Sunrise Homes & Renovations, Inc.

Do I Need Flood Insurance Coverage For My Home?

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One of the most important overlooked form of insurance for homeowners is Flood Insurance. Flood damage is not covered on a typical homeowners insurance policy. Although sometimes FEMA (the Federal Emergency Management Agency) provides help for victims of flood damage, it does not provide coverage for personal property, and is often defined as a loan and must be repaid.

Flood Insurance for Homeowners: What Does it Cover?

Depending on the type of flood insurance you carry, it covers various things. The basic coverage on a flood insurance policy covers the structure of the home, which would  also  include permanently installed fixtures, finishes, and systems.  This would typically include your electrical system, plumbing, heater, water heater, built-in appliances,  flooring, and permanently installed cabinets, bookcases, and fixtures.

You can also add additional flood insurance to cover the contents of your home, that would include your clothes, electronics, furnishings, and other personal belongings.

Is Flood Insurance for Homeowners Included in Standard Homeowners Policy?

Some types of water damage may be covered by your home insurance policy, but generally speaking, damage caused by rainfall, rising water, or runoff will not be covered. For example, if your bathroom pipes burst and flood your bathroom and bedroom, your home insurance would typically cover the repair or replacement of your damaged floors, walls, and your personal property. However, a standard homeowner’s policy does not cover actual flooding from rising water caused by a source outside of the home. This is where flood insurance would take effect.

Do I Have to Obtain Flood Insurance?

Depending on who holds your mortgage and whether FEMA’s flood map indicates you’re in a flood zone, you may be required to carry a certain amount of flood insurance for the property.  Other times, flood insurance is considered an optional coverage. Keep in mind that being told by your lender that it isn’t necessary to buy flood insurance isn’t a guarantee a flood will not happen and t is important to remember that regular home insurance won’t replace your personal property or repair your home if your property is damaged by a flood.

What Does Flood Insurance Cost to Protect Your Personal Property?

Flood insurance costs are determined by several factors, including whether your home is in a high-risk flood zone (or in any flood zone at all), the type of flood insurance you want to purchase, the deductible you choose, the amount of coverage you choose, where your home is is located, the age or design of your home, and the location of it. The elevation of the property may also be a factor for properties located in or near flood zones. To get a better idea of the coverage needed as well as deductible that is right for you, speak to a trusted professional agent.

How to Make a Winning Counter-offer Without Losing the Buyer

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Crafting a counter-offer that doesn’t scare away a potential home buyer can be tricky. You want to maximize your sale price while still keeping the deal attractive enough for the buyer to stay engaged. A well-crafted counter-offer strikes a balance between protecting your interests and meeting the buyer’s needs. The key is to approach negotiations strategically, ensuring that your counter doesn’t feel like a rejection but rather a step toward a mutually beneficial agreement. Here are five tips to help you through the process while keeping the buyer interested:

1. Keep Emotions in Check

Avoid letting your emotions drive the conversation and try to remain objective throughout the negotiation process. Keep in mind that the buyer is also looking for a fair deal, and it’s important to approach negotiations with a collaborative attitude.

2. Understand the Buyer’s Needs

Understanding the buyer’s needs and motivations can help you craft a counter-offer that meets their expectations. For example, if the buyer is seeking a quick closing, you may want to consider offering to close sooner than anticipated in exchange for a higher price.

3. Be Clear and Concise

Your counter-offer should be clear and concise, outlining specific terms and conditions. Avoid using ambiguous language and ensure that the offer is easy to understand.

4. Be Reasonable

While you want to get the most out of your home sale, it’s important to be reasonable with your counter-offer. Consider the current market conditions and the buyer’s position and aim for a fair deal that benefits both parties.

5. Keep Communication Open

Effective communication is key to successful negotiations. Keep communication channels open throughout the process and be willing to listen to the buyer’s concerns and feedback. This will help you build trust and rapport with the buyer, making it more likely that they will accept your counter-offer.

To avoid frustrating an interested homebuyer, it’s important to be responsive and timely in your communication regarding their offer. Don’t let their offer sit for too long without acknowledging it and make it clear that you’re actively considering it and will provide a response promptly.

Successfully negotiating a home sale can be challenging, but being open and flexible in your approach can increase your chances of receiving the desired offer.

Thinking about buying or selling a home? Give me a call! I’d love to help you navigate the process and secure the best deal possible. 

Ways to Lower Your Homeowners Insurance Costs

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With the cost of everything rising, homeowners are looking for ways to save wherever they can. One expense that often gets overlooked is homeowners insurance. While it is essential to protect your investment, there are ways to lower your premiums without sacrificing coverage. Here are some strategies to help you secure quality insurance at a fair price.

Shop Around for the Best Rates
Insurance rates can vary significantly between providers, so it pays to shop around. Compare quotes from multiple companies and check with your state’s insurance department for additional resources. When comparing policies, don’t just look at price—make sure the coverage meets your needs.

Increase Your Deductible
Your deductible is the amount you pay out-of-pocket before your insurance kicks in. Increasing it can lower your monthly premiums. However, be sure you have enough savings set aside to cover a higher deductible if you ever need to file a claim.

Bundle Policies for Discounts
Many insurance companies offer discounts when you bundle multiple policies, such as homeowners and auto insurance. If you already have coverage with a provider, check to see if you can combine policies to save money.

Improve Home Security
Installing a monitored alarm system, fire sprinklers, and deadbolt locks can make your home safer and qualify you for discounts on your policy. Some insurance companies offer significant savings—up to 20 percent—on homes with enhanced security features. Before investing in upgrades, confirm with your insurer which systems qualify for a discount.

Maintain a Good Credit Score
Some insurers use credit scores to determine premium rates. A higher credit score can lead to lower insurance costs. Paying bills on time, reducing debt, and monitoring your credit report for errors can help improve your score and lower your insurance expenses.

Review Your Policy Annually
Your insurance needs may change over time, so it is important to review your policy annually. If you have paid off your mortgage, made home improvements, or your home value has changed, you may be eligible for new discounts or better coverage options.

Saving money on homeowners insurance does not mean sacrificing protection. By taking a few proactive steps, you can reduce your costs while ensuring your home is covered.

If you are in the market for a new home, I can help you find the perfect property and guide you through the homeownership process. Reach out today to get started.

What’s Ahead For Mortgage Rates This Week – February 18th, 2025

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The major inflation data reports have been released, and the initial readings indicate that inflation has exceeded expectations. While the data suggests that the Federal Reserve is unlikely to allow any further rate cuts beyond those already implemented, optimism remains in the broader lending markets. This optimism is driven by expectations that the new administration may introduce changes to monetary policy in the longer term. Although inflation has come in higher than expected, it remains to be seen what next week’s PCE Index—the Federal Reserve’s preferred inflation indicator—will reveal.

Consumer Price Index (CPI)

Consumer price data for goods and services was released earlier today for January, showing a 0.5% increase month-over-month and a 3.0% increase year-over-year. This exceeded economists’ expectations of a 0.3% rise and marked the third consecutive month of 0.1% increases. Shelter remains the primary driver of fluctuations in the Consumer Price Index (CPI), rising 0.4% in January and accounting for 30% of the overall increase.

Producer Price Index (PPI)

Wholesale prices rose sharply in January in another sign that lingering inflationary pressures in the economy will keep high U.S. interest rates from falling much anytime soon. The producer-price index increased 0.4% last month, the government said Thursday. Economists polled by The Wall Street Journal had forecast a 0.3% gain.

Primary Mortgage Market Survey Index

• 15-Yr FRM rates saw an increase of 0.04% with the current rate at 6.09%
• 30-Yr FRM rates saw a decrease of -0.02% with the current rate at 6.87%

MND Rate Index

• 30-Yr FHA rates saw a decrease of -0.06% for this week. Current rates at 6.33%
• 30-Yr VA rates saw a decrease of -0.06% for this week. Current rates at 6.35%

Jobless Claims

Initial Claims were reported to be 213,000 compared to the expected claims of 215,000. The prior week landed at 220,000.

What’s Ahead

Consumer Sentiment reports are scheduled for next week, though few other significant reports are expected. Most attention will be on the PCE Index report the following week, especially given the recent higher-than-expected inflation data.

Presidents’ Day and the American Dream of Homeownership

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Presidents’ Day is a time to reflect on leadership, vision, and the pursuit of big goals. Throughout history, homeownership has been a key part of the American Dream, a foundation for stability, growth, and opportunity.

If owning a home is one of your goals this year, now is a great time to start planning. Market conditions, loan options, and expert guidance can all help make your journey easier. Whether you’re buying your first home, upgrading to a new space, or refinancing for better terms, having a clear strategy can make all the difference.

Homeownership is a big step, but with the right support, it’s more achievable than you think. Reach out today to explore your options and take the next step toward your future home.

Helping Your Pets Adjust to a New Home

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Moving to a new home can be an exciting yet stressful experience—not just for you, but for your pets as well. Animals thrive on routine and familiarity, so a new environment can be overwhelming. Whether you have a dog, cat, rabbit, bird, or other pet, here are some essential tips to help them adjust smoothly and feel at home in their new surroundings.

Introduce Moving Supplies Gradually
Before the move, allow your pets to get accustomed to moving boxes, packing materials, and the changes happening around them. Sudden disruptions can cause stress, so place boxes around the house gradually and let your pets explore them at their own pace. If you have small animals, such as rabbits or guinea pigs, be mindful of where you place boxes to prevent unnecessary stress.

Stick to a Routine
Animals thrive on consistency, so maintaining their usual schedule is crucial during a move.

  • Feeding Schedule: Try to feed them at the same times each day to create stability.

  • Exercise & Playtime: Whether it’s a dog walk, interactive cat play, or outdoor time for a rabbit, keeping these activities on schedule can help reduce anxiety.

  • Sleep Routine: Keeping their bedtime routine the same will promote better rest and reduce nighttime stress.

Create a Safe Space
Setting up a designated area in your new home where your pet feels safe and comfortable can make the transition smoother. This could be:

  • A quiet corner with their favorite bed and toys for a dog or cat.

  • A secure cage or habitat for small animals, keeping it away from high-traffic areas.

  • A perch or play stand for birds to feel comfortable in their new space.

Give Them Extra Attention & Reassurance
Your pet may feel anxious or unsure in a new environment. Offering extra love, cuddles, and positive reinforcement can help ease their nerves. Cats and small animals may prefer gentle reassurance without too much handling, while dogs may benefit from additional playtime and affection.

Supervise Outdoor Exploration

If your pet is used to spending time outdoors, introduce them to their new yard or neighborhood gradually.

  • Dogs: Walk them around the perimeter of the yard on a leash before allowing free exploration.

  • Cats: Keep them indoors for at least a few weeks before introducing them to outdoor spaces.

  • Small animals: Ensure enclosures are escape-proof and free from potential dangers in the yard.

Monitor for Signs of Stress
Even with careful preparation, pets may show signs of stress after a move. Watch for symptoms like excessive panting, hiding, loss of appetite, or unusual behavior. If these signs persist, consult a veterinarian for guidance.

Be Patient and Positive
Every pet adjusts at their own pace. Be patient, provide plenty of reassurance, and avoid scolding for any accidents or behavioral changes. With time, your pet will grow comfortable and feel at home in their new space.

Moving is a big transition for both humans and animals, but with love and patience, your pets will soon settle in and enjoy their new home just as much as you do!