Water Leak Causes $50,000 Damage

WATER LEAK CAUSES $50,000 DAMAGE

A homeowner traveling in Europe came home to $50,000 water damage from a broken pipe. Luckily the neighbor discovered the problem when noticing ice forming on the driveway in front of the garage door and stopped it before more damage occurred.

If you are away from home for more than 1 full day, turn off the main water supply and turn down the water heater thermostat to “vacation” or “off”.

Another client lost $25,000 due to water leak damages not covered by insurance. The insurance policy contained an exclusion “water damage to a vacant property”. Mom passed away and the house was not occupied. The claim was denied.

If you know anyone with a vacant home, have them check with their insurance company for exclusions in coverage and most of all, insist they TURN OFF THE WATER.


STATE OF REAL ESTATE TODAY IN COLUMBUS OHIO

As of November 15, 2007 source: Columbus Board of Realtors MLS data

Number of homes sold year to date is down 9.8% compared to 2006 single family homes sold.

Number of homes sold in October (represents contracts written in August/September) is down 13.8% on single family homes

Good news is that HOMES ARE SELLING and a rate that is still well above 1990’s levels. People are moving, changing jobs, getting married, etc and need homes.

Call us to discuss strategies to sell your home and to buy your next home. There are several new strategies to employ in today’s changing marketplace. You need to have the most up-to-date approaches in your arsenal.


Jim Lubinsky
Mary Williams
Re/Max Affiliates
614-766-5330 ext 119