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conns7901
PostPosted: Thu Apr 19, 2018 12:40 pm 
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How much dwelling coverage should you have living in the Cook County suburbs?

Do you go by square ft of your house?

Purchase Price of house?

What you owe on house?

Current value of your house?

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leashyourkids
PostPosted: Thu Apr 19, 2018 12:43 pm 
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What it would cost to rebuild your house (plus more), not the market value of the real estate. Don’t you have an agent who can help with that?

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Frank Coztansa
PostPosted: Thu Apr 19, 2018 12:49 pm 
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This is five questions.

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denisdman
PostPosted: Thu Apr 19, 2018 12:54 pm 
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This would be a Leash-type response....maybe he'll understand what I mean.

"Dwelling coverage (Coverage A) pays to repair or rebuild your home if it is damaged by a covered loss. The amount of dwelling coverage you need is determined not by the market value of your home, but the estimated cost to rebuild it. If you have a mortgage, your lender may even require certain dwelling coverage options, limits and deductibles."

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Don Tiny
PostPosted: Thu Apr 19, 2018 12:54 pm 
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leashyourkids wrote:
What it would cost to rebuild your house (plus more), not the market value of the real estate. Don’t you have an agent who can help with that?

"Rebuild cost" is the correct answer. The 'plus more' depends on your company ... for example, they might offer a 120% cap on the determined rebuild cost (the plus more is built in) ... my company, for homes 35 years old or less in good condition offers zero-cap replacement cost (maybe we incorrectly decided your cost to rebuild would be $300k and after a total loss it ends up being $750k ... well, zero-cap means zero-cap and you'd get the $750k). The former is not an unusual coverage option, the latter is a rather unusual option MANY do not offer.

If your agent/company doesn't have dedicated software to help them determine that, you need a different agent/company.

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good dolphin
PostPosted: Thu Apr 19, 2018 1:24 pm 
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Doesn't your lender define what you need?

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sjboyd0137
PostPosted: Thu Apr 19, 2018 1:30 pm 
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good dolphin wrote:
Doesn't your lender define what you need?


No, because the lender's interest is in the real estate value...homeowners insurance covers cost to rebuild...

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Frank Coztansa
PostPosted: Thu Apr 19, 2018 1:35 pm 
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good dolphin wrote:
Doesn't your lender define what you need?
Can't they just write it off?

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Brick
PostPosted: Thu Apr 19, 2018 1:57 pm 
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sjboyd0137 wrote:
good dolphin wrote:
Doesn't your lender define what you need?


No, because the lender's interest is in the real estate value...homeowners insurance covers cost to rebuild...
I don't think that was true for me. They required it because they didn't want me to walk away from the mortgage if the house was unlivable.

The land value isn't really going to be effected by most issues.

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leashyourkids
PostPosted: Thu Apr 19, 2018 1:59 pm 
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The mortgage company has interest in the property and is listed as an additional insured on Homeowner policies. Some of them have certain requirements on coverage.

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312player
PostPosted: Thu Apr 19, 2018 2:42 pm 
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leashyourkids wrote:
The mortgage company has interest in the property and is listed as an additional insured on Homeowner policies. Some of them have certain requirements on coverage.



I thought just the loan amount was required

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hnd
PostPosted: Thu Apr 19, 2018 2:45 pm 
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conns7901 wrote:
How much dwelling coverage should you have living in the Cook County suburbs?

Do you go by square ft of your house?

Purchase Price of house?

What you owe on house?

Current value of your house?



they go by sqr footage and a cost per sqr foot. the replacement cost of our home was like double what we paid for it.
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good dolphin
PostPosted: Thu Apr 19, 2018 4:17 pm 
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leashyourkids wrote:
The mortgage company has interest in the property and is listed as an additional insured on Homeowner policies. Some of them have certain requirements on coverage.


would it have killed you to just say good dolphin is awesome and knows things

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