| Name: |
LakeRN
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| Subject: |
Rebuilding
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Date:
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6/18/2011 11:11:47 AM
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I've noticed that there is still little rebuilding going on in our area (pace's point)... I can't help but wonder if it's because insurance companies are dragging their feet on claims? Or (as in our case) the insurance companies are lowballing by so much that there's a fight to get enough to repair their homes?
Our insurance company was off by more than 50k from our estimate...we ended up taking our contractor to the insurance adjuster and going down the list of what the adjuster missed or simply didn't allow enough even supplies let alone labor. (They were going to give us $350 to REPLACE our deck...laughable) You would think by now there would be some activity towards rebuilding...just wondering what others who are living there are hearing. Thanks!
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| Name: |
Kizma Anuice
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| Subject: |
most people had wrong insurance
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Date:
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6/18/2011 11:40:47 AM
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most people do not read their policy. they buy insufficient insurance and don't realize the ramifications of co-insuring.
most agents and many adjusters do not read the policy.
most people don't know that when the agent sells you the wrong insurance you can go after his e&o policy.
the whole system is a cluster F.
if you are not getting enough money to repair your property and the company is not paying the limits of the policy, you should see a lawyer. the lawyer should be one who know how to screw the insurance company.
after you do the best you can, go to the lawyer and offer him a % of what he can get beyond that
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| Name: |
lakeplumber
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| Subject: |
Rebuilding
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Date:
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6/18/2011 12:55:15 PM
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What I have heard is that the insurance companies will not pay what the HO paid for the insured property. Some speculate the reason to be that the property was bought at a hyperinflated cost (housing bubble), and that the insurance company simply want to replace the value of the property (the deflated or "burst bubble" cost).
Jes Saying....
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| Name: |
lamont
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| Subject: |
Dangit
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Date:
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6/18/2011 3:51:14 PM
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Just did a post and it disappeared. Anywho, I am in the Insurance business and, unlike Mike, this is not an ad. I do alot of replacement cost indicators and am amazed at how many gripe about "Replacement Cost." Do you folks realize that replacement cost is ENTIRELY different from "MARKET VALUE." At todays rates, replacement value is going to run between $90 and $100 per square foot. If you don't want to insure your largest asset for that, be prepared to come off the hip when damagages occur. Jes Sayin.
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thanks for reminding me I have been meaning to call my homeowners insurance and review the coverage. I'm pretty sure we are where we need to be, but I'd rather know now than wait until I need it.
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| Name: |
lamont
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| Subject: |
All I can say is....
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Date:
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6/18/2011 6:00:47 PM
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You get what you pay for. If you don't want to get full "repacement" cost then, lie to your agent about square footage, etc. This is not directed at you Hound. I just have to deal with this on a daily basis and get very tired of people lying and Beotching about not getting full replacement value when they don't want to pay the price for "full coverage." For the most part, if you pay..... we pay. Jes Sayin.
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| Name: |
lakeplumber
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| Subject: |
All I can say is....
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Date:
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6/18/2011 7:24:39 PM
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Jes saying here....
While insurance is a somewhat painful necessity, total loss is much more painful. I have had only one "bad" experience with the insurance industry, but in the end, they stepped up and paid for what was covered. I do not judge all insurance companies from that one bad incident, there are some good ones out there. Mine (thankfully) ask me to come in and discuss coverages from time to time. Anyone who "adds" items to the insured property needs to make sure the vadded things are covered or can be covered with something called a "rider" (i.e., firearms).
If an initial cost of property is $250.000, butover the years, add-ons and property appreciation eventually brings the property value to $500.000, I would seriously check my coverage to make sure that the full amout is insured.
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| Name: |
lamont
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| Subject: |
Amen... NT
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Date:
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6/18/2011 8:31:00 PM
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| Name: |
rude evin
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| Subject: |
lamont
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Date:
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6/18/2011 9:30:35 PM
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an insurance question.............doesn't the homeowner also need to be alert to the definition of "replacement cost" as it is sometimes defined as only "20% above insured value"..........which may not cover all? How do you handle this on the sales end with the customer?
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| Name: |
Osms
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| Subject: |
Read your policy, and get a lawyer....
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Date:
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6/18/2011 9:45:42 PM
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The last two insurers on my house have had appraisals done at their cost, and their value was way above my estimate. May have been a way to increase my premium, but I had to agree to the higher value if I wanted "replacement value" coverage. BTW, replacement value only applies if you build back exactly what you had--if you decide to take a cash settlement, then my policy reads that I have to accept "market value". Like the man above says read your policy. I will add, go ahead and get a lawyer--the insurance companies do not respond to reason, what's right, what's equitable, or anything else. People will be years getting a good settlement from an insurer with a lawyer and never without a lawyer. No, I'm not a lawyer, but I saw many, many of my friends and acquaintances get screwed during Katrina.
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| Name: |
LakeRN
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| Subject: |
Read your policy, and get a lawyer....
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Date:
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6/18/2011 10:01:09 PM
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Actually, we have went back and forth with the insurance company.(unfortunately for them we READ our policy) We are needing not a total rebuild, but repair of about half of our house. The last thing we were told they would FINALLY cut a check for the additional amount....we'll see if it shows up. Unfortunately, many people accept the first estimate that the insurance company gave them. We weren't that stupid. Thankfully, we've been able to pay our contractor upfront for the last month and are making headway...fast running out of cash though! We are supposed to have a check by Monday for the total cost (not including anything found during the demo)
Sad to think that others are dealing with what we have or much worse. I think we'll be rebuilt before many on our point.
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| Name: |
Osms
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| Subject: |
Read your policy, and get a lawyer....
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Date:
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6/18/2011 10:22:16 PM
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One word of advice I've heard is to never agree to a final settlement check from an insurance company until EVERYTHING is repaired--you never know what unforeseen construction problems may arise. Insurance companies usually will pay partial damage a lot better and quicker than total loss--don't understand why, but it just seems that's the case.
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| Name: |
muddauber
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| Subject: |
most people had wrong insurance
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Date:
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6/19/2011 6:59:24 AM
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Before going to a lawyer, there is one more step to take. Get a person who can talk insurance as your advocae. Jim Price is one of a few around here that does this (256) 526-0086. Resaon I say this, is once a lawyer in invoked, your adjuster is no longer in charge. The insurance company will start doing things thru Their lawyers. That meas the whole process slows way down. Lawyers should be used as a last resort. They do have their place in this process, but exhaust the alternatives beforehand.
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| Name: |
lamont
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| Subject: |
Rude. I don't follow you on this one....
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Date:
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6/19/2011 8:10:36 AM
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When I write a homeowners's policy I have to do a Replacement Cost Indicator. This includes square footage, # of rooms, what the house is made of, porches, garages, etc., etc., etc. The computer spits out a number. It's funny, 5 years ago, before the Housing bust, people would look at me and say, "That's not enough." Now it's just the opposite. My point being, Replacement Cost HAS NOTHING TO DO WITH MARKET VALUE. Do you want your house built back the way it was or let the housing market dictate your rebuild?
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| Name: |
CAT BOAT
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| Subject: |
Rude. I don't follow you on this one....
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Date:
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6/19/2011 11:57:13 AM
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Thats about as black and white as you can get. I like your post Lamont.
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| Name: |
lamont
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| Subject: |
Thanks Cat....
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Date:
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6/19/2011 1:24:53 PM
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A voice of reason emerges.
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| Name: |
roswellric
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| Subject: |
GREAT advice
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Date:
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6/19/2011 2:56:28 PM
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You never know what you have until you start tearing into it. The insurance folks can call additional amounts "supplements". I would also make sure I had a very clear understanding of what the contractor was doing as well. Some have a habit of calling everything they missed a "change order".
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| Name: |
froghog
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| Subject: |
Rebuilding
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Date:
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6/19/2011 8:21:28 PM
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Over the last 30+ years I have been in construction. I have noticed 2 trends...#1 Market price varies by year - or +. #2 Rebuilding prices have only gone up for the most part.
Frog
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| Name: |
lamont
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| Subject: |
Rebuilding
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Date:
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6/19/2011 8:31:30 PM
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My point exactly. Do people not understand that Petroleum products are prevalent in almost all building materials. That being the case, with the price of Petroleum, do people really not expect rebuilding prices to go up? Simple? Jes sayin.
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| Name: |
Feb
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| Subject: |
Rebuilding
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Date:
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6/20/2011 12:28:13 AM
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Oh So True. You can not build the same house for the price of a resell house built ten or so years ago.
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| Name: |
froghog
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| Subject: |
Rebuilding
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Date:
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6/20/2011 6:29:04 AM
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It is also true that the repairs cost for some of these houses is going to cost more than rebuilding new, in the long run.
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| Name: |
MartiniMan
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| Subject: |
Question for you
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Date:
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6/21/2011 12:09:50 PM
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Lamont, let me ask you about this replacement cost issue. For my home in Atlanta, the insurance company came up with a replacement cost of over $1M (just for the house and not the land). I could buy another house in the neighborhood for less than the cost to build a new one, including the land, and then sell my existing lot. Recognizing you haven't seen my policy, but as a general rule would I have that option? By that I mean if I had a total loss would they just pay me the replacement value as a check and I can decide whether to rebuild or sell my lot and buy another house? In my feeble mind I could see taking my $1M check, pay off my mortgage and then using the remainder to buy another house and sell the lot.
I know for sure with my airplane if I had a total loss they will simply stroke me a check for the insured replacement value even though I could buy a similar plane for $40K less. Just wondering if it works the same way with homes.
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