That's a tough sell when you add current interest rates on top of it. I'm glad it isn't my listing.
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04-18-2024, 08:19 AM #27075
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