[alexander59]

Recently I had to get my house refinanced, needs so much work and decided to tap into the equity.
In doing so I had to have the property appraised, it appraised for what Citizens appraised just the house at. Citizens appraised my house alone at 225,000 and the new appraiser, which I paid 300.00 for appraised my house and property at 225,000, my insurance will now be 2000.00 instead of 3000.79 and they are going to send me a check for a 1000.00. I know the old joke the checks in the mail, will see.
It may be worth paying an appraiser to get your insurance lower.
I also checked Zillow to get an idea of what my house was worth and checked recently sold houses in my neighborhood and Zillow was right on the money.
Hope this helps someone.

[jhlcomp]

What is the replacement value of your home? That is, if it got leveled and you had to have it rebuilt. Would your current policy cover the replacement cost after meeting your deductible?

Our insurance was $3000 which was based on approx. 250000 replacement. We had not updated our home value since we purchased the house in 1994 and, therfore, the figures had not factored in current values. After meeting with our agent, the new cost to replace is at approx. $500,000 and new insurance is at approx. $9000 w/ 23,000 deductible.

[alexander59]

To replace it came in at 167,000, Citizens said 225,000.

[LeavingFlorida05]

Getting an insurance appraisal is much different than the appraisal you get when buying/selling a house. When a house is bought/sold/refinanced, they base their estimate on market value. Insurance companies don't care about that. They only care about replacement value.

What type of appraisal did Citizen's bank give you? That's a HUGE difference. My guess would be that's a market appraisal and not an insurance appraisal.

Btw, I'm an appraiser.

[alexander59]

I don't know how they appraised it, I agree with you it was a market evaluation and not a replacement value. The mortgage broker negotiated with Citizens and they are refunding me a 1000.00.

[LeavingFlorida05]

Well, as long as you get your money, it's all good then, ya?

[alexander59]

To all the cynics out there, I got my check from Citizens yesterday for 780.00. A week ago I got the new declaration page and I thought for sure I would have to wait a while for my refund but lo and behold check was in the mail yesterday. Insurance is still too high and I am hoping next year it will be a lot lower, my mother at 82 has decided to self insure.