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nixy
LIF Adult
Member since 9/06 1575 total posts
Name:
K
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another homeowners question
Do you have your home insured for the amount of your mortgage or for the replacement value of your home?
If you have it insured for the replacement value, how do you figure out what that cost is?
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Posted 5/30/07 11:34 AM  |
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MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
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Re: another homeowners question
replacement value
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| Posted 5/30/07 11:35 AM |
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: another homeowners question
replacement value I believe, and its based on the appraisal if I remember correctly.
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| Posted 5/30/07 11:38 AM |
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nixy
LIF Adult
Member since 9/06 1575 total posts
Name:
K
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Re: another homeowners question
ok...so how do you figure out the replacement cost?
The appraisal is based on the land, not just the structure.
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| Posted 5/30/07 11:39 AM |
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: another homeowners question
Posted by nixy
ok...so how do you figure out the replacement cost?
The appraisal is based on the land, not just the structure.
Actually when you get your appraisal, it is a detailed report that also seperate the house vs. land, etc. We gave our INS the appraisal report.
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| Posted 5/30/07 11:42 AM |
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nixy
LIF Adult
Member since 9/06 1575 total posts
Name:
K
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Re: another homeowners question
Posted by kerrycec03
Posted by nixy
ok...so how do you figure out the replacement cost?
The appraisal is based on the land, not just the structure.
Actually when you get your appraisal, it is a detailed report that also seperate the house vs. land, etc. We gave our INS the appraisal report.
Oh...we bought a while ago, so i will have to go find the detailed report. I just spoke to an agent who recommended that we insure it for our mortgage amount.
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| Posted 5/30/07 11:46 AM |
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LIMOMx2
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Member since 5/05 24989 total posts
Name:
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Re: another homeowners question
replacement value.
For 2 yrs we had for the amount of our mortgage and we were recently told we were scammed into that
After changing our plan it brought us down over $1000 a yr
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| Posted 5/30/07 11:48 AM |
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nixy
LIF Adult
Member since 9/06 1575 total posts
Name:
K
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Re: another homeowners question
Posted by 5ofClubs
replacement value.
For 2 yrs we had for the amount of our mortgage and we were recently told we were scammed into that
After changing our plan it brought us down over $1000 a yr
All I know is that right now it is insured for more than our mortgage amount...
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| Posted 5/30/07 11:49 AM |
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LIMOMx2
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Member since 5/05 24989 total posts
Name:
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Re: another homeowners question
Posted by nixy
Posted by 5ofClubs
replacement value.
For 2 yrs we had for the amount of our mortgage and we were recently told we were scammed into that
After changing our plan it brought us down over $1000 a yr
All I know is that right now it is insured for more than our mortgage amount...
 Wow. I heard the problem with that is if something does happen you will only get the replacement value anyway so it is not always a good idea to be over insured.
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| Posted 5/30/07 12:09 PM |
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Ladybug63
Ohh... baby
Member since 5/06 2527 total posts
Name:
D
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Re: another homeowners question
Replacement value, they pulled it from the appraisal.
Message edited 5/30/2007 12:41:28 PM.
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| Posted 5/30/07 12:40 PM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: another homeowners question
replacement. from the appraisal and also they have some kind of formula they used to determine it.
remember your purchase price includes the land. if your house burns down, the land will still be there, you don't have to replace it.
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| Posted 5/30/07 7:29 PM |
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