wildfire

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Nevada is known for its dry climate, untouched natural wonders, and tall, forested mountains. The majority of the state is a plateau, with deep valleys and tall peaks. It has many climate zones, ranging from warm mediterranean in the western part of the state, to vast desert in the south, to high desert in the north. 

Weather patterns generally range from dry and hot in metros like Las Vegas, to dry and cooler in areas such as Elko and Genoa. However, throughout the state, weather can often turn into natural disasters, like flooding, wildfires, and heat waves. When these happen, it’s essential to be prepared. 

So what are the most common natural disasters in Nevada, how are they changing, and what can you do to prepare? Whether you’re planning a move to Las Vegas or are looking at apartments in Reno, read on for everything you need to know. 

1. Nevada drought

Drought is a serious issue in Nevada, which is already the driest state in the US, receiving an average of 9 inches of precipitation per year. The state is one of many in the Colorado River Basin that has been dealing with a long-term “megadrought.” This drought hit a peak in spring 2022, when 100% of Nevada’s population was experiencing severe to exceptional drought. This prompted the federal government to enact a tier two water shortage for the state, which is still in place. 

The state’s water supply primarily comes from the Colorado River at Lake Mead, which has been shrinking due to chronic overuse and reduced precipitation. To help, Nevada has been working with the other six “basin” states who rely on the Colorado River to reduce water use and prevent an emergency that would require dramatic Federal action. Recently, the Lower Basin States of California, Arizona, and Nevada pledged to save around 1 billion gallons of water by 2026. 

Southern Nevada has already adopted extremely strict water conservation measures, reducing water usage by 26 billion gallons compared to 2002, even though its population increased by over 750,000. 

Droughts are exacerbated by warmer average temperatures, and can also increase the frequency and severity of other disasters, such as forest fires, dust storms, and heat waves.

How to prepare for drought in Nevada

Because Nevada has been experiencing drought for decades, it’s important to adapt your lifestyle to accommodate lower water use and prepare for future restrictions. For example: 

2. Nevada wildfires

Wildfires are a major disaster in Nevada. In fact, from 2000-2018, wildfires burned more than double the number of acres compared to 1980-1999. Recently in 2018, the Martin and Sugarloaf Fires burned nearly 1 million acres. While most wildfires occur in the northern parts of the state, they can happen anywhere. 

Most people don’t live within 20 miles of a recent active wildfire, excluding the mountainous cities of Reno and Carson City. However, according to data from First Street Foundation, 60% (733,893) of properties in Nevada are at risk of being affected by a wildfire in the next 30 years. Importantly, only 27% of properties in Las Vegas are at risk of being impacted by a wildfire, with most risk confined to Summerlin South, Enterprise, and nearby areas. 

The state’s dry season from May through September (excluding monsoons), combined with parched forests, sets the stage for devastating fires that can spread rapidly. Prolonged drought and heat waves exacerbate the severity of wildfires. The primary causes of wildfires in Nevada are human activity and monsoon lightning. And in southern Nevada, where there are fewer trees, most wildfires are caused by target shooting and fireworks. 

Wildfires can also devastate the landscapes and hillsides of northern Nevada, making them more susceptible to flooding, landslides, and mudslides, especially during intense rainfall. 

How to prepare for wildfires in Nevada

If you intend to move to Nevada or already live in the Golden State, preparing for wildfires is essential. Here are some tips to help: 

  • Create a defensible space around your property by removing flammable materials and trimming or removing dry vegetation. 
  • Install interior and exterior sprinkler systems, if you have access to enough water and drought restrictions don’t prohibit it.
  • Install a generator to keep the power running in case of power outages. 
  • Stay updated on fire weather forecasts and follow all fire restrictions. 
  • Prepare for poor air quality by purchasing an air purifier and installing HEPA air filters on air conditioning units.
  • Build an emergency kit with essentials and valuable documents.
  • Ensure your insurance adequately covers fire damage, or, if the rising premiums are too high, understand the risks of going uninsured. 
  • Work with your community. This is the most successful way to mitigate fire risk in your neighborhood.

3. Nevada heat waves

Hot, dry weather is common throughout Nevada, especially in the Southern parts of the state, where most of the population lives. Summer temperatures can reach over 100 degrees Fahrenheit throughout the state, especially in July and August. Most recently, during a heatwave in 2023, Las Vegas recorded temperatures above 100 degrees every day in July, with two weeks hitting a daily average temperature of 100.7. The city also hit 110 ten days in a row. 

According to First Street Foundation, 66% (1.2 million) of homes in Nevada currently have a Severe Heat Factor, meaning the average daily temperature is at least 95 degrees Fahrenheit for the hottest month of the year. The overwhelming majority of homes at risk are in Clark County, which is home to Las Vegas. 

Cities often feel the heat worse than rural areas due to the urban heat island effect. Las Vegas is the worst heat island in the country, experiencing a 5.76 degree difference between urban and rural temperatures. Las Vegas is also the fastest warming city in the US, with average temperatures increasing nearly 6 degrees since 1970. 

How to prepare for heat waves in Nevada

Heat waves can be intense and cause health issues, including heat stroke and dehydration. As such, it’s essential to be prepared when they arrive. Here are a few ways to stay cool in extreme heat:

  • Stay updated on forecasts and advisories.
  • Prepare a meal plan that doesn’t involve cooking indoors. 
  • Stay hydrated before, during, and after a heat event. 
  • Make sure your air conditioning is functioning properly.
  • Install a generator in case the power goes out due to strained utility systems. 
  • Limit outdoor activities to the early morning and late evening. 
  • Switch from incandescent to LED light bulbs. 
  • Stock up on lightweight, protective clothing.
  • Close blinds, shades, and curtains. 

4. Nevada flooding

Nevada is known for its dry climate, but it’s actually very prone to flooding. 11% of properties in Nevada have a chance of being severely affected by flooding in the next 30 years, with most located in the mountains and highlands. 

Nevada’s flood risk profile is marked by its dry climate, which makes it particularly susceptible to regional and flash floods year-round. Some cities also have a risk of riverine flooding. Recently, in February and March 2023, the winter storms that hit the Sierra Nevadas prompted a disaster declaration in Nevada for flooding, landslides, and mudslides. And, later in the year, an intense late summer monsoon caused flash flooding throughout Clark County. 

Nevada is also prone to snowmelt flooding. The Carson Range and nearby peaks in Northwestern Nevada can receive substantial snowfall in the winter, often through winter storms and blizzards. And as temperatures rise in the spring and summer, this snow can melt rapidly, especially during an early heat wave. 

How to prepare for flooding in Nevada

In Nevada, preparing for a flood is essential, particularly during sudden intense rain and snowmelt events. Because a large portion of the state is prone to flash flooding, you may not have much time to prepare, so it’s critical to practice and have supplies ready during the spring and summer. Here are a few tips to help:

  • Familiarize yourself with flood risk maps for your area to see your potential risks.
  • Consider flood insurance if you’re in a high-risk zone. 
  • Keep emergency supplies on hand, including non-perishable food, water, medications, and important documents. 
  • Elevate valuable items in flood-prone areas of your home, and install sandbags or barriers if necessary.
  • Invest in flood sensors. 
  • Stay tuned to weather forecasts and alerts, and have a communication plan in place with your family.

5. Nevada earthquakes

Earthquakes are a major risk in Nevada. The state is home to thousands of fault lines, and many regions experience dozens of tiny earthquakes every day. The most notable region is the Walker Lane, which is a trough consisting of thousands of fault lines that pass through most of the Western border of Nevada and into southern California. This is where most geologic activity occurs, although there are notable major faults in the Las Vegas Valley. Reno and Carson City, located along the Walker Lane, are at a particularly high risk, although Las Vegas would suffer far more damage. 

There have been 23 earthquakes with a magnitude 6 or greater since the 1840s, with the most recent being the Ridgequest quakes in 2019. 

While earthquakes are infrequent, they are by far the most destructive type of disaster in Nevada when they hit. Additionally, Nevada can also be affected by earthquakes with epicenters in California, such as the recent quake in the Sierra Nevadas that was felt in Reno. 

How to prepare for earthquakes in Nevada

Earthquakes are irregular but destructive and can cause significant damage to structures, utilities, and water systems. Main shocks can last for minutes, while aftershocks can last for years. They can also strike suddenly, at any time, with only seconds of warning. As such, preparing your home is critical. Here are a few tips to help:

  • Practice drop, cover, and hold on, so you’re ready when a quake hits. 
  • Purchase earthquake insurance to cover some losses in the event of a quake. This is a separate policy that you purchase in addition to regular homeowners’ insurance. It’s also available to renters.
  • Make sure you have a durable, charged communication device in case of an emergency. 
  • If you rent, ask your landlord about the building’s seismic history. 
  • Keep your emergency kit stocked, updated, and accessible. 
  • Anchor heavy items to the wall, strap down expensive electronics, and secure small valuables. 
  • Brace your water heater according to state law.
  • Ensure your gas lines have flexible connections.
  • If you live in a house built before 1980, it will likely need to be retrofitted. Don’t do this yourself; hire a seismic retrofitting professional. 

Final thoughts on natural disasters in Nevada

Nevada’s climate is diverse, dry, and pleasant. Drought, fire, heat, flooding, and earthquakes make it a varied and unpredictable place to live. Many cities in Nevada, especially Las Vegas, continue to be the most popular migration destinations, primarily due to people’s desire for sun. Because of this, the state’s population has increased by over 70,000 since 2020.

If you’re considering moving to Nevada or already call The Silver State home, make sure you’re prepared for natural disasters and long-term weather events. Understanding your risks and adequately preparing are helpful to make the most out of living in Nevada. The National Weather Service and University of Nevada, Reno offer experimental maps that show forecasted and past risks in any given area, which can help you prepare. 

Lastly, many natural disasters are worsened by climate change. So no matter how you prepare, reducing your carbon footprint and pushing for systemic change are the best long-term solutions. 

This article is for informational purposes only. Individual results may vary. This is not intended as a substitute for the services of a licensed and bonded home services or disaster prevention professional. Always seek expert advice and follow all official guidance before, during, and after a disaster.

Source: redfin.com

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QC/Fraud, LO AI, MSR Financing, GNMA Programs; Disaster Updates and Guides – The CFPB is There for Us

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QC/Fraud, LO AI, MSR Financing, GNMA Programs; Disaster Updates and Guides – The CFPB is There for Us

By:
Rob Chrisman

Tue, Sep 5 2023, 10:40 AM

It was a rough weekend. My cat Myrtle, resting comfortably at the top of the food chain, was visibly miffed at me not nominating her (again) for the vaulted “40 under 40” award. I reminded her that she is way over that in cat years, but my explanation fell on her one deaf ear and her one good ear despite me telling her how much line-caught salmon we could buy with the nomination fee. (Hey, don’t get me wrong. I know some of those folks who were nominated or selected, and the industry is better off because of them!) If lenders would like a little good news, they should know that, despite the low interest rates we saw a few years ago, people are still moving, and that’s a source of business. Around 8.6 percent of Americans moved last year, slightly more than the previous year, but still below pre-pandemic levels. Accordingly, WalletHub released its report on 2023’s Best States to Live in. Chalk it up to complete East Coast bias, but Massachusetts, New Jersey, New Hampshire, and New York took the top four spots. Really? (Today’s podcast can be found here and this week’s is sponsored by LoanCare, a Fidelity National Financial (NYSE: FNF) division and award-winning developer of the most sophisticated mortgage servicing portfolio management tool, LoanCare Analytics, built to support MSR investors with a focus on customer engagement, liquidity, and credit risk. Hear an interview with Flagstar’s Jason Lee on how capital markets departments balance volume and margin.)

Lender and Broker Products, Programs, and Services

Mortgage servicers of all sizes trust their portfolios to MSP®, Black Knight’s loan servicing system. In fact, Fahe (Federation of Appalachian Housing Enterprises), a nonprofit that serves the people and communities of Appalachia, recently signed a contract for MSP. In Black Knight’s recent announcement, Fahe states that top-tier technology will help it realize its mission and better serve its communities. Wondering if the MSP loan servicing system is the right fit for your servicing business? Learn why it’s the one loan servicing system for every mortgage servicer.

NEW: Maxwell’s Mini-Guide to Surviving Today’s Big Housing Market Reset, ft. advice from Maxwell Co-founder & CEO John Paasonen, Rob Chrisman himself, theLender EVP Chris Ledwidge, and more. Is your lending business prepared for a market reset? To thrive, lenders need a fresh game plan driven by home buyer trends, creative lead generation, and insightful data. Maxwell put this guide together to help you refresh your thinking for the market ahead. In it, you’ll learn ways to rebuild your pipeline, the borrower segments that are still rising in the housing market, and how to better leverage data to make confident business decisions. Lenders: The next five years likely won’t be anything like the last five. Now is the time to rethink your business. Click here to download your free copy of Maxwell’s Mini-Guide to Surviving Today’s Big Housing Market Reset.

Profitable Mortgage Companies are focused on the long-term value of the customer relationship. Essex Mortgage’s partners enjoy greater customer retention, GNMA pass-thru pricing, no overlays, no LLPA’s, NO EPOs and NO EPDs, as well as Tax Deferred asset growth and a long-term cash flow stream without having to be a GNMA issuer themselves. Please contact us to discuss how the Essex GNMA Excess MSR program can help retain and enhance your customer relationship, broaden guidelines, and expand into new markets. Please contact Kimberly Schenck.

“Your business can benefit from powerful national banking resources that incorporate personalized, one-on-one relationships with industry experts. Western Alliance Bank delivers stable, trusted treasury management and fraud protection services from cash management to financing to account security. These tools can help you keep operations running smoothly, conveniently manage custodial and payroll accounts, and originate streamlined online wire transfers. Our Specialized Mortgage Services team tailors mortgage finance products to your needs, including warehouse lending, MSR financing, note financing and corporate credit card services that offer speed to approval and certainty of execution. Discover how competitive rates, efficient cash flow cycles and a streamlined banking relationship can help you achieve your goals. Contact Mark Short (469) 702-6212, Nick Richards (646) 708-1211, Nicole Avey (720) 633-4759, Elizabeth Mix (480) 329-2122, Jim Karr (626) 390-8534 or Chris Martin (480) 341-5483. Western Alliance Bank, Member FDIC.”

Ready to mend your relationship with your loan origination system? Join the TRUE team on September 20th and hear directly from TruStone and V.I.P Mortgage on how they’re applying AI technology to solve the challenges related to their LOS platforms. The roundtable discussion will unpack the frustrations related to most of today’s more popular LOS platforms, the crucial importance of well-organized borrower data, and how applying AI at specific points in the document journey can dramatically change the way LOS platforms perform. Sign up today.

Capacity is heading to The Mortgage Collaborative’s “Music in My Ears Conference” in Nashville, TN, next week! CEO David Karandish will speak on Monday, September 11th, at 3:15 p.m. about our latest offerings: generative AI-powered Guideline Search and tailored AI Assessments. Get game-changing, personalized insights on successfully implementing AI and automation in your business! Be sure to stop by our session in Nashville or book one-on-one time with our team here. The mortgage industry desperately needs a platform that securely integrates with lenders’ key systems, providing loan officers with instant, actionable answers about borrower opportunities, loan statuses, guidelines, and more. Capacity reduces the time LOs spend logging into a sea of endless systems to find information. If this sounds familiar, why not find out how Capacity can save your team time and frustration? See how it works.

“TENA Companies, Inc. is your strategic mortgage Quality Control partner in the fight against fraud. Develop your strategy against evolving mortgage market fraud with help from our proficient and highly trained auditors. Fraud involving income and employment schemes, as well as occupancy-related deception, continue to impact risk levels for all lenders. As highlighted in Fannie Mae’s July 2023 Quality Insider: Reviewing your fraud controls in QC, a robust Quality Control plan is an integral component for identifying patterns that can be indicative of fraud. These insights enable lenders to proactively implement processes for fraud prevention. Safeguard your operations, ensure risk mitigation, and strengthen your Quality Control by partnering with TENA. Contact us today!”

Disaster News and Updates

Last year, U.S. disaster damage totaled $171.5B. Destructive weather and climate events, or bad forestation or building practices, factor into the mix of hurricanes, wildfires, tornados, and drought. Few are forecasting them to decrease or affect a smaller geographic range. Is your lending operation ready? What are you telling your borrowers about insurance? Major insurers say they will cut out damage caused by hurricanes, wind, and hail, not to mention along coastlines and in wildfire prone areas, suggesting that companies will just insure for liability and fire. So if that is the case, will insurance rates fall? Of course not. But where does all of this leave the mortgage servicers?

When disasters strike, lenders often postpone loan closings, impacting origination revenue and impairing the ability to fund new loans. Loans that have already been funded may be difficult to sell, further limiting liquidity. Black Knight has a piece worth skimming, or more, about how you can reduce your financial exposure, decrease costs, and better serve borrowers by preparing before, during and after a disaster. Download a complimentary ebook: Climate-Change and Weather-Related Disasters: How to Manage Mortgage Risk.

Nearly every part of the United States faces natural disasters, whether they be earthquakes, hurricanes, tornadoes, forest fires, drought, or volcanoes. A declaration by FEMA triggers lender and servicer policies and procedures.

Mortgage Quality Management & Research (MQMR) sent out Fannie Mae Disaster Relief – FAQ. Check out more equally insightful FAQs. (To learn more about Mortgage Quality Management & Research, download MQMR’s white paper.)

Recently we’ve had Florida Hurricane Idalia FEMA-4734-DR, Illinois Severe Storms and Flooding DR-4728-IL, Mississippi DR-4727, and Vermont DR-4720: Update to End Date of Occurrence.

Florida, Georgia, and the Carolinas were hit by Hurricane Idalia, causing damage from storm surge, flooding, and high winds. Recovering from a catastrophic event like this one can feel overwhelming. It’s not always easy to know where to turn for help and what steps to take. The CFPB put together a guide to handling finances that you can share with the people you serve, to help them manage the money decisions they face. View CFPB’s disasters and emergencies guide providing resources to help recovery, including how to tackle housing issues, protect finances, deal with property damage, manage bills, and ask financial companies for help.

Freddie Mac issued a reminder to homeowners and mortgage servicers of its relief options for those affected by Hurricane Idalia. Freddie Mac’s forbearance program provides homeowners mortgage relief for up to 12 months without incurring late fees or penalties. Freddie Mac’s disaster relief options are available to homeowners who have been impacted by an eligible disaster. This includes anytime the homeowner’s property experiences an insurable loss, and also covers instances where their homes or places of employment are located in Presidentially Declared Major Disaster Areas where federal Individual-Assistance programs are made available to affected individuals and households. Foreclosure and other legal proceedings are also suspended while homeowners are on a forbearance plan. More information is available on My Home by Freddie Mac where owners can read about the steps they can take to help recover from a natural disaster, including frequently asked questions related to disaster and mortgage relief.

Fannie Mae reminded homeowners and renters impacted by natural disasters, including Hurricane Idalia, of available mortgage assistance and disaster relief options. Mortgage servicers are also reminded of options to assist homeowners under Fannie Mae’s guidelines.

Under Fannie Mae’s guidelines for single-family mortgages impacted by a natural disaster:

Homeowners and renters looking for disaster recovery resources may visit FannieMae.com to learn more about addressing immediate needs. Fannie Mae also offers help navigating the broader financial effects of a disaster to homeowners and renters through disaster recovery counseling at 855-HERE2HELP (855-437-3243).

PHH Correspondent posted information regarding Illinois DR-4728: New Disaster Declared, Mississippi DR-4727, and Vermont DR-4720. Go to the PHH company library to view the announcement and for all disaster declared counties, requirements, procedures, and conditions.

On 9/1/2023, with Amendment No. 1 to DR-4734, FEMA declared federal disaster aid with individual assistance has been made available to 6 additional Florida counties affected by Hurricane Idalia from 8/27/2023 and continuing. See the attached announcement for inspection requirements. AmeriHome Mortgage 20230901-CL Disaster Announcement.

Capital Markets

It’s looking more and more like a goldilocks scenario for the Federal Reserve. Last week was crammed with key economic data on the labor market and inflation which will probably be instrumental in shaping the decision of the Fed’s monetary policy committee at its meeting later this month. Many of the indicators pointed towards cooling in the economy, strengthening hopes that it would be enough for the central bank to keep rates steady. Friday’s nonfarm payrolls report showed an uptick in the unemployment rate. Market participants took heart from the data, which suggests that the highly resilient labor market is finally cracking and that the effects of the Fed’s aggressive tightening campaign are showing up.

More specifically, we learned at the close of last week that U.S. unemployment rose to 3.8 percent in August, a significant increase from July’s rate of 3.5 percent and the highest percentage since February 2022, as the economy continued to lose momentum built up after pandemic lockdowns. Non-Farm Payrolls barely beat consensus (expected +170k, actual +187k) and previous prints were revised lower (June was cut from +209k to +105k). More people entered the workforce, increasing the size of the labor force by 736k, which will help bring supply and demand more into balance.

Keep in mind that increased hiring and slowing wage growth are key ingredients of the Fed’s fight against pandemic-era inflation, and the overall report was good news for the bond market, as it shows the Fed’s tightening is gaining traction in the labor market. In theory, this will take some of the pressure off the Fed to keep hiking rates and give the central bank some confidence to let previously enacted hikes work their way through the economy. The next Fed meeting is only two weeks away.

Though we’ve already received the latest rate decision from Royal Bank of Australia this morning, where rates were held steady at 4.10 percent, today is light on economic data. After this commentary goes out, markets will receive August employment trends and July factory orders. Highlights from the remainder of the week include September’s Fed Beige Book tomorrow and July Wholesale Inventories on Friday. We begin the trading week with Agency MBS prices worse .125-.250 and the 10-year yielding 4.22 after closing last week at 4.17 percent on no real news.

 Download our mobile app to get alerts for Rob Chrisman’s Commentary.

Source: mortgagenewsdaily.com

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Insurance companies collected more than $150 billion in premiums from California homeowners over the last 25 years and enjoyed profits at four times the national average. Now they’re demanding an unprecedented bailout from the California Legislature as the price of continuing to do business here in the wake of wildfire losses.

Industry lobbyists are reportedly negotiating with lawmakers, Insurance Commissioner Ricardo Lara and Gov. Gavin Newsom’s office toward a deal that would be unveiled in the last weeks before the Legislature adjourns on Sept. 14. The industry’s plan would advance its decades-long drive to undermine the protections of Proposition 103, the insurance reform measure passed by voters 35 years ago. The proposal would allow insurance companies to hike rates without full transparency or justification; force policyholders to assume the staggering costs of insurers’ backup coverage for unexpected losses; and use secret algorithms to set premiums.

These currently illegal practices are likely to raise property insurance premiums by 40% or more. Many more customers could be forced into the California FAIR (Fair Access to Insurance Requirements) Plan, a state-created, industry-controlled association that offers less generous, last-resort coverage at higher prices.

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Worse, the proposed bailout relieves insurance companies of their responsibility to cover all losses under the FAIR Plan, forcing the state’s policyholders to shoulder the burden through mandatory surcharges on their insurance bills. The proposal would incentivize insurance companies to push their riskiest customers into the FAIR Plan and make other policyholders subsidize their claims. Insurers would retain only their most profitable customers.

Some lawmakers have suggested that capitulating to the industry’s demands for deregulation, vastly higher premiums and zero risk is necessary to lure insurance companies back to California. Companies such as State Farm, Allstate and Farmers have orchestrated an insurance shortage in the state by refusing to sell new policies and improperly dumping existing customers. But the companies’ proposal does not guarantee that anyone who wants to buy insurance coverage will be able to do so.

Nor has surrendering to industry demands worked in Florida. Under Gov. Ron DeSantis, rate regulation is weak, insurers are opaque and companies are allowed to pass on the cost of reinsurance and impose surcharges on policyholders if the state’s FAIR Plan equivalent falls short. And yet homeowner premiums are two to three times higher than in California, the proportion of policyholders with last-resort insurance is five times greater, and companies are rapidly abandoning the state anyhow.

Under the California Constitution, the Legislature is barred from amending the terms of Proposition 103 except to further the initiative’s purposes. Courts have repeatedly invalidated legislation that weakens those reforms, as the industry’s latest proposal does. Whatever their personal views, lawmakers must respect the voters’ will and insist that insurance companies do the same.

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By waiting until the last days of legislative business to negotiate such a bailout, lawmakers are cynically attempting to bypass public scrutiny and debate while undermining the credibility of their institution. As the Legislature’s 1996 deregulation of utility rates showed, poorly vetted, industry-backed proposals can become costly debacles for California consumers and taxpayers.

There are many legitimate ways to address the impact of wildfires and other extreme weather events without bailing out the industry or allowing it to avoid transparency and accountability. Our leaders should take the time to look into them.

For example, money from a proposed climate bond and the state’s cap-and-trade program could be deployed to help homeowners take precautions that reduce the risk of loss from extreme events such as wildfires. Rather than allowing insurance companies to make land use policy through rates, state and local authorities ought to develop rational rules to guide construction in high-risk areas. And insurance companies should be given a deadline to stop insuring and investing in the oil and gas companies that are fueling climate change.

Finally, as a condition for the privilege of selling any kind of insurance in California, companies must be required to cover all homeowners who have taken appropriate measures to protect their property. And insurers that choose to leave the state should not be allowed to return for five years. Companies that collect our premiums for decades and then suddenly decide they don’t want to obey our laws should not be allowed to do business in the largest and most lucrative insurance market in the nation.

Harvey Rosenfield is the founder of Consumer Watchdog and the author of Proposition 103.

Source: latimes.com

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The average cost of homeowners insurance in Maine is $1,020 per year, or about $85 per month, according to a NerdWallet analysis. That’s less than the national average of $1,820 per year.

We’ve analyzed rates and companies across the state to find the best homeowners insurance in Maine.

Note: Some insurance companies included in this article may have made changes in their underwriting practices and no longer issue new policies in your state. Even if an insurer serves your state, it may not write policies for all homes in all areas.

Why you can trust NerdWallet

Our writers and editors follow strict editorial guidelines to ensure fairness and accuracy in our writing and data analyses. You can trust the prices we show you because our data analysts take rigorous measures to eliminate inaccuracies in pricing data and may update rates for accuracy as new information becomes available.

We include rates from every locale in the country where coverage is offered and data is available. When comparing rates for different coverage amounts and backgrounds, we change only one variable at a time, so you can easily see how each factor affects pricing.

Our sample homeowner had good credit, $300,000 of dwelling coverage, $300,000 of liability coverage and a $1,000 deductible.

The best homeowners insurance in Maine

If you’re looking to buy homeowners insurance from a well-rated national brand, consider one of these insurers from NerdWallet’s list of the best homeowners insurance companies.

More about the best home insurance companies in Maine

See more details about each company to help you decide which one is best for you.

State Farm

Well-established insurer with a lengthy list of coverage options.

Coverage options

More than average

Average set of discounts

NAIC complaints

Fewer than expected

State Farm

Well-established insurer with a lengthy list of coverage options.

Coverage options

More than average

Average set of discounts

NAIC complaints

Fewer than expected

State Farm is a great choice for homeowners who like to work directly with a representative, as the company sells policies through a wide network of agents. And its attention to customer service has paid off; the company has fewer customer complaints to state regulators than expected for a company of its size.

State Farm offers a free Ting device as a perk for home insurance policyholders. Ting is a smart plug that monitors your home’s electrical network to help prevent fires.

Chubb

Perks and high coverage limits for affluent homeowners.

Coverage options

About average

Great set of discounts

NAIC complaints

Far fewer than expected

Chubb

Perks and high coverage limits for affluent homeowners.

Coverage options

About average

Great set of discounts

NAIC complaints

Far fewer than expected

Chubb generally serves affluent policyholders with high-value homes, offering lofty coverage limits and plenty of perks. For example, the company covers water damage from backed-up sewers and drains, and pays to bring your home up to the latest building codes during reconstruction after a claim. (Many insurers charge more for these types of coverage.)

Chubb policyholders may also be able to take advantage of the company’s HomeScan service, which uses infrared cameras to look for problems behind the walls of your home.

Vermont Mutual

4.5

NerdWallet rating 

Regional insurer since 1828, selling homeowners insurance in the Northeast through independent agents.

Coverage options

About average

Very few discounts

NAIC complaints

Far fewer than expected

Vermont Mutual

4.5

NerdWallet rating 

Regional insurer since 1828, selling homeowners insurance in the Northeast through independent agents.

Coverage options

About average

Very few discounts

NAIC complaints

Far fewer than expected

Founded in 1828, Vermont Mutual sells homeowners insurance through local independent agents. The company stands out for service, drawing far fewer complaints than expected for an insurer of its size.

You may be able to add coverage for major appliances such as water heaters, laundry machines or solar energy systems. Other endorsements may be available to cover identity theft, damage to underground service lines, backed-up drains and theft of expensive jewelry.

Hanover

Best for homeowners looking for many ways to customize their policy.

Coverage options

More than average

Average set of discounts

NAIC complaints

Far fewer than expected

Hanover

Best for homeowners looking for many ways to customize their policy.

Coverage options

More than average

Average set of discounts

NAIC complaints

Far fewer than expected

The Hanover gives homeowners lots of choices. You can opt for an auto/home package, a policy designed for high-value homes or a standalone policy for a standard house. You can further customize your policy with a range of coverage options for things like guaranteed replacement cost coverage, which will pay as much as it takes to rebuild your home after a disaster.

The Hanover sells policies exclusively through local independent agents. That means online quotes aren’t available, but you can get personal service to help you choose the right coverage.

How much does homeowners insurance cost in Maine?

The average annual cost of home insurance in Maine is $1,020. That’s 44% less than the national average of $1,820.

In most U.S. states, including Maine, many insurers use your credit-based insurance score to help set rates. Your insurance score is similar but not identical to your traditional credit score.

In Maine, those with poor credit pay an average of $2,085 per year for homeowners insurance, according to NerdWallet’s rate analysis. That’s 104% more than those with good credit.

Average cost of homeowners insurance in Maine by city

How much you pay for homeowners insurance in Maine depends on where you live. For instance, the average cost of home insurance in Portland is $1,035 per year, while homeowners in Bangor pay $1,000 per year, on average.

Average annual rate

Average monthly rate

Scarborough

South Portland

Waterville

The cheapest home insurance in Maine

Here are the insurers we found with average annual rates below the Maine average of $1,020

NerdWallet star rating

Average annual rate

Vermont Mutual

4.5

NerdWallet rating 

Concord Group

4.0

NerdWallet rating 

Union Mutual

Patriot Insurance

Patrons Oxford

What to know about Maine homeowners insurance

When shopping for home insurance in Maine, homeowners should consider the risks they could see, including severe winter weather, flooding, coastal storms and wildfire.

Winter weather

Maine’s snowy season can run from October to May, which means heavy snowfall and freezing temperatures. Both of these can spell disaster for homeowners, including roof damage, burst pipes and structural issues caused by the weight of snow and ice.

Homeowners insurance generally covers winter storm-related damages, but some types of winter weather damage may require extra coverage. For instance, you’ll typically need a separate flood insurance policy to cover flood damage caused by snowmelt.

Flooding

Heavy rain or snowmelt can cause flooding across the state of Maine. Significant water damage can result in high repair costs for homeowners, and standard home insurance policies do not cover flooding. As a result, homeowners in flood-prone areas should consider buying separate flood insurance.

To find out your risk, check out the Federal Emergency Management Agency’s flood maps and RiskFactor.com, a website from the nonprofit First Street Foundation. Even if your property is deemed low risk, it may be worthwhile to purchase flood insurance for extra peace of mind.

Remember that while you can purchase flood coverage at any time, there’s typically a 30-day waiting period before the insurance takes effect. Here’s more information about flood insurance and waiting periods.

Hurricanes and coastal storms

Hurricanes are less frequent in Maine than in the more southerly states, but coastal storms of all kinds still damage Maine property. Standard home insurance typically covers damage caused by storms, but read your policy carefully, as you may have separate deductibles for hurricanes and wind.

Hurricane deductibles can be from 1% to 10% of your dwelling coverage, or sometimes they can be a flat fee. For example, your policy may have a $1,000 deductible for most claims and a 2% deductible for hurricane-related claims. If your home has $200,000 of dwelling coverage, you would be responsible for $4,000 before your insurance pays for the rest of the hurricane-related damage.

Remember that you will also need a separate flood insurance policy to protect against flooding due to coastal storms.

Wildfire

Wildfires are common in Maine, especially in wooded and rural areas. While the damage caused by fire is typically covered by standard home insurance, it’s essential to understand the limits of that coverage.

Residents of high-risk areas should read their policies closely to understand any exclusions. Pay particular attention to the dwelling coverage limit, which is how much the insurance company will pay to rebuild your house. Check with your insurer to ensure you have enough coverage to rebuild if necessary.

Maine insurance department

The Maine Bureau of Insurance oversees the state’s insurance industry and maintains a website that provides consumer resources on homeowners insurance.

If you need to file a complaint against your insurer, you can do so online or by mail. Don’t hesitate to contact the bureau with questions or for help with your complaint at 800-300-5000 or [email protected].

Looking for more insurance in Maine?

Frequently asked questions

Is homeowners insurance required in Maine?

Homeowners insurance is not required by Maine state law. However, your lender may require you to purchase homeowners insurance.

Does Maine homeowners insurance cover flooding?

Flooding is not covered under standard Maine homeowners insurance. You will want to purchase a separate flood policy if you live in a high-risk area.

How can I save money on homeowners insurance in Maine?

There are several ways to save money on home insurance in Maine:

  • Shop around to make sure you’re getting the best rate.

  • Choose a higher deductible. In case of any claims, you’ll pay more out of pocket, but your premiums will be lower.

Amanda Shapland contributed to this story.

Source: nerdwallet.com

Apache is functioning normally

An emergency housing proclamation in the state of Hawaii declared by Gov. Josh Green (D) in July is conflicting with the desires of Maui residents as the island rebuilds after a devastating wildfire that destroyed the town of Lahaina.

The proclamation suspends several housing provisions, including historic preservation, environmental review, sunshine and collective bargaining laws. It replaces them with rules that permit rapid development and construction of new housing units, a move to address ballooning costs.

In a Thursday meeting of the Maui County Council, dozens of local residents said the proclamation could thwart forthcoming reconstruction efforts in Lahaina, Honolulu Civil Beat reported.

Chief Housing Officer Nani Medeiros said the town isn’t going to make any decisions under the declaration until the community is prepared.

A working group and other government officials are carrying out an assessment to identify available government and private land where new homes could be built to house Lahaina fire survivors.

“Infrastructure is the biggest challenge,” Medeiros said. “The meetings with the community members — the folks who have actually experienced the displacement — are key to any decisions,” on new construction.

Meanwhile, residents are encouraging tourists to return in order to encourage economic activity.

“Another way you can support Maui, come here,” local disc jockey Forest said on Mana’o Radio, NPR reported. “The Maui economy relies on tourism, to stay away now will just make the problem worse.”

Despite the destruction of Lahaina, 730 square miles of Maui — roughly 75% of the island — was untouched by the recent wildfire. Tourism accounts for the vast majority of the Maui economy.

Source: housingwire.com

Apache is functioning normally

An emergency housing proclamation in the state of Hawaii declared by Gov. Josh Green (D) in July is conflicting with the desires of Maui residents as the island rebuilds after a devastating wildfire that destroyed the town of Lahaina.

The proclamation suspends several housing provisions, including historic preservation, environmental review, sunshine and collective bargaining laws. It replaces them with rules that permit rapid development and construction of new housing units, a move to address ballooning costs.

In a Thursday meeting of the Maui County Council, dozens of local residents said the proclamation could thwart forthcoming reconstruction efforts in Lahaina, Honolulu Civil Beat reported.

Chief Housing Officer Nani Medeiros said the town isn’t going to make any decisions under the declaration until the community is prepared.

A working group and other government officials are carrying out an assessment to identify available government and private land where new homes could be built to house Lahaina fire survivors.

“Infrastructure is the biggest challenge,” Medeiros said. “The meetings with the community members — the folks who have actually experienced the displacement — are key to any decisions,” on new construction.

Meanwhile, residents are encouraging tourists to return in order to encourage economic activity.

“Another way you can support Maui, come here,” local disc jockey Forest said on Mana’o Radio, NPR reported. “The Maui economy relies on tourism, to stay away now will just make the problem worse.”

Despite the destruction of Lahaina, 730 square miles of Maui — roughly 75% of the island — was untouched by the recent wildfire. Tourism accounts for the vast majority of the Maui economy.

Source: housingwire.com

Apache is functioning normally

Arizona is known for its dry, warm weather and scenic desert vistas. It has a wide range of climate zones, from dry desert basins, to tall, snowy highlands. This has made the state a very appealing place to live, especially during the spring and fall. 

Weather is typically on the extreme end throughout the state, from hot summers in Phoenix to cold winters in Flagstaff and the nearby Grand Canyon. However, sometimes these extremes turn into natural disasters, ranging from extreme heat to flash floods. When these happen, it’s essential to be prepared. 

So what are the most common natural disasters in Arizona, how are they changing, and what can you do to prepare if you live in the state? Whether you already own a home in Scottsdale or are looking at apartments in Tucson, read on for everything you need to know. 

1. Arizona heat waves

Hot, dry weather is common throughout Arizona, especially in the Southern parts of the state, where most of the population lives. Summer temperatures often reach well over 100 degrees Fahrenheit in Phoenix, and in July 2023, temperatures were above 110 degrees for a record 31 straight days. 

According to First Street Foundation, nearly 53% (1.7 million) of homes in Arizona currently have an Extreme Heat Factor, meaning the average daily temperature is at least 104 degrees Fahrenheit for the hottest month of the year. This is expected to grow. 

Cities often feel the heat worse than other areas due to the urban heat island effect. Phoenix, for example, can be 10-15 degrees Fahrenheit warmer in the evenings than nearby rural areas. The state government is taking an active role in mitigating this issue, such as utilizing cooling technologies and incorporating more native plants. 

How to prepare for Arizona heat waves

Heat waves can be intense and last for days, so preparing is essential. Here are a few ways to stay cool in extreme heat:

  • Stay updated on forecasts and advisories.
  • Prepare a meal plan that doesn’t involve cooking indoors. 
  • Stay hydrated before, during, and after a heat event. 
  • Make sure your air conditioning is functioning properly.
  • Switch from incandescent to LED light bulbs. 
  • Stock up on lightweight, protective clothing.
  • Close blinds, shades, and curtains. 

2. Arizona drought

Arizona is especially sensitive to drought, even during average rainfall years. Unfortunately, much of the state is currently dealing with a long-term drought that has been affecting the Southwestern US since 1990. This “megadrought” is due to rising average temperatures and significantly reduced rainfall, which has been exacerbated by human-caused climate change. 

Droughts are complicated events that are usually the result of dozens of factors. In Arizona, the primary factors have been reduced rainfall and a shrinking Colorado River, which supplies 36% of Arizona’s water.

Droughts are different from other natural disasters because they are usually long-term events, rather than flooding or dust storms that will generally pass in a day. However, the effects can be dramatic and significantly alter daily life. For example, the Arizona government was recently forced to limit or halt new construction projects around Phoenix due to lack of available groundwater. 

Droughts can also increase the frequency and severity of other disasters, such as forest fires, dust storms, and heat waves.

How to prepare for Arizona drought

Because drought has been in place in Arizona for decades already, it’s important to adapt your lifestyle to accommodate lower water use and prepare for future restrictions. For example:

3. Arizona wildfires

Wildfires are common in Arizona. In fact, 74% of properties are at risk of being affected by a wildfire within the next 30 years, one of the highest percentages in the country. 

The state’s hot and dry climate, combined with forested mountains in the northern parks of the state, sets the stage for potentially devastating fires. Prolonged droughts, scorching temperatures, and intermittent high winds create a recipe for ignition and rapid fire spread. 

The risk of wildfires is worse in May and June until the monsoon season arrives. This is usually when it’s hottest and driest, which helps fuel monsoon activity but leads to dangerous conditions for weeks to months until rain comes.

Wildfires can also lead to parched landscapes, which makes them more susceptible to flooding. 

How to prepare for Arizona wildfires

In Arizona, preparing your home and yourself for wildfires is crucial, especially during the summer. Here are a few tips to prepare: 

  • Create a defensible space around your property by removing flammable materials and trimming or removing dry vegetation.
  • Develop an emergency plan that includes evacuation routes and a communication strategy.
  • Stay updated on fire weather forecasts and adhere to fire restrictions. 
  • Assemble an emergency kit with essentials and valuable documents.
  • Ensure your insurance adequately covers fire damage, or if the rising premiums are too high, understand the risks of going uninsured. 
  • Collaborate with your community to prevent fires. This is the most successful way to mitigate fire risk in your neighborhood. 

4. Arizona flooding

Arizona is a relatively dry state, but flooding is actually a major threat; 18% of properties are at risk of flooding in the next 30 years. Arizona’s flood risk profile is marked by its arid climate, which makes it particularly susceptible to regional and flash floods despite its reputation for low rainfall. The state is also home to many rivers, mountains, and valleys, which can lead to flooding. 

Much of the state’s rugged topography, concrete cities, and dry soil cannot easily absorb sudden heavy downpours, causing water to rush across the surface and overwhelm drainage systems. Even sporadic, intense rainfall events in the highlands during the summer monsoon season can trigger devastating flash floods that pose serious threats to communities and infrastructure. 

How to prepare for Arizona flooding

In Arizona, being prepared for flooding is essential, particularly during sudden intense rain and snowmelt events. Because Arizona is prone to flash flooding, you may not have much time to prepare, so it’s critical to practice and have supplies ready during the spring and summer. Here are a few tips to help:

  • Familiarize yourself with flood risk maps for your area to see your potential risks.
  • Consider flood insurance if you’re in a high-risk zone. 
  • Keep emergency supplies on hand, including non-perishable food, water, medications, and important documents. 
  • Elevate valuable items in flood-prone areas of your home, and install sandbags or barriers if necessary.
  • Stay tuned to weather forecasts and alerts, and have a communication plan in place with your family. 
jeff1farmer via Getty Images

5. Arizona dust storms

Arizona is renowned for its breathtaking landscapes and arid climate, but it also faces the looming threat of dust storms, known as “haboobs.” The state’s arid desert terrain, characterized by vast open spaces and loose, dry soil, creates the ideal conditions for these intense dust storms to form. They most often occur during the summer monsoon season and are created by strong downdrafts associated with thunderstorms. 

Dust storms are often unpredictable, can be miles long and thousands of feet high, and may last up to an hour. When they hit, it’s essential to protect yourself; inhaling too much dust can be dangerous and may cause valley fever, which is caused by fungal spores that live in dry soil. 

How to prepare for Arizona dust storms

You may receive official warnings for dust storms, but they’re often unpredictable. Here are a few tips to help you prepare:

  • To ensure you’re always prepared, follow commonsense preventive measures and make sure to keep a mask with you at all times during the summer months.
  • If you plan on driving, remember to pull off the road, turn off your lights, and turn off your car if a dust storm is approaching.
  • In your home, close windows, doors, vents, and any other opening to prevent dust from getting inside. 

Final thoughts on natural disasters in Arizona 

Arizona is a rich state full of history and abundant nature, making it a very appealing place to live. Phoenix has consistently been one of the fastest growing cities in the US, and is a top migration destination for homebuyers seeking the sun. 

If you’re planning on moving to Arizona or already call the state home, make sure you’re prepared for possible natural disasters and long-term weather events. Understanding the risks and adequately preparing will help you make the most out of living in Arizona. The National Weather Service also offers an experimental map that shows forecasted risks for the current seven-day period. This may be helpful as you prepare for a disaster. 

It’s important to note that many natural disasters are worsened by climate change. So no matter how you prepare, reducing your carbon footprint is the best long-term solution. 

This article is for informational purposes only. Individual results may vary. This is not intended as a substitute for the services of a licensed and bonded home services or disaster prevention professional. Always seek expert advice and follow all official guidance before, during, and after a disaster.

Source: redfin.com

Apache is functioning normally



CNN
 — 

Hundreds of Wells Fargo customers reported issues with the bank’s systems Thursday, with problems ranging from transferring funds to declining ATM cards. This is the second major technical issue to impact the bank this month after some customers a few weeks ago noticed their direct deposits had disappeared from their accounts.

Here’s what else you need to know to Get Up to Speed and On with Your Day.

1. Trump

Donald Trump became the first former US president to have a mug shot taken when he was placed under arrest at the Fulton County jail on Thursday. He was booked as inmate No. P01135809 after surrendering on more than a dozen charges stemming from his alleged efforts to overturn Georgia’s 2020 election results. Sources tell CNN that the former president wanted to appear defiant in the mug shot, and purposefully chose not to smile. After he was released on a $200,000 bond, Trump slammed the case as “a travesty of justice,” and told reporters, “I did nothing wrong.” His surrender in Georgia marked the fourth time this year the former president has turned himself in to local or federal officials after criminal charges were brought against him — episodes that had never been seen in US history until 2023.

2. Maui

Officials in Maui County, Hawaii, have released a list of nearly 400 people who remain unaccounted for following the devastating wildfires this month. The “validated list” was put together by the FBI, a news release from the county said on Thursday. “We’re releasing this list of names today because we know that it will help with the investigation,” Police Chief John Pelletier said in the release. “We also know that once those names come out, it can and will cause pain for folks whose loved ones are listed,” he added. The list of 388 names marks a drop from the more than 1,000 people previously believed to be unaccounted for. But that figure could change as the grim search continues, officials said. At least 115 people have already been confirmed dead, making it the deadliest wildfire disaster in the US in more than 100 years.

<div data-uri="cms.cnn.com/_components/video-resource/instances/cllqg7epd000e3b6ic8oco5w2@published" data-component-name="video-resource" data-editable="settings" class="video-resource" data-video-id="us/2023/08/24/exp-hawaii-fires-governor-intv-082401pseg2-cnni-us.cnn" data-live data-analytics-aggregate-events="true" data-custom-experience data-asset-type="hlsTs" data-medium-env="prod" data-autostart="unmuted" data-show-ads="true" data-source="CNN" data-featured-video="true" data-headline=""We had essentially a fire hurricane": The Governor of Hawaii on the inferno that has left hundreds still missing." data-description="Hawaii Governor Josh Green joins CNN's Paula Newton to discuss the effects of climate change, and the powerful natural disasters that combined to cause mass devastation in Maui.
” data-duration=”04:41″ data-source-html=” – Source:
CNN

3. Power outages

Nearly 700,000 homes and businesses were without power early today across Michigan and Ohio following a forceful round of thunderstorms and a large tornado. The “extremely dangerous” tornado was confirmed near Williamston, Michigan, Thursday night around 9:30 p.m. local time, according to the National Weather Service. In addition to heavy rain of up to 8 inches in some areas, the storms brought powerful winds gusting up to 85 mph and hail up to 1.5 inches in diameter. Approximately 400,000 people were without power in southern Michigan and nearly 300,000 were in the dark in northern Ohio overnight, according to tracker PowerOutage.us. Crews are expected to survey the damage today as the storms track further south.

4. Mortgage rates

Mortgage rates soared to 7.23% this week — their highest level since 2001. For comparison, the 30-year fixed-rate a year ago was 5.55%. Mortgage rates have spiked during the Federal Reserve’s historic inflation-curbing campaign, sending home affordability to the worst levels since 1984. Buying a home is more expensive now than renting because of the added cost of financing a mortgage and rising home prices. Hopeful house hunters also face historically low inventory, increasing competition for properties. According to an analysis by Moody’s Investors Service, US homebuying costs will remain elevated at least through 2024.

5. Russia

Russian President Vladimir Putin made his first public comments Thursday on the plane crash believed to have killed Wagner chief Yevgeny Prigozhin, saying he was “talented” but made “serious mistakes in life.” The crash Wednesday took place northwest of Moscow and killed all on board, according to Russian officials. There is no concrete evidence that points to Kremlin involvement and an investigation is underway to determine the cause of the crash. However, it is known that Prigozhin recently joined a growing list of high-profile Russians who have fallen from the good graces of Putin and died under mysterious circumstances. Ukrainian President Volodymyr Zelensky said Kyiv had nothing to do with the crash, adding “but I think everyone realizes who has.” President Joe Biden similarly suggested Putin may have been behind the incident.

<div data-uri="cms.cnn.com/_components/video-resource/instances/cllqigat7000m3b6itb0tr9i6@published" data-component-name="video-resource" data-editable="settings" class="video-resource" data-video-id="world/2023/08/24/putin-comment-condolences-wagner-plane-crash-vpx.cnn" data-live data-analytics-aggregate-events="true" data-custom-experience data-asset-type="hlsTs" data-medium-env="prod" data-autostart="unmuted" data-show-ads="true" data-source="CNN" data-featured-video="true" data-headline="Putin makes first public comments since plane crash" data-description="Russian President Vladimir Putin made his first public remarks since a plane crash north of Moscow is believed to have killed Wagner chief Yevgeny Prigozhin, sending his condolences to families of the "Wagner Group employees" on board. CNN's Paula Newton has the details." data-duration="00:51" data-source-html=" – Source:
CNN

BREAKFAST BROWSE

It’s not pumpkin you’re tasting in your pumpkin spice latte
Pumpkin spice blend is actually a simple combination of cinnamon, ginger, nutmeg, allspice and cloves. Check out these fall-favorite dishes that call for real pumpkin.

Selena Gomez, Miley Cyrus, Ariana Grande all released new music on the same day
It’s been a big week for pop music. You’ll probably hear these songs on summer playlists and the radio soon.

A ‘forgotten’ Winnie the Pooh sketch sat in a drawer for years. Now it could be worth thousands
An original drawing of the Disney character which languished for decades in a drawer could fetch nearly $40,000 at auction next month.

Comedian Kevin Hart ends up in wheelchair after racing his friend
Trying to do “young stuff” has temporarily landed Kevin Hart in a wheelchair.

Dollar Tree may start locking up items
The discount store known for $1 price points is seeing a rise in theft issues. The company said it may take drastic measures to prevent robberies.

QUIZ TIME

Which country successfully landed a spacecraft on the moon this week?
A. Italy
B. India
C. Russia
D. Canada
Take CNN’s weekly news quiz to see if you’re correct!

TODAY’S NUMBER

7
That’s how many astronauts are currently aboard the International Space Station. A SpaceX and NASA mission was set to send four additional astronauts to the orbiting lab today, but the launch was abruptly called off for “additional analysis.”

TODAY’S QUOTE

“We don’t believe it rises to the level of a recallable safety defect.”

— Ford, responding to complaints about an “ear piercing” noise from speakers in its F-150 trucks. The automaker said it has to come up with a software fix to address the annoying noise that sounds like static, or glass shattering, and which cannot be shut off. Around 100 drivers have submitted complaints, Ford said, but the company does not yet plan to issue a full recall.

TODAY’S WEATHER

Check your local forecast here>>>

AND FINALLY …

Watch this video to see how homemade rockets are helping a Thai community uphold its traditions.

Source: cnn.com

Apache is functioning normally

Two weeks since the first report of a wildfire in Lahaina, Hawaii, the scope of the tragedy is coming into focus.

Search teams looked through every single-story residence in the disaster area and found the remains of 115 people. The death toll is likely to grow as teams now look through multi-story residences and commercial properties.

As of Aug. 21, the fire, which began on Aug. 8, was considered 90% contained and has burned through more than 2,100 acres, according to Maui County.

More than 2,000 buildings in Lahaina were destroyed or damaged by the blaze, according to an artificial intelligence model compiled by Esri, a geographic information system software provider.

The AI model reviewed satellite photos of Lahaina before and after the fire and estimated on Aug. 11 that 2,088 structures – about 63% of all structures in the examined area – had been destroyed or damaged.

Most buildings were homes. The Federal Emergency Management Agency estimated on Aug. 12 that the fire had destroyed 1,466 houses; 85% of all structures that were assessed were destroyed.

Based on Esri’s estimates of damaged structures and building types provided by USA Structures, nearly 1,800 residential structures were damaged in the fire. USA Structures is a dataset maintained by the Department of Homeland Security, the Federal Insurance and Mitigation Administration, FEMA, Oak Ridge National Laboratory and the U.S. Geological Survey.

The financial toll of the damage is vast for a town of about 12,000 people. Rebuilding costs could total more than $450 million for residential structures alone, based on Esri’s damage assessment and Maui tax roll data.

That includes $242.1 million in total building value for owner-occupied homes, $136.1 million for non-owner occupied homes, $40.7 million for short-term rentals and $23.2 million for long-term rentals, based on the building values of parcels that overlap Esri’s assessed damaged buildings.

The median residence assessed damaged by the fire was a 62-year-old, three-bedroom, two-bath structure valued at $242,700, excluding land value.

The damage also complicates hundreds of millions of dollars’ worth of mortgages. Lenders originated more than $670 million in mortgages for borrowers to purchase, improve or refinance single-family dwellings in the census tracts covering Lahaina in 2018-2022, the most recent Home Mortgage Disclosure Act data available.

Lenders originated more than 1,200 such loans over that period, led by Bank of Hawaii with 525, First Hawaiian Bank with 490 and HighTechLending Inc. with 470.

Many of the loans loans originated by these lenders were then purchased by Fannie Mae and Freddie Mac.

The Department of Housing and Urban Development has granted homeowners with Home Equity Conversion Mortgages or mortgages insured by the Federal Housing Administration a 90-day moratorium on foreclosures. HUD also announced a package of regulatory and administrative waivers for further assistance to those in the disaster area.

Homeowners may also borrow up to $500,000 to repair or replace their homes in a low-interest disaster loan from the Small Business Administration. Real estate professionals, too, have provided relief funds.

Officials’ primary efforts are still directed towards meeting the immediate needs of people in the disaster area; a full assessment of the damage and what rebuilding will cost will come later.

So far, FEMA has approved more than $5.6 million in assistance to nearly 2,000 households, including more than $2.3 million in initial rental assistance. Maui County officials estimate about 1,900 people are currently sheltered in hotels. The Environmental Protection Agency and Army Corps of Engineers have started debris collection.

Beyond the need for rebuilding, the wildfire’s long-term impact on insurance and affordable housing remain to be seen.

Hawaii is one of several states recently affected by natural disasters, including wildfires.

Will Robinson is a data journalist at HW Media.

Source: housingwire.com

Apache is functioning normally

A wide array of U.S. federal agencies are descending on the Hawaiian island of Maui as relief begins pouring in following a devastating set of wildfires that completely destroyed the popular coastal town of Lahaina, displaced thousands of local residents and killed at least 111 people, according to the most recent information.

The Department of Housing and Urban Development (HUD) has instituted a 90-day moratorium on foreclosures of mortgages insured by the Federal Housing Administration (FHA), as well as a pause on foreclosures of mortgages in the Indian Home Loan Guarantee program.

Borrowers at or over the age of 62 who are engaged in a Home Equity Conversion Mortgage (HECM) have also been given a 90-day extension. All relief measures are effective as of the official disaster declaration issued by President Joe Biden on August 10.

HUD also detailed the availability of additional housing assistance for individuals upon request, including FHA insurance to disaster victims; HUD’s Section 203(k) loan program that allows the finance of a purchase or refinance of a house along with its repair through a single mortgage; flexibility to Community Planning and Development grantees, Public Housing Agencies and Tribes; and the availability of HUD-approved housing counseling agencies.

Hundreds of personnel from FEMA have been deployed to the disaster area, while the USDA is deploying food assistance programs for displaced residents. The State Department has also granted a fee waiver for people who lost their U.S. passport book or passport card as a result of the wildfires. The U.S. Army Corps of Engineers has also been deployed to clear roads and bolster electric service, while the Environmental Protection Agency is on-site to assist with household hazardous waste removal that will be “essential to begin recovery work in the impacted areas.”

But there are other issues that could present problems for the area as rebuilding begins, particularly with regard to homeowners insurance, according to recent coverage by the New York Times.

The status quo of relatively low home insurance rates — solidified by a general lack of natural disasters striking the islands — could be upset by the fires, which may exacerbate other issues impacting Hawaiian housing such as gentrification.

When Hurricane Iniki devastated the island of Kauai in 1992, Hawaii’s state legislature established a fund to provide hurricane insurance for homeowners. That program was dissolved in 2002, however, since the private insurance market was built back to “full strength,” according to the Times. While wildfires have not been a major problem for Hawaii in the past, this latest disaster could signal to insurance carriers that they could become more of an issue in the future.

“I think insurers are going to start factoring in the increased frequency and severity of wildfires,” David Marlett, a professor of risk management at Appalachian State University told the New York Times. “You’ve already seen that in California.”

With the increasing prevalence of natural disasters across the U.S. and the world, insurance companies have reacted by pulling back coverage in habitually-impacted areas. Recent data from Redfin showed that housing markets with flood and wildfire risk are booming since that additional climate risk has translated into lower costs in certain areas.

But insurance carriers themselves are pulling back or leaving, notably in California and Florida, and they’re citing climate risk as a primary driver.

Source: housingwire.com