Monthly Newletter May 17, 2025

Monthly Newsletter – 05/15/25

Last week, my office hosted a panel discussion on the hot topic of homeowners insurance. In the wake of several natural disasters, supply chain issues, and inflation on building materials, homeowners insurance is currently experiencing a “hard market”. Non-renewal and cancellation rates are rising, some carriers are leaving certain states, and specific aspects of a home, like wood-shake roofs, are being more scrutinized. This has caused coverage to increase in cost and, in some cases, not be available. We assembled this panel to get this critical real-time information in front of our clients, so they can adequately care for their home(s).

As your trusted real estate advisor who helps you transact when it is time for a move, I also see it as my role to help you protect your asset through education. While I am not an insurance expert, the esteemed panel of insurance professionals we invited to discuss the state of the homeowners insurance market is an example of a trusted advisor in the homeowners insurance field. Below are my top takeaways from the hour-long guided discussion. You can also access the event recording below, which also includes 30 minutes of Q&A from the audience.

What is RCV (Replacement Cost Value), and why is it important?
RCV is the dollar amount established to determine the cost of rebuilding your home to its pre-damage condition. This is different from market value, which includes the land and location premiums. RCV estimates the cost of materials and labor to restore or rebuild your home at today’s prices. This number is critical, and that is why it is important to always let your carrier know when you have made changes or improvements to your home. NOTE: Some carriers use ACV (Actual Cost Value), but this is not preferred as it takes into account depreciation.

Request an annual review of your policy with your carrier.
Most carriers have some built-in annual coverage adjustments, but they are often insufficient. The homeowner is responsible for reporting upgrades, additions, and improvements to their carrier so the increase in investment translates to coverage. Record-keeping of invoices and receipts helps establish accurate replacement value. Notifying your carrier of these changes will capture the appropriate coverage.

Request and review the Declaration Page in your policy.
The declaration page in your policy provides a detailed overview of your coverage. It lists what is covered, the RCV, notes additional riders, and outlines your premiums and deductibles. This is a valuable tool for helping you understand your policy and ensure that everything you have done to your home is included. You can easily request this from your carrier, and it should lead the discussion at your annual review.

Coverage vs. cost matters!
Carriers often advertise and try to appeal to customers based on the affordability of their rates. While no one wants to overpay for insurance, you must analyze the cost-benefit of adequate and complete coverage over the cheapest policy. Oftentimes, the cheapest premiums will lead to your home being underinsured.

Consider adding specific riders for additional coverage.
Unfortunately, earthquake and water backup riders are not included in your basic policy. However, you can purchase these specific riders to add them to your policy and be covered should damage be caused by an earthquake or your sewer line backing up into your home and causing a flood. Adding riders for personal property, such as fine jewelry, is common. These will be listed on your declaration page for an easy accounting of your coverage.  Make sure you ask your insurance professional what other rider options are available, so you don’t miss something you would like covered.

Align your deductible with your claim tolerance.
You want to analyze at what point you would make a claim if something happened to your home.  The theory of only making a claim if the repair or replacement amount is catastrophic is a good rule of thumb to ensure your policy is not dropped, non-renewed, or wildly increased in premium. What is catastrophic for one person may not be for another, so it is a personal preference around your financial comfort. What you don’t want to have happen is to make a claim on something you could handle on your own, and then have something big happen and no longer be covered. Always consult your insurance professional off-the-record before contacting the carrier directly, so your decision-making is not misconstrued as a claims risk.

Maintain your home to protect your premium.
Due to the industry’s tight margins, many carriers are visiting properties and performing drive-by and/or drone inspections to help determine their risk exposure. They are also accessing Google Earth to make these determinations. Homes that do not appear well-maintained are penalized with premium increases and sometimes dropped by their carriers. This is also why opening and reading all mail from your insurance carrier is essential.

The home and the human are considered in the coverage.
The home’s condition will play into the coverage and premiums, as will the human who is purchasing the policy. Carriers will examine a person’s claims history to help determine their risk exposure. It is common to look back 36 months, and if a person has multiple claims in that timeframe, they will have higher premiums and, in some cases, not be able to purchase coverage.

Have a good relationship with your insurance professional.
Whether working with an insurance broker or a captive company, having a consistent relationship with your provider is valuable. They should be available to answer questions, help you decide whether to make a claim, and review your policy and riders annually. You should never call the carrier directly without first contacting your insurance professional. They can help you navigate important decisions that will keep your coverage intact and your premiums manageable.

I hope you found this information useful—I know I did! It drove home my responsibility of managing my policy and ensuring I am adequately insured through communication with my insurance professional. Much like real estate, having a trusted advisor regarding homeowners insurance is crucial. After all, our home is often our largest asset and most prized possession. Protecting it is critical!  Click HERE to access the recording (Passcode: E+gmk9V*) to watch the panel discussion.

As always, please don’t hesitate to reach out if you have any questions or concerns about your property, and I can help guide you to the right answers. I have reputable referrals to multiple insurance professionals that can help you should you need additional contacts. My goal is always to help keep my clients informed and empower them to make strong decisions.

🎉 Food Drive Success! Thanks to your generosity, at last month’s shred event, we collected $2,129 and 1,390 pounds of food to support Volunteers of America Western Washington food banks! 🥫💛 Together, we’re making a real difference in the fight against hunger.
If you or someone you know has any vegetable starts or seeds that you would like to donate to my office’s annual Community Service Day project, please reach out!

On June 6th, my whole office will spend the day working to put fresh produce on the tables of local families who need a little help. We will work with the Snohomish Garden Club, planting over a half-acre of veggies and fruits that will be harvested into thousands of pounds of fresh produce over the summer and into the fall.

Since 1984, Windermere associates have dedicated a day of work to complete neighborhood improvement projects as part of Windermere’s Community Service Day. After all, real estate is rooted in our communities. And an investment in our neighborhoods gives us all a better place to call home.

Monthly Newletter April 28, 2025

Monthly Newsletter 04/24/2025

As your trusted real estate advisor, my service to you is beyond the transaction of buying and selling real estate. Your home is your nest egg and often your most significant financial investment, requiring care and attention to maintain and protect it. An important aspect of protecting your home is your Homeowners Insurance Policy. In the wake of several natural disasters over the past five years, insurance carriers have depleted their reserves and had to recalibrate their risk management plans. Carriers have mitigated their risk by analyzing which areas of the country have the highest likelihood of claims, as well as which consumers have the highest claim rates.

The heat map below illustrates the rate of cancelled policies nationwide based on risk, weather patterns, and claims history. Beyond available coverage, it’s essential to understand the scope of your policy and the riders that accompany it. That is why it is essential to have an annual review with your insurance provider, ensuring you are adequately covered and updating your Replacement Cost Value (RCV) as needed.

Furthermore, some carriers are revising their policies, including the states in which they will operate and the products and materials they will insure. For example, in 2025 Safeco/Liberty Mutual will stop writing new policies for condominium, renters, and watercraft insurance in the state of California. This month, they are also capping umbrella limits to $1 million in some states, forcing renewals to lower that level if they had a higher coverage amount. No company is immune to these effects, so it is important to explore your options for the most complete coverage. It is also essential to review all mail from your insurance providers as renewals approach, so you don’t miss any significant changes.

Although I am not an insurance professional, I have connections to some credible insurance professionals who can help you better understand the changing climate. Join me on May 7th for a live webinar featuring a panel of experienced insurance professionals who will share their insights and expertise on today’s rapidly evolving homeowners insurance market.

Windermere North is proud to host this educational webinar, featuring Peter Hong of Allstate Insurance, Alex Busilacchi of Moreland Insurance, and Douglas Olsen of USI Insurance Services.

The first hour will be a guided conversation covering key points and will provide information to shed light on how the volatile environment affects you and the protection of your home. Then we will open up for a live Q&A so you can get your questions answered.

Click the link below to register and receive the Zoom link, or reach out and I can send the registration link to your email. Registration closes May 4th.

Clean air and spring cleaning go hand in hand this month. More allergens are floating around in the air this time of year, and you’ll want to prepare your home with a routine air conditioning tune-up before the temperatures rise.
Uncategorized April 17, 2025

South Snohomish County Market Report – Q1 2025

Year-to-date 2025, there have been more new listings than in 2024. After two years of tightly constricted inventory, this has been a welcome relief for buyers. Closed sales are trending up despite stubborn interest rates, and it is still a seller’s market with under two months of inventory. The increased selection has tempered the month-over-month price growth to typical historical levels versus the rapid uptick during the pandemic. Interest rates have decreased since last year and are expected to recede slowly throughout the year.

Delayed seller demand is starting to mount as some people are giving up their low rate to pivot to a home that better fits their lifestyle. With this increase, we anticipate more sustainable and stable price growth, which will rest on the shoulders of strong equity levels built over the last decade plus. Evaluating and applying the trends to your options will help you make informed and powerful decisions. Please don’t hesitate to reach out if you or someone you know would like to learn more, discuss goals, and create a winning plan.

 

Uncategorized April 17, 2025

North King County Market Report – Q1 2025

Year-to-date 2025, there have been more new listings than in 2024. After two years of tightly constricted inventory, this has been a welcome relief for buyers. Closed sales are trending up despite stubborn interest rates, and it is still a seller’s market with under two months of inventory. The increased selection has tempered the month-over-month price growth to typical historical levels versus the rapid uptick during the pandemic. Interest rates have decreased since last year and are expected to recede slowly throughout the year.

Delayed seller demand is starting to mount as some people are giving up their low rate to pivot to a home that better fits their lifestyle. With this increase, we anticipate more sustainable and stable price growth, which will rest on the shoulders of strong equity levels built over the last decade plus. Evaluating and applying the trends to your options will help you make informed and powerful decisions. Please don’t hesitate to reach out if you or someone you know would like to learn more, discuss goals, and create a winning plan.

 

Uncategorized April 17, 2025

Seattle Metro Market Report – Q1 2025

Year-to-date 2025, there have been more new listings than in 2024. After two years of tightly constricted inventory, this has been a welcome relief for buyers. Closed sales are trending up despite stubborn interest rates, and it is still a seller’s market with under two months of inventory. The increased selection has tempered the month-over-month price growth to typical historical levels versus the rapid uptick during the pandemic. Interest rates have decreased since last year and are expected to recede slowly throughout the year.

Delayed seller demand is starting to mount as some people are giving up their low rate to pivot to a home that better fits their lifestyle. With this increase, we anticipate more sustainable and stable price growth, which will rest on the shoulders of strong equity levels built over the last decade plus. Evaluating and applying the trends to your options will help you make informed and powerful decisions. Please don’t hesitate to reach out if you or someone you know would like to learn more, discuss goals, and create a winning plan.

 

Uncategorized April 17, 2025

Eastside Market Report – Q1 2025

Year-to-date 2025, there have been more new listings than in 2024. After two years of tightly constricted inventory, this has been a welcome relief for buyers. Closed sales are trending up despite stubborn interest rates, and it is still a seller’s market with under two months of inventory. The increased selection has tempered the month-over-month price growth to typical historical levels versus the rapid uptick during the pandemic. Interest rates have decreased since last year and are expected to recede slowly throughout the year.

Delayed seller demand is starting to mount as some people are giving up their low rate to pivot to a home that better fits their lifestyle. With this increase, we anticipate more sustainable and stable price growth, which will rest on the shoulders of strong equity levels built over the last decade plus. Evaluating and applying the trends to your options will help you make informed and powerful decisions. Please don’t hesitate to reach out if you or someone you know would like to learn more, discuss goals, and create a winning plan.

 

Uncategorized April 17, 2025

North Snohomish County Market Report – Q1 2025

Year-to-date 2025, there have been more new listings than in 2024. After two years of tightly constricted inventory, this has been a welcome relief for buyers. Closed sales are trending up despite stubborn interest rates, and it is still a seller’s market with under two months of inventory. The increased selection has tempered the month-over-month price growth to typical historical levels versus the rapid uptick during the pandemic. Interest rates have decreased since last year and are expected to recede slowly throughout the year.

Delayed seller demand is starting to mount as some people are giving up their low rate to pivot to a home that better fits their lifestyle. With this increase, we anticipate more sustainable and stable price growth, which will rest on the shoulders of strong equity levels built over the last decade plus. Evaluating and applying the trends to your options will help you make informed and powerful decisions. Please don’t hesitate to reach out if you or someone you know would like to learn more, discuss goals, and create a winning plan.

 

Uncategorized April 17, 2025

South King County Market Report – Q1 2025

Year-to-date 2025, there have been more new listings than in 2024. After two years of tightly constricted inventory, this has been a welcome relief for buyers. Closed sales are trending up despite stubborn interest rates, and it is still a seller’s market with under two months of inventory. The increased selection has tempered the month-over-month price growth to typical historical levels versus the rapid uptick during the pandemic. Interest rates have decreased since last year and are expected to recede slowly throughout the year.

Delayed seller demand is starting to mount as some people are giving up their low rate to pivot to a home that better fits their lifestyle. With this increase, we anticipate more sustainable and stable price growth, which will rest on the shoulders of strong equity levels built over the last decade plus. Evaluating and applying the trends to your options will help you make informed and powerful decisions. Please don’t hesitate to reach out if you or someone you know would like to learn more, discuss goals, and create a winning plan.

 

Monthly Newletter April 4, 2025

Monthly Newsletter 04/04/2025

As we head into Q2, I wanted to review preliminary Q1 stats in order to report the latest trends in the market. The spring market has sprung, and activity is positive on both the seller and buyer side. The two charts above show key market factors from two points of view, March 2025 over February 2025 (Month over Month, MOM) and Q1 2025 over Q1 2024 (Year over Year, YOY).  By looking at MOM, you can see the real-time progression of activity as we head into the busiest time of year in the real estate market, and the YOY look compares how 2025 is starting in comparison to 2024.

MOM new listings made a big jump up, days on market are shrinking, list-to-sale price ratios are slightly rising, and prices are maintaining and appreciating. Inventory remains tight despite the increase in new listings, with all six market areas sitting at a Seller’s Market (0-2 months of inventory). This indicates strong buyer demand that is absorbing the selection despite the slow decline in interest rates. We anticipate a strong spring market with more opportunity than 2024 provided for buyers, which is a welcome change.

The second chart shows that in Q1 2024, inventory was much more constricted in comparison to Q1 2025. The limited inventory last year created intense upward pressure on prices when rates were even higher than they are now. We are maintaining home values and growing at a slower pace than last year, which will be more sustainable. With affordability at an all-time low, this is good news for buyers. Sellers are still making incredible gains as price growth has been phenomenal over the last decade, and YOY, it is looking positive. With real estate being a long-term hold investment, many sellers are enjoying favorable returns when they decide to make a move.

Overall, the start to 2025 is taking on typical seasonal patterns. We have seen a quarter-point dip in interest rates, more selection, continued buyer demand, and sizable seller equity. If you are curious about how the trends relate to your real estate goals, please reach out. It is always my goal to help keep my clients informed so they are empowered to make informed decisions.

At press time, these figures accounted for the majority of March closings outside of the last two days. They still tell the story of the trends, so I was anxious to get them out. If you are on my physical mailing list, you will receive finalized numbers later in the month for your specific market area. Please let me know if you’d like to receive consistent quarterly reports, and I will add you to my snail-mail database.

You’re invited to our annual Paper Shredding Event & Food Drive. We partner with Confidential Data Disposal to provide a safe, eco-friendly way to reduce your paper trail and help prevent identity theft.

Saturday, April 19th, 10AM to 2PM (or until the trucks are full)
4211 Alderwood Mall Blvd, Lynnwood
Bring your sensitive documents to be professionally destroyed on-site. Limit 10 file boxes per visitor.

We will also be collecting non-perishable food and cash donations to benefit Volunteers of America Western Washington food banks. Donations are not required, but are appreciated. Hope to see you there!

>> This is a paper-only event. No x-rays, electronics, recyclables, or any other materials.

Join me on May 7th for a live webinar with a panel of experienced insurance professionals who will share their insights and knowledge about today’s ever-changing homeowners insurance market. In the wake of several natural disasters, including the LA fires, the insurance landscape is quickly changing, and being informed will help you protect your biggest asset!

Windermere North is proud to host this educational webinar, featuring Peter Hong of Allstate Insurance, Alex Busilacchi of Moreland Insurance, and Douglas Olsen of USI Insurance Services.

The first hour will be a guided conversation covering key points and will provide information to shed light on how the volatile environment affects you and the protection of your home. Then we will open up for a live Q&A so you can get your questions answered.

Click the link below to register and receive the Zoom link, or reach out and I can send the registration link to your email. Registration closes May 4th.

Big impact, bigger hearts. 💙 Thanks to our generous network, the Windermere Foundation distributed over $3.57 million in 2024, reaching a total of $56 million in donations!

We’re proud to share the 2024 Windermere Foundation Community Impact Report, highlighting how these contributions are making a difference for low-income and homeless families. Read the full report here.

Monthly Newletter March 15, 2025

Monthly Newsletter – 03/14/2025

Last month, my office invited a panel of insurance professionals to discuss the volatility of the Homeowner’s Insurance (HOI) market so we could learn the latest to best inform our clients. In the wake of several natural disasters, the LA Fires is one of the most recent, HOI companies have become much more scrutinous and expensive. The increase in natural disasters such as flooding, wildfires, hurricanes, earthquakes, landslides, tornadoes, and extreme cold snaps have accelerated losses and depleted their recovery funds. This has caused carriers to increase premiums, limit coverage, and, in some cases, cancel policies.

Hearing of the neighborhoods in the Palisades Fires that were canceled or not renewed by their carriers just weeks before the fires, motivated us to want to learn more to help educate our clients so they are equipped to be protected. After all, we help people secure their most significant asset; we want to empower them to protect it adequately as well. On the evening of May 7th at 6:30 pm, my office is hosting a virtual webinar event for our clients featuring the same panel of insurance professionals (see the link below to register; registration closes on May 4th). There will be two insurance brokers and one captive company agent from Allstate who will spend an hour answering questions about the current market.

For an hour, they will be led by a moderator to provide tips to ensure you are properly insured, highlight what to look for in your carrier’s contracts, explain which riders to a contract are most effective, and go over when it is appropriate to make an HOI claim and when you should not. All of this will help educate homeowners so they are empowered to make informed decisions about their coverage and costs and hopefully not find themselves in a situation like the victims of the LA Fires. We will then open it up for 30 minutes of Q&A and provide follow-up materials. I hope you can make it! Registering is easy with the link below, and you can also contact me directly to talk about the event and the topic overall.

In the meantime, here are a few things you can do now to evaluate your current coverage:

  • Make an appointment with your insurance agent/broker to review your policy. This should be done annually.
  • Reevaluate your policy after making any upgrades to your home.
  • Add an inflation endorsement to your policy.
  • Build a relationship with your agent/broker.

Here are a few important elements to focus on to ensure adequate coverage:

  • Replacement Cost Value (RCV): The amount of money needed to repair your home at today’s prices of building supplies or to replace your belongings at today’s cost of a similar or like item. It is important to discuss replacement costs with your insurance agent/broker when purchasing your policy. This is the figure that dictates the completeness of your coverage.
  • The cheapest policy is not always the best policy. Often, the most inexpensive policies lack the coverage you desire. Make sure to dig deep into the details and evaluate your RCV and deductible.
  • What exclusions are in your policy contract? You don’t want to find out after making a claim that you are not covered because of an exclusion. You may need to add specific riders to expand your coverage.
  • Be aware of what activities would void your coverage. For example, leaving your home vacant for more than 30 days often voids coverage without a vacancy rider. Snowbirds who winter in the sunshine should be keenly aware of this.
  • Understand the balance between your deductible and a claim amount. Making a claim could increase your premium or even get you canceled. Analyzing the impact of a claim and weighing the cost/benefit is key. If you can afford to pay for the repair on your own, it might make sense not to make the claim.
  • If you are a renter or own a condo, what policies should you have to protect your belongings? Renters need a renter’s policy to cover their personal belongings should something happen to the structure such as a fire. Additionally, condominium associations have a master policy that covers common areas and exterior elements. Condo owners should have personal policies to cover what the master policy doesn’t cover, along with their personal belongings.

These are just a few things to get you started on an HOI audit. If you need any referrals to reputable insurance agents or brokers, please let me know. While HOI is not my direct area of expertise, I’m happy to connect you with professionals to help you better. I hope you can attend the virtual panel event on May 7th so you can learn even more. It will provide you with useful insights and create value for your investment. It is always my goal to help you stay informed about the value of your home, market trends, and how to protect your home. You can click on the link below to register or reach out to me directly and I will get you the link to attend.

You’re invited to our annual Paper Shredding Event & Food Drive. We partner with Confidential Data Disposal to provide a safe, eco-friendly way to reduce your paper trail and help prevent identity theft.

Saturday, April 19th, 10AM to 2PM (or until the trucks are full)
4211 Alderwood Mall Blvd, Lynnwood
Bring your sensitive documents to be professionally destroyed on-site. Limit 10 file boxes per visitor.

We will also be collecting non-perishable food and cash donations to benefit Volunteers of America Western Washington food banks. Donations are not required, but are appreciated. Hope to see you there!

>> This is a paper-only event. No x-rays, electronics, recyclables, or any other materials.