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Webbsatwinni · 10-03-2007, 04:06 PM

AC,

The appraisal for replacement cost came in at $192,000 and the best insurance we can get is $160,000. To go to $200,000 would bring my policy to an annual cost of $3,000 if we can get it at all.

The $160,000 comes at a reasonable rate but 3k annual is way too high for me to swallow. I don't know what this says for the future of island living (or should I say selling the property) as this should only get worse and not better. As the insurance gets harder to get and the cost to rebuild goes up, what we are being told is that even if we get it, one claim may be justification to be dropped.

I hate being so negative, but we thought island properties were a more affordable way to get on the lake earlier than we planned. It still may be and we have not thrown in the towel yet, I just would have never imagined that this would be the one item that stopped us.

The other interesting fact is that even if the mortgage was $10,000, the lender would require 100% replacement insurance based on the appraisal number to rebuild.

Wish me luck, I am going in for another round of insurance agent calls tomorrow, I will send updates as I get them. As always, thanks to the forum for the information and being a place to vent.

10-03-2007, 04:06 PM	#30
Webbsatwinni Senior Member Join Date: Sep 2007 Location: Lebanon Ct and Rattlesnake Island Since 2007 Posts: 610 Thanks: 180 Thanked 137 Times in 72 Posts	AC, The appraisal for replacement cost came in at $192,000 and the best insurance we can get is $160,000. To go to $200,000 would bring my policy to an annual cost of $3,000 if we can get it at all. The $160,000 comes at a reasonable rate but 3k annual is way too high for me to swallow. I don't know what this says for the future of island living (or should I say selling the property) as this should only get worse and not better. As the insurance gets harder to get and the cost to rebuild goes up, what we are being told is that even if we get it, one claim may be justification to be dropped. I hate being so negative, but we thought island properties were a more affordable way to get on the lake earlier than we planned. It still may be and we have not thrown in the towel yet, I just would have never imagined that this would be the one item that stopped us. The other interesting fact is that even if the mortgage was $10,000, the lender would require 100% replacement insurance based on the appraisal number to rebuild. Wish me luck, I am going in for another round of insurance agent calls tomorrow, I will send updates as I get them. As always, thanks to the forum for the information and being a place to vent.