What You Should Know about Homeowner’s Insurance When Buying a Home During Hurricane Season

Hurricane season is here until November 30th. Therefore, it’s important to take note of some crucial information about homeowner’s insurance, especially when purchasing a South Florida home this summer.

Check Your Policy & Deductible

Make sure your policy covers the full value of your home and not just a percentage. Additionally, check your deductible to know how much you will be responsible for in the event of a hurricane. Some deductibles in Florida can be up to 10% of the value of the home.

Homeowner’s Insurance Is Not Flood Insurance

When purchasing insurance for your new home, make sure you also get a policy for flood insurance. Homeowner’s insurance will not cover damage done by rising waters. Hurricanes can produce flooding in neighborhoods that aren’t in designated flood zones, so it’s important to make sure your home is protected.

Do Not Delay

Florida insurance companies can suspend binding of policies in the days leading up to a storm, so it’s essential that you ensure your policy is in place way in advance of a storm.

For professional advice on all aspects of buying or selling real estate, please contact me at aross@miamirealestate.com or (305) 206-4003 or come see me at the Compass office located at 2550 South Bayshore Drive, in Coconut Grove.

 

Luxury Home Sales in Miami Continue to Rise

 The Miami luxury home market is having a fantastic 2018 and is continuing to prove to be strong through mid-year. With the new tax laws in place, many buyers are considering choosing a luxury home in Miami over homes in much higher taxed states, providing a flood of potential new buyers into the market.

Sales See Double-Digit Increases

At the beginning of 2018, sales volume and prices for luxury homes saw double-digit gains with a 16% increase over this time last year. Total luxury home sales were up by 12% in the first quarter with 421 homes sold compared to 375 last year, according to the Miami Association of Realtors.

March was a big month for luxury home sales with a 10% hike over March of 2017 sales, with 75 total homes sold this year compared to 68 last. With increased prices and quicker sales and high-demand for waterfront properties as primary or secondary homes, we are experiencing the Miami market becoming one of the fastest growing luxury markets.

For professional advice on all aspects of buying or selling real estate, please contact me at aross@miamirealestate.com or (305) 206-4003 or come see me at the Compass office located at 2550 South Bayshore Drive, in Coconut Grove.

 

 

Miami is Still an Inexpensive Luxury Market Compared to Worldwide Markets

According to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS), Miami luxury home sales surged 12.3 percent in Q1 2018 as median prices rose for the 25th consecutive quarter. The Miami luxury market is hot, and one of the reasons for our surge in popularity is that we are still an inexpensive luxury market, and buyers are taking note.

Miami as a Luxury City

The Knight Frank’s Prime Global Cities Index for Q1 2018, which ranks luxury residential properties in the top 5% of the housing market in each city worldwide, ranked Miami number 22 behind San Francisco, number 8, and Los Angeles, number 11.

Cost of Living Consideration

Not only are people in high-tax states flocking to Miami after the new tax law was implemented, but our cost of living is still considerably less than major cities such as New York City, San Francisco, and Boston, allowing our residents to enjoy the home and lifestyle of their dreams without a lofty Manhattan or West Coast price tag.

For professional advice on all aspects of buying or selling real estate, please contact me at aross@miamirealestate.com or (305) 206-4003 or come see me at the Compass office located at 2550 South Bayshore Drive, in Coconut Grove.