The builder of my hot house refuse to detail my insurance agent how much the house be worth.Why?
We are buying a newly built house. We need house insurance up front contained by order to close on it. My insurance agent called the builder to see how much the house be without the cost of the land. The builder be furious and would not give the information to my agent....only an estimation...not the exact amount.I don't know why that would be such a problem.The agent would not give an account me exactly what the builder said....I don't know why,just that he furiously refused. Now,we own met the builder several times and he seems like a nice elderly fellow who possibly couldn't enjoy used the language that I imagine be possibly said.He has been surrounded by business over 30 years in this city.So I assume that he is reputable.I don't know why my insurance agent didn't tell me exactly what be said......I do not have virgin ears(I look like I do,though,) It basically makes me sad and depressed in a minute.(I WAS happy,upbeat and excited) .....and buying a house should be a HAPPY OCCASION!! OUR FIRST HOUSE!!
Answers:
The insurance company needs this information because surrounded by the case of a casualty, there is residual pro in the lot itself. Assume that the value of the house and lot is $200,000 and the house burns to the ground a week after you purchase it. The insurance company will not simply write you a check for $200,000 because the lot itself still have value and can be built upon again.
You should be glad that your insurance agent wants to know the effectiveness of the lot. Many insurance companies take advantage of unwary homeowners by insuring the full attraction of the house and lot together. Naturally, they never pay off on the utility of the lot even though they have been collecting premiums on it's pro.
Sometimes, this practice does serve to cushion the increase in a home's value for some homeowners within hot markets. Many homeowners do not increase their homeowner's casualty coverage as their home's value appreciates. Ideally, this should be reviewed every couple of years, except more frequently in extremely hot markets.
In the completion, your insurance agent should be able to ferret out the value of the lot, even minus the cooperation of the builder.
Good luck with your situation.
If you hold met with the builder before and he seem nice, ask him directly. Ask him is he really said the things your agent told you he said (no need to use all the obscenities though) and why, if it is true. My guess is that he didn't and it be the insurance agent that was rude.
Get a new friggin insurance company. They should NEVER enjoy to ask how much a house cost to build. They take the stats-- square feet, bathrooms, fireplaces, etc, and come up beside a replacement value.
Your contractor probably thought you were trying to verbs something on him and find out how much profit he made. I'm betting no insurnace company has EVER asked how much it cost him to build the house and so he was suprised and suspiscious. I bet he politely refuse first and the insurnace company tried to tell him that they had the right to know-- which they dont.
Your insurance agent is simply doing his or her job. To satisfactorily insure your home, the agent needs to know replacement value. In other words, what the good point of the dwelling is. There's a software program that agents use called Xactware which generates replacement costs for any dwelling to be insured, but your agent requirements to know particulars such as square footage, room count, fireplace, and others. If you're getting financing on the home, your lender will commission an appraiser to evaluate it. If so, then I suggest you catch a copy of the appraisal over to your agent: this should suffice. If not, then, hopefully, you have plans you can forward to your agent.
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Answers:
The insurance company needs this information because surrounded by the case of a casualty, there is residual pro in the lot itself. Assume that the value of the house and lot is $200,000 and the house burns to the ground a week after you purchase it. The insurance company will not simply write you a check for $200,000 because the lot itself still have value and can be built upon again.
You should be glad that your insurance agent wants to know the effectiveness of the lot. Many insurance companies take advantage of unwary homeowners by insuring the full attraction of the house and lot together. Naturally, they never pay off on the utility of the lot even though they have been collecting premiums on it's pro.
Sometimes, this practice does serve to cushion the increase in a home's value for some homeowners within hot markets. Many homeowners do not increase their homeowner's casualty coverage as their home's value appreciates. Ideally, this should be reviewed every couple of years, except more frequently in extremely hot markets.
In the completion, your insurance agent should be able to ferret out the value of the lot, even minus the cooperation of the builder.
Good luck with your situation.
If you hold met with the builder before and he seem nice, ask him directly. Ask him is he really said the things your agent told you he said (no need to use all the obscenities though) and why, if it is true. My guess is that he didn't and it be the insurance agent that was rude.
Get a new friggin insurance company. They should NEVER enjoy to ask how much a house cost to build. They take the stats-- square feet, bathrooms, fireplaces, etc, and come up beside a replacement value.
Your contractor probably thought you were trying to verbs something on him and find out how much profit he made. I'm betting no insurnace company has EVER asked how much it cost him to build the house and so he was suprised and suspiscious. I bet he politely refuse first and the insurnace company tried to tell him that they had the right to know-- which they dont.
Your insurance agent is simply doing his or her job. To satisfactorily insure your home, the agent needs to know replacement value. In other words, what the good point of the dwelling is. There's a software program that agents use called Xactware which generates replacement costs for any dwelling to be insured, but your agent requirements to know particulars such as square footage, room count, fireplace, and others. If you're getting financing on the home, your lender will commission an appraiser to evaluate it. If so, then I suggest you catch a copy of the appraisal over to your agent: this should suffice. If not, then, hopefully, you have plans you can forward to your agent.
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