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| Raised Hands Surround Us Three Nails To Protect Us  |
I need to get a bit of insurance on our cabin. Just found out granny did not have it insured. It is just a little 600 sq ft cabin. State Farm wants to treat it as a standard home owners policy and value it at 112k. No way, I could rebuild it better than it is now for $50k I would go to guess. I just replumbed the entire cabin, redid all the electric in the bathroom, and redid the entire bathroom to include new joists, subfloor, vinyl plank, vanity, toilet, shower, for $850. State Farm says they don't have a stated value policy and have to base it off current residence square footage replacement. Anyone have anything like this on a weekend place? ———————————————— The world's not perfect, but it's not that bad. If we got each other, and that's all we have. I will be your brother, and I'll hold your hand. You should know I'll be there for you! | ||
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| I believe in the principle of Due Process  |
What does the tax assessor give as the value? Luckily, I have enough willpower to control the driving ambition that rages within me. When you had the votes, we did things your way. Now, we have the votes and you will be doing things our way. This lesson in political reality from Lyndon B. Johnson "Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." - Justice Janice Rogers Brown | |||
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thin skin can't win |
I've got a 740 sq.ft. concrete block cabin, circa 1962 insured with SF. My premiums are only about $600/year, and they value it at about the same numbers you've given. I've not researched or heard of a stated value property insurance but perhaps is you specify a policy that is NOT replacement value you can make that happen? In our case, I'm not replacing the electrical. I expect it to burn sometime in the next 10 years and roll the proceeds into a real house on same property. You only have integrity once. - imprezaguy02 | |||
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| Raised Hands Surround Us Three Nails To Protect Us |
They wanted a little over $1100. This place was built in 1927, the bathroom added in 1968, with the electric being updated some time in the late 80s, windows and doors redone in the 90s, and the metal roof done in 2005 I think. After the bathroom redo, the electric will be redone, then will do the floors, doors, and windows again. This place is in the middle of nowhere so it would be replaced with another cabin. So $50k would build luxury compared to now. ———————————————— The world's not perfect, but it's not that bad. If we got each other, and that's all we have. I will be your brother, and I'll hold your hand. You should know I'll be there for you! | |||
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| In the yahd, not too fah from the cah  |
See if you can run the evaluation on the property with the insurance rep. It's possible that it's just pulling generic info for a certain type of house with certain square footage. A lot of companies use the Marshall & Swift valuation tool which can be tweaked. | |||
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| Member |
Call other insurance companies. The Travellers was about 65 percent the cost of State Farm for me. | |||
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Member |
How about getting a couple of contractors to give you estimates to rebuild the property as is? Then send those to the insurance company. ........................................... All I've had all day is like six gummy bears and some scotch... | |||
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| Member |
Talk to an independent agent. He will represent several companies not just one. He may even have a company that specializes in small rural properties like yours. _________ Whether you think you can or you think you can't, you're right. Henry Ford | |||
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