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Got a question... How much money would I need to make to qualify for a $280,000 Lending Tree mortgage? Looking forward for any response. Second question of mine... Hi all.I know this is slightly off topic,but I noticed a couple of people here work in ins.. |
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I'm stumped. I'm not so sure what is the right answer. I'll do some research and get back to you if I find an decent answer. You should email the people at Lending Tree as they probably can answer it..
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State insurance regulations require replacement cost coverage if you wish to obtain replacement cost on claims..
If you find an agent who will put a dwelling policy (DP3) on your home,you can insure it for less (actual cash value).Look for an independent agent who writes for a variety of companies.. If you have a claim under an acv policy you will get back only the depreciated value of your loss.. Let me give you some examples.. House replacemewnt cost $150,000.. Storm blows off your 10 year old roof.Cost to repair/ replace it $12,000.. (1)Homeowners policy @ $150,000. pays $12,000.. (2) Homeowners policy. @ $75,000 (if you got it) pays $6,000. (50%). (3) DP3 for $75,000. Pays 0 as a 10 year old roof is considered fully depreciated... |
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I am not writing as an independent right now, but I have in the past. Personally, I would refuse to write it. Lots of liability in this in the event of a loss - the agent could be sued for not doing his/her job properly. You can say you don't want it, even sign a waiver, but have a big loss and the claim isn't paid, and the story can change real quick. Money does that even to the best of us..
And, even if an agent writes it, I doubt the company will issue it. Again, the liability in the event of a loss that would have been covered under a better policy, when the house was eligilbe for the better policy.. I have refused to write a lot of policies where the insured was insisting on a bad decision. "Let somebody else deal with it " is the philosophy when it comes to stuff like this. I won't write flood without contents coverage, passed up on a lot of referrals from real estate agents because that's what they wanted me to quote. It's just not worth it... |
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There is not only "REPLACEMENT VALUE"...but you also have to worry about NEW BUILDING "CODES"...
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The building codes issue would be in the policy spelled out...
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Thanks all.none of the agents explained that it was the laws that they were following.I would sign up for 100 k on the house,75k on the contents. The agent would send some guy out to take outer mesurements & that is when they would call and say I had to get more insurance. Since none of the agents explained it to mei kind of got pissed because the yearly bill would jump way up..
This is our first home so I am totally new to this. I always had renters ins.,but never homeowners.Guess I have a lot to learn .........:-).. |
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Ahhhhh! OK. Well, the insurance pays for a lot of other stuff besides just your house burning down, hehe. When you get your policy, read it, and see what all it covers, and what you are supposed to do if something happens and you need to file a claim (duties of insured)...
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