Insurance Tidbits Everyone Should Know!

Before we know it, hurricane season will be upon us. Recently, I hosted a learning event for Realtors that was VERY informative. Our guest speaker was Drew Rogas of Goosehead Insurance. Here are some bullet points:

·       A SFR (single family residence) is 9% likely to have a fire.

·       The THREE main factors that determine premium are (in order) : AGE, SIZE, LOCATION

·       Trampolines are an underwriting risk (not liked by companies!)- be sure if you have one, you report it, as if there is a claim later, some neighbors kid falls, you are at risk, they won't cover if you have not reported you have one.

·       The following dogs are viewed as higher risk: German Shepherd, Doberman, Dalmatian, Pit-bull

·       Dual county areas that TOUCH the water (Brazoria, Galveston, Jefferson, Champers)- have Tier 1 Windstorm Insurance. Did you know that not all carriers offer private coverage? Some default to TWIA (Texas Windstorm Ins. Assoc), and private is better in many cases. If your clients are buying in these cities, buyer beware! (Goosehead writes private Tier 1 Windstorm): Pasadena, Pearland, Friendswood, League City, Clear Lake, Deerpark, Seabrook.

In the Markets:

Mixed economic data last week, including POSITIVE HOUSING data, pushed rates a bit higher. Read more here!

                                                    ~Jen

Don't Miss Our Upcoming Events!!

Please contact 

Annette Ernstein to RSVP for any of our events

Annette.Ernstein@legacymutual.com

Direct Phone: 713-579-3606   

1) Tour the Hernandez Team Office! 

Your 45-Minute Behind-the-Scenes Tour of the Loan Process

WHEN: Wednesday, 

May 6th

11:30am-12:15pm

2) Monthly Seminar Series: 

Who, What, Why, 

When & How of 

Life & Home Insurance  

Presented by Drew Rogas

/Goosehead Insurance; Brandon Green /Allstate 

WHEN: Wednesday, 

May 6th  

5:30pm-7:00pm

3) MCE Course:  

August 1st Changes- 

NO MORE HUD-1!?!

WHEN: Friday,

May 8th 

9:00am-11:00am

I Spy...Appraisers!

Sometimes on the way to school, the kids and I play 'I Spy'. So it was mommy's turn. "I spy something gray". And my 9 year old replied , "Your hair!". That little bugger.

 

Speaking of gray hair, did you know that per the Appraisal Institute, 50% of the appraisers in the US are 51-65 years old? This means... drumroll... RETIREMENT in the next 10 years for a large percentage of our appraisers. 

Carrying the thought further, that means there is a growing SHORTAGE in appraisers. Between Harris, Fort Bend, and Montgomery counties, there are 460 appraisers. Last month, there were, according to HAR, 6232 homes sold. That is 13 appraisals per appraiser (if they are all active full time), and not to mention refinances. So let's just say 20 per appraiser per month. Not so bad. HOWEVER, we all know about the 80/20 rule. Twenty percent of the appraisers (that are good), do 80% of the work. In fact, one of the most reputable appraisers in town has a turn time of 15 days. We are turning them in 8 right now, and 5 if the client pays a rush fee.

 

My point of mentioning this is that a lack of new appraisers in the industry will change the dynamic of turn times, pricing, and quality over the coming months, and years. Do you know what it takes to become a certified appraiser?

·       College degree

·       2500 hours as an apprentice (pay about 40K/year)

·       MINIMUM of 2 years as an apprentice (to do the 2500 hours)

·       225 hours of classes

·       More info at TALCB.texas.gov

 

Many appraisers cannot afford to take on apprentices that can only observe. The smart ones are creating apprentice programs for young graduates, to be assistants, as you will, and within 2-3 years, their income potential about doubles. Not a bad plan! If you know someone interested in this field, have them call me, and I can put them in touch with some appraisers with an apprentice program.

 

To check out what rates did this week, CLICK HERE! 

Enjoy your week!

~Jen

Easter brings CHANGE, and a TON of it!

Hello everyone!! 

We hope you enjoyed this holiday weekend, whether you celebrated Easter, Passover, or none of the above!

Diego went on a school 2 night overnight stay at an outdoor camp this week. There was a HUGE void in the air from the lack of his  joking around and negotiation tactics. So much that we did not know what to do with ourselves!

Speaking of negotiation tactics, how are yours? Watch our Business Tip of the Week to learn 2 tactics you can implement to help you with lead conversion! 

Also, as part of our ClosingTips spotlight, watch below for EVEN MORE reasons on why you need to know what's happening AUGUST 1 (HINT: no more HUD-1!) 

                                                                                      ~Jen

Upcoming  

Monthly Events

Please contact Annette Ernstein to RSVP for any of our events 

Email Annette Here!

Direct Phone: 713-579-3606  

         

How to Double Your Leads ASAP! 

Presented by Dayton Schrader,
The CORE Training
WHEN: Tuesday, April 7th
3:00-5:00pm

Home Insurance Pitfalls EVERY Realtor Needs to Know  
Presented by Drew Rogas/Goosehead Insurance
WHEN: Thursday, April 9th 

9:00-10:30am