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Ready Set Sold with Bryan Vogt #43-01: Joe Harnist: Don’t under insure your home

March 24, 2018

Welcome to Ready Set Sold with your host Bryan Vogt. Are you wanting or even thinking about selling your house but don’t know what it starts good thing you found Ready Set Sold and now real estate broker Bryan Vogt.
Good morning everyone. Spring is amazing it’s springtime already the market is unbelievable it truly is we’re looking at a market that we haven’t seen in years almost completely across the board I mean there’s always going to be a few sections or you know areas that maybe aren’t doing quite as well but when you start looking at Balboa and Swansea and Shiloh and care of you and your Sky Force Base Mascoutah Edwardsville Townsville Glen Carbon I mean the list goes on Columbia Worrell they’ve been having some great success for a few years already and they’re just exploding so again if you are looking to buy home understand that the pickings are getting swamped.
There are still some deals out there there’s still some houses that you can get they’re not all gone but the reality of it is is that they are fading past they really are and interest rates are creeping up it stopped how we’re going to affect you not to be able to buy a home if you’re buying but just keep in mind that you know it’s never a good thing when interest rates go up why pay more however much it is when you have the house right now in the house of your dreams same thing for sellers we talked about this a lot on the show 90 to 95 percent of all sellers are going to combiners so it’s the same situation for you too however with what was what we’re seeing now in the market we’re seeing more and more sellers getting what they’re asking are very close to asking in a very short period of time and what we really have going on is we have a housing shortage and that’s a great thing.
If you’re a seller we have seen again across the board time after time a time that there just isn’t enough houses and that’s a great time if you’re a seller so if you’re even thinking about it maybe maybe it was December and it didn’t work out last year new season new opportunities contact your your rollator hopefully they’ve contacted you and spread the word out because this market is is something that you know we don’t know how long it’s going to last you know we hope naturally it will it will keep having legs and moving on the entire year but if you’ve heard me talk on the show I put it in the book where you said so 12 improve proven steps to get your homes sold for top dollar and a pass sale three months so you have three months windows kind of kind of like the seasons go it can just go that way it can be three months every three months it could be changes.
Now we’re always hoping for the good but things can change not for the good with that said I want to introduce a very good friend of mine and a fantastic insurance agent who is the president of harness insurance and that is Joe harnessed yo you’re there hey I’m Brian how are you this morning I’m doing fantastic and Joey you just recently yourself celebrated 40 years in the business of real estate now I gotta be honest with you I don’t I wasn’t born yet when you started and that’s okay but I was I wasn’t either but that’s okay too yeah okay yeah I know me and Joe have yeah actually known each other that long are close to it ourselves so anyway he is going to be talking today though about insurance and some of the topics we’ll be talking about so it’ll be in other segments.
But I think the first one you talking about is are you covered and then there’s also the situation of how credit affects your insurance and what that cost you and then you know just make sure that you have the coverage that you need so Joe why we start with though the first one is and I think that’s always a concern for buyers are sellers do you have the coverage that that you should have and how does somebody know yeah brand I always run into this because you know especially new home buyers you know they’re there they’re learning they’re learning the whole process of buying a home and everything else and trying to you know especially if they just got married and they’re you know pulling their lives together as one you know.
They really need to pay attention to what they’re looking at what they’re buying and the coverage is under a home I mean you can you can buy what the bank requires you to buy to get your mortgage but that doesn’t necessarily mean that it’s going to protect you for all the exposures that you have when you buy a home you know the basic policy covers the house for fire and theft and windstorm and hail and those type of things but you have to add on earthquake coverage you have to add on mine subsidence if you have a lower level of the house and it’s finished or even if it’s unfinished but you got the furnace and the water the hot water heater down there and maybe some personal property store down there and you’ve got a sewer you may want sewer backup coverage in there you know.
Obviously if they just got married there’s a wedding ring and an engagement ring and you want to make sure that you have that scheduled on the policy so that if you lose a stone out of the setting that it’s covered because otherwise it’s not and you don’t want to go through that Fine Arts if you have Fine Arts in your home or your I don’t know how many people have antiques anymore it used to be a thing where people had antiques but you could have a an antique dining room table or something that was passed down through the family it’s insured as a piece of furniture as a dining room set but the value of it as an antique may be a lot more than what you would have be able to buy you know in a regular store.
So if you want to cover it full of the value of it as an AMT you have to have it appraised and scheduled on your policy those are things that you know people just don’t think about you don’t look at you know mechanical breakdown coverage you know if you’re you know not all companies offer that we do have a couple that do you know that cover you know the breakdown of your air conditioning system or or your dishwasher you know mechanical breakdown of your dishwasher you know there’s coverages for that um something else to look out for you know they you know they throw a lot of well you know it’s this is your quote this is $1,000 deductible sometimes they don’t always mention that there’s a separate deductible for wind and hail.
And we’ve seen it with other companies where they’ve had a wind hail deductible of one or two percent of the value of the house and when you’re buying a three or four hundred thousand dollar house you could have a you know a three six or eight thousand dollar deductible on a hailstorm on your roof you know and you don’t want to get surprised by that so so know what your deductibles are at the same time hmm yeah there’s some things I want to kind of go back to that that was really important that it’s true you made a great point Joe there are times where maybe the numbers are a little bit tight when someone specially first-time homebuyers not always but the numbers can be tight and you need to have that coverage for the bank and so that’s step one not always not always but that’s a great point to make so you want to have that coverage you move forward with it.
But I love what you said is this the trouble is I think that too many people think well they’re done and they and what I’m hearing from you and I’m only imagine is that not all online insurance companies of course but I would imagine many of them it’s almost like you’re picking your buffet and but you don’t know what you’re picking you know for example when you make in just a problem one last point on that and I’ll throw it to you uh look if you don’t have in the Metro East if you don’t have my insurance what the heck I mean seriously and no it’s not like the minds of the southern Illinois is thinking I don’t mean it that way but again the cost factor is just and also earthquake insurance again you know we do have that big San Andreas and hit San Andreas or not sure what the name of a new man New Madrid you matter and fault okay no we don’t expect it but for goodness sakes for the cost factors I mean it’s it’s just a no-brainer and I just don’t know you can maybe address this.
I’m not sure how online company based in California or New York or East Coast West Coast is going to have that type of information be able to give a local person getting insurance right and they don’t they don’t realize that we’re in a mine subsidences own either a lot of times too we’ve seen that happen before too even though it is it is mandated by the state of Illinois you know that you have to have made mine sites unless you specifically sign off on it but having the subsidence and the earthquake together is very important time is running short will we talk more with your harnessed president harness insurance we’re going to be coming back with Joe talking more about insurance and the importance it does.
And I think most people know this already but whether you’re selling or you’re buying the importance of getting a good insurance agent that has the experience that has a knowledge that is looking after your interest not just unfortunately the almighty dower but really concerned about it and that’s really important you listen Ready Set Sold it would be back in a few.