House Builders Insurance

We are buying a newly built house. We need home insurance to the front to close on him. My insurance agent called the manufacturer to see how the house was without the cost of land. The builder was furious and would not give the information to my agent .... only an estimate ... not the exact amount.I do not know why this would be such a problem.The agent did not tell me exactly what the manufacturer said .... I do not know why, just that he furiously denied. Now, we met the manufacturer several times and it seems like a nice old boy who could not possibly have used language that I imagine might be said.He is in business for 30 years in what I city.So reputable.I guess it does not know why my insurance agent did not tell me exactly what was said ...... I do not have virgin ears (I look like I do, though) It makes me sad and depressed now. (I was happy, optimistic and enthusiastic) ..... and buying a home should be a HAPPY OCCASION !!!!!!!!!! Our first house!

Get a new insurance company friggin. They should never have to wonder how the cost of a house to build. They take the stats - square feet, bathroom, fireplaces, etc., and arrive at a replacement value.

Your contractor probably thought you were trying to get something on him and know how much profit he made. I'm from paris no society has ever asked insurnace how much it would cost to build the house and so he was surprised and suspiscious. I bet he politely refused, and the company insurnace tried to tell him they had a right to know - that they dont.

Exactly! Thank you! Flag

If you met with the manufacturer before and it looked nice, ask him directly. Ask him is he really say things with your agent told you that he said (no need to use any obscenities well) and why it is true. I think he did not and it was the insurance agent who has been tough.

The insurance company needs this information because, in the case of an accident, there is residual value in the lot itself. Suppose the value of the house and lot is $ 200,000 and the house burned down a week after you buy it. The insurance company will not simply write a check for $ 200,000 because the lot itself still has value and can be built on again.

You should be happy that your insurance agent wants to know the value of the lot. Many insurance companies take advantage of unwary homeowners by ensuring the full value of the house and lot together. Naturally, they never pay off the value of the lot, even if they have been collecting premiums on its value.

Sometimes this only serves to dampen the rise in the value of a home for some homeowners in hot markets. Many owners do not increase coverage accidents owner as the value of their house appreciates. Ideally, this should be reviewed every two years or more often in markets which are very hot.

Ultimately, your insurance agent should be able to find the value of the lot, even without the cooperation of the manufacturer.

Good luck with your situation.

Your insurance agent is just doing his job. To insure your home, the agent needs to know the replacement value. In other words, what is the value of housing is. There is software that is used by agents called Xactware generating costs for any replacement dwelling must be insured, but your agent needs to know details such as size, number of rooms, fireplace, and others. If you are obtaining financing on the house, you.