Real Estate Exposed 7.23.2025_Alexia Martin

Episode Transcript

Speaker 1 (00:08):
Good Wednesday morning to you. It is eleven oh seven
here at NewsRadio WCCF and it's that time again, time
for real Estate Exposed right here on WCCF. It's a
fast paced show. I'll look into the local and area
real estate market. So whether you're buying or selling and
you have a question or maybe there's something that you

(00:30):
missed that you'd like to find out more about, just
go to Matthew Patterson dot com. Once again, the website,
Matthewpatterson dot com. We have got a great guest today,
so let's get to it. Ladies and gentlemen. Matthew Patterson, you.

Speaker 2 (00:44):
Know to say good mornings. And it's kind of o
because Alexi and I were talking. That's right. Alexia is
here with Wi Co Insurance. Thank you for being here, No,
thank you for having me. You have a good time
every time. So here's the thing. When you start as
early as we do, it doesn't feel like afternoon.

Speaker 3 (01:01):
Yeah it does.

Speaker 2 (01:04):
Well, Welcome everyone. I'm excited for this segment today as
always talk about insurance. Why because I get a lot
of questions on it. You know, I was talking to
election a minute ago about a conversation I had with
a with a client the other day about flood insurance,
and uh so we're gonna talk a bit about that
today as well. Just you know, depending where you're getting

(01:27):
your information, you can really get misleading information. So I
want to make sure you're in the know of how
that how they come about that, Uh, exactly how that
flood insurance works. Where do you want to start? I
see you have a lot of information.

Speaker 3 (01:42):
It's insurance. It's hurricane season. Nah, not here and already
pulling out the generators. Yeah, do you want to start
with flying? It sounds thank you? You want to talk about.

Speaker 2 (01:51):
Flood I want you know, here's the thing. You know,
so flood insurance, how's the rate determined? There's a lot
of yeah, misconceptions on this, and I'm like, well, wait,
let's let's talk about that.

Speaker 3 (02:03):
Ye. So, yeah, the rate is actually determined on the
base flood and it's determined on where your lowest equipment sits.
And then the reason why I bring up the lowest
equipment is because if you have equipment inside your garage
and it's not been lifted, they're going to take that
measurement off that equipment.

Speaker 2 (02:18):
To see this is the problem she's been doing it
so long she forgets that some of us don't up
someone we're talking equipment. We're talking really aces.

Speaker 3 (02:27):
And waters and water heaters.

Speaker 2 (02:29):
And that's why, you know, we'll be showing property and
someone say, well, wait, why is that up on concrete?
And the other houses we looked at didn't have it exactly,
So mainly okay, right, So.

Speaker 3 (02:40):
It's whatever equipment that services the home. Yep, that's what
they consider that measurement. So the bottom of the top floor,
if you ever look at an elevation certificate, it's so
lowis ad Jason Cray. The bottom of the top floor,
that's where they're looking at it. And it also has
on their equipment. So we've actually had a client in
Port Charlotte once that she said, but my house is elevated,

(03:02):
but your AC unit's not. So you need to get
out there, get some concrete poured, get it lifted, and
then they can redo the elevation certificate and you'll have
a little bit more affordable policy for you.

Speaker 2 (03:12):
So you mean to tell me that even though the
home's elevated, if that AC is not elevated, that could
be making your reas.

Speaker 3 (03:21):
That could be a potential problem.

Speaker 2 (03:23):
And as an insurance company. Are they going to call
you and tell you that, because I mean they've got
thousands millions of Yeah.

Speaker 3 (03:29):
No, I mean it depends on the elevation when you purchase,
when you're purchasing a new home, I mean existing, it's
not but exactly. And I have seen me and my
team have actually had some clients we've been able to
give money back to them because their elevation changed and
so they were paying for an a flood zone. They're
in the flood zone. They actually got mapped out of flood.

Speaker 2 (03:48):
Zones to give them money back.

Speaker 3 (03:51):
Absolutely.

Speaker 2 (03:53):
Okay, So you made another comment in that you said
elevator depends on the elevation or the elevation certificate if
you look at an elevation certificate. But many do not
know I came from Indiana. Keep this in mind. Oh yeah,
we didn't have to worry about that.

Speaker 3 (04:07):
Nope.

Speaker 2 (04:08):
What's an elevation certificate? How do we get them? Yeah?
He does them.

Speaker 3 (04:12):
Well, typically a surveyor, so right, the survey aor can
be hired out. They'll we know quite a few of
them we work with, and they can come out and
take care of it.

Speaker 4 (04:18):
You know.

Speaker 3 (04:19):
Invember, Black was it two years now, almost three years
coming up. In twenty twenty two December, when we had
the new Blood changes, people said, we don't need an
elevation certificate.

Speaker 2 (04:27):
Yeah, I was getting those calls.

Speaker 3 (04:29):
Yeah, and we still get those calls. Well, I don't
need one. I was told that there's that you guys
will just rate it. No, we still tell people you
might want to consider getting one because you might be
surprised where your home actually sits in the affordability for
the flood insurance.

Speaker 2 (04:41):
We're talking about. And I'm spoiled here. Cindy takes Carol
this for me. Nice and Shelley you know, or I mean,
I know we you know we back in the day
we paid one hundred and fifty. Now, let's say they're
three hundred now on average? Would that be about right?

Speaker 3 (04:55):
Yeah? About two fifty two seventy five?

Speaker 2 (04:57):
Yeah, okay, so let's say three hundred around That can
save you thousands, because in my experience, if you're just
calling around getting quotes and they you know, some companies,
I know your team goes deeper on this and explains why.
But if you're just calling around and you're getting getting
insurance quotes and and they said you have an elevation certificate.

(05:21):
You say no, Well, then they're they're gonna you're gonna
get the rate at the highest rate because they're not
going to know that elevation. So you gotta you've got
to understand that. Talk to us, or of course call
Alexia and say okay and she can explained more in
detail and we either one of us canna help get
you that elevation certificate. So then you were getting the

(05:42):
best rate possible.

Speaker 3 (05:43):
And I want to talk about just really quickly. Oh
that's for FEMA flood. Okay, so that's your right, you're
all your right flood, you're progressive. But you know, Jerry
Milton and Helene, there was a lot of residents that
were out of their homes because they were flooded for
weeks and weeks they had to stay at hotels, get
an apartment, find another place at the location. Months and
months still and some people are still out. So yeah, serious, yes,

(06:07):
I know. But the biggest thing to remember is on
FEMA policies, on the National Insurance Flood Program, there's policies
called private flood, and private flood has been shut down
since we had Hurricane Milton and Helene with all the flooding.
But now they're coming back and they're opening back up.
And the one big thing that a private flood policy
pays for with that FEMA won't is a loss of use.

(06:30):
So if you can't stay in your home and you've
got to relocate, then that is going to be something
they're going to pay out for you to still pay
stay in another place until you can get back into
your home. Whereas FEMA they don't have that coverage, they're
not going to pay. So if you're renting a place too,
or renting a property and you're a landlord and now

(06:50):
you have loss of rents loss of use, that's the
same situation. There at least you can get recover those rents.

Speaker 2 (06:56):
Well, you know. And the other bad thing there is
want a disaster like those happen, you've got everyone race
at the same time to get you know, to get
a home you know, there's less of them, or maybe
you have to travel further.

Speaker 3 (07:11):
It gets quite close, exactly exactly, So that.

Speaker 2 (07:15):
Coverage is definitely very important. I'll tell you what. Of course,
we're going to talk about the market. I'm really excited
to talk about the market today and excited to go
deeper into this. Plus, I've got some great properties to
talk to you about some open houses. Right now, we're
up against the first break, so stick around and we
will see you on the other side.

Speaker 5 (07:33):
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to our trusted partner, five Star Painting of Punta Gorda.
They're professional, reliable, and consistently deliver top notch work. They
show up on time, stay on budget, and leave every
job site spotless. Whether it's preparing a home to list
or refreshing a space for new owners, we know five
Star will get it done, clean, efficiently, and with care.

(07:56):
Visit five Star Painting dot com to schedule your free estimate.
Five Star Painting and the Patterson Group your go to
for getting things done right.

Speaker 6 (08:05):
If there is not much that you like about your
home anymore other than the interest rate, remember Matthew Patterson
and the Patterson Group can help you with unique buyers options,
even the first time buyers and when it comes to selling.
Julie recently worked with Mike in the Patterson Group to
find out if now would be a good time for
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Mike was very knowledgeable and even went to her mom's

(08:26):
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informed decision. Julie and her mom decided did not sell
right now, but in her five star review, she said
she'll use Mike and the Patterson Group when they're ready.
There's a quick and easy way to find out what
your home is worth in today's market. Just go to
Matthew Patterson dot com, listen Chuck Britten, and when it
comes to selling or buying a home at Southwest Florida,

(08:47):
work with the best, and the best is my friend
Matthew Patterson of the Patterson Group at Keller Williams Peace
River Partners. Then start packing because you will be moving
your home.

Speaker 4 (08:57):
Sales done when you call Matthew pat go to math
you Patterson dot.

Speaker 5 (09:05):
We at the Patterson Group are proud to introduce our
newest partner, Elevated Title Services, LLC, Florida's fresh, reliable choice
for all your closing needs. Woman Owned and operated by
a veteran Diane, Elevated Title brings strong values, clear communication,
and solutions driven approach to every transaction. They serve the
entire state of Florida and even offer special discounts for

(09:27):
fellow veterans. Don't miss a moment in a sunshine. We'll
bring the closing to you. Visit Elevated Titleservices dot com
to learn more and start your closing today. Elevated Title
Services Closing with Confidence.

Speaker 1 (09:40):
The local organization CARE, the Center for Abuse and Rape Emergencies,
needs your help. CARE provides twenty four hour hotline services,
twenty four hour rape crisis, hospital response, and victim advocacy.
This organization has helped thousands of people, providing shelter support
and counseling. Donate or following here today called nine four

(10:02):
one six five four nine nine, or donate items at
their reuse store Kenilworth Boulevard, Port Charlotte.

Speaker 4 (10:10):
Your home sale is done when you call Matthew Patterson.

Speaker 3 (10:15):
Go to Matthew.

Speaker 2 (10:16):
Patterson dot all right, welcome back to Real Estate Exposed.
I'm Matthew Patterson with the Patterson Group. I'm here today
with Alexia from Wi Co Insurance. Alexia, We've already given
some good info. We're gonna get into a lot more here.
But let's say you're driving. You're running right now, there's
something you have more questions. How do we get a

(10:36):
hold of.

Speaker 3 (10:37):
You, Yeah, and just give us a call. Our office
phone number is nine four one two five seven zero
six nine two and we're offices in Puntagorny and Nicomas,
but we serve all of the state of Florida, so.

Speaker 2 (10:48):
You're always close by. Yes, I love it. Okay, what
give me one of yours now?

Speaker 3 (10:53):
Yeah, So let's talk about home insurance. Home insurance, you know,
because that's that's where we hit it, and we're we're
only just a couple of weeks away from the prime
hurricane season, which is typically August and September. In mid
October too, so because we can't forget Hurricane Milton was
the middle of October. So I think the biggest thing
right now is, you know, everybody says, what do I

(11:13):
need to do to prepare now for the hurricane? Obviously
it supplies right, Yeah, of course, get your policy out
and make sure you know who the insurance company is,
and make sure that you also know your coverages and
your deductibles. But the biggest thing that I got to
tell you during hurricane and people didn't do They never
documented what they had, They didn't do an inventory list,

(11:37):
they didn't go around with video and take pictures and
make sure keep receipts for everything that's expensive that you had.

Speaker 2 (11:45):
Well, okay, and I have one. I was talking with
one of our clients the other day and he had
had not he had wished he did. Yeah, his insurance
company had asked, hey, do you have a pictures when
they were you know, they were devastating, You're tired, it's hot,
and you know, powers out as they were taking everything out,

(12:09):
and you had it laid you know, laid out at
the curb, basically that i'd gotten trash. He didn't take
any pictures of it. Oh, that would have helped too. Oh, yes, absolutely,
it's not only documenting what you have.

Speaker 3 (12:17):
It's after the fact. Yes, it's after it's it's every
there's all the damage that you had, and it's important
and only because you're a hurricane ian. We actually had
a client that took pictures after the fact that they
adjuster said, those look like old stuff. That doesn't look
like that's brand new that you bought. Well, obviously it
went through a Cat five hurricane. It's gonna be banged

(12:37):
up and it's gonna be discolored, you know. So we
were all banged up right mentally, too, But it's just
one of those things that I think is important. And
I will tell you one of the big things out there.
If you recently put an a fence after Hurricane Ian
or just recently in the last year, you got to
make sure to tell the insurance company, tell your agent

(12:58):
right away, because a lot lot of times insurance agents
will run in, they'll put their replacement cost on the home,
and then they'll put five thousand or eight thousand dollars
on other structures. Well. I don't know about you, Matt,
but do you think that you can replace some of
these fences around here at five and eight thousand dollars
ninety more? After Hurricane it was like thirty to forty
thousand dollars for just an average fence.

Speaker 2 (13:19):
That's right. Yeah, Okay, I have a question for you.
So you're buying a home, you start shopping, you start
looking at how since should you start talking insurance if.

Speaker 3 (13:32):
You have to ask about the price of your insurance costs?
And you needed to start it right away?

Speaker 2 (13:37):
Agreed?

Speaker 3 (13:38):
And I only say that's because so many times people
will start out running around with an agent a relator,
and they're running around and they're saying, well, I can't
afford this, and I need this house, and I need
to know what the cost of this is going to be.
And they don't think about the insurance. And if you
buy an older home, sometimes you need to be concerned,
especially in the flood zone, because they're going to cost
a little bit more than your newer homes.

Speaker 2 (13:58):
Which is what is effected. Are exactly of other things
the last the last couple of years, exactly so you
know when the insurance, you know, had went up and
a lot of companies had left, and and uh, you
know those premiums you know you'd have, you'd have that approval,
you'd have, you know, But they they threw a number
in there for insurance, the best they could, by the

(14:20):
by what you talked about and depending on the lenders,
which we can help you there as well. They picked
a number. Let's say it was eight hundred or it
was four thousand, just depending on what you were looking at.
If you happen to choose a home that now, baby,
you were looking at homes that were not in flood
and now all of a sudden you picked one that's

(14:41):
our house and it happened to be in a flood zone.
Now that insurance was out pricing it. So now that approval,
you know it didn't fit. So you know, I'm all
about the earlier the better.

Speaker 3 (14:52):
Yeah, earlier the better. And I will tell you the
best thing is that the rates are starting to come down.
And the reason being is because we have a soft market.
So we and we had a tight mar after Hurricane
inn we had a lot of companies file for bankruptcy.
They went out, so we didn't have We had ten
companies file for bankruptcy between twenty twenty two and twenty
twenty three. So now we've got a lot of an
influx of new companies coming in, which helps the market

(15:12):
because we lower pricing at a home so now we're
seeing companies coming in, they're writing it. So it's starting
to soften up. So the rates on home insurance policies
are coming down. And because there's more companies out there
willing to write in the state of Florida, and it's
not just citizens anymore.

Speaker 2 (15:28):
So how often do you look at that?

Speaker 3 (15:30):
I would say every year. I mean honestly, if I
was a consumer and it was my home, I would
take a look at the replacement calls, which leads to inflation.
So inflation. Everybody says, well, this insurance is so expensive
and I don't need this much coverage for my actual building. Well,
believe it or not, I just bought paint for a
small office and I was surprised at how much paint cost.

(15:52):
I was like wow, and just a little bit of
wood to do a little slap wall and I was like, wow,
that's super expensive. So that's why because those rates have
not come down, I mean, that's the cost of goods.
Has it come down, But that's why we're factoring it
into a replacement costs calculator. And those replacement cost calculations
are still kind of high. They're not they're not really
coming down as much.

Speaker 2 (16:12):
So will you foresee it's still coming down more.

Speaker 3 (16:14):
Yeah, the rates that we have noticed on our renewals
and new business being written, it's definitely significantly less. I
say to everybody, shop shop it. It's not going to
hurt you. If anything, that's only going to prove to
you that you've got a good policy and your premium
is good. If not shop it.

Speaker 2 (16:31):
You got to make sure you're shopping Apple staffles.

Speaker 3 (16:33):
Oh oh, oh my gosh. Absolutely, because I can tell
you wind driven rain and we can talk about that
if we're up against the thing. But wind driven rain,
you know, after Hurricane n a lot of companies didn't
they don't cover wind driven rain. So what wind driven
rain was is when it comes in, it seeks through
the windows, if the doors up nderneath the doors, and
it causes a lot of damage. And if that damage

(16:55):
was all over the windows, as far as the dry wall,
the tiles, they're not going to cover for any of
that damage because it's when driven rain. Even though you
have a hurricane coverage on your home insurance policy, it's
still elect and cover. The good thing is is there
some companies out there that is now coming back and
saying we're going to cover all wind driven rain. So
you've got to be careful at shops. So it's not

(17:15):
even just based off a price. But one thing you're
going to want to make sure that you asked your
agent is is when driven rain covered or is there
a sublimit to when driven rain?

Speaker 2 (17:25):
Yeah? Rain is supposed to go vertical.

Speaker 3 (17:27):
Yeah, not horizontal, right.

Speaker 2 (17:31):
You know, I had even seen some new homes that
actually had a little bit had some water come in
the flashing around like your vent pipes on the stuff.
Like that, were they flashing correctly? No, no, no, they
but that water's not made to be.

Speaker 3 (17:47):
Like a power water going exactly exactly.

Speaker 2 (17:49):
Okay, So wind driven rain, that's a big one. What's
other areas that you find discrepancy and other insurance companies
or policies leaving out or or you know, lessing the
amount of coverage. That's key to look.

Speaker 3 (18:06):
For, so typically not company, but it's also agency wide.
Is the rains a law coverage building back to current
code or city oranges. So we see a lot of
that either ten percents or not even on there, or
twenty five percent or fifty percent. Just depends on the
age of your home. If the newer and then you
know twenty five percent ten percent, but if your home
is older, you might want to go fifty percent. It

(18:27):
just depends on what it is. But that's a very
important coverage. And so another one besides that is replacement
costs on your contents. So a lot of them will
sell actual cash value on your contents. And one of
the biggest things after Hurricane Ian is you know, we
had actual cash value on the roofs. So if you
took an actual cash value on the roof people were like,

(18:49):
wait a minute, I can't replace my roof. It's going
to cost me sixty five thousand dollars. But now they're
only going to give me ten thousand dollars for my roof. Yeah,
because you took an actual cash value. The thing is
now is that we have a lot of the companies
have gone to a different roof deductible. So it's no
longer just your two percent hurricane deductible and you're one
percent one thousand dollars for your all other apparel deductible.

(19:11):
They now have a separate roof deductible. So you need
to understand the roof deductible too. It's supposed to just
help out is be in the roof set, Yeah, because
they don't want to go and replace your whole roof
on wear and tear right, and you only lost a
couple of shingles, And unfortunately this happens.

Speaker 2 (19:29):
Yeah, which also drove premiums up.

Speaker 3 (19:30):
It drove premiums up absolutely.

Speaker 2 (19:32):
Yeah.

Speaker 3 (19:32):
We sold prior to Hurricane Ian.

Speaker 2 (19:34):
Late ierma Yeah. Yeah, when they were locked on doors
saying I get you a whole new route. Well, let's
face it, somebody's gonna pay.

Speaker 3 (19:40):
For that premium Oh, absolutely, we all doubled it.

Speaker 2 (19:43):
So I'll tell you what we are getting closer to
break before we go to it. Though, I want to
talk about I'm gonna spread these out today because I
know we're going to get We're going to we could
talk insurance for weeks in here. I've got two open
houses going this weekend. Come i and see Mike ten
one two to two, Inning River Road. This is in Pontagorda, UH, Saturday,

(20:04):
eleven to one and help if I put my glasses
on one. It still getting used to them, guys. This
house is a four bedroom, three baths, two and seventy
eight square feet, so very large home on the market
at three hundred and sixty five thousand, open floor plan,
great family home or if you know, if you're if

(20:24):
it's a vacation home for multiple families that this is
a great spot. Also, we're doing an open house at
E zero four one South Wood Circle, Unit fourteen. This
is south of US and Fort Myers. UH. Come out
and see Nick Sartel Saturday as well, eleven to one.
This is a really nice community right across the street

(20:48):
from the from the Lakes Park. Vaulted ceilings, main in
the main living room space just beautifully updated again. Both
those are eleven to one. This Saturday, Okay, we're gonna
get back to insurance and we are going to talk
about the market stats and what's going on and what
I'm feeling, and I'm super excited to talk about that.
Yet today stick around. We will see you on those

(21:08):
side of the break.

Speaker 5 (21:09):
We at the Patterson Group are proud to introduce our
newest partner, Elevated Title Services LLC, Florida's fresh, reliable choice
for all your closing needs. Woman Owned and operated by
a veteran Diane, Elevated Title brings strong values, clear communication,
and solutions driven approach to every transaction. They serve the
entire state of Florida and even offer special discounts for

(21:31):
fellow veterans.

Speaker 3 (21:32):
Don't miss a moment in a sunshine, We'll bring the
closing to you.

Speaker 5 (21:35):
Visit Elevated Titleservices dot com to learn more and starts
your closing today. Elevated Title Services closing with confidence.

Speaker 7 (21:43):
If you don't love where you live, then do something
about it. Whether it's your first or seventh home. The
Patterson Group has several options to help buyers find their
dream home. And love where they live. HERBN Sidney recently
worked with Rob for the Patterson Group to buy a
Deep Creek home and said it was the nicest, most
knowledgeable real estate aim they've ever worked with. In their
five star review, they also said Rob went above and

(22:04):
beyond their wireless dreams and they highly recommend them to friends.
When you work with the Patterson Group, you'll be working
with a team of experts with decades of experience to
help you find a great home. And you can find
out what your home is worth in the current market
in a matter of seconds by a true market expert.
Just go online to Matthew Patterson dot com. I'm Todd Matthews.
And when it comes to selling or buying a home

(22:24):
in Southwest Florida, you'll want to work with the best,
and that's my friend, Matthew Patterson, the Patterson Group of
Keller Williams Peas River Partners.

Speaker 8 (22:32):
Then start packing. You will be moving.

Speaker 4 (22:35):
Your home sales down when you call Matthew Patterson. Go
to Matthew Patterson.

Speaker 5 (22:41):
Dot When the Patterson Group needs painting done right, return
to our trusted partner. Five star painting of Punta Gorda.
They're professional reliable and consistently deliver top notch work. They
show up on time, stay on budget, and leave every
job site spotless. Whether it's or pairing a home to
list or refreshing the space for new owners, we know

(23:03):
five Star will get it done, clean, efficiently, and with care.
Visit five Star Painting dot com to schedule your free estimate.
Five Star Painting and the Patterson Group your go to
for getting things done right.

Speaker 1 (23:16):
The local organization CARE, the Center for Abuse and Rape Emergencies,
needs your help. CARE provides twenty four hour hotline services,
twenty four hour rape crisis, hospital response, and victim advocacy.
This organization has helped thousands of people providing shelter support
and counseling. Donate or volunteer today call nine four one

(23:38):
six nine five four nine nine or donate items at
their reuse store, Kenilworth Boulevard, Port Charlotte.

Speaker 5 (23:46):
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Speaker 8 (24:52):
You combuy me vote.

Speaker 2 (24:55):
You can buy me. A truck, to go that's right.
It is, voting. Season, all right guys Uh we're back
With Alexia. With wic co alexia let's get. Back into
insurance here so. Here's, one for you well. Actually it's
your turn oh. Let's pick, your.

Speaker 3 (25:13):
Topic, my topic, My topic my topic. Oh tell them
out you know how? Much does it, cost so you
know we're going back to. The flood really fast we
got a client in our office the other, day and,
They're like you know i'm going to self. Insure ON the,
flood and i said you can self. INSURE on, the
flood i mean if you own. THE house self insured
i Mean there's been times i've told people not To

(25:33):
go with HER gane coverage because i. Got by new roofs.
You're taking, it gamble oh yeah, you're taking a rusk.
You're taking a risk but just, SIX inches, of water
i said inside. Of a heavy rainstorm and obviously Look
what Happened In. Texas and north carolina these are an
areas that. Weren't even, flood zones you know it's. Six
inches of water how much do you Think IT'S going,
to and i? Said actually. SIX inches, she, said i

(25:54):
said well just one or two inches is going to cost,
almost twenty thousand dollars twenty to twenty five thousand dollars
just to do the. Renovations with today's inflation.

Speaker 4 (26:05):
And.

Speaker 3 (26:05):
That's an easy amount and so if you're if, you're
GOOD with that then i say go ahead and self.
Insure against that flood but just know it's the same.
Thing with, the home you know there's there's a lot
of the clients that we dealt with that's been paying
off their mortgages so they can just self insure and,
not have any insurance and so we'll make. Sure you
have liability but there is an affordable way to just

(26:26):
GO and do x wind like exclude the wind and
it drops thousands and thousands of dollars and just GO with.
An x win policy it covers for the pipes that,
burst behind the walls so you're still. Getting some coverage
fire so if you have a, fire that breaks out
it's still. Going to cover it it's just not going
to cover anything that has to, come from. A, namestorm

(26:47):
a hurricane.

Speaker 2 (26:48):
Okay so now if, you have a mortgage?

Speaker 3 (26:50):
Can, you do that no you can't do. That on
a mortgage you have to have, the house paid for decided.
To pay it off but you can pay it off and. Just,
Go no flood mean.

Speaker 2 (27:00):
So what you're telling me is. Not, All, or nothing.

Speaker 3 (27:02):
No NO absolutely not and I say that because i'm
hearing it and more and more people are intentionally taking
out money against THEIR for a one k because their
home insurances and their floods are so expensive and their
mortgage and their mortgages are like seventy nine thousand or one,
hundred and fifty thousand so they're BARRING against their four
o one k is to, try to get it get it.

Speaker 2 (27:19):
Down with inflation and everything that. Everyone has, been through
you know that is. What you start doing you start, look,
at and, going hey you Know look, at what i'm
paying look, at what. It is Perfectly understandable but, what
i'm here is don't, leave yourself completely exposed exposed when
you have when you can't have. A, more, affordable, option.

Speaker 3 (27:39):
Yes yeah.

Speaker 2 (27:40):
EXACTLY exactly all right i want to talk a, bit
about you know what are the particular things that buyers
should look look at. During purchasing a home we do
the home inspection that that will. Affect, the insurance.

Speaker 3 (27:55):
Rates, yeah so, obviously storms. You know storm shutters. You're
talking about shutters. THAT'S a, big thing i mean, if
they have shutters if, they don't have. Shutters, go get shutters.
No it does not It Has, to, Be Miami.

Speaker 2 (28:08):
Dade yes.

Speaker 3 (28:11):
Miami days and it has to. Have it all protection
it's an. ALL or none credit a lot of people
don't realize that because if.

Speaker 2 (28:17):
You don't the bar if you got, windows in the
door everything.

Speaker 3 (28:21):
Has any decorative windows. Skylight's, a big, one uh garage
doors you need to have the bar down. So it's,
extra protection but yeah that's that would be. Definitely one of,
them and then pipes so you're talking about we're not getting.
Out of hurricane season we're talking about, just ensuring so
pipes what type of pipe is? It cleaned, up underneath
you know when you're, opening up the cabinets making sure

(28:42):
that those pipes are clean and looks good and there's
no exactly, no erosion on it because that once we
have to take pictures on, a four point inspection we're looking.
For the eroded pipes we're looking for how old is
the hot water heater because after fifteen years the, companies
don't want it you'd have to do a hot, water
heater change.

Speaker 2 (29:01):
Well which you KNOW and and again i always advise
a home inspection it is it? Is worth, its, weight
oh yeah okay. A, few hundred dollars again one, thing,
that you find uh it will pay for itself and
then some. AND that's one thing a lot, of times,
we'll find you, know and you, know the piping's fine

(29:22):
the fittings have, some crosion on them and they won't ensure.
It until until, CHANGE.

Speaker 3 (29:27):
That always happens. I can't tell you and even newer
homes but, that's ten years old has some little bit.

Speaker 2 (29:31):
Of, crosion ON her yeah and i can't imagine why
you wouldn't. Want to change, Them, no, Changing out yeah
exactly and that's something we can negotiate and we can. Handle,
prior to closing. Okay, what about nails yeah.

Speaker 3 (29:41):
So, the nail patterns yeah and that's typically on a
wind mitigation when you're talking about the six inches, or
the eight. Inches, the double rattigation yeah, SO the, wind
mitigation i mean that's a that's a big one BECAUSE
You know some i we've actually just saw recently two
clients that came and shot their insurance with us with
another agency and they got a new roof after hurricane, And,

(30:03):
WE'LL guess what matt.

Speaker 2 (30:04):
I Didn't, get a new.

Speaker 3 (30:07):
Nope and the and the they. Didn't know any better
they've had their new, roof now two years and they
could have had two years a little over seven hundred dollars, Per,
year per year yeah and they could have been they
could have done that for two years, now almost three
years but, it's been two years so fourteen hundred dollars
in savings they could have done. In their home insurance
so if you, have a new roof make sure that

(30:27):
you've gotten a new winter of mitigation.

Speaker 2 (30:29):
If you have it if, you've switched to impact, When,
does a hurricane yeah. We've added. Hurricane protection you know.
Again another savings. There, but the nails, yeah the nail, patterns, whether,
It's one two three i'm not, an EXPERT on it
but i know enough tell you it. Makes a. Big difference.

Speaker 3 (30:46):
It does it does and anotherhing makes a huge difference
is if you've got an, older hole nineteen seventies put a.
New roof on it now you know you've getting, the
the toenail credit which you really should be. Getting a
clip credit you just need The extra in l you
can get somebody up there to go put. That extra
noll in there's companies that exactly, that's all they do
and that will save you one thousand to fifteen, hundred

(31:07):
dollars a year. Depending on your insurance we're talking, now
those are estimations but now, we're thousands of dollars so
definitely worth. Taking, A look out.

Speaker 2 (31:16):
Okay i know you're you're gonna give me because. Every,
home is different yeah, an exact amount here but it
is a hip. Style rough versus gable Still, your, biggest hea.

Speaker 3 (31:28):
Yes yeah so you get the hip credit on that.
Wind mitigations the largest are you? Looking at, my Sheets.

Speaker 2 (31:34):
I'm not but i've been talking.

Speaker 3 (31:37):
About, that for you no, the, hip is definitely yes
Even if, it's a dutch hip but as long, as
it's a hip the. Hip credit is big and it
is still. Compared, to, a gable. Yeah no not ninety
typically it depends because it could be about a, seventy
five eighty percent but. It's not always ninety now some of,
the companies Is ninety but there i've seen one or

(31:57):
two that's on the surplus lines that's can. Be at
least eighty.

Speaker 2 (32:00):
Now does that mean that you never buy a? House, It's,
a gable. No no absolutely not you just need to
know and and and again you know you need to
consider all this.

Speaker 3 (32:10):
In the purchase exactly.

Speaker 2 (32:12):
And and that's, where we come in and that's where
we help look at these things because it is going to,
affect you on, insurance yes it does but you. Also
and that's why, also, many are like well? Why is
this house it's, very, similar in, size age so on,
and so you know why is it this price versus
this it's some of those finishes and some of those
design features that. That Affect the price but i'm.

Speaker 3 (32:35):
Going to tell you the biggest thing that does affect
the price that has nothing to do with some of
the insurance pieces that we're. Talking about here, today how?
Much now how much it's all about credit driven so
and that's one thing that people don't. Like to talk
about and that's something to understand that you can fluctuate
five hundred dollars or six hundred dollars and more in price.
Or less in price if we get, they do a

(32:57):
credit they'll do a. Credit check for you so if
you pay. Your, bills on time.

Speaker 2 (33:00):
Oh you're talking about your actually.

Speaker 3 (33:02):
Your, actual credit scoring yes they do that, for auto
insurance too but home insurance is big because we've seen
it where we have everything the problem like we've had.
A realature give us so this is why we try,
to tell the relators please make sure that you we
can get something so we. Can run a credit because
if we're able to give them the actual price because.
This is what happens we, give them a quote they

(33:23):
want to, go with that company. We run the credit
the first named insured is where we. Pull the credit
from so, the first named insured if it's the wife's got,
better credit or husband we need to put them. As
first named insured so, the first named insured we've seen it,
go up four five six. Hundred. Dollars a, year wow
so please when, you're thinking about that you're going to

(33:43):
have to have. That conversation about credit unfortunately on home
because they all all the companies run it.

Speaker 2 (33:49):
Is, a GREAT point yeah, and i need that but
but we don't. Talk, About, it enough no yeah. That's a,
Big one what okay so, we, talked, about pipes style
nails fits anything else that glar's out Of, YOU immediately.

Speaker 3 (34:04):
On no i mean it's, you know the Pipes you
know poly, THEY don't like that. I know you don't
it was like the nineties or the early nineties, had
still had some but they've been replaced it or they're
trying to go you, know alumom branch wiring ANY type.
Of the illumo wiring another thing is. Your your your

(34:25):
boxes so A Lot of the federal pacific. Boxes have
been replaced we've replaced. A lot of it but now
you've got a couple of challengers still out there in
sylvaniasas there.

Speaker 2 (34:34):
For certain years that minor were made in the same
factors Exactly stuff as, the federal pacifics.

Speaker 3 (34:40):
Uh same company made they just changed out their names. As, they,
were manufacturing okay yeah.

Speaker 2 (34:46):
So that's That's Definitely.

Speaker 3 (34:47):
And some square d's So A couple of square d's.
Did get a recall there was a, batch that was
recalled and so some companies Are Asking on the square
d's to see if they were the recall part of
the recall On Some, not old square d's but. Some
OF the, recalled once, i know on commercial you'll.

Speaker 2 (35:01):
Look on my face you. JUST shattered, MY world, i, know.

Speaker 3 (35:03):
I, know sorry but yeah. Some of them uncommercial we get.
This all the time is it a part can check
with the electrician if it's A part Of the square
d and there's a number. That you can tell if
you Look, at up on. Google you can check you
Can CHECK and see, square d you know recall and
it actually gives you a number and you can look
at your panel box to see if it's a. Part,
of that number. Okay so much information we, wear so many,

(35:28):
hats but, it's good it's important and this is this is.

Speaker 2 (35:32):
What we talked about this. Is what's, so important you
know we want to be a good valuable resource for
our clients and that comes with the experience and having
these conversations. And, Having the knowledge okay i'm, getting closer
to break but we're gonna keep rolling her. FOR a
little bit i have. To touch on this how do
you and, she's holding her breath how does it talk

(35:55):
to me a bit on insurance differ between condos. Versus,
single fame home oh.

Speaker 3 (35:59):
Yeahs, a, Big, difference. Yeah, condos yeah condos so condo
policies are typically on WHAT'S called an h o six
form a, condo unicondo owner's policy and they cover. Just
the inside structures so because we're not covering the master
obviously that's covered. With a different policy so, we're covering the,
inside so the floorings the, cabinets and so forth that's all.

(36:22):
Going to, be covered the walls the four main, walls
is the association and then you're. Covering the interior walls
and that's, on a. Hazard side all right when you go,
to the flood side it reverts and changes so on.
The flood insurance side on a, traditional condo associations policy
now the condo association's covering for everything. Except for your

(36:43):
contents they're now covering, everything the, inside walls the, cabinets
and the floors not your appliances because. You can, still
content but yeah so it changes a little bit. Depending on,
the condo but yeah. It's a different policy, and THERE'S
one thing and i know we're probably up. Very much
against time be careful when you are contacting your insurance

(37:03):
agent and you're saying that you, live in a condo
because some of. Them are not condos they, might be
joined together but there should be written on, a villas
or townhouses written on. A traditional homeowner's policy we get.
THIS all the time i need a condo because. We're, in, a,
condo no no no you actually. Need a homeowner's policy
so there was a couple of people that were burned
after hurking in because they thought that they were in

(37:25):
a traditional. Condo and they weren't and then we've seen
people come to our office that was written on a
home policy that should have been written, on a condo
policy and then they end up saving, a ton of money.
So be very careful, you brought up excellent. Excellent, points,
on that.

Speaker 2 (37:39):
Well again these are, conversations that we're, having and you know,
as the market changes all of. This changes as well
speaking in which we are going to, go into the
break but, when we come back we are going to.
Talk about the market you had mentioned the insurance prices
and that. Market's, Improving and changing well i'm feeling an
improvement on. Our, side As well yeah and i'm excited.
To talk about. That so stick around we've got one

(38:01):
more segment left.

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Speaker 2 (41:54):
Eighty All right Welcome back to real Sake expos i'm here.
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(42:35):
so let's. Talk a bit about the market so you
said that, things are doing better on insurance and we
talked about. This a couple of years ago we said
we had Seen A, lot of this after hurricane charlie
where a lot of companies sadly went under some, or
a lot of them left, and so naturally premiums went

(42:57):
up and that that wouldn't change for a couple of
years until we saw. Others coming back into the market
and here we are so fantastic there as, we know
we see you know. Similar things, happen in real estate
you know we, do not have a, crystal ball as
we always say but what, we do has we have numbers.
And the NUMBERS do not lie and what i am,

(43:18):
experiencing and what we've been seeing we've we've been talking
about here, for weeks and and even months and it's.
Been it's been a roller coaster we We've been seeing
some consistent and i've not been able, to say that
for a while great activity on our listings, as well
as conversations with, buyers great conversations asking right questions getting closer,

(43:43):
uh to, purchasing, that next home second home uh. You
know whatever that may be so really. EXCITED to report
that to you i can, tell you here in our
market we last week this is, one week seventy eight
new listings one hundred and. Thirty thirty nine one under

(44:03):
contract obviously you're seeing. More listening this time of, year a,
lot of people are you know have. Other, THINGS going
during the summer personally i would get them on because
they they will. Move if if they're priced Appropriately Now
Let's Go, down to cape coral fort myers three, hundred
and twenty nine new listing and we were seeing, five
hundred plus a week there two. HUNDRED and fifty five

(44:26):
under contract i know the national news and so, many
articles out there Are Saying you, know how, bad cape
coral is and yes you know they have. Taken A
hard hit in values what i would follow that with
is it's a great time to purchase, if you're looking

(44:47):
at you know to. Buy right and buy, real estate
that we, that obviously as we, always know if you have,
time you are going you know you're never. Going, to
lose in, Real estate wow what an opportunity what an
opportunity to get into that home that you've wanted but you,
know you was priced you know beyond what you felt

(45:09):
like it should be priced at. Or wanted to. Be
priced at now it's available so you. Couple that with
some cheaper insurance now. Let's talk, about some cheaper interest
you know. We've seen, some small movement there you know.
Of course you can still negotiate you have that power
to ask for that. Seller to buy down the credit

(45:32):
you can, buy down the rate as well so. YOU still,
have that negotiation power. I mean everything's aligning for you
the question is how long is? It going, To, be
like that you know now if, you're one. That's comfortable
with regret, that's okay you can you know you can
set and we can watch this market go up and
then enter around. And wait for the next cycle but do?

(45:52):
You have that kind of time do you? Want to
be enjoying it now, it's NOT going to happen overnight
but i can tell, you it is going to happen and.
We're SEEING all the end caters so i would strongly
advise starting to to to move towards that and get
that get that dream. Home that you want under contract, what? Do,
YOU think. ABOUT that alection noh i.

Speaker 3 (46:12):
AGREE i. THINK that you're no i do I definitely
agree from everything. That i've been hearing, out.

Speaker 2 (46:20):
There it's what, WE'RE seeing it's and you know i think,
we're going to see a different different market here coming.
At the end of the year.

Speaker 3 (46:30):
It's like a lot of scare tactics and. It's really.
Not all completely true.

Speaker 2 (46:38):
It's not and we're, putting consistently under contract. Every, day
we're negotiating every day, uh let's talk about you know
uh price adjustments we were seeing for weeks and weeks
and weeks now uh six hundred, and some five hundred
you know six five to six. Fifty, A week in
price adjustments now i will Say a lot of those

(46:59):
and we talk talked a. Lot about this on this
show is making, sure that you're, on the market not
you know in your priced appropriately and so many of
them were were overpriced and. You're and you've seen those
adjustments others is it's on the market that the, market is,
going to show us you know we're exactly where that.

(47:21):
That that home needs, to be sometimes we're spot on we.
Have it under contract very quickly other times it takes a,
little of adjusting and we're there and of course we
go through that in depth whenever we. Sit down and,
Talk with you, BUT you know i'm seeing now i
mean a fraction of that and price. Adjustments so still

(47:42):
IN the hundreds but but that's. I, think that comes both,
ways one they're going. Under contract they're getting the, action
also they're being priced appropriately which tells me, as far everybody?
Says where's bottom wre's the bottom these are. The indicators,
THAT show us that, so anyways. I am very optimist
very excited. I know my team is excited they are

(48:03):
buzzing around there and and everybody's on, the phone and things.
Are happening and we. Love that we, love being busy
so all right let me talk to YOU about a
couple listings that i think you need. To know before
they are gone i've, got a home in Section fifteen,
one fifty five Or I'm, sorry one fifty one norman
street and we just introduced it to the market. At

(48:28):
four hundred and fifty thousand. We ARE getting showings on
it and i, got to tell you this home. This
is a custom built home and uh so when. You
walk you feel that quality you feel you, see it
in the trim work, you see. It in the layout
the design it is a pool home two thousand and
three built, twenty TWO sixty four under air which i
think is, a is, a fantastic, Square footage three bedroom two,

(48:51):
baths you've, got a, bonus room open concept large kitchen
and again the quality is definitely you just feel. Actually
since you're pulling the driveway so, for four hundred and
fifty thousand you can. Be, in this this beautiful, home
also we've got eight units eight town homes, that are

(49:11):
going on the market or we've got, two of them
on the market but eight of Them That are Being.
Completed on ball harbor in pontagorda when we talk, about
the cost of carrying something these are gonna have a
homeowers association fee around three hundred. And seventy five dollars
a month so three hundred. And seventy five dollars, a
month you're on you know you're sitting on the. Golf
course with golf course views, one car garage is two

(49:34):
stories so YOU don't have. The three, story i know that.
YOU know everybody's different on that a lot of them. Like,
the two story great views uh sidewalk out. Front so,
you can be walked you. Know everybody's, Walking in the
evenings and uh i've got one the inn, unit on
the market right, NOW. Five hundred and fifty thousand uh

(49:55):
one of the interior units, at five twenty five and
uh these are going to be complete here. In probably
the next two months but they are looking fantastic and
we've already got quite, a BIT of interest from them
so i know. They're going To go fairly quick and
now i'm down to two minutes things telling me anything

(50:15):
you Want To. CLOSE out, out with alexia.

Speaker 3 (50:17):
No i, know sound really nice those properties especially only Three,
hundred thousand for three for hoafi and that.

Speaker 2 (50:26):
Is really they did that specific they want to be
really intentional about that. Because that is a big thing?
Is what's, the cost, Of carrot all right last time
i'm going to Leave you with the. House that i'm
in Love With, this home is On Gray street Three H.
Three gray street in ponta Gorda You. Can walk to
the farmer's market you're right there at the, historic district

(50:47):
and wait for it. Seven hundred and seventy Five thousand
this is twenty sixteen thornberry built Custom. Home twenty two
sixteen Hunderd air all the amenities that thornberry always puts
into his. Homes and again close to everything three, forty
nine square, foot, metal roof a seed garage pool and.
It's on. A half acre lot. That's awesome that's an

(51:09):
incredible price it's. Gonna go quick if you again, if
you need to contact us it's nine. Four one Sixty
Eighty six hundred go to matthew patterson dot com And. Of.
Course call my friend alexai.

Speaker 3 (51:19):
Yeah nine four one two. Five seven zero six nine
two look forward.

Speaker 2 (51:23):
To see you in next week