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/u/WeddingElly
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I am closing on a ranch house/bungalow next week. There is one primary floor and no second floor on top of that. There is however, a very nice fully finished walkout basement. I got multiple quotes from insurers to obtain quotes and they came in very close to each other.
Today I received my appraisal for my mortgage. Already excluding the value of the lot, just the structure itself appraised under the cost to build method for double what the insurers quoted me for dwelling coverage.
Basically, if insurers had quoted me 300k, my house alone, excluding the value of the land, came in at 600k. Just the primary floor alone came in at like 350k, basement another 240 and garage 20. It seems to me like maybe the insurer guidelines only took into account the primary floor?
I'm trying to figure out what to do.
submitted by /u/WeddingElly
[link] [comments]
A weird thing with homeowner's insurance - my dwelling coverage per insured guidelines is like 50% of the appraised value of the home (excluding lot)?
Continue reading...
Today I received my appraisal for my mortgage. Already excluding the value of the lot, just the structure itself appraised under the cost to build method for double what the insurers quoted me for dwelling coverage.
Basically, if insurers had quoted me 300k, my house alone, excluding the value of the land, came in at 600k. Just the primary floor alone came in at like 350k, basement another 240 and garage 20. It seems to me like maybe the insurer guidelines only took into account the primary floor?
I'm trying to figure out what to do.
submitted by /u/WeddingElly
[link] [comments]
A weird thing with homeowner's insurance - my dwelling coverage per insured guidelines is like 50% of the appraised value of the home (excluding lot)?
Continue reading...