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Coverage of my house??

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C

Courtney's Mom

Guest
What is the name of your state? Nebraska

If I purchase $80,000 worth of insurance for structure .......If my house burns down, and they see that the county only has my house valued at $50,000.... Will I get $80,000 or $50,000??? Because if I am only going to get what the county assessors office says, then I'm going to change my policy--no point in paying for insurance i'll never get!!!
 


BelizeBreeze

Senior Member
You will get up to the amount of the policy to restore your home to the condition it was before the fire or damage.

The assessed value of a property has nothing to do with it. In fact, assessed value has nothing to do with the sales value or real value of your home. Only for computation of property taxes.

My farm with home and barn assesses for 1.7 million. that's all 42 acres plus the house. Last year in Dec. I sold off the front 20 acres for 1.3 million so my assessment will go down. And since it's Greenbelt, my taxs on the assessed value are .25 % :D

Gotta love assessment.
 

JETX

Senior Member
"If I purchase $80,000 worth of insurance for structure .......If my house burns down, and they see that the county only has my house valued at $50,000.... Will I get $80,000 or $50,000???"
*** You won't get either one. You will be entitled to get the lesser of the repair of your home.... or the fair market value of the property immediately prior to the loss.
 
C

Courtney's Mom

Guest
So if I have had an Appraiser out there, and he says in accordance with homes in the area of likeness..... If the county says it's worth $50,000, I have insurance for $80,000 but the appraiser says $35,000....... I will only get $35,000?? Is that what your says JETZ???
 

JETX

Senior Member
"If the county says it's worth $50,000, I have insurance for $80,000 but the appraiser says $35,000....... I will only get $35,000?? Is that what your says JETZ???"
*** Almost correct.

Lets assume that the property is a total loss. The adjuster (not appraiser) will develop an estimate of the cost to replace the property. If the estimate is less than the comparable value of the property, then they will pay to replace it. If the estimate is higher than the comparable value of the property (in its pre-damage condition), then they will pay that value...... and you pay off the mortgage and presumably walk away.

They will not pay a higher amount than the value of the property.... no matter how much insurance you have. If they did, then everyone would insure their property for $1 million..... and we would have a LOT of house fires!!
 
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tammy8

Senior Member
Do you have a stick built house or doublewide? Also is your policy written as replacement cost or ACV(actual cash value)?
 
T

tornadovictim

Guest
more info PLEASE!!

Our home just suffered an F3 tornado and is 110 years old. It is valued at 70,000 and is insured for 109,000. Due to an increased coverage called the home guard endorsement, our coverage is raised an extra 25% (due to 'the amount of loss to the dwelling is more than the limit of liaility indicated in the Declarations') putting our total value to 144,000 (our garage is insured seperately and is a complete loss). Now, IF the insurance wants to "fix" our house, what exactly can we expect? (how MUCH will they spend to fix it?) or IF they decided our house is a loss, should we expect 70,000? (plus garage and personal property, of course) and does the removal of the house come out of that 70,000? It has been two weeks and we are expected to live in this shifted house without the use of the upstairs, we have an 11 and 6 year old, it is very hard. ~sorry, back to the point.
How can I tell if my policy is written as replacement value or acv? Why did our insurance lady convince us to raise our coverage when it may not matter?! Our adjuster sent a structual engineer that claimed 95,000 worth of damage, then a storm restoration team came in and must have bid low becuause the adjuster is mad since they go against what the engineer says! blows my friggin mind.
help
 

JETX

Senior Member
Please do NOT hijack someone elses thread. It is rude to the OP and confusing, as you may assume a response to the OP was to you.

Delete your post in this one and start your own and we will try to help.
 
T

tornadovictim

Guest
whatever

what the hell ever an OP is.....I am very new to this mister. jeeeeeeeeeeeeeZ, don't be so anal. sorry to have bothered you and your stupid rules.
 

JETX

Senior Member
Nevermind, go ahead and leave your post here. With an attitude like yours, it is easier to ignore that way. :D
 
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