NAR Explains Wildfire Coverage in Latest Guide
NAR's new Consumer Guide explains fire insurance coverage and the importance of informed decisions in high-risk areas.
ORLANDO, Fla. – As the wildfires continue to ravage California, the National Association of Realtors® published a new Consumer Guide to help buyers, sellers and owners navigate fire damage and insurance coverage.
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Indeed, anyone who lived in Florida in 1998 can remember the devastation caused by wildfires, with more than 330 structures damaged or destroyed and about 500,000 acres scorched. In fact, every year wildfires burn through Florida acreage, so the state conducts controlled burns and issues burn bans to mitigate risks. Historically, Florida’s year-round wildfire season peaks in April, May and June, according to the state Department of Agriculture and Consumer Services.
NAR’s newest Consumer Guide, Fire Damage and Policy Coverage, covers commonly asked questions about fire insurance, underscoring how Realtors® can help.
“Most homeowners insurance policies cover fire and smoke damage, but some insurers may limit or not offer coverage if your risk is higher. You should contact an insurance agent or broker if you need separate fire insurance or have questions. An agent who is a Realtor can help connect you. Depending on where you live, your property may have varying degrees of risk of sustaining damage from a wildfire. Even if you aren’t in a high-risk area, you should fully understand your insurance coverage in the event of a fire,” NAR said in its guide.
NAR’s Consumer Guides equip customers with the tools they need to make informed choices following the practice changes that began Aug. 17, highlighting the value of working with a Realtor.
Like the other Consumer Guides, the newest one — along with other resources — can be viewed at the NAR website facts.Realtor. The Consumer Guides can also be printed as handouts. Most are available in English and Spanish.
Click the title to view the PDFs:
- Why Am I Being Asked to Sign a Written Buyer Agreement? Covers recent practice changes when it comes to working with a real estate professional as a home buyer. Spanish
- Open Houses and Written Agreements: Covers what buyers need to know about touring homes, attending open houses and when a written buyer agreement is needed. Spanish
- Realtors’ Duty to Put Client Interests Above Their Own: Covers NAR’s strict Code of Ethics that all agents who are Realtors must follow and their ethical duties to act in their client’s best interests. Spanish
- What Veterans Need to Know About Buying a Home: Covers what NAR is doing to promote access to financing for veterans and highlights the options available to veteran buyers in their homebuying process. Spanish
- Offers of Compensation: Covers the process and options available for offering compensation to a buyer’s agent and the reasons why this may be a compelling option for sellers to consider when marketing their property. Spanish
- Negotiating Written Buyer Agreements: Covers what home buyers should expect when negotiating a written buyer agreement with an agent who is a Realtor. Spanish
- Seller Concessions: Covers the most common types of seller concessions, rules for when and where to offer them and how they can facilitate a successful transaction for both homebuyers and sellers. Spanish
- Multiple Listing Services (MLSs): Covers what an MLS is and how it aids in the homebuying and home selling process. Spanish
- Fair Housing: Covers housing discrimination and the Realtor’s role in ensuring fair housing practices are followed. Spanish
- Listing Agreements: Covers negotiating and signing a listing agreement with your agent. Spanish
- Ten Questions to Ask a Buyer’s Agent: Covers questions buyers should consider when selecting an agent and highlights the importance of Realtors. Spanish
- Ten Questions to Ask a Seller’s Agent: Covers questions sellers should consider when selecting an agent and highlights the important of Realtors. Spanish
- Buying Your First Home: Covers where to begin and what resources are available to first-time buyers. Spanish
- Mortgages and Financing: Covers general information about types of mortgages, available financing and concessions. Spanish
- Steps Between Signing and Closing on a Home: Covers commonly asked questions about the basics of what to expect during the period between signing and closing. Spanish version not yet available.
- Home Inspections: Covers details about home inspections including who is responsible for the associated costs and what “as is” means regarding a sale. Spanish
- Homeowners Insurance: Covers essential information for understanding the basics of homeowners insurance coverage. Spanish
- Flood Insurance: Covers key considerations for flood insurance, including requirements and options. Spanish
- Fire Damage and Policy Coverage: Covers important details about homeowners insurance policies regarding wildfire damage.
For the most up-to-date information about the practice changes, including videos, infographics and new and revised forms and contracts, check the Florida Realtors®’ NAR Settlement Resource Guide webpage frequently.
All forms are also available on Form Simplicity. As always, the Florida Realtors Legal Hotline is available weekdays to answer your questions at 407-438-1409. Questions may also be submitted online any time by clicking here.
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