Sometimes when people buy new homes, their homeowners insurance is automatically written for them through an agent affiliated with the mortgage company/broker and the insured has no knowledge of what is and isn’t covered or even who the company is they have. It is critical to understand the context of your homeowner’s policy or terrible situations like this happen. How can you buy your most valuable asset and not know how it is protected in the event of a serious peril?
Just maybe she has some other coverage in the policy for renting, if infact she got the coverege through the bank and she did not know what she had she could go after the lender. If she went through an agent, he had better have her signature on a waiver stating she only wanted the dwelling coverage.
Maybe the agent did the best they could do or maybe it was forced placed by mortgage company. Kind of sounds like the condition of the house probably did not fit any place except maybe excess or the state fund, if NC has 1. If it was excess the the company would probably only insure it ACV & not RC. The lady may not have been able to afford contents coverage. It’s unfortunate for her, but at least she had some coverage out there.
Sounds like this one was insured under a DP-1 policy form with the NCJUA (North Carolina Joint Underwriters Association).
Fairly basic coverage, and if she was looking at having her home redone under an Extreme Makeover show, it may have been all that was available for her.
We constantly get questioned about the RC of a home. Usually it goes like this, I know I can build it of $100 a square foot and your cost calculator is wrong it can’t be $150 a square ft.
I’ve even had my dentist go get a private appraisal and the appraiser lowered the values to what he thought was adequate. $300,000 less than the insurance company would except.
So we don’t know the particulars here, but we as agents have to give the best advice we can. Then document it.
Plenty of good “insurance” comments have been offered, but there’s another aspect that’s not been addressed, probably for fear of not being “PC”. That isn’t an issue for me. I feel badly for these people. If she wanted and extreme home makeover, this place must have been a dump. Most people selected for this help have made some effort to improve their situtation. Aside from having no common sense or responsibility in continuing to reproduce with no job or husband, what has she done? How did she qualify for a mortgage in the first place? She has 5 illegitimate children. Who supported this brood? There’s mention of a fiance. Why no committment after 5 kids? What does he contribute the brood financially? The people are a mess.
PK’s on target……PCL you might want to look up spelling of words before you document. To an insurance company “except” and “accept” have very diverse meanings and you just opened yourself up to an E&O exposure. I think you meant “accept”?
P.K., you need to reread the article. It states she was working full time and going to school to better herself. Because of this she needs to quit school and get a second job.
She sounds like the type of person who deserves a little helping hand to get back on her feet as opposed to many who don’t try and just expect others to do for them.
first of all, let’s not claim anything about the womans children except that the father’s need to step up and help w/child support, including to help pay for putting a house over the kids heads. she’s doing pretty good being a single mom.
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Sounds like the agent did a bad job. Shouldn’t have to depend on Red Cross and donations if coverage is written correctly.
Sometimes when people buy new homes, their homeowners insurance is automatically written for them through an agent affiliated with the mortgage company/broker and the insured has no knowledge of what is and isn’t covered or even who the company is they have. It is critical to understand the context of your homeowner’s policy or terrible situations like this happen. How can you buy your most valuable asset and not know how it is protected in the event of a serious peril?
Just maybe she has some other coverage in the policy for renting, if infact she got the coverege through the bank and she did not know what she had she could go after the lender. If she went through an agent, he had better have her signature on a waiver stating she only wanted the dwelling coverage.
Maybe the agent did the best they could do or maybe it was forced placed by mortgage company. Kind of sounds like the condition of the house probably did not fit any place except maybe excess or the state fund, if NC has 1. If it was excess the the company would probably only insure it ACV & not RC. The lady may not have been able to afford contents coverage. It’s unfortunate for her, but at least she had some coverage out there.
Sounds like this one was insured under a DP-1 policy form with the NCJUA (North Carolina Joint Underwriters Association).
Fairly basic coverage, and if she was looking at having her home redone under an Extreme Makeover show, it may have been all that was available for her.
We constantly get questioned about the RC of a home. Usually it goes like this, I know I can build it of $100 a square foot and your cost calculator is wrong it can’t be $150 a square ft.
I’ve even had my dentist go get a private appraisal and the appraiser lowered the values to what he thought was adequate. $300,000 less than the insurance company would except.
So we don’t know the particulars here, but we as agents have to give the best advice we can. Then document it.
Plenty of good “insurance” comments have been offered, but there’s another aspect that’s not been addressed, probably for fear of not being “PC”. That isn’t an issue for me. I feel badly for these people. If she wanted and extreme home makeover, this place must have been a dump. Most people selected for this help have made some effort to improve their situtation. Aside from having no common sense or responsibility in continuing to reproduce with no job or husband, what has she done? How did she qualify for a mortgage in the first place? She has 5 illegitimate children. Who supported this brood? There’s mention of a fiance. Why no committment after 5 kids? What does he contribute the brood financially? The people are a mess.
PK’s on target……PCL you might want to look up spelling of words before you document. To an insurance company “except” and “accept” have very diverse meanings and you just opened yourself up to an E&O exposure. I think you meant “accept”?
P.K., you need to reread the article. It states she was working full time and going to school to better herself. Because of this she needs to quit school and get a second job.
She sounds like the type of person who deserves a little helping hand to get back on her feet as opposed to many who don’t try and just expect others to do for them.
first of all, let’s not claim anything about the womans children except that the father’s need to step up and help w/child support, including to help pay for putting a house over the kids heads. she’s doing pretty good being a single mom.