The first thing you need to do is assess the damage to your property. Always be sure that you aren’t in danger and that the storm is completely finished. Start by checking the outside of the home for any damage to the roof, siding and windows. You should also make sure that there are no downed trees or power lines in the area.
Step Two: Call Your Insurance Agent
After you have assessed the damages, your next step is to call your insurance agent to report any damage. Be ready to describe the situation and all of the damage that occurred. Make sure you also have your policy and account numbers ready when you call to speed up the process. Click here to find your Mel Foster Co. Insurance agent.
Step Three: Document The Damage
Before you begin making repairs, make sure you document the damages with photographs. This will prove that the damage actually occurred and will help your insurance agency help you. Once you have documented the damage, make your home safe and ensure no further damage is caused. Keep receipts for any work or materials that you are purchasing to repair your home. It’s important to note that if you must leave your home you should also keep receipts for hotel rooms and restaurants. Depending on your insurance policy, these expenses may also be covered.
Fick Family announcing their biggest year in company history
Mel Foster Co. held its annual awards reception last night at the Waterfront Convention Center in Bettendorf, Iowa. Lynsey Engels, President Real Estate Brokerage and Marc Engels, President of Mel Foster Insurance presented awards to 122 agents that were recognized for achieving membership in the company’s different sales club levels including Chairman, Executive, President and Honor. Top honors were awarded to:
Thad DenHartog – Commercial Top Sales
Diana Franks – Residential Illinois Top Sales
Geri Doyle – Residential Iowa Top Sales
Joe Ertel – Insurance Top Personal Lines
Mike Smith – Insurance Commercial Top Producer
Mike Kessel – Insurance Top Employee Benefits
Combining all three divisions of Mel Foster Co. Inc., the total sales volume increased by 9.21 percent from 2012, surpassing the total sales of 2005, when the market was at its peak, and making it the biggest year in the history of the 93 year old company. Rob Fick attributed Mel Foster Co.’s success to dedicated staff and agents, who continue to build and maintain relationships within their teams and outside of the company. Fick also attributed the increase as a reflection of a strengthening economy and higher consumer confidence in 2013. “I am very proud of what the company accomplished this year. I know Mel Foster Jr. would be equally proud to see us continuing his vision of forward progress and leadership in this community. We’re starting 2014 with great optimism and a stronger economy than in years past, and I anticipate 2014 to be another year of growth for Mel Foster Co. We were fortunate in 2013 to welcome 39 new agents and staff, and 28 individuals are currently enrolled in our pre-license classes,” commented Fick.
Mel Foster Co.’s residential real estate sales increased by nearly 8 percent from 2012. The average sale price for Mel Foster Co. residential real estate was $148,278, a 1.18 percent increase from last year.
New construction sales are predicted to be strong in 2014. Lynsey Engels said, “We are expecting the real estate market as a whole to continue moving forward, with new home construction heavily influencing home sales volume. We are positioned to meet demand for new construction in our area and are pleased to announce that we will be launching four new subdivisions in 2014 coupled with the four that were launched in 2013. We closed 85 new residential lots last year and will have another 146 lots available in 2014.”
Mel Foster Commercial relocated to the Elmore Office Park in the spring of 2013. Engels reported that agents in the commercial division closed an average of over six million dollars per agent. After having their best year last year since 2005, Mel Foster Commercial still had a one percent increase in sales from the previous year.
Mel Foster Insurance had the biggest year in the history of the company. Marc Engels commented, “We have introduced a lot of new processes throughout the division and our agents and staff have done a great job adapting to the ever-changing insurance markets. Much of our growth can be attributed to our strong carrier representation which has allowed us to secure new business relationships in the Quad City market.” Direct written premiums were up 44.8 percent since 2009 and the insurance division has been able to more than double its employee benefits department. Engels added, “To continue to build each year is a testament to our team’s ability to meet the expectations of our Quad Cities and surrounding area clients.” In 2013, the personal insurance lines department’s sales grew 8.1 percent and the commercial department was up 15.4 percent. Engels also said, “I think individuals and business owners in this market appreciate the consistency, integrity, and professional competence our team brings to the insurance experience.”
Mel Foster Co. invested in multiple technology enhancements in 2013 to help buyers and sellers search for homes more easily. The new website was launched in fall 2013 and a new app was recently rolled out. Internally, agents benefitted from IT upgrades, a more robust intranet site, paperless transactions and enhanced consumer reports with greater details for homebuyers and sellers. Lynsey Engels stated, “We want to make sure that our agents have every tool they need to successfully meet their clients’ needs. We continually invest in technology upgrades and stay current on new features that we can integrate into our systems. With over 90% of people searching for a home online, it’s crucial for our agents to have top of the line technology.”
Say goodbye to throwing away rent money every month and hello to owning your own home. It’s an exciting time in your life and following a few simple tips can make it a rewarding experience.
1. Know what you can afford.
Gather one year’s worth of your household expenses. Include credit card payments, loans, auto insurance, groceries, utilities and entertainment expenses for each month. All money that goes out each month needs to be tracked, even that $4 coffee once a week. Figure your monthly take home pay, minus the list of expenses, and that gives you a ballpark figure of what you can afford to spend. But remember, this includes your monthly mortgage, taxes, insurance and maintenance. Be sure to leave a cushion for emergencies.
2. Get pre-approved.
This step includes having lenders scrutinize your credit history and score, so make sure your credit history is accurate before this step. Read our blog, How To Prepare For Pre-qualification, for help in getting ready for this step. (include hyperlink to Dec 11 blog article, http://www.melfosterco.com/blog-detail.html?id=8)
3. Make a want vs. need list.
Set realistic priorities and make clear distinction between what you really need versus what you want. Your need list includes things you cannot live without and will be different for each person. Commute time and number of bedrooms usually fall into the need category. Stainless appliances could be added in the future, so they fall into the want category.
4. Scope out the hood.
Gather information about taxes, schools and crime rates from the neighborhoods you are considering. Take a drive through the neighborhood at night and ask yourself, “Would I feel comfortable walking alone at night in this neighborhood?” If you see neighbors outside during one of your drive bys, stop and ask about the area. Find out if there is a dog that barks all day, a loud motorcycle that starts at 5 am or neighbors who like to have loud parties well into the night.
5. Find a trustworthy home inspector.
It’s wise to always have a home inspection before you buy. There could be dangers hidden behind walls, even in new construction. It’s always better to know about potentially costly repairs before you buy a property. You can also use that the home inspector finds as leverage when submitting an offer. Sellers are often willing to fix issues before you move in as part of the sales agreement.
Feel like everybody’s speaking a different language when it comes to real estate? Get into the conversation and get comfortable understanding what’s being said. This short glossary helps buyers and sellers navigate industry terms.
Appraisal – the determination of the worth of something by a professional, in this case the market value of a property. An appraiser uses an analysis of local market data along with the characteristics of the property. Your bank or other lender may refuse to loan you money if the appraisal price is lower than the loan request.
Closing costs – the entire package of miscellaneous expenses paid by the buyer and the seller when the real estate deal closes. These costs include the brokerage commission, mortgage-related fees, escrow or attorney’s settlement charges, transfer taxes, recording fees, title insurance and so on. Closing costs are generally paid through escrow. Jump ahead if you’re lost after “escrow.”
Contingency – conditions that have been built in to a real estate purchase or sale agreement must be met before the sale can be completed and legally binding. For example, a buyer’s contractual right to obtain a professional home inspection before purchasing the home.
Disclosures – The seller is required to provide the buyer with certain information (disclosures). The number and types of disclosures vary by region, but they may include information about conditions affecting the value or enjoyment of the property. The seller may know of an earth-shaking construction project that is about the start around the corner, which would impact the enjoyment of the property.
Escrow – Funds, securities or other assets held by a neutral third party (an escrow company or agent) on behalf of the other two parties (in this case the buyer and the seller). The buyer will deposit the payment in an escrow account, proving to the seller that he or she will be able to uphold the other end of the deal. The escrow service will pay the funds to the seller once certain conditions pertaining to the sale have been met.
MLS – Multiple Listing Service. An MLS is an organization that collects, compiles and distributes information about homes listed for sale by its members, who are real estate brokers. All properties for sale are assigned an MLS number.
Mortgage – A loan that helps you purchase your house. You sign a contract promising to pay back the loan with interest over a certain number of years. The components of your monthly mortgage payments may be referred to as PITI: principal (the money that goes into paying down the loan), interest (which is paid to the lender for letting you borrow the money), (property) taxes and (homeowner’s) insurance.
Mel Foster Insurance, a local, independent insurance agency announces that March 12 – 16 is National Flood Safety Awareness Week. This week is intended to highlight for individuals, families, businesses and communities the many ways floods can occur, the hazards associated with floods, and what you can do to save life and property.
Floods can happen at any time, and especially with the Mississippi River located right in our community. Floods can occur when too much rain falls or snow melts too quickly. There are simple steps individuals can take to reduce their risk of a flood.
Mel Foster Insurance offers these tips to prepare for a flood.
Develop an emergency kit that has insurance documents, medications and important items in case you need to evacuate your home.
Keep drains, gutters and downspouts clear of debris.
Inspect sump pumps and drains regularly to ensure proper operation.
To prevent sewage backup, have a licensed plumber install an interior or exterior backflow valve.
Make sure your yard’s grading (slope) directs water away from the home.
If your home is located in a flood area, elevate the furnace, water heater and electrical panel.
Standard home owners insurance does not cover floods, so contact a Mel Foster Insurance agent to learn about flood insurance options or to save money on your current flood insurance.
