Homes Tumble At Laguna Beach - Page 2

JV · #11 06-01-2005, 07:01 PM

Remember when Letterman called Johnny Carson at his Malibu villa after Johnny retired from his show on NBC and asks "Johnny, how are ya?" and Johnny replies "Just fine, Dave. The mudslide put out the wildfires."

The old tradeoff for living in sunny and mild SoCal.

JV

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B-Line · #12 06-01-2005, 07:10 PM

again, I can't speak for everyone but this is what I have to do.

I have two additional policies on my home. Flood and Earthquake.
In terms of the escalated real estate market, that does not effect anything. Reason: The cost to rebuild a home has nothing to do with the market value of the home.
A price per square foot to rebuild a home on exisiting land is much less expensive than the price per square foot to buy property and an existing home.
So even if the house is valued at 5mil and it only costs 1mil to rebuild it, the insurance company will only cover the rebuild cost, not the market value of the house including the property.

Also, the deductible with these policies is usually around 10% - 15%. So the homeowners are going to have to shell out a minimium of 100K to 150K before insurance kicks in a cent..

B

motordavid · #13 06-01-2005, 07:46 PM

Quote:

Originally Posted by Chris F.

Well usually most loans (MD chime in here if I'm wrong!) make you buy 'replacement cost' coverage, which would be the amount to rebuild the structure.

CF: I don't have a "loan" on anything I own, but your statement is bascially correct. BLine's post further down is right on the nuts, too. We have a set of riders on our home owner's ins., (which is also our cars and M'cycles insurers, and umbrella policy carrier, too), for flood, earthquake, (yeah, we have tremblers all the time here), and mudslide.

Those 3 seperate & very distinct riders are a bit pricey but without them, we are out big dough/assets if the crap Really hits the fan and sends our joint down the mtn.

Why flood insurance at 5000 feet, you ask? The 'canes Frances & Ivan kicked our ass last late summer; we have a special addendum within the Flood policy for wind driven rain, now.

This ins. crap will drive one crazy staying on top of it and it Is pricey when the whole pkg is put together and billed. But, a house today is a Very important and large asset within anyone's port.; thus, the need for really strong complete coverage of this asset, imo.
BR,md

And, don't forget some special personal belongings riders on your expensive or heirloom or very fave stuff in your crib: eg, guitars, the Yamaha grand, etc., etc.

My apology for 'jacking this thread and giving an ins snippet. Find a Smart and good agent and ask their advice and you get what you pay for.

Chris F. · #14 06-01-2005, 07:51 PM

Quote:

Originally Posted by motordavid

CF: I don't have a "loan" on anything I own, but your statement is bascially correct. BLine's post further down is right on the nuts, too. We have a set of riders on our home owner's ins., (which is also our cars and M'cycles insurers, and umbrella policy carrier, too), for flood, earthquake, (yeah, we have tremblers all the time here), and mudslide.

Those 3 seperate & very distinct riders are a bit pricey but without them, we are out big dough/assets if the crap Really hits the fan and sends our joint down the mtn.

Why flood insurance at 5000 feet, you ask? The 'canes Frances & Ivan kicked our ass last late summer; we have a special addendum within the Flood policy for wind driven rain, now.

This ins. crap will drive one crazy staying on top of it and it Is pricey when the whole pkg is put together and billed. But, a house today is a Very important and large asset within anyone's port.; thus, the need for really strong complete coverage of this asset, imo.
BR,md

And, don't forget some special personal belongings riders on your expensive or heirloom or very fave stuff in your crib: eg, guitars, the Yamaha grand, etc., etc.

My apology for 'jacking this thread and giving an ins snippet. Find a Smart and good agent and ask their advice and you get what you pay for.

Thanks for the info MD. When I referred to you in my post, it was in regards to your daugher in the loan industry

What a mess down there though. I can't imagine what those people are going through.

motordavid · #15 06-01-2005, 09:49 PM

Quote:

Originally Posted by Chris F.

Thanks for the info MD. When I referred to you in my post, it was in regards to your daugher in the loan industry

Thanks, CF; she's been in that racket for 15+ yrs, through good times, bad times and these crazy mort' to the hilt times. She jes'got another promotion and runs the entire fooking branch w/a gaggle of LOs, and assorted large gang reporting to her. She's been trying to sell me a mort' for the last 10 yrs, too. But, I have no need or desire. What a memory you have, Chris! BR,md

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