Caroline Gerardo, C. G. Barbeau the Loan Lady nmls 324982 (CMG Financial)

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Rainmaker
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Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Caroline great question, I have been arguing with Diane that we need to look at the reality is what the land value is... then we need to look at the cost per square foot to rebuild and in all fairness that is the amount one should be insured not what the market value of the home is, Endre

Apr 17, 2019 11:06 PM
Ambassador
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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Thanks for the tip, Caroline! I feel like we always over-insure when it comes to real property but, it's always worth checking and double-checking.

Apr 17, 2019 10:09 PM
Rainmaker
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Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Good advice. Important to inform clients.

Apr 17, 2019 05:28 PM
Rainmaker
551,133
Steve Higgins
RE/MAX Kelowna - Kelowna, BC

Thanks for the heads up! I know our primary home and rental property are. I hope the agent that I called 3 times to make sure what she quoted us was correct on our vacation home is indeed correct seemed low to us. She assured me it is, as they do a lot of homes in our community.

Apr 17, 2019 10:21 PM
Rainmaker
1,578,469
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co. Notary Services, retired Realtor

Is my house under insured.... not a chance! I've always been a firm believer in insurance. I took out flood insurance although we are not in a flood zone and the agent did all he could to talk me out of it. Well, long story short I was one of very few that had insurance in 2011 when 1/3 of our town was destroyed by a flood Caroline Gerardo .

Apr 17, 2019 06:55 PM
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Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

Insurance companies are often reluctant to pay what it takes to fix the damage.

Apr 17, 2019 05:24 PM
Rainmaker
747,135
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

No Ma'am. Covered very well and replacement cost. I have a friend that just returned from Nebraska working with a humanitarian team. She shared some stories that are heart-tuggers

Apr 18, 2019 01:00 PM
Rainmaker
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Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

I just had an insurance representative come to the office and talk about this every same subject. Very interesting and big misconception with homeowners as to having the right coverage. 

Apr 18, 2019 11:11 AM
Rainmaker
2,772,675
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

Most homes are underinsured.  Agents sell the cheapest coverage because that is what people are looking for. People need to wake up - get apples to apples plan comparisons.  Read the fine print. Know what is covered and what is not ... and how much it will cost a homeowner to replace. I just reviewed my plans  - I spend hours and hours and hours and days doing so. I am confident - I am covered. 

Apr 18, 2019 07:20 AM
Rainmaker
3,013,643
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Not mine... that is one thing I've always been careful about... plus for personal property insurance and auto insurance, which in my case includes lots of coverage for uninsured and underinsured drivers.

Apr 18, 2019 04:17 AM
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Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

This is certainly an important alert to think about - thank you!

Apr 17, 2019 08:42 PM
Rainmaker
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Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Real Estate

This has always been a scam IMHO across the country. I got involved many years ago when they had my parents home over-insured. Wonder if it wasn't for the agent's benefit? 

Apr 18, 2019 05:15 AM
Rainmaker
661,884
Chuck Willman UtahHomes.me
Utah Homes - Alpine, UT
Utah Homes

One would hope not. It's always a good time to check.

Apr 17, 2019 11:58 PM
Rainer
238,747
Libby Cousins
Extraordinary Processing - Spokane, WA
Contract Mortgage Processor, licensed in WA

I think I am pretty dead on not including the land. 

Apr 18, 2019 09:34 AM
Rainmaker
729,050
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

I think we're good; probably over insured with unnecessary "packages" that insurance company won't unbundle.

Apr 18, 2019 06:57 AM
Rainmaker
750,243
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

Dear homeowner,

Be aware banks make money, lots of money, by adding on fees.

Insurance companies make money. lots of money, by DENYING coverage.

ClaimsAhead, a company that compiles public data regarding insurance companies, reports that insurance companies statistically suppress compensation by 70%.

Those homeowners who hire an attorney to protect their interest, on average, receive 700% MORE that those who FSBO (the homeowner who trusts the insurance company.

It is a corrupt industry that requires corrupt surrogates to impose an illusion of fairness.

The FLORIDA defalut insurance company, Citizens, spends nearly 40% of their income in legal fees. If they lived up the the promise in their insurance policy, that 40% could go to citizens who lost their property.

Wait until I share my recent healthcare expereince.

 

Apr 18, 2019 05:14 AM
Rainmaker
3,200,405
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

I review it annually to make sure I have adequate coverage.

Apr 18, 2019 04:30 AM
Rainmaker
5,307,580
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

This is a good alert to share.

Apr 17, 2019 05:27 PM
Rainmaker
448,884
Diana Dahlberg
1 Month Realty - Pleasant Prairie, WI
Real Estate in Kenosha, WI since 1994 262-308-3563

I believe we are fine. Best to be over-insured than under. Your Post is a great reminder for everyone to make sure they know what they are or are not covered for.

Apr 18, 2019 02:31 PM
Rainmaker
360,260
Susie Kay
Ultima Real Estate - Plano, TX
North Dallas Specialist

That's a good point.  Some people have the same insurance for years and never revisit their coverage.

Apr 18, 2019 06:52 PM
Rainmaker
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Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

I feel I am adequately insured but one should review policies regularly.

Apr 18, 2019 02:22 PM
Rainmaker
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Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Good advice.  A

Apr 18, 2019 07:39 AM
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Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

no.... I have 100% replacement cost....

Apr 18, 2019 07:22 AM
Rainmaker
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Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Probably....this is worth looking into ahead of time however

Apr 18, 2019 06:46 AM
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Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Nope.

Apr 18, 2019 12:19 PM
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Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

The CA insurances are very strict and prefer home insurances are under not over... Rates all have hiked because of Paradise fire. We are all pyaing for it.

Apr 18, 2019 07:12 AM
Rainmaker
1,219,772
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

I just finished phase one of a two phase remodel.  I'm probably under insured now since the materials and finishes have increased considerably.

 

Add in that the overall cost of materials is going through the roof, I doubt anyone is insured enough.

Apr 18, 2019 02:22 PM
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Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I have replacement coverage.  I always will.

Apr 20, 2019 08:01 AM
Rainmaker
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Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I hope not, but went into detail with my agent last year when I bought.

May 02, 2019 04:04 PM
Rainmaker
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John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

 On a personal basis, I should check into the scope of my coverage. For friends, associates and clients, it is a good idea to suggest that they do the same.

Apr 24, 2019 02:37 PM
Rainmaker
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Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

I hope not !

Apr 21, 2019 03:17 PM
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Valeria Mola
SIB Realty - Miami, Sunny Isles Beach - Sunny Isles Beach, FL
305-607-0709 SIB Realty

Interesting...

Apr 19, 2019 01:45 PM
Rainmaker
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Thomas J. Nelson, Realtor, ePRO, CRS, RCS-D
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

Nope. We do an annual review.

Apr 19, 2019 01:14 PM
Rainmaker
1,489,237
Evelina Tsigelnitskaya
SIB Realty - Sunny Isles Beach, FL
www.SIBRealty.org 305-931-6931

Great question and great answers. 

Thank you!

Apr 19, 2019 11:55 AM
Rainmaker
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Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

I think I should double check my policy.

 

Apr 19, 2019 09:29 AM
Rainmaker
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Gloria Valvasori, Accredited Senior Agent
BETTER HOMES AND GARDENS REAL ESTATE SIGNATURE SERVICE - Mississauga, ON
REAL Experience | REAL Commitment | REAL Results!

Just reviewed my home and auto policies with my insurer.. I'm good!

Apr 19, 2019 05:59 AM