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Posted by PCGumshoe on July 27, 2007, 9:16 pm
Okay, this may sound stupid.
I bought my house in 2006, first home. I hate it (now) but that is
my wanderlust speaking. The purchase of this house was an investment
and now I'm ready to move on. I know that NOW would be a terrible time
to sell my house for two reasons, Hurricane Season and the Housing
Market.
In 3-5 Years, I should see a significant return on my property,
however, with the current media hype about how terrible hurricane
seasons are supposed to be, I've been paying particular attention to
my insurance policy.
I renewed my policy on the 1 year anniversary of my purchase and
noticed that if a hurricane came and blew my house off my property (or
destroyed it completely), that I'd be able to pay off my mortgages and
own the property outright if I didn't rebuild and I'd own a lot and
1/2 free and clear.
Is this view of my insurance reasonable? Should a hurricane destroy
my house can I use the insurance money to just pay off the mortgage
outright and not rebuild? I'd think there are people who were
affected by Katrina who might not have wanted to return to that area
because of similar situation.
Thanks
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Posted by Edwin Pawlowski on July 27, 2007, 10:39 pm
> Okay, this may sound stupid.
Yes, it does.
>
> Is this view of my insurance reasonable? Should a hurricane destroy
> my house can I use the insurance money to just pay off the mortgage
> outright and not rebuild? I'd think there are people who were
> affected by Katrina who might not have wanted to return to that area
> because of similar situation.
That is a question best answered by your insurance agent and lawyer. None
of us here have read your policy and anything we say is speculation.
Insurance laws vary from state to state.
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Posted by mm on July 28, 2007, 2:09 am
wrote:
>
>I renewed my policy on the 1 year anniversary of my purchase and
>noticed that if a hurricane came and blew my house off my property (or
>destroyed it completely), that I'd be able to pay off my mortgages and
>own the property outright if I didn't rebuild and I'd own a lot and
>1/2 free and clear.
But the question is, How can you start a hurricane?
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Posted by PCGumshoe on July 28, 2007, 8:26 am
> wrote:
>
>
>
> >I renewed my policy on the 1 year anniversary of my purchase and
> >noticed that if a hurricane came and blew my house off my property (or
> >destroyed it completely), that I'd be able to pay off my mortgages and
> >own the property outright if I didn't rebuild and I'd own a lot and
> >1/2 free and clear.
>
> But the question is, How can you start a hurricane?
That's funny... I'm not intending on INTENTIONAL, but I'm just
saying. I'm an EARTH QUAKE kid... grew up on the other coast, if we
get hit by the BIG ONE, I doubt I'd want to stick around and enjoy
everyone's misery, if I can pay off my mortgage, I can move back years
later when things settle down and I can rebuild then when it is less
competitive.
It was a silly question, I guess, but I suspect that there are lots of
Katrina victims that like their new living locations and fear another
hurricane and might opt for this.
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Posted by on July 28, 2007, 9:00 am
"I renewed my policy on the 1 year anniversary of my purchase and
noticed that if a hurricane came and blew my house off my property
(or
destroyed it completely), that I'd be able to pay off my mortgages
and
own the property outright if I didn't rebuild and I'd own a lot and
1/2 free and clear.
Is this view of my insurance reasonable? "
No. The insurance should be sufficient to cover the cost of
replacement of the structure. Suppose you have a house that would
cost $500K to rebuild and you have a $200K mortgage remaining. Would
you be happy with a $200K check if it's destroyed?
Should a hurricane destroy
my house can I use the insurance money to just pay off the mortgage
outright and not rebuild?
You should check your policy and/or insurance agent. In every case
I'm aware of, the answer is yes. Whether it's a house, car, boat, or
watch, the insurance company isn't going to make you buy a
replacement.
I'd think there are people who were
affected by Katrina who might not have wanted to return to that area
because of similar situation"
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