House Buying Thread

NTP66
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House Buying Thread

Postby NTP66 » Wed Mar 24, 2021 5:48 pm

You already own the land, so your rebuild costs wouldn’t be as high as your home value is. I had that conversation recently with my own insurance company.

Troy Loney
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House Buying Thread

Postby Troy Loney » Wed Mar 24, 2021 5:50 pm

Lots of reasons why the market value =\= the replacement cost

mac5155
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House Buying Thread

Postby mac5155 » Wed Mar 24, 2021 8:26 pm

Yeah, my closing attorney also brought it to my attention, but I provided the underwriter a copy of the premium and disclosures. So I guess I will do nothing with it.

mac5155
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House Buying Thread

Postby mac5155 » Wed Mar 24, 2021 8:30 pm

You already own the land, so your rebuild costs wouldn’t be as high as your home value is. I had that conversation recently with my own insurance company.
True dat. If it burns the land is still worth what it's worth.

I'm just ignoring this altogether. At least now I have you guys to blame.

Troy Loney
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House Buying Thread

Postby Troy Loney » Thu Mar 25, 2021 8:31 am

Yeah, my closing attorney also brought it to my attention, but I provided the underwriter a copy of the premium and disclosures. So I guess I will do nothing with it.
What is the discrepancy? Now I'm curious why the attorney would mention this.

Think about it like this. The insurance coverage is to pay the cost to repair damage incurred via the events described in the policy. The premium you pay is tied to that coverage amount, but the insurance payout is never going to pay out more than the cost to fix the damage, so the maximum amount of coverage that the insurance company is going to provide is the replacement cost value (the cost of rebuilding the entire house). I know for some types of insurance, the provider cannot insure the property for more than the RCV, that might be different for property insurance, but I think that would be a boutique insurance product to get a pay out above RCV to pay for other stuff, and I am guessing that would lead to massive headaches upon a loss trying to figure out what the insurance claim amount is going to be.

I mean, I think i'd just be pissed at my closing attorney for thinking this is something you should worry about. The policy you have likely has language saying it's covered to the replacement cost. So were you to experience a total loss, the insurance is going to pay to rebuild. If you think that the insurance is going to rebuild you a shitty house because the RCV is too low, that would be a lawsuit against the insurance company for trying to rebuild you a microhouse or something, and that's not in their best interest (immediate publicity issue: homeowner who suffered total loss, now insurance company won't cover the damage).

If this were flood insurance, I would be more concerned, but I assume you are not in a flood zone, and we're talking about hazard insurance. And, only because flood damage is more likely to occur and is inherently more problematic to deal with.

mac5155
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House Buying Thread

Postby mac5155 » Thu Mar 25, 2021 3:50 pm

My policy is fr $74k less than my appraised value. All he said is "hey I noticed this, you may wanna check on it with your agent".

It felt like it was more of a friendly gesture than being an attorney.

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House Buying Thread

Postby skullman80 » Mon Mar 29, 2021 2:53 pm

I knew it was coming, but the local school district is appealing our school tax amount since we bought our house for significantly more than what it was last sold for.

Is it worth getting a lawyer or should I just go and try to do the appeal myself? I fully understand it will go up, and I haven't gotten an actual amount yet of how much they want to increase it, but I just don't want to get bent over too much. I will have to do this go around again next year with the county as I believe next year it is time for Allegheny county to do it's county wide re-assessment.

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House Buying Thread

Postby shmenguin » Sat Apr 03, 2021 8:45 pm

We stayed in a McMansion style townhouse thingy in Rehoboth beach this week while some work was being done on our house. It wasn’t even close to walking distance from the beach or from restaurants and shops and you share a wall with your neighbor. IDGAF since it was freezing, but we checked out Zillow and the going rate is $650k for that floor plan in that block.

What on earth are people doing? 650 for a delaware beach house that is 2 miles and a 10 minute drive from the beach. How is this possible? I would have guessed 400k Max, and that’s just cause it had reasonably nice finishings.

Dickie Dunn
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House Buying Thread

Postby Dickie Dunn » Mon Apr 05, 2021 10:08 am

Refinance closing complete. Still don’t know how or why we were offered 2.25% on a 30 year, but here we are. Who knows where rates will be at in the future but it makes it hard to fathom moving again at some point. Our original mortgage was 4.5% and would have taken 14 years before more principal than interest was applied from the monthly payment. Now that will be the case starting with the first payment.

mac5155
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House Buying Thread

Postby mac5155 » Mon Apr 05, 2021 10:06 pm

2.25 has got to be a world record low rate.. Lol.

We got notice today our loan was sold to Stearns lending. Haven't even made the first payment yet. :lol:

NTP66
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House Buying Thread

Postby NTP66 » Tue Apr 06, 2021 6:45 am

Our 15-year is a 2.375% loan (through Better.com). Passed on a 2.20% 30-year at the time because it didn't make sense. I check every once in a while to see if the 15's have gone down, because I'll refinance again if it makes sense financially.

NTP66
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Postby NTP66 » Sun Apr 11, 2021 9:09 am

For those of you who have MetLife insurance (@robbiestoupe), Farmers is in the process of acquiring them: https://www.forbes.com/advisor/car-insu ... quisition/

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House Buying Thread

Postby robbiestoupe » Mon Apr 12, 2021 8:22 am

For those of you who have MetLife insurance (@robbiestoupe), Farmers is in the process of acquiring them: https://www.forbes.com/advisor/car-insu ... quisition/
Don't have MetLife, still on AllState. Our company offers Met at a discount, but when I went through with the online quote I kept getting kicked out for whatever reason. So never finished the process.

Maybe Farmers will be easier to use so I'll give them a try if my company continues to give a discount

NTP66
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House Buying Thread

Postby NTP66 » Mon Apr 12, 2021 8:24 am

Hmm, I thought it was you who mentioned they had MetLife. My bad,.

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House Buying Thread

Postby count2infinity » Mon Apr 12, 2021 8:25 am

Bum ba dum bum bum bum bum.

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