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In this
Issue:
Real Estate Market
Report
Final Walk-Through
Homeowners
Insurance Considerations
Ways
to Lower Insurance Costs
Coldwell
Banker Island Properties
24
Baldwin Avenue
Paia,
Maui, HI 96779
Phone:
(808)
298-8544
E-mail:
Laurelee@MauiResidences.com
We’re on
the Web!
www.mauiresidences.com
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Real Estate
Market Report
As
of October 31, 2007, there were 944 home sales on Maui, compared with 836
a year ago. The average sales price was $936,909, compared with $1,000,002
a year ago – a 6% decrease. The median price was $625,505, compared with
$715,000 a year ago, representing a 13% decrease. Total dollar volume
increased 6% during this twelve month period.
Click
Here to See All MLS Listings
Final
Walk-Through
Be sure that:
- Repairs you’ve requested have been made. Obtain
copies of paid bills and any related warranties.
- All items that were included in the sale
price—draperies, lighting fixtures—are still there.
- All screens and storm windows are in place or
stored.
- All appliances are operating.
- Intercom, doorbell, and alarm are operational.
- Hot water heater is working.
- HVAC is working.
- No plants or shrubs have been removed from the
yard.
- Garage door opener and other remotes are
available.
- Instruction books and warranties on appliances
and fixtures are there.
- All personal items of the sellers and all debris
have been removed.
Homeowners
Insurance Considerations
1. Look for exclusions to coverage. For
example, most insurance policies do not cover flood or earthquake damage
as a standard item. These coverages must be bought separately.
2.
Look for dollar limitations on claims. Even if you are covered for a risk,
there may a limit on how much the insurer will pay. For example, many
policies limit the amount paid for stolen jewelry unless items are insured
separately.
3. Understand replacement cost. If your home is
destroyed you’ll receive money to replace it only to the maximum of your
coverage, so be sure your insurance is sufficient. This means that if your
home is insured for $1,500,000 and it costs $1,800,000 to replace it,
you’ll only receive $1,500,000.
4. Understand actual cash value.
If you chose not to replace your home when it’s destroyed, you’ll receive
replacement cost, less depreciation. This is called actual cash value.
5. Understand liability. Generally your homeowners insurance
covers you for accidents that happen to other people on your property,
including medical care, court costs, and awards by the court. However,
there is usually an upper limit to the amount of coverage provided. Be
sure that it’s sufficient if you have significant assets.
Ways to Lower Your Homeowners Insurance
Costs
1. Raise your deductible. If you can afford to pay
more toward a loss that
occurs, your premiums will be lower.
2. Buy your homeowners and auto policies from the same company and
you’ll usually qualify for a discount. But make sure that the savings
really yields the lowest price.
3. Make your home less susceptible
to damage. Keep roofs and drains in good repair. Retrofit your house to
protect against natural disasters common to your area.
4. Keep
your home safer. Install smoke detectors, burglar alarms, and dead-bolt
locks. All of these will usually qualify for a discount.
5. Be sure
you insure your house for the correct amount. Remember, you’re covering
replacement cost, not market value.
6. Ask about other discounts.
For example, retirees who are home more than working people may qualify
for a discount on theft insurance.
7. Stay with the same insurer.
Especially in today’s tight insurance market, your current vendor is more
likely to give you a good price.
8. See if you belong to any
groups—associations, alumni groups—that offer lower insurance rates.
9. Review your policy limits and the value of your home and
possessions annually. Some items depreciate and may not need as much
coverage.
10. See if there’s a government-backed insurance plan.
In some high-risk areas, such as coasts, federal or state government may
back plans to lower rates. Ask your agent.
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