That is true Joe, but if you read my explanation you will see that I said most arrive at replacements cost of the building by taking market value of the building + land and subtracting the market value of the land (how that is determined is a mystery).
Now you may believe that that gives you the cost to rebuild as it stands but it doesn\’t. It gives you a number that has no relation to cost to rebuild, and most appraisers do not understand why it\’s wrong.
Stop putting words into people\’s mouths. Temblor made no such statement. READ and UNDERSTAND before you post.
Temblor-
Again, thank you for the information. It makes sense to use \”true\” replacement cost (actual cost to rebuild) to me, rather than appraisal value. In Central Florida last year, homes were worth a lot more than they would cost to build new. Now that the bubble is bursting, we might soon face the opposite end of the spectrum.
I really do appreciate that you took the time to explain in more detail so now I am better educated about HO insurance.
Joe- Try educating yourself instead of telling other people how stupid they are… especially when it is untrue.
sorry to disappoint, but simply because you get a federal judge doesn\’t remove you from politics.
I\’m still baffled why any carrier would choose a path to lead to heavy litigation over such an emotional charged subject.
I\’m not attempting to evaluate whether State Farm willfully did as you say, Joe; only that it seems willfully shortsighted if they did as you state, as it doesn\’t take Nostradamus to predict they\’d have their rears handed to them on a plate of they proceeded as you state.
You can win litigation in these venues, but geesh, you have to have every i dotted, every t crossed, you have to be real careful. Just don\’t see how they could expect to win these, especially if they\’ve been as sloppy as has been reported. I just find it stunning that the Farm, which I believe has a very good reputation, would do that; it doesn\’t mean they didn\’t, I just find it surprising. Sorry, but I got\’s lots to do today, so don\’t have time to evaluate all aspects.
Maybe you can drive this nail thru his head because I\’ve been trying for a while now. As you stated, State Farm would have been very careless handling this matter as the way Joe presents it. I\’ve been telling him for a while, the exec\’s at SF probably have a better pulse on what is happening politically and judicially in each respective state than what joe might think. Is this situation over, you would hope so for the people of LA and MS, but I fear that its not and there will be some changes in both venues (insurance and judicial) just like what we say in Florida after Andrew. But I\’m sure Joe already has the next 10 years mapped out as to how this will fall. He would probably say SF will be bankrupt.
He doesn\’t read what is written but leaps to comment about it anyway. If someone disagrees, he gets disagreeable. And appears to be incorrigible. Best to ignore him.
Sorry to chime in so late on this topic but I had to work for a little while today. In my state, you can add a building ordinance endorsement which will allocate some money (a set percentage of the structure limit) towards these upgrades so that way, you don\’t have to use your built in cushion.
Given the location that I think you live in, if your house is insured to value (100% Replacement Cost) and you have the added cushion for inflation (?) then you might be alright. When I went to insured my home, we just added another $30K onto the policy to cover any unforseen issues. When you have such a large scale catastrophe like Katrina, you would run into price gouging. They try to monitor it as much as possible but still some get thru the cracks.
My company also has another endorsement that you can increase your limit by additional % just for a safety net. Most insurance policies have a built in mechanism to take into account for inflation. Check with your agent. If you home is older and built likely before 1980 you might have some coding issue that would have to be addressed if you suffered a substantial loss.
David
P.S. \”8BALL\” I\’m sure you will have something to add to this posting as well so lets hear it……your wife must be so in awe of your brilliance she is so lucky to have you…..
watch out david, adjusterjoe will call you names like a clerical person or a state farm apologist/employee. Adjusterjoe is a sick old man that is not only a serial sexual harasser but a complete misogynist. Maybe one day he wil take off his blinders and look at the larger picture.
Chad – LA has to be the most corrupt state in the Union and has the most corrupt policitians, judges, attorneys, etc. It is a horrible place to conduct business and it\’s always best to settle out before going into Court in LA. Those damn Napoleonic laws!
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All appraisals have the cost approach built into them. You cannot get an appraisal without the RC being included.
That is true Joe, but if you read my explanation you will see that I said most arrive at replacements cost of the building by taking market value of the building + land and subtracting the market value of the land (how that is determined is a mystery).
Now you may believe that that gives you the cost to rebuild as it stands but it doesn\’t. It gives you a number that has no relation to cost to rebuild, and most appraisers do not understand why it\’s wrong.
Stop putting words into people\’s mouths. Temblor made no such statement. READ and UNDERSTAND before you post.
Temblor-
Again, thank you for the information. It makes sense to use \”true\” replacement cost (actual cost to rebuild) to me, rather than appraisal value. In Central Florida last year, homes were worth a lot more than they would cost to build new. Now that the bubble is bursting, we might soon face the opposite end of the spectrum.
I really do appreciate that you took the time to explain in more detail so now I am better educated about HO insurance.
Joe- Try educating yourself instead of telling other people how stupid they are… especially when it is untrue.
sorry to disappoint, but simply because you get a federal judge doesn\’t remove you from politics.
I\’m still baffled why any carrier would choose a path to lead to heavy litigation over such an emotional charged subject.
I\’m not attempting to evaluate whether State Farm willfully did as you say, Joe; only that it seems willfully shortsighted if they did as you state, as it doesn\’t take Nostradamus to predict they\’d have their rears handed to them on a plate of they proceeded as you state.
You can win litigation in these venues, but geesh, you have to have every i dotted, every t crossed, you have to be real careful. Just don\’t see how they could expect to win these, especially if they\’ve been as sloppy as has been reported. I just find it stunning that the Farm, which I believe has a very good reputation, would do that; it doesn\’t mean they didn\’t, I just find it surprising. Sorry, but I got\’s lots to do today, so don\’t have time to evaluate all aspects.
Chad,
Maybe you can drive this nail thru his head because I\’ve been trying for a while now. As you stated, State Farm would have been very careless handling this matter as the way Joe presents it. I\’ve been telling him for a while, the exec\’s at SF probably have a better pulse on what is happening politically and judicially in each respective state than what joe might think. Is this situation over, you would hope so for the people of LA and MS, but I fear that its not and there will be some changes in both venues (insurance and judicial) just like what we say in Florida after Andrew. But I\’m sure Joe already has the next 10 years mapped out as to how this will fall. He would probably say SF will be bankrupt.
He doesn\’t read what is written but leaps to comment about it anyway. If someone disagrees, he gets disagreeable. And appears to be incorrigible. Best to ignore him.
Jewel,
Sorry to chime in so late on this topic but I had to work for a little while today. In my state, you can add a building ordinance endorsement which will allocate some money (a set percentage of the structure limit) towards these upgrades so that way, you don\’t have to use your built in cushion.
Given the location that I think you live in, if your house is insured to value (100% Replacement Cost) and you have the added cushion for inflation (?) then you might be alright. When I went to insured my home, we just added another $30K onto the policy to cover any unforseen issues. When you have such a large scale catastrophe like Katrina, you would run into price gouging. They try to monitor it as much as possible but still some get thru the cracks.
My company also has another endorsement that you can increase your limit by additional % just for a safety net. Most insurance policies have a built in mechanism to take into account for inflation. Check with your agent. If you home is older and built likely before 1980 you might have some coding issue that would have to be addressed if you suffered a substantial loss.
David
P.S. \”8BALL\” I\’m sure you will have something to add to this posting as well so lets hear it……your wife must be so in awe of your brilliance she is so lucky to have you…..
Could someone please translate this post into English for me? Adjsuterjoe really needs to learn how to type, spell, etc….
watch out david, adjusterjoe will call you names like a clerical person or a state farm apologist/employee. Adjusterjoe is a sick old man that is not only a serial sexual harasser but a complete misogynist. Maybe one day he wil take off his blinders and look at the larger picture.
Chad – LA has to be the most corrupt state in the Union and has the most corrupt policitians, judges, attorneys, etc. It is a horrible place to conduct business and it\’s always best to settle out before going into Court in LA. Those damn Napoleonic laws!