Is insurance in Galveston required?

The short answer is yes. And it is the safest answer I want to give. However, in some instances the answer to this question might be "no", but I still would never recommend going without insurance simply because of where we live... read on...
If you are lucky enough to pay cash for your Galveston Island home, you'll find that there is no pesky lender requirement that says you have to have flood, windstorm and homeowners insurance all lined up and ready prior to closing. (Yes, we have to have all 3 here) The title company won't be hassling you for your insurance provider contact info. You might never even be asked about it - how are you to know what to do??? This is where your "pesky" (I prefer the term concerned) Realtor and Buyer's Rep should insist on you carrying at least some coverage for the protection (and peace of mind) of your new investment that you've both worked so hard to get!




Now, let me say that, for the record, I am not the biggest proponent of insurance - most kinds, anyway. (1) Yes, I came from a military family background where health insurance was just "always there" and my parents' employers forked over the lofty bills while I took it for granted that we only had to pay $10 a pop each time we headed to the doctor. (That's much different now that we pay for it ourselves and HOLY COW that stuff's not cheap! There's one i don't like...) (2) And yes, I am a female so I am therefore insured to drive at a fraction of the price as my husband (that's scary too - ladies, I've seen us doing some crazy stuff out there while behind the wheel... Try and finish the makeup before leaving the house!). But, it didn't do us any good to be insured when my husband's prized 1978 CJ7 Jeep was vandalized for no reason while it was not even being driven!! - That's the second one I don't like. (3) And yes, we have a mortgage on our home here in the East End Historic District so we are required to carry a certain amount of insurance. BUT, I can assure anyone that even if it were not a requirement, there's NO WAY we wouldn't have it. This is one that I don't mind so much paying for...

When we were boarding up our house and the shop (all 22 windows - ugh - thank God for shutters!) 2 years ago (September 2005) as Category 5 Hurricane Rita was barreling towards our general direction, we were actually saying to each other "do we have enough insurance on this place?!?!" To think of all the time, work and sweat we've put into this home and to think that, should disaster strike, all of that would be lost?? Whew. That's not a comforting thought.

So, we boarded up, took a ton of pictures, said a prayer, tossed Ginger (our furry child) in the back of the car and headed north. 24 hours later, we arrived safely at our good friends', the Askews, home in Austin. After watching our Mayor announce that the the storm had passed Galveston Island, we headed home. The 2.5 hour drive (yes, this is normal transit time!) was a strange one. There was practically nobody on the road - a stark contrast from the thousands that packed the freeways (which literally became parking lots) only 1 day before.

But, a week later, we called one of my best friends and our insurance provider, Klayre Lewis(Coady & Lewis insurance http://www.coadyandlewisinsurance.com/content.aspx - they are fabulous!), and said "raise 'em high"! That is a bill worth paying.

Back to the question... Again, if you carry a mortgage at all (that is to say, if you do not pay cash and have to use a 3rd party to finance your home), you'll be required to have insurance - all 3 types. Best recommendation I can make? Ask your Realtor about flood zones. Ask your Realtor for a local, reputable insurance provider who is familiar with the area in which you are purchasing (please, do not have your Kansas insurance provider call me about insuring your home on Tiki Island! I realize they may have seen all 3 of your kids grow up, learn how to drive, and go off to college, but please please please leave this one thing to somebody here in town!). Ask your Realtor what is required in your area - maybe it is earthquake, tornado, or cyclone insurance depending on where you are - just ask.

And, if you are in a situation where you can pay cash for a property, please look into getting insurance anyway. (That is, unless you want the thing to fall over because it will otherwise be bequeathed to your least favorite nephew who never did send you a thank you note for that etiquette book you gave him for graduation... That, of course, is a different story...)

Galveston MLS data October 22 to November 21, 2007

Again, homes are selling - the price is key. If your home is priced right, but competing with many others with comparable amenities, take a look at how it is showing. Clean up around the yard, the bathrooms, kitchen and keep clutter to a minimum. And, make it smell good!

Don't miss the East End Historical District's annual Christmas Homes Tour this Friday night, November 30th - space is limited, so get your ticket asap! www.eastendgalveston.org.

Students record video greetings for soldiers Thurs, November 29 7-9pm

Residents of Galveston have been invited to join Ball High students this Thursday from 7-9pm in the Ball High School cafeteria (4115 Ave O) and record personal holiday greetings to be sent to U.S. soldiers via online videos. As part of students' communications applications class, these messages will be made, videotaped and uploaded to a Web site also created by students in the school's Web design class.


Regardless of our personal views of the war in Iraq, our support for our troops should be unanimous and unwavering. This can be a difficult time of the year for our soldiers while they are separated from their friends and loved ones, and I think this is a tremendously thoughtful idea that the BHS students should be applauded for.

If you are interested in recording a video message, you can do so by contacting Ed Herndon at edmund_herndon@gisd.org or by calling 409-766-5700.





Read about it in the Galveston Daily News here: http://news.galvestondailynews.com/story.lasso?ewcd=e3b64c1d837a58a4

Happy Thanksgiving!!!

Happy Turkey Day to Everyone!!!!

Galveston market info (Adrienne's monthly newsletter) October 2007

If you'd like to receive a hard copy of my market report mailed to you each month, please email me at Adrienne@TheHouseCompany.com with your mailing address and I'll add you to my list!

Data taken from Galveston Association of Realtors® Multiple Listing Service (GAR MLS)
June 1, 2007 to October 22, 2007

Area/Neighborhood Name
A = Active listings, not under contract (total active listings in this area/ $average list price of active listings in this area)
S = Sold listings, have already closed (total sold listings in this area/ $average sale price of sold listings in this area)
P= Pending listings, under contract to sell (total pending listings in this area/ $average list price of listings under contract)
-provided by Adrienne Culpepper, ABR, GRI
Adrienne@TheHouseCompany.com - www.CulpepperProperties.com

Thank you for my new notebook

I'd like to take this opportunity to thank Chosun and Ravi for one of the most fabulous gifts I have ever received - my new notebook - from which I am writing this very blog!

We sold Chosun and Ravi's Jamaica Beach house this year - since they have moved to the C.S. (that's College Station for all the non-Aggies or non-"O.C" watchers out there) and are now "plus 1" (baby Jin just turned 3 months old this week!), they were looking to unload the house and pursue Ravi's path to M.D. stardom. To which, I might add, he is already well on his way.

And this was their gift to me. I can't even say how awesome this is, so I'll let this picture do it for me:

(Thanks, guys - many a listing presentation will be made from this gem!)

D'Feet Breast Cancer Run, Moody Gardens Galveston

October 20th was this year's D'Feet Breast Cancer Run (http://www.dfeetbreastcancer.com/dfeetbreastcancer.com) and it was GREAT! Michael ran in the 5K but didn't get to know his race time because he pulled a Cannonball Run move and had to short-cut the end of the race to get to his car because he was late to open up the shop.

There were a bunch of House Company people that participated in the 5K walk as well and I got to "team lead" one of the water stations on the 10K course. (I really wanted to run it, but knowing I was going to get smoked by my husband if I had ran made accepting the water station deal that much easier on the ol' pride factor!)

The weather was gorgeous and there were lots of people that came out to support the event. Special thanks to the folks that gave me extra $$ donations for our team that went straight to the D'Feet organization! (Eileen McCreight (Mom), Betty Huddleston of The House Company, Michael Culpepper of http://www.piecesofship.com/, Libby Crosby of Chase Bank Galveston, and Nancy Redden of Stewart Title Galveston)

Fifth Annual Empty Bowl Event 2007

The 1870 Lasker Home (2006 winner of the Galveston Historical Society Preservation Award) is the venue for the 5th annual Empty Bowl Event that benefits The Jesse Tree's (http://www.jessetree.net/) Nutrition Programs. The event is Saturday, November 10th from 6pm to 8pm and your $25 donation gets you a handmade bowl filled with some treats. There's a silent auction as well as "dinner music", provided by Valencia Arcenaux!

IRS and Capital Gaines taxes on home and investment properties

Long term gains (aka the money you make) on stocks and bonds is 15%. Where real estate as an investment is concerned, though, individual sellers can exclude the first $250,000 in profits from taxes (if you are married and file jointly, you get to double that amount) which is a great deal.

What are the requirements? You must have owned the house for at least 2 years and it must have been your "principal residence", aka you have to have actually LIVED there. If you bought the property, let's say back in 2000, lived in it until 2003 and then rented it out and bought a new place, that counts too - you just have to have lived there for 2 out of 5 years before it has been sold in order to qualify for the exclusion. (No, they don't have to be consecutive) And, there's no limit to how often you can do this - you could sell your home once every 2 years (provided again it was your primary residence) and qualify for the exclusion each time.

How about anything you make over that $250,000 (or $500,000 if you are married)? Well, that is taxed at a rate of 15% as well.

Exceptions - always... If you are selling your home because of change of employment, health issues, or military service, you may not have to meet the 2 year rule to qualify for the exclusion...

**Don't forget - I'm not a tax attorney, so if you are about to file your returns, or pack up and move please consult one before you take this as the end-all thing to do - please! :)

some info taken from: http://www.realtor.org/rmomag.nsf/pages/lawmay07?OpenDocument