Home Insurance in 94555>Question Details

M, Home Buyer in 94555

Natural hazard risks in Ardenwood area of Fremont, CA?

Asked by M, 94555 Tue Mar 27, 2012

I recently saw a listing for a couple of homes in the Ardenwood area that had a "Natural Hazard" disclosure. I would like to get an estimate about the nature of the hazards in this area and their severity, eg., how often have these events occurred in the last 20 yrs.
How much would I expect to pay for insurance against these hazards?

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Donald Stevens 909-428-0503’s answer
What ever the hazard happens to be, we would love to work with you to ensure that your insurance policy gives you coverage for every possible hazard your home may face. Earthquake, Flood, Wind, Hail, or anything else. We can quote it for free and then at least you know what you need and how much it will cost.
0 votes Thank Flag Link Fri May 25, 2012
Almost every listing has this comment - it simply means a state required Natural Hazards Disclosure will be provided by the seller as a part of the transaction. It will provide extensive detail for any natural hazard issues that may or may not apply in the area. It is a normal part of every transaction – in many cases, the listing agent for any property can provide your agent with a copy prior to writing a contract.
0 votes Thank Flag Link Sun Apr 1, 2012
All of the properties we sell have Natural Hazards DIsclosures --- usually provided by JCP or Disclosure Source

There are several sample reports like the one you can find here
https://www.disclosuresource.com/downloads/Sample.pdf

This way, you know what to expect. You can certainly order a report for yourself for your home. And you can ask your insurance agent what kinds of coverage are recommended for your property based on the report.

Good luck to you
0 votes Thank Flag Link Tue Mar 27, 2012
M:

“I would like to get an estimate about the nature of the hazards in this area and their severity, eg., how often have these events occurred in the last 20 yrs.”

If you would like a source for reviewing a home's relative susceptibility to natural hazards http://quake.abag.ca.gov/ has a number of interactive maps at your disposal. As far as a list of events over the last 20 years, I don’t believe we had any events other than earthquakes that I can recall.

“How much would I expect to pay for insurance against these hazards?”

If we agree that the primary hazard is earthquakes you would want to research insurance via http://www.earthquakeauthority.com/Ceapolicyinformation.aspx… ; however, I will warn you the coverage is quite steep and deductibles are high!

-Steve
0 votes Thank Flag Link Tue Mar 27, 2012
Hi M,

The Natural Hazard Disclosure report is a standard disclosure report provided to the prospective Buyer's at the Seller's expense. Typically, once Escrow has openned the Seller provides the report to the prospective Buyer's within 7 days after offer acceptance unless otherwise agreed to in writing. The report is prepared by a licensed company who is completely independent of the Seller and the Buyer. The reports range in cost from $89.00 to $115.00. If you are planning to purchase a home I suggest you wait for the Escrow to open at which time the report will be ordered and turned over to you. Should you not wish to wait, you may prior to making an offer contact a Natural Hazard company and pay for a report to be prepaired at your cost. However, this could become costly for you should you end up making offers on multiple homes.

With regards to the cost of home owners insurance. I suggest you contact multiple insurance providers during your due dilligence period to ask for a quote. This period typically takes place during the first 17 days after offer acceptance unless otherwise agreed to in writing. Be sure to have the home address handy. The providers will need the address information to look up the home in their "CLUE" system. You also want to ask each provider if the home is insurable as well as inquire if there have been any claims to the home in the last 5 years. These are standard questions a prospective Buyer needs to know. I hope this answers your question. Good luck in your search for a home!

Warmest Regards,

Matt
http://www.matthewbartlettrealestate.com
0 votes Thank Flag Link Tue Mar 27, 2012
Most every home is sold with a "Natural Hazard Disclosure Report" - Although I don't know what 'hazards' you are referring too.

I have seen many reports in the Ardenwood area and there doesn't seem to be any major concerns and anything that doesn't show up on most reports.

recent report in Ardenwood area:
special flood area: NO
potential flooding: YES (Possible "Dam Failure" Lake Del Valle in Livermore)
fire zone: NO
wildland forest fire: NO
earthquake zone: NO
seismic zone: YES

Hope this helps.
0 votes Thank Flag Link Tue Mar 27, 2012
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