Real Estate Newsletter October 2016
Ginny Gorman’s Two Sense (Cents)
Ginny Lacey Gorman, RI coastal real estate agent 401.529.7849
Phillips Post Road Realty Inc. 
October 2016 – My Two (Cents) Sense Real Estate E-Newsletter
A stellar year in RI real estate year to date but the slowdown in housing is occurring as home inventory that buyers want decreases. Housing values have increased well this year in RI and primarily in the under $500,000 home category. The cost of new construction and land plus town planning issues is what holds back new construction on decent size lots. This in turn is pushing up home prices in the lower price ranges as the number of buyers vie for the same home.
Fall is our season to be ready for what comes at us with the weather changes happening everywhere…besides dealing with leaves, outside furniture, lawn fertilization, etc. Hopefully, the following topics will be of use and interest to you as a night time read.
Flood Insurance
As we are in the hurricane season I wanted to remind you about Flood Insurance even if you are not in a flood zone (as deemed by FEMA flood maps). Many of us remember our RI floods of March 2010 and the water damage done to many homes. Floods can be caused by storms, rapid rainfall & melting snow…all which your standard homeowners policy does not cover and federal disaster relief may not either.
Flood insurance in a non-flood zone is not that expensive annually (less than $500 annually at last check) and it covers your home and personal belongings (to a point) if a flood occurs. It is worth talking to your insurance agent about it and the finding the coverage right for you. Also, if you have no mortgage, a homeowner is not required to have flood insurance if you are in a FEMA flood zone (do you know if you are? Find out, please). Some of my clients self insure because the annual flood expense is expensive but I recommend that you evaluate the risk periodically. Note: in some cases there is a 30 day waiting period before a flood policy can go into effect. Think about it now. If I can be of help sorting this out wherever you have your primary or secondary home let me know.
Loss Risks from a Hurricane or Windstorm for Property
Most homeowners do not realize that there are things you can do a better job on to protect your property from damage. If you tell your insurance company about the hurricane mitigation measures you have taken most insurance companies will remove the hurricane deductible from your policy. i.e. plywood shutters cut to fit over all window and door openings with anchorage hardware already pre-installed on window and door openings, permanent storm shutters or hurricane glass and roof tie downs (all meeting the building code of the state).
Look at your insurance policy and review your ‘dwelling limit of liability’ because there are different hurricane deductible percentage amounts (depending on insurance costs) to you and the amount of loss (if it occurs) you can recover. Know that hurricane deductibles are totally separate from flood insurance. Yes, it is somewhat overwhelming to keep this straight but it is important to know as we live in the Ocean State and we have floods, hurricanes, wind & rain here!
Ice Dams and Prevention
Ice dams form on the roof’s edges which prevent melting snow from draining off the roof causing house leaks into walls, ceilings, insulation, etc. and damage a home. So what are you to do? Increase ventilation in your attic, insulate recessed light fixtures in the ceiling to reduce heat entering the attic, insulate all attic floors, vents, access doors, etc. These are measures that can be done this fall. And if the wicked winter of snow comes at us, hire a roof professional to rake the deep snow off the roof of snow too.
I have not seen the NOAA predictions for the winter yet but Farmer’s Almanac predicts a fair amount of snow. Why not be prepared for the season besides the holidays?! To a great fall season ahead, wishing you a great month and am here for you when you need me.
The next time you hear the words….relocate, retire, upsize, buy, downsize, vacation….lake home, snowbird, investment property, rental income or whatever… I would like you to suggest me or give me a call….drop me a line.…and let me offer the same great service and real estate guidance that you have experienced to others. It is what keeps my business healthy and thriving! I am always here to help you so call me. Your referrals are the mainstay of my business and I am always appreciative of them.
Ginny Gorman Phillips Post Road Realty North Kingstown RI
www.RiHouseHunt.com 401-529-7849 Ginny@RiHouseHunt.com
