Leavenworth Real Estate

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Earthquake Insurance in Washington State

This is a guest post by Eric Kossian of Leavenworth Insurance. Eric sent it to me as an email and I thought it might be important info to share.

 

With the recent earthquakes in Haiti and Chile, now is a prudent time to review the earthquake coverage you have or don’t have before we have an earthquake.

 

Your Earthquake Exposure:

 

Traditional Earthquake coverage has a very high deductible of at least 10% of your home insurance amount and is designed to provide catastrophic coverage. For example, if your home is insured for $350,000, your out of pocket earthquake deductible would be $52,500 before the 1st dollar of earthquake coverage would be paid out for damage to your home, there would be a separate deductible of $52,500 for damage to contents.

 

Your homeowner’s or landlord insurance policy does NOT include this earthquake coverage unless it is separately endorsed and extra premium is charged. From my experience, helping settle earthquake claims in the Loma Prieta earthquake in California, which was a 7.5 on the Richter scale, 98% of homes had less than $50,000 in damage. In this case, the above Earthquake coverage would never come into effect. All costs would be out of pocket. Keep in mind though, that especially in Western Washington, we could have a much larger earthquake that might be literally be 100 times as powerful, causing damage in the Seattle area like we see today in Haiti and Chile. This catastrophic damage is designed to be covered by this these high deductible policies.

 

Our Earthquake Solutions:

 

In addition to offering the high deductible earthquake endorsement we also offer a Stand Alone Earthquake policy that is designed to work with your catastrophic earthquake coverage. It will cover up to the 1st $50,000 of damage to your home and/or contents. You can choose the coverage amount and premium amount you want. Because it only has a $1000 deductible, in the event of an earthquake of 5.0 or higher –this policy would very likely be accessible by you for damage to your home or contents. This is an excellent, affordable solution that I highly recommend.

 

 

Here the key features of this policy and why I like it so much:

 

• You choose the coverage amount you want: $10,000, $25,000, or $50,000.

• Low $1,000 deductible for each and every loss.

• It pays for actual cash value (not replacement cost) for damage to your home and/or contents coverage.

• Coverage is for the direct loss caused only by earthquake including, but not limited to, structural damage to the insured’s dwelling, contents of the dwelling, and additional living expenses if the dwelling is uninhabitable.

• Covers damage resulting from earthquakes registering 5.0 + on the Richter Scale at time of initial occurrence for up to100 miles from the epicenter.

• Subsequent aftershocks, occurring more than 72 hours following the initial shock shall be treated as separate occurrences and the same conditions will prevail as were necessary to qualify for coverage of the initial loss

• May be used in addition to another earthquake policy already in force as a means to pay the larger deductible, or as a standalone policy.

You can reach Eric at leavenworthinsurance@gmail.com , 509-548-5488 or on the web at www.LeavenworthInsurance.com

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Leavenworth Condo Update: Spring 2010

The Leavenworth condominium  market seems to be on the road to recovery. There are still some bumps in the road, but we are headed towards a healthy market again.

In 2009, 18 condominiums sold that were recorded in the North Central WA Multiple Listing Service (MLS).  This does not include condos sold at auction in December of 2008 that closed in 2009.

In 2010 6 condos have sold so far and another 6 are pending.  Currently there are 30 condos for sale, though I expect more to come on the market as the season develops.

What condos have been selling in Leavenworth?

Condos at Kahler Glen  have sold well in the past year. Oversupply at Kahler Glen  drove down prices and buyers have taken advantage of those deals. 5 condos have sold at Kahler Glen and a 3 bedroom Natapoc unit is currently under contract. The average price for an older 2 bedroom condo at Kahler Glen in the past year was $263,000.

The Cascade Crest Condos  also sold well. All six units sold in less than 6 months after the bank holding the construction loan agreed to sell them at short sale prices. The average price for these units was $240,000.

An investor holding numerous units at the Tumwater Townhomes decided to liquidate and we saw those units going for $129,000. Most of those sales have closed and no units are currently available at that price.

Condos Still Available

New construction condominiums are still available at Ski View aka Ski Blick (on Titus Road) as well as the Boulders on the Wenatchee River.  No condos have sold at Haus Wunderbar (across from Gustav’s).  These units are not currently listed on the MLS and a reliable source tells me that they are going to auction sometime soon.

Click Here to see all Leavenworth Condos for Sale

Condo Dreams Abandoned

A number of condo projects in Leavenworth were not built or have been delayed indefinitely. These include:

• Obststadl 
•  Sonnenterrassen
• Black Bird

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Required Disclaimer

NOTE: This representation is based in whole or in part on data supplied by the North Central Washington Association of Realtors or its Multiple Listing Service. Neither the Association nor its MLS guarantees or are in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the Market.

Two Minute Home Inspection: Plumbing Fixtures

If you’re new to the Two Minute Home Inspection series, it’s true, you can’t do a home inspection in 2 minutes.

 A home inspection generally takes 2-4 hours and we always recommend using a home inspector who is licensed by the State of Washington and a member of a national home inspection organization like ASHI or NACHI.

Here’s another guest post by Chip Roberson, of Mission Home and Pest Inspection:

 

When looking at a house you are considering turning into your home, take two minutes to examine the plumbing fixtures.

 

Plumbing fixtures include the faucets, tubs, toilets and sinks in all their varieties.

 

 

 

 

 

 

 

 

To begin, visually inspect all faucets and supply piping for any drips or leakage as well as any missing, broken, cracked, loose, corroded or rusty components as well as any temporary or suspect repairs. These less important matters may be of small monetary consequence; however, they can contribute to other maintenance problems that can seriously affect other components in the house such as counter tops, cabinetry, flooring and/or structural members by contributing to damage and/or infestations from wood rot, wood destroying insects and/or mold.

 

It is important to evaluate the operation of all of the faucets. I suggest starting by engaging the water stoppers at sinks and tubs, and noting their operation, followed by opening the faucets and noting their operation and confirming that hot water is available and piped to the left side of the faucet. Then release the water stopper mechanisms to allow the water to drain, note the rate of drainage and examine the visible drainage piping connections for any signs of leakage. Damp stains at the bottom of the cabinetry and/or corrosion on the supply and/or drainage piping are reliable signs of previous or ongoing problems that should be evaluated further. Fixtures that are slow to drain should be evaluated further as this can be a sign of a blockage and/or poor ventilation in the system.

 

You will also want to check for the amount of water that flows through the faucets during their operation. The most common method is to run two or more faucets at the same time, preferably at the highest level in the house. A significant drop in water flow at an individual faucet during this test is a reliable sign for potential problems such as poor water supply pressure or partially clogged piping. Excessive water pressure should be avoided with the use of a pressure regulator to help avoid wear on the supply piping and faucets.

 

All toilets should be evaluated by looking closely at the water supply valve, piping and all connections for signs of rust, corrosion or leakage. Also observe the quality of waste flush, stability and/or connection to the floor and other possible defects such as cracked or missing components, stains and soft or damaged flooring.

 

Sinks, bath tubs and shower pans should all be examined for stability, damage, rust and corrosion as well as maintained water tight sealants/caulking at all junctures along the counter top, floor and walls to prevent moisture intrusion and material damage.

Interested in more articles by Chip Roberson?

Click Here to Read About:

 Foundations

Electrical Systems

Plumbing

Roofs

Leavenworth Skiers Lament Early Spring

Lake Wenatchee State Park sent out this email earlier in the week which says what we skiers had feared:

Probable end to grooming for the season . . .

Current Conditions: Nason Ridge – first 3-4k have some significant thin and/or dirty spots . . . which will continue to degrade this week. Patience with this will pay off since the remaining 15 k is in good shape! The North Park continues to offer fairly good skiing in the camp loops. The South Park and shoreline trails of the North are in poor condition with too little snow for grooming.

Note forecast this week for rain, then sun with high temps in the mid forties likely will force us to end grooming. Although Upper Nason will be in good shape, access will likely no longer be possible by snowcat.

South Park: No more grooming unless a turnaround in the weather.

Nason Ridge: Lower and Upper Nason groomed yesterday. Good conditions after first few km. Grooming probably over for season.

North Park: No more grooming unless a turnaround in the weather. Decent skiing in the upper trails.

Chiwawa See & Ski: Insufficient snow for grooming this trail due to side slope, ruts, southern exposure.

The Leavenworth Winter Sports Club has the same message on their page concerning skiing at Icicle Creek, the Leavenworth Golf Course and Leavenworth’s Ski Hill:

“We are done Grooming for the season. Thank You for sharing the winter season with the LWSC”

But there is some good news for skiers:

• Stevens Pass Nordic Center is Open Thur-Sunday with a 41″ base.
• Both Stevens Pass and Mission Ridge downhill areas are still open and Mission Ridge is reporting higher than normal snowfall.
• High snowfall at Mission Ridge means good conditions for the  Hog Loppet Ski Tour (still time to register!)

 

 

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Two Minute Home Inspection : Roof

If you’re new to the Two Minute Home Inspection series, it’s true, you can’t do a home inspection in 2 minutes.

 A home inspection generally takes 2-4 hours and we always recommend using a home inspector who is licensed by the State of Washington and a member of a national home inspection organization like ASHI or NACHI.

Here’s another guest post by Chip Roberson, of Mission Home and Pest Inspection:

 

 When looking at a house you are considering making your home, take two minutes to examine the roof covering.

 

 

 

 

 

 

 

 

 

 

 

 

 The performance of a building’s roof is key to the integrity of the structure and the comfort and well being of the occupants. Water that penetrates the roof covering can be destructive to the structure and foster conditions that can be harmful to your health.

 

Now, if you are not steady on your feet or comfortable with heights then walking on the roof should not be attempted. This should only be left for the professionals. It is also important to know that some roof coverings can be damaged from foot traffic therefore walking on these roofs should be avoided. Many times you can see portions of the roof covering from the ground; however, viewing the roof covering from the ground only will only give you a general idea of its condition.

 

You will want to identify the type of roof covering that is visible. This is important because some materials are more desirable than others. Some materials simply last much longer than others. For example, slate roof coverings life range is between 50 and 100 years, sheet metal life range is 20 to 50+ years, and asphalt and wood shingles range is 15 to 30 years. Quality of the roof materials vary greatly and have a lot to do with how well they will hold up, as does the roof design, installation techniques and climate.

 

You will want to be on the look out for suspect conditions on the roof covering, such as components that are missing, damaged, displaced, worn, cracked, crumbing, etc…

 

Some roofs have multiple roof coverings. This is because the concealed roof covering was at the end of its useful life and instead of removing it completely down to the wood decking the installers simply nailed a new roof directly over the worn out roof. Today’s rehabilitation standards allow this under certain conditions. It is important to know however, that the life expectancy of the top layer, of multiple layers, is diminished and that the roof structure may be compromised because of the added weight.

 

Some roof covering products allegedly fail prematurely and settlements have been approved, these products include, Masonite Woodruf 1980-1999, Hardishake-slate-shingle 1989-2001, American Cemwood until 1998 and Pabco HO-25 and Pabco HZ-25 asphalt shingles.

 

 

You will also want to look as best as you can at as many of the penetrations through the roof as possible. These penetrations are plumbing vents, chimneys, skylights and venting systems. Also, take the time to look at roof to wall intersections and valleys. All of these penetrations and intersections should have visible flashing that is intact, in good condition and without gobs of roof mastic or caulking. All roof penetrations and intersections can be a source for moisture entry.

Interested in more articles by Chip Roberson?

Click Here to Read About:

 Foundations

Electrical Systems

Plumbing

 

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