Home up in smoke!

by mannyt » Fri Sep 25, 2009 09:39 pm
Posts: 1
Joined: 25 Sep 2009

I refinanced my home in July 2003. The mortgager submitted a requested on my behalf $275k of coverage. In August 2003 I went into the agency to add a rider to my fiance's ring. A conversation ensued as to the appropriate amount of coverage for my home.

The agent explained that the bank was asking for $272k but that the house could be rebuilt for $170k. I stated that the reason for the higher request was because that is what the property appraised for. True she said but that appraisal includes the land. In the event of a "TOTAL LOSS" the land will be the only thing left.

I go on vacation at the end of August 2003 and lo and behold I suffer a "TOTAL LOSS". The insurance company comes to adjust and guess what it will require $275k to rebuild.

They don't want to pay the difference because they are not liable for the error.

What say anyone?

PS it is still in litigation. Mostly because of inexperience I hired an incompetant lawyer who seems more nervous in hearings and arbitrations that I do.

Total Comments: 4

Posted: Sat Sep 26, 2009 04:56 pm Post Subject:

E&O coverage.

Posted: Mon Oct 19, 2009 05:07 am Post Subject:

Errors and omissions coverage that the agent should have.

Posted: Fri Jan 08, 2010 09:45 pm Post Subject: E&O

Yes, every agent should absolutely have E&O insurance.... try NAPA Direct they have the cheapest. $475

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