Homeowner’s Insurance Primer

Provided courtesy of
Seth Horner, Seth G. Horner Insurance
Charlotte, NC

One of the sometimes confusing and, however, essential aspects of home ownership is your homeowner’s insurance policy. Here is an overview of general information and terminology for first time homeowner, and for anyone who has a question about how coverage is detemined by your insurance company.

Coverage A – Dwelling:

Provides protection for the dwelling on an all risks basis up to the policy limits. The policy limit is set by the policyowner at the time the insurance is purchased. You can choose to insure your home and belongings for either replacement cost or actual cash value. The home should be insured for replacement cost. Replacement cost is the amount it would take to replace or rebuild your home or repair damages with materials of similar kind and quality, without deducting for depreciation. Depreciation is the decrease in home or property value from the time it was first built or purchased because of age or wear. Actual cash value is the amount it would take to repair or replace damage to your home after depreciation. Most insurers require homeowners to insure their homes for at least 80 percent of the replacement cost. If you insure for less than 80 percent of the replacement cost of your home, any loss payment from your insurance company will be subject to a coinsurance penalty. You may wish to insure at 100 percent of replacement cost so you will have sufficient coverage in the event of total loss.

Bonterra Village, Indian Trail

Bonterra Village is a blend of old world charm and new conveniences, located close to I-485 and HWY 74 in Union County. This wonderful community hosts green pastures, horse stables, athletic fields, swimming pools and tennis courts. Bonterra Village offers unique features including lofty porches to visit with your neighbors, open sidewalks and boulevards for evening strolls, and walking and riding trails that wind through natural settings on this beautiful rolling land. With many different styles of homes to choose from; such as Craftsman, Charleston,

The flexibility of lifestyle makes the Village Series at Bonterra Village a great place to call home. These ranch style plans give you the convenience of maintenance free lots in an amenity rich community. Plans also offer second level bedrooms, lofts and storage space, with an attention to detail. Hard surface counter tops, 42″ cabinets, extensive trim details, and hardwood floors make these homes distinctive.

U.S. Foreclosure Rate Down in August

A recent RealtyTrac report shows that substantially fewer people had their homes repossessed in August. A total of 76,134 troubled borrowers lost their homes in August, down 12.7% from July.

According to the report, there are a couple of possible explanations for the decline in bank repossessions, or REO’s. It could be that the government-led mortgage modification programs are finally gaining some traction. But it could also be that the banks are still delaying repossessions of these properties.

WhiteGate Community Rising in Seclusion

When a sign announcing a new development appears in front of a wooded tract, curiosity is sure to follow. The one across from Calvary Church on N.C. 51 near Rea Road in south Charlotte is a perfect example. It touts WhiteGate, a project that’s attracting a lot of work trucks and earth movers, but most of what’s happening is hidden by the trees.

In south Charlotte this is so common, you don’t need three guesses to figure it out. WhiteGate is a $90 million infill housing enclave of 64 lots being prepped for estate homes expected to sell for $1 million or more apiece. Luxury infill development is the rage within a wide swath between N.C. 51 and the streets (Eastway, Wendover, Runnymede, etc.) that form a cross town connector dubbed Inner Belt 4. When an undeveloped tract or cleared parcel there goes on the market, luxury single-family houses or townhomes are almost certain to follow.

Lake Shore on Lake Wylie

The design of Lake Shore on Lake Wylie in Tega Cay, South Carolina, takes into account lifestyle and amenities. Located on a peninsula on 12,000-acre Lake Wylie, not far from uptown Charlotte and Charlotte/Douglas International Airport, the community is a welcoming residential, recreational destination for homeowners. The name “Tega Cay” is a derivation of a Polynesian phrase that means “Beautiful Peninsula”, and it is truly a magnificent location for the community of Lake Shore.

Residents of this community’s 1,200 single-family homes enjoy the many recreational opportunities on the lake, plus a beach club, parks, hiking trails, tennis and golf. Homes in Lake Shore range from in price from $200,000 to more than $700,000.

Waxhaw’s Quellin Neighborhood

Quellin is a popular community located minutes from historic downtown Waxhaw in Union County. This wonderful community is surrounded by farms and country roads, with first class shopping not far away. Just a short drive from home, you have Cureton, Blakeney, Ballantyne, and Stonecrest shopping centers. Also, within a short drive are a number of golf courses, area parks, lakes and much more.

This luxurious community features large estate style lots and houses built by some of the area’s leading custom home builders. Home architectural guidelines are in place to ensure that proper homes meet the overall theme of the neighborhood. The homes in Quellin were constructed between 2003 and 2006 by Saussy Burbank, M/I Homes, Orleans, and Turnberry. You’ll find craftsman and transitional style homes featuring all brick and Hardiplank exteriors with welcoming front porches and side entry garages.

Cady Lake, Ballantyne Area Community

Cady Lake is a Pulte Homes neighborhood conveniently located just off Ballantyne Commons Parkway on Tom Short Road with easy access to the I-485 bypass. Homes in Cady Lake were built from 2000 through 2004 and have floor plans ranging from 2500 to 3500 square feet of heated living area. Prices in this wonderful community range from the high $200.000’s to the high $300,000’s.

The neighborhood amenities include a pool, tennis courts, recreation area, walking trails, and club house overlooking Cady Lake, the neighborhood’s name sake.

August Real Estate Report

Here are the market statistics for entire Carolina MLS area for single family residential sales covering the period August 6, 2009 through September 5, 2009:

Closings: 2,221; avg. LP $234,504; avg. SP $209,245; %LP/SP 89.23%

New Listings: 4,953; avg. price $257,254

Under Contract: 2,434; avg. price $214,675

Withdrawn: 1,701; avg. price $329,083

Expired Listings: 1,493; avg. price $353,550

Active Listings: 27,878; avg. price $312,179

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Closed transactions for the month of August remained relatively unchanged from July with a dip of 1.7% in average listing price and average sales price, respectively. The resulting percent of listing price to sales price remained unchanged, as well. This month’s sales are down 10%, compared to August a year ago. Whereas July was 18% below 2008 figures, August sales figures show continued improvement from a year ago.

Southampton Commons in Ardrey Kell Area

The Southampton Commons neighborhood can be found at the intersection of Marvin Road and Ardrey Kell Road in a highly popular area of South Charlotte. This community has many transitional style homes from which to choose. The neighborhood also features nature trails, swimming pool, and children’s play ground for your family’s enjoyment.

Southampton Commons is ideally located within the highly sought after Ardry Kell High School cluster and just minutes away from shopping, dining, and an abundance of local activities. Ballantyne Commons, Stonecrest, and Blakeney are a short drive away, as well as, I-485 and the Johnston Road/521 corridor.

The Club at Longview

The Club at Longview is a private, gated enclave with world class amenities and highly popular location in fashionable South Charlotte. Located in the south Charlotte area, The Club at Longview is only 3 miles from Interstate 485 in fast-growing Union County. The community attracts not only affluent Charlotte residents, but those looking for a second home on the only Jack Nicklaus Signature Course in the area.

The Club at Longview combines a distinct sense of community, customized activity programming for the entire family, and high class amenities. Manor-style estates overlook Charlotte’s lone residential course in Golf Digest’s prestigious “Best in State” rankings, a bold, dramatic layout that has been among North Carolina’s top 20 since its 2003 opening.