Proposed Revised Flood Plain Maps for Martha's Vineyard

I've just attended a seminar on new flood maps and how they will impact homeowners' insurance on Martha's Vineyard.  The new maps increase the area of potential impact and future real estate sales.  If a home is located within one of the zones and the buyer obtains a mortgage to purchase the property, the lending institution will require a certificate of elevation.  A licensed land surveyor and several other professionals are licensed to do these at varying costs, depending where GIS sites are located, etc.  This will create an added cost to the buyer/seller (not clear who should bear this cost yet).  This certificate can delay the closing process by weeks. The insurance premiums will continue to increase over the years - as approved by the government, which guarantees the first $250K in these policies.  The government (FEMA) and the insurance companies have depleted their reserves with the Hurricane Katrina and Sandy cleanups/payouts.  So, the government has agreed that they can: increase the flood plains and insurance rates.  

If there is no mortgage on the property, there is no requirement (as of today) for that homeowner to purchase flood insurance.  However, if you currently have flood insurance on your property, expect the rates to increase, perhaps substantially.

The new maps are still a year or so away from being finalized as each municipality has the right to review and revise, plus there is an appeal period.  For more information, please contact your insurance company.  They will be able to definitively identify how this

may impact you and your home.  

Do You Toss Those Bank Statement Inserts?

I usually do, but this time I decided to read it.  And I decided that it contained some useful information worth sharing.

First I learned that my bank account/checks are protected by something called EZShield!  Didn't know that and there's more.

Did you know?  More than 1.2 million fraudulent checks are written each day - more than 13 per second?!  (Office of the Comptroller of the Currency).  Scary!

So here are some helpful tips on protecting your money and your identity.

1. Monitor your accounts and monthly statements to ensure their accuracy.  Surprisingly, many people don't bother to balance their personal checkbooks!  I guess I'm weird that way.  Plus I look at my credit card statements carefully!

2. Each year, order copies of your credit report from each of the three major credit bureaus to verify their accuracy.  This one bit me a few years ago.  One of the credit bureaus combined my credit with the credit of someone whose name was similar (her credit wasn't as good).  Could have been a catastrophe for me as I was in the middle of buying a house, but I did get it worked out.

3. Thoroughly shred documents containing any personal information before disposing.  Think about what is on your bank statement - photocopies of your signature!  Never mind the account number, where you spend money, etc.

4. Never write your Personal Identification Number of your ATM/Debit card.  And never write your Social Security Number or credit card number on a check.  We live in a password-protected society and it's hard to remember all the user names and passwords, but this advice is critical, and I would add that you shouldn't sign up for more credit cards or add PINs to existing cards if you don't need them!

5. Remove passwords, PINs and identification cards containing your Social Security Number from your purse or wallet.  I'm removing mine today!  Yikes!

6. Never put outgoing mail that may contain checks or tax documents in your mailbox at home.  They know where you live!

7. At home, keep a checklist of the critical items stored in your wallet, purse, laptop and/or PDA.  I can tell you that I was scared breathless when I left my laptop at the airport!  (I was one of the lucky ones and did get it back - intact).

8.  Only order from internet sites that use secure methods of obtaining personal account or credit card information.  Duh!

9. Always log off after an online banking session.  No need to elaborate on this tip!

If you suspect your identity has been stolen/compromised:

1. Immediately file a report with your local police.
2. Call the Federal Trade Commission at 1-877-ID-THEFT.
3. Contact the three major credit bureaus to place a fraud alert on your record.
4. Maintain a record of each contact with authorities.

So, that's most of what was on that little piece of paper that was in with my bank statement.  My thanks!

Your Home Maintenance Checklist!

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  Would you throw away $20,000? You are if you’re letting your home age faster than it should. Here’s a simple maintenance strategy to keep your home young. Read

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Copyright 2014 NATIONAL ASSOCIATION OF REALTORS®

Susan Cahoon, Principal and Broker of Homes on Martha’s Vineyard, was recently awarded the National Association of Realtors’ SRES designation.  SRES, which stands for Seniors Real Estate Specialist, is earned when a Realtor completes a training course and passes an examination.  SRES professionals are well-versed in the needs of our growing and aging population, from the “GI Generation” to the “Millennials”.  “Senior” now encompasses anyone over the age of 50!  “Our needs are often complex, and must address a range of services, while still considering the must-haves of younger family members”, said Susan. “That’s why getting this additional training and knowledge was so important to me.”  An SRES Realtor has access through a wide network of professionals who provide specialized from reverse mortgages to identifying appropriate adult or assisted-living communities. 

Susan has been a real estate professional since 1975, working in management, sales, property management and development in both residential and commercial real estate in the Suburban Boston and Cape Cod and Islands market.  She and her business partner, Tjark Aldeborgh, opened Homes on Martha’s Vineyard in 2011 at Post Office Square in Edgartown.  Homes on Martha’s Vineyard offers a full range of real estate services – sales, rentals and property management.  A full-time, year round business, their real estate agents are committed and caring; making sure that their customers are treated with unequaled service and professionalism.  Susan can be reached at 508-939-0206 or at Susan@HomesonMVY.com.