From groceries to gas, it seems like we’re paying more for everything these days. Now insurance rates are increasing as well. Why is this happening, and more importantly, what can we do about it? Here’s what you need to know.
What we’re seeing…
Car insurance rates rose 9% over the course of 2022, a trend that is expected to continue with another 7% rate growth in 2023 according to Insurify. Home insurance rates increased by an average of 12.1% in 2021, and another 3% in 2022 said Bankrate.com. Experts predict rate increases each year for the next few years due to the perfect storm of inflation, supply chain issues, weather changes, and other factors.
We’re experiencing historic inflation.
Inflation is at its highest level in decades. Inflation has had a significant impact on the cost of auto parts and labor, as well as medical expenses for bodily injuries.
From March 2021 to March 2022, here’s how prices have increased:
Medical services – increased 2.9%
Auto repair costs – increased 4.9%
Car rental costs – increased 13.8%
Used vehicles – increased 35.3%
Similarly, the costs associated with a home claim also have been affected by inflation. This includes additional temporary living expenses, replacement of personal property and home furnishings, cost of construction labor, and costs of construction supplies.
From March 2021 to March 2022, here’s how prices have increased:
Rent – increased 5.1%
Home furnishings – increased 10.1%
Construction labor and trade services – increased 21.3%
Construction materials and goods – increased 22.2%
Supply Chain Issues
There are supply chain issues created by the pandemic and by a labor shortage. When we can’t get parts or supplies to repair a vehicle or a home, the process becomes lengthier and results in repairs simply costing more.
Other Factors
The severity and frequency of vehicle accidents are on the rise. Traffic fatalities reached a 16-year high in 2021 according to the National Highway Traffic Safety Administration, due to an increased trend in post-pandemic risky driving behaviors – speeding, driving distracted, not wearing seatbelts, and driving under the influence. This rise in accidents directly affects claims, which contributes to rising auto insurance costs.
Similar conditions come into play for home insurance costs. The number of extreme climate events and weather disasters is also increasing. In 2022, there were 18 disasters with losses of more than $1 billion each, according to the National Centers for Environmental Information.
An inside look at how this affects your insurance rate
As material and labor costs rise, the cost to repair and replace damaged homes and vehicles increases. Factor in the ongoing supply chain issues and costs increase even more. The amount you pay for insurance is likely to go up when the cost to settle claims rises.
“But I’ve never been in an accident, so why would my rate go up?”
Even if you have a spotless driving record or never filed a claim, it’s likely that your insurance costs could be impacted due to economic factors that are out of your control – regardless of the company that provides your coverage. Insurers across the country have been raising rates, some multiple times in the past 12 months. However, it’s not all doom and gloom. There are ways you may be able to reduce your costs.
What You Can Do to Lower Your Premiums
Your insurance provider can recommend adjustments that still give you the quality coverage you need but with a lower premium. Start with a thorough policy review and make sure to look at these areas.
• Review deductible options. Generally, the higher your deductible, the lower the cost of your insurance premium. Since the deductible is the amount your insurance provider will subtract from an insurance payout, you’ll have to select a deductible that you’re comfortable paying out-of-pocket after a loss. Note that there can be diminishing returns if you set your deductible much higher than average, so as a consumer, you need to balance the premium savings against the amount you’d be required to pay after a loss.
• Take advantage of discounts. You may qualify for insurance discounts for being part of a professional association, such as groups for teachers, nurses, or first responders. There are also discounts for being retired, good student discounts, setting up automated payments, and for paying in full upfront. You may also receive a discount for quoting online.
• Buy home and auto insurance from the same company. When you bundle your home and auto insurance, you can often qualify for reduced rates, saving hundreds of dollars.
• Remove Gap coverage if no longer needed. When you buy or lease a new vehicle, it starts depreciating once you drive it off the lot. Gap insurance ensures that you will get the full replacement value of your car if it is totaled or stolen. As a car begins to age, this gap goes down and the need for coverage is less.
• Make your home disaster resistant. Talk to your insurance agent about how you can disaster-proof your home. You may be able to save on your premiums by adding storm shutters, reinforcing your roof or buying stronger roof materials, or even clearing brush from around your home. Older homes can be retrofitted to make them better able to withstand earthquakes or other natural disasters. In addition, consider modernizing your heating, plumbing, and electrical systems to reduce the risk of fire and water damage.
• Choose electronic documents rather than mail. This is an easy change that often comes with a discount and can add up in the long run.
California Casualty has been slower with rate increases than the bigger carriers. We will always strive to keep our prices as affordable as possible for our members. When we do make rate changes, it is to be able to maintain the financial fortitude to keep our promises to every policyholder during their time of need.
This article is furnished by California Casualty, providing auto and home insurance to educators, law enforcement officers, firefighters, and nurses.
It’s gift-giving season, but there’s no need to stress.
You’ve got first-rate ideas that are sure to impress.
Just take a pause before filling your cart,
and consult this short blog for an awesome head start.
Give one and give all, with forethought and reason.
Use these clever ways to save money this season.
1. Make a list and check it twice.
The more people you have on your holiday list, the more money you’ll spend. That’s why narrowing down your list of gift recipients is a good first step.
Write down the names of all the people on your gift list.
Take a second look at the list. Is there anyone you can delete, or move to a card-only list? Adjust the list as necessary.
Then, for each name, write down the person’s hobbies/interests.
Write down 1-3 possible gift ideas and their approximate costs.
Total up the list, and compare it to your holiday gift-giving budget in #3. You may need to adjust gift-giving expectations.
2. Limit the number of people you buy for.
You may want to buy for everyone on your list but there are creative ways to limit the number of people, and still cover everyone.
Whether in a group of friends, coworkers, or family, draw names and set a price limit. That way, you only have to buy for one person.
Do a white elephant gift exchange. Everyone brings one wrapped gift. People take turns choosing a present and opening it. They may keep their gift or “steal” someone else’s gift. The last person to go has the choice of any gift in the room.
Give a group gift. Connect with your siblings to contribute to your parents’ gift. Or give one gift to a family that everyone will enjoy.
Skip all the adults and just give to the children. This only works if everyone agrees; otherwise, you will have some folks showing up with gifts, which could be awkward.
Americans will spend an average of $832.84 on gifts and holiday items this season. You may spend less—or more. Keep to what you can afford by putting together a gift-giving budget.
Decide how to split the budget among your gift recipients.
Keep the budget with you, on your phone or in your purse or wallet, so you can reference it throughout the holiday season.
Not sure what to budget? Look at your credit card statement from last year and see what you spent on gifts.
4. Shop around.
You could buy items at full price or you could buy them on sale. Find the best deals by shopping around, finding discounts, and using cards and sites that give rewards.
If shopping online, look for free shipping. There’s a free shipping day in mid-December, and many retailers participate.
Many stores offer discount codes during the holiday season and additional discounts for teachers, students, veterans, military families, seniors, nurses, and first responders. Look for or ask about discounts that apply to you.
5. Buy second-hand items or make your own gift.
Not only are gently-used gifts sustainable, but they are also much less expensive than buying new. So is making your own gift. However, you’ll want to give it to the right person. (Not everyone appreciates a thrift store or homemade present.)
Second-hand gifts can be very thoughtful. You can gift family heirlooms or your own special item.
For the fashionista, hipster, or collector, thrift stores are a treasure trove of potential gifts.
Facebook Buy-Sell-Trade or Marketplace groups offer free and low-cost gift ideas.
Baked goods, candy, and cocoa make wonderful holiday gifts. Put it in a decorative tin or basket to make it festive.
Skip the expense of gift wrap with your own homemade version. You can be creative with items you probably have around the house.
Substitute any of the following for wrapping paper: butcher block paper, newspaper comics, and black paper with drawings done with a white paint marker.
Use shredded colored paper to cushion gifts in boxes and gift bags.
For extra-large presents, a plastic tablecloth works well as gift wrap.
Use old cards cut with pinking shears for your gift tags.
Remember to save this year’s bows, ribbons, and wrap for next year’s presents. Wind the ribbon around old wrapping paper tubes.
Pro Tip: To freshen wrinkled bows, put them in the dryer with a damp washcloth. Run the machine on the delicate cycle for 2 minutes.
7. Choose a less gift-focused holiday.
Talk to your family and friends sooner rather than later if you’d prefer to focus less on the gifts and more on the spirit of the holiday season.
Consider making a joint donation to a favorite charity instead of gift-giving.
Volunteer together over the holidays.
Give the gift of your time. Babysitting, a home-cooked meal, and even cleaning out the basement are all wonderful ways to show you care.
Plan a family trip or experience instead of giving actual gifts
Looking for extra cash for holiday gifts?
Some insurance companies allow you to skip payments around the holidays. At California Casualty, you have the option to skip your auto insurance payment for three whole months. (You also have this option to skip in the summer.) Ask your agent for details.
Happy holidays from all of us at California Casualty!
This article is furnished by California Casualty, providing auto and home insurance to educators, law enforcement officers, firefighters, and nurses. Get a quote at 1.866.704.8614 or www.calcas.com.
If your bill at the grocery store is higher than you’d like, you’re not alone. The average cost of groceries is 13% higher than this time last year. A family of four can spend as much as $932 on their monthly food bill…
Fortunately, there’s something you can do about it. From how you pay for groceries to where and when you shop, here are our top tips for saving money on groceries and feeding your family on a budget.
1. Redefine dinner.
Who says that dinner has to be a three-course affair with meat, veggies, a starch, and a dessert? Take the pressure off and serve breakfast for dinner a few times a week. Omelets are a relatively inexpensive meal and very filling. You also can have soup and sandwich night or a big salad. Be creative. Try going meatless to save money or adding beans to ground beef to increase the amount of food. Put shredded chicken over a soup, salad, or pasta and you’ll use a lot less than when serving pieces of chicken.
Pro Tip: Plan to cook so that you definitely will have leftovers. It’s easier and often cheaper to make a large portion than to plan a whole new meal with new ingredients.
2. Make a list and actually stick to it.
Make a meal plan for the week so you know exactly what to put on your shopping list. Pre-planning cuts down on impulse purchases, which can put you over budget. Then shop only for those items on your list. To help stick to your list, always make sure to eat before shopping,
3. Raid your pantry.
When meal planning, remember that you likely have plenty of food at home that you can incorporate. Look through your pantry and see if you can create a recipe around the food that is there. Check your freezer too. That way, you may just need a few items on your list to create some delicious meals.
Pro Tip: Check out websites that can help you build a recipe with ingredients that you already have like MyFridgeFood or SuperCook.
4. Sign up for the store’s loyalty program.
Most grocery stores offer loyalty programs that are free to join. You can get discounts automatically deducted at checkout. If you’re not on your store’s program, sign up the next time you’re there.
5. Clip coupons and look for sales.
Look at the weekly circular in print or digitally for sales, and clip/save coupons for the items you use. Digital coupons can even be loaded directly onto your loyalty card. Remember to do the math, however. Not all sales are the same good deal. Look at the unit price per ounce to compare the costs of different brands. Plus, if you’re not sure that you’ll use it, don’t buy it. Spoiled fruit in the garbage is the same as throwing away money.
6. Buy store brands.
The cost of store brands is usually 20-25% less. Try them out next time and see if you notice enough of a difference to justify buying the name brand. If you can’t buy all generic brands, at least try store brands for staples like salt and sugar.
7. Avoid pre-made items.
Convenience comes at a price. That means if something is prepared for you, you’re likely paying more for it. When you’re shopping, try to find food closest to its natural state. Buy block cheese instead of shredded cheese, and a box of pasta rather than a heat-and-eat variety. Snacks are some of the priciest items to buy. You can really save a lot here if you prepare them yourself.
8. Tally as you go.
Use the calculator on your phone to add up your order as you shop. You’ll be less likely to add items this way, and there will be no surprises when you get to the checkout. It might cause you to think, “do I really need this?”
9. When you shop matters.
Shop midweek when many grocery stores restock their shelves. That’s also when they change the discounts. If you’re lucky, you’ll get the price cut from last week’s sale. If you’re looking for clearance specials, shop first thing in the morning – or right after a holiday. If you’re looking for specials in the bakery, deli, or prepared foods section, shop right before closing. Many supermarkets mark down their rotisserie chickens, for example.
10. Pay with a rewards credit card or cash.
You might as well get some cash back when you shop. Pay with a grocery rewards card and you can automatically see some savings. Or if you can, pay with cash. Bring only the amount you want to spend, and when the cash runs out, you can’t buy anything else.
11. Compare prices at different stores.
Compare prices at different nearby grocery stores. Switch to a store that’s known for more affordable food prices like Walmart, Aldi, or Trader Joe’s. Even Dollar Tree has grocery items. Or you can join a wholesale club like Costco or Sam’s Club. These stores stock items in bulk at often lower prices. You’ll have to spend more upfront but you’ll save in the long run. That might not be for everyone but it’s a good value for large families.
12. Use a rebate app.
Sign up for apps like Ibotta and Rakuten. They give you cash back for buying groceries, among other items. Stores pay these apps a commission for sending them your way. Find out which apps link to your grocery store to make sure that they are an affiliate partner.
Happy shopping!
This article is furnished by California Casualty, providing auto and home insurance to educators, law enforcement officers, firefighters, and nurses. Get a quote at 1.866.704.8614 or www.calcas.com.
There’s so much to love about the holidays: the festive food, the memorable music, the timeless traditions with friends and family, and the gifts galore. It’s easy to blow your budget when you’re caught up in the holiday spirit.
We typically spend generously around the holidays, an average of $942, according to Gallup. And this season, that amount is only expected to increase.
Celebrate the holidays without breaking the bank by using some of these proven ways to keep your spending in check.
1. Make a holiday spending plan.
We often don’t consider everything that goes into our holiday spending. It’s more than just gifts- decorating, food, and entertaining can all add up. Planning ahead will help you understand what you typically spend, and how to make more savvy decisions.
Decorate with your budget in mind. You can reuse décor from years before or stop at your favorite dollar store for new items. Homemade decorations offer a personal touch that is extra special.
Consider your holiday activities. Some traditions, like watching holiday movies or going to worship services, are free while others come with a cost. Budget for the ones that are important to you.
Look at options for holiday entertaining. Consider scaling back your celebrations or rethinking how you gather. Maybe you’d like to set up a group volunteer afternoon rather than hosting a holiday party.
If you’re traveling for the holidays, make your plans as early as possible to save money. Include this expense in your holiday spending budget as well.
Determine the overall amount of money you have to spend on gifts. This will be your gift budget. Set it and stick to it. (If you’re tempted to go over, see tip #4.)
2. Choose budget-friendly gifts.
Make a list of family, friends, and coworkers you would like to get gifts for before you shop. This will help you to adjust expectations, specifically how many presents in total you will give, and how expensive they each can be.
Create a gift list with recipient names and a price limit for each person or pet. (Be sure not to forget gifts for teachers, coworkers, etc.) Then, write down one or two gift ideas for each name. Keep that list in your purse or wallet for easy access when you’re shopping or simply out and about and spot the perfect present.
Don’t forget the extra gift expenses. Gift wrap, shipping/postage, and cards can be pricey. Try making your own wrapping paper and cards to cut down on expenses.
Shop early. If you wait until the last minute, you are more likely to overspend.
Look out for deals every day. There isn’t much difference between holiday sale prices and Black Friday or Cyber Monday.
Look for discounts and price check your gifts. Apps like ShopSavvy allow you to scan a bar code and check the price against other local retailers or online.
Make your gifts. Give baked goods and homemade candy. Create a photo album. Give the gift of your time in the form of babysitting or a home-cooked meal.
3. Keep track of your spending.
Your holiday spending plan is your overall guide. Be sure to consult it regularly to stay on track. This is the single most important thing you’ll need to do to stay within your budget. Here are some supporting strategies that can help.
Consider opening a bank account for your holiday spending. Deposit the money in that account that you have budgeted. Then, draw upon that account for your gifts, décor, and holiday activities. Some banks and credit unions offer a short-term account just for this purpose. Typically, you set it up at the beginning of the year and save a little bit each month until the holiday season.
Stick to cash only for all of your holiday spending. Take out a sum of cash and divide it among different envelopes for gifts, décor, activities, etc. Then use the cash in the appropriate envelope for any related expenses.
If you are using a credit card to make purchases, choose one where you get cashback.
Keep track of your purchases with spreadsheets or budgeting apps. Some popular apps include iSpending and CashTrails.
4. Earn extra money.
There’s an easy way to make room for a little more spending this holiday season—and still stay within budget. That would be to add some extra income.
Take on a seasonal job. Retailers are hiring for the holidays and you can get a part-time job that not only brings in money but could earn you employee discounts.
Sell your unwanted stuff. Go to websites or apps like eBay, Poshmark, or Facebook Marketplace and sell the things you no longer use or need. This has the added advantage of decluttering your home for the holidays.
Give up an indulgence temporarily. If you stop to buy an expensive coffee every morning, now is the time to put that money into a jar. Do the same for dinner out or other indulgences.
5. Start in January for the next holiday season.
Saving over time is the most painless way to get ready for the holidays. Once you’ve gone through the exercise of budgeting, you can use that information to plan for next year.
Calculate what you spent on the holidays this year. Divide that number by 12. Then, make a plan to save that amount each month. Set up a holiday spending account at your bank.
Take advantage of post-holiday sales. You can get discounted décor, cards, and other holiday-themed items after the holiday. Buy them now and put them away for next year.
While the season is still fresh in your memory, write down the traditions that you enjoyed this year and ones that you may want to skip next year. Include any other reflections that might help when planning for the next holiday season.
Happy holidays (and happy spending) from California Casualty!
This article is furnished by California Casualty, providing auto and home insurance to educators, law enforcement officers, firefighters, and nurses. Get a quote at 1.866.704.8614 or www.calcas.com.
Americans are finding themselves among another national crisis amidst the coronavirus pandemic – fraudulent unemployment claims. Across the country, employers are receiving numerous unemployment claims by imposters using the personal information of those who haven’t filed (because they are still employed).
This is simply a different form of Identity Theft where an individual’s personal identifiable information (PII) is compromised and then used to file an unemployment claim. The surge of COVID-related unemployment makes it easier for the fraudsters to file mass numbers of claims with hopes that some will go through. Unfortunately, if someone has successfully filed for unemployment in your name, not only has your PII become compromised, but you will also be responsible to pay the federal taxes owed on the amount received/reported in your name.
If you are actively working and have gotten a notice from your state or employer that someone has filed for unemployment in your name, here are 6 steps to help you get started protecting your identity and your credit.
1. Report the fraud to your employer
If you were not contacted by your employer, start by contacting your business’ Human Resources (HR) department and making them aware of the situation. For your records, the Federal Trade Commission recommends you keep a note of who you spoke to and when.
2. Report the fraud to your state unemployment benefits agency
Report the fraud to your state’s unemployment agency and let them know that it was not you who filed. You can do this quickly online, click here to find your state’s agency. Again, keep a record of your case number and who you spoke to.
3. Report the fraud to the Federal Trade Commission (FTC)
Because your personal information has been compromised you will also need to file a report with the FTC. Visit IdentityTheft.gov or call 1-877-438-4338 and to complete the ID Theft Complaint Form. You should receive a confirmation notice with the reference number assigned to your complaint within 48 hours.
4. Place a fraud alert on your credit report
Placing a fraud alert on your credit will make it harder for an identity thief to open accounts in your name, this is because a business must authorize your identity before issuing the credit. Placing a fraud alert is free, lasts one year, and will not affect your credit score. To do this, contact one of the three nationwide credit bureaus and they will inform the other two.
After placing a fraud alert, it’s a good idea to get your credit reports and review them for major changes. You can obtain a free copy by visiting www.annualcreditreport.com. You should also keep an eye on your credit score. You can do this by visiting a website that will not affect your score when you check, like Credit Karma.
5. Continue to monitor your accounts
In the following weeks, you should keep a close eye on your bank and other financial account statements, utility bills, credit card statements, medical bills, and medical insurance statements. If you see any unknown activity or unauthorized transactions call and report it immediately.
6. Get ID Theft Protection
Save yourself time and stress by investing in a service that will help protect your identity, like CyberScout. CyberScout is the nation’s premier provider of identity services. California Casualty customers automatically get free ID theft resolution services from CyberScout when they purchase their policy. For more information on CyberScout click here.
One in five Americans has experienced identity theft; one-third of Americans have never even looked at their credit report. As the pandemic continues to aide in the increase of online shopping and as tax season gets into full swing, it’s important now- more than ever- to be extremely cautious and protect your identity.
Here are a few more tips to help you stay safe this spring:
Use complex passwords
Don’t give out your personal information online
Use two-factor authentication
Purchase online through safe, trusted third-party apps like PayPal
Sign up for credit card usage alerts
File your tax returns as early as possible
Use a trusted tax-preparer
Don’t wait until it’s too late, fraudulent unemployment claims and other identity theft scams can happen to anyone at any time. Take the necessary steps and precautions to make sure it won’t happen to you.
This article is furnished by California Casualty, providing auto and home insurance to educators, law enforcement officers, firefighters, and nurses. Get a quote at 1.866.704.8614 or www.calcas.com.
Purchasing a home is an extremely exciting adventure in the life journey – in fact, more than anything it might represent achieving the American dream. For all the excitement though, it can be confusing, challenging, and stressful. And even for those who’ve done it before, today’s real estate and credit markets are significantly different from even five years ago.
So, whether you’re embarking on this journey as a first-time home buyer, taking advantage of record-low interest rates, or just planning on downsizing or upgrading, follow our guide to help get you in great home-buying shape.
Phase 1: Prepping and Planning
1. Decide how much you can afford – If you’re like many, your home is the largest purchase you’ll ever make – so the biggest question is around how much you can comfortably afford. This is determined according to your income, debt, credit score, location, and more. Then there’s the down payment, for which you’ll probably need to have a savings plan to reach (typical amount is 10-20% of the home value). You can use a home affordability calculator or, better yet, talk to a financial planner.
2. Put your financial ducks in a row – You’ll want to be in good financial shape before house shopping. That means paying off all or most of your debt and making sure you have an emergency fund. The latter will be helpful for those unexpected expenses you’ll have as a new homeowner (that you didn’t have to worry about as a renter!). You’ll also want to save for closing costs (typically 2-5% of loan amount), moving expenses, repairs, and other various expenses.
3. Strengthen your credit – Your credit score affects what loans you will qualify for, so you want it as strong as possible. Get free credit reports from Experian, Equifax, and TransUnion and make sure there aren’t any errors. Then build your score by making sure to pay all bills on time and keeping card balances low. If you don’t have much credit history, quickly start building your score by putting a utility bill or two in your name and staying current on your payments.
4. Educate yourself – Get familiar with all the steps of the process, including all the costs along the way and the people who will be involved. Your main contact (and person working on your behalf) will be your real estate agent, but you will/may also be working with a seller’s agent, broker, loan officer, underwriter, appraiser, listing agent, loan servicer, home inspector, and others.
5. Work with recommended professionals – The most important of these is your real estate agent, who will be representing you and your interests through the process. Ask for recommendations in your circle. Pro tip: You may get referrals to “real estate agents,” “realtors,” and “real estate brokers.” What’s the difference? The first is a licensed professional representing buyers or sellers, the second is a real estate agent who’s a member of the realtors’ association, and the last generally has more training and may work independently or have their own firm.
6. Explore your mortgage options – You can go with all kinds of lenders – all of which have a different down payment and eligibility requirements. Make sure you look at the range of loans, including conventional mortgages as well as loans offered by the FHA, USDA, and VA. As a first-time homebuyer, be sure to research federal or local assistance programs for your buying cohort – they typically offer advantages and savings not offered to other home buyers! After your research, carefully compare the different loan fees and rates.
7. Get pre-approved – After you’ve chosen a preferred lender, apply for pre-approval. Having a pre-approval letter (which specifies the lender’s offer amount) shows real estate agents and home sellers that you’re serious about buying, which can put you at the front of the bidder line.
Phase 2: House Shopping
8. Research the area – Smart buyers don’t make buying decisions based on the property and house alone. Make sure you thoroughly research the neighborhood (visiting it at different times and days) and think about proximity to schools and workplaces. Research crime rates and consider traffic congestion and freeway access. Also, know the value of homes in the area – a price per square foot average is a great yardstick for making sure you don’t end up paying over market value.
9. Go to open houses – The pandemic has made online home-viewing easier than ever. Take advantage of 3D home tours, which will let you filter out homes that don’t fit your needs. From there, you can attend in-person open houses only at those homes you’re most interested in.
10. Get an inspection – Paying for a home inspection is money well spent and can save you very expensive headaches down the road. A typical inspection covers things like structural elements, grounds, attic, heating and cooling systems, roof, exterior surfaces, basement, insulation, electrical system, and all other parts of the home.
11. Make an offer – Once you’ve found the home you want and can afford, you’ll make an offer to the seller. If you’re not sure how much that should be, lean on your agent for their expertise! They can also help guide you through any negotiating (on say, repairs) or other terms or conditions. Finally, a personalized offer letter never hurts!
12. Know the market – You may be buying in a seller’s market, a buyer’s market, or somewhere in between. Knowing the larger marketplace will help ensure you don’t over-or underbid (again, your agent should be your guide here!). If the market is especially hot you’ll be competing against lots of other offers – know your top price going in so that you don’t get saddled with debt you can’t afford.
13. Get adequate home insurance – Your lender will require homeowners insurance, so start shopping for coverage early (at least 30 days before closing). Get quotes and make sure you understand what’s covered, what’s not, what the terms are, and any additional coverage your home may need. Have questions? Give us a call – we offer special benefits to educators, firefighters, nurses, and peace officers!
Congratulations on embarking on the exciting home-buying journey! With a little extra effort, a plan, and a solid understanding of the process, you’ll be settled into the home of your dreams in no time.
This article is furnished by California Casualty, providing auto and home insurance to educators, law enforcement officers, firefighters, and nurses. Get a quote at 1.866.704.8614 or www.calcas.com.
