Transcription
New fire hazard maps were released in California, and a significant number of homes were included in those updates in Ventura County. What does this mean for you if you're a home buyer or seller?
Number one, let's talk about home value. If your home is located in a high fire or very high fire zone, this could affect your home value negatively, as buyers may be hesitant to make a purchase on a home located in one of those zones. Conversely, homes located outside of these fire zones could become more desirable, potentially increasing their value.
Number two, consider the insurance challenges. We already have challenges in California, but insurance companies rely heavily on these maps to assess their risk. This could mean increased policies or even cancellations for some. Consider a limited buyer pool. If buyers struggle to find insurance, they could be reluctant to make a purchase.
Number three, there are additional disclosure requirements. Sellers are required to disclose whether a property is in a high fire or very high fire zone. This could change buyer's perception on whether or not they want to purchase the property as well. Part of those disclosures include defensible space requirements and inspections. Sellers will need to ensure compliance with California law. This may require the fire department to do what's called a defensible space inspection, and the seller may need to do vegetation clearance for a minimum space around the house. Because of these additional layers of difficulty with trying to procure insurance and fire inspections, this could lead to delayed closings.
Things to do if you're a buyer or seller is basically get your ducks in a row. Check whether your property is located in a high fire or very high fire zone. Get the inspections completed ahead of time. Make sure you've got the proper vegetation clearance if it's required by the fire department. Call the insurance companies ahead of time. See if insurance is attainable on that property or if the cost is going to be okay with what your concerns are.
Check the link that I've included where you can search to see where your home is located and if it's in a high fire zone, very high fire zone, or maybe you're lucky enough and it's outside of one of these fire zones.
If I could be of any help, if you have any other questions for me, feel free to give me a call or shoot me a message wherever you're watching this video. Thanks for watching. Have a great day.