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February 27, 2008 at 10:15 AM #11943February 27, 2008 at 10:37 AM #160782JWM in SDParticipant
JWM in SD
“I am curious about residential. Shouldn’t we be seeing several hundred permits filed per month to cover re-construction of houses burned in the October fires?”
Anyone else wondering if there are not appraisal value issues surrounding the homes destroyed by the Fire? In other words their value is not what it once was at either purchase point or at the time of the fire since the market has deteriorated so quickly.
Bugs?? Thoughts?
February 27, 2008 at 10:37 AM #161075JWM in SDParticipantJWM in SD
“I am curious about residential. Shouldn’t we be seeing several hundred permits filed per month to cover re-construction of houses burned in the October fires?”
Anyone else wondering if there are not appraisal value issues surrounding the homes destroyed by the Fire? In other words their value is not what it once was at either purchase point or at the time of the fire since the market has deteriorated so quickly.
Bugs?? Thoughts?
February 27, 2008 at 10:37 AM #161093JWM in SDParticipantJWM in SD
“I am curious about residential. Shouldn’t we be seeing several hundred permits filed per month to cover re-construction of houses burned in the October fires?”
Anyone else wondering if there are not appraisal value issues surrounding the homes destroyed by the Fire? In other words their value is not what it once was at either purchase point or at the time of the fire since the market has deteriorated so quickly.
Bugs?? Thoughts?
February 27, 2008 at 10:37 AM #161110JWM in SDParticipantJWM in SD
“I am curious about residential. Shouldn’t we be seeing several hundred permits filed per month to cover re-construction of houses burned in the October fires?”
Anyone else wondering if there are not appraisal value issues surrounding the homes destroyed by the Fire? In other words their value is not what it once was at either purchase point or at the time of the fire since the market has deteriorated so quickly.
Bugs?? Thoughts?
February 27, 2008 at 10:37 AM #161179JWM in SDParticipantJWM in SD
“I am curious about residential. Shouldn’t we be seeing several hundred permits filed per month to cover re-construction of houses burned in the October fires?”
Anyone else wondering if there are not appraisal value issues surrounding the homes destroyed by the Fire? In other words their value is not what it once was at either purchase point or at the time of the fire since the market has deteriorated so quickly.
Bugs?? Thoughts?
February 27, 2008 at 12:55 PM #160897gdcoxParticipantGraham
This raises the issue of land versus build costs.
For houses in ares not blighted by over-development or other excesses of the boom years (such as excessive developer profits), the brunt of the fall in the value of a house should be in the part of the house price that is the land value.But do not the insurance polices for the burnt houses just over the re-build cost and owners only get screwed if they were under insured for that?
February 27, 2008 at 12:55 PM #161190gdcoxParticipantGraham
This raises the issue of land versus build costs.
For houses in ares not blighted by over-development or other excesses of the boom years (such as excessive developer profits), the brunt of the fall in the value of a house should be in the part of the house price that is the land value.But do not the insurance polices for the burnt houses just over the re-build cost and owners only get screwed if they were under insured for that?
February 27, 2008 at 12:55 PM #161205gdcoxParticipantGraham
This raises the issue of land versus build costs.
For houses in ares not blighted by over-development or other excesses of the boom years (such as excessive developer profits), the brunt of the fall in the value of a house should be in the part of the house price that is the land value.But do not the insurance polices for the burnt houses just over the re-build cost and owners only get screwed if they were under insured for that?
February 27, 2008 at 12:55 PM #161225gdcoxParticipantGraham
This raises the issue of land versus build costs.
For houses in ares not blighted by over-development or other excesses of the boom years (such as excessive developer profits), the brunt of the fall in the value of a house should be in the part of the house price that is the land value.But do not the insurance polices for the burnt houses just over the re-build cost and owners only get screwed if they were under insured for that?
February 27, 2008 at 12:55 PM #161294gdcoxParticipantGraham
This raises the issue of land versus build costs.
For houses in ares not blighted by over-development or other excesses of the boom years (such as excessive developer profits), the brunt of the fall in the value of a house should be in the part of the house price that is the land value.But do not the insurance polices for the burnt houses just over the re-build cost and owners only get screwed if they were under insured for that?
February 27, 2008 at 1:19 PM #160957NotCrankyParticipantI am not sure about the permits, but I believe they trickled in for the last fire.
the insurance company does not comp the house out they “adjust it” using a pet hired contractor who use software. The Homeowner can wait for the insurance companies offer and let their contractor repair the house or they can argue the numbers indepentdently or hirer an adjuster to scope out and estimate the loss. If an agreement can’t be reached they go to a neutral third party called a referee in an arbitration process called “appraisal” and the referee makes the decision. This is all under state law.
The terms of the policy absolutely affect the results. In the last fires the insurance commissioner and the courts took the side of the under insured and blamed the coverage deficiency on insurance on the agent. I know several companies under insure to keep rates competitive and deal with it on a case by case basis in big losses. They usually have pretty high extended coverage by implementing a rider into the contract but the insured could likely end up fighting like crazy to get into the extended coverage area.
February 27, 2008 at 1:19 PM #161253NotCrankyParticipantI am not sure about the permits, but I believe they trickled in for the last fire.
the insurance company does not comp the house out they “adjust it” using a pet hired contractor who use software. The Homeowner can wait for the insurance companies offer and let their contractor repair the house or they can argue the numbers indepentdently or hirer an adjuster to scope out and estimate the loss. If an agreement can’t be reached they go to a neutral third party called a referee in an arbitration process called “appraisal” and the referee makes the decision. This is all under state law.
The terms of the policy absolutely affect the results. In the last fires the insurance commissioner and the courts took the side of the under insured and blamed the coverage deficiency on insurance on the agent. I know several companies under insure to keep rates competitive and deal with it on a case by case basis in big losses. They usually have pretty high extended coverage by implementing a rider into the contract but the insured could likely end up fighting like crazy to get into the extended coverage area.
February 27, 2008 at 1:19 PM #161266NotCrankyParticipantI am not sure about the permits, but I believe they trickled in for the last fire.
the insurance company does not comp the house out they “adjust it” using a pet hired contractor who use software. The Homeowner can wait for the insurance companies offer and let their contractor repair the house or they can argue the numbers indepentdently or hirer an adjuster to scope out and estimate the loss. If an agreement can’t be reached they go to a neutral third party called a referee in an arbitration process called “appraisal” and the referee makes the decision. This is all under state law.
The terms of the policy absolutely affect the results. In the last fires the insurance commissioner and the courts took the side of the under insured and blamed the coverage deficiency on insurance on the agent. I know several companies under insure to keep rates competitive and deal with it on a case by case basis in big losses. They usually have pretty high extended coverage by implementing a rider into the contract but the insured could likely end up fighting like crazy to get into the extended coverage area.
February 27, 2008 at 1:19 PM #161285NotCrankyParticipantI am not sure about the permits, but I believe they trickled in for the last fire.
the insurance company does not comp the house out they “adjust it” using a pet hired contractor who use software. The Homeowner can wait for the insurance companies offer and let their contractor repair the house or they can argue the numbers indepentdently or hirer an adjuster to scope out and estimate the loss. If an agreement can’t be reached they go to a neutral third party called a referee in an arbitration process called “appraisal” and the referee makes the decision. This is all under state law.
The terms of the policy absolutely affect the results. In the last fires the insurance commissioner and the courts took the side of the under insured and blamed the coverage deficiency on insurance on the agent. I know several companies under insure to keep rates competitive and deal with it on a case by case basis in big losses. They usually have pretty high extended coverage by implementing a rider into the contract but the insured could likely end up fighting like crazy to get into the extended coverage area.
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