06-15-2009, 04:59 AM
Thank you John:
Our lender requires this -
The amount that is required is for "replacement value" or the loan amount, whichever is greater. The reason for this is, if in the event the property is destroyed, it can be "replaced" to it's "original" condition. Of course, it can never be replaced to "original" condition, however, it will need to be replaced to a condition comparable. So, the quote will change once we get the appraisal.
This is a quote from our lender. I am not sure what they mean by replaced to condition comparable?
Any suggestions which companies I should check for insurance? and yes they do require hurricane insurance, it is to late in the game to get a different lender closing is scheduled for July 10th.
Thank you,
Laurie
Our lender requires this -
The amount that is required is for "replacement value" or the loan amount, whichever is greater. The reason for this is, if in the event the property is destroyed, it can be "replaced" to it's "original" condition. Of course, it can never be replaced to "original" condition, however, it will need to be replaced to a condition comparable. So, the quote will change once we get the appraisal.
This is a quote from our lender. I am not sure what they mean by replaced to condition comparable?
Any suggestions which companies I should check for insurance? and yes they do require hurricane insurance, it is to late in the game to get a different lender closing is scheduled for July 10th.
Thank you,
Laurie