Who knows xactimate?

[Jdadams]

I had a rental house catch on fire today. No one was hurt thankfully.

Now I know I am going to have to deal with the whole insurance thing. I believe my policy will offer two options. Repair or cash out with actual cash value. I am guessing that the cash out number will be low because the house is old. That being said, I am trying to get ahead of dealing with the insurance company. I doubt the house will be totaled so I am looking for someone that can put together a xactimatge price for me.

Any advice or anyone who can calculate me a price would be greatly appreciated.

TIA

Jeff

 

[eightnsand]

Jewish lighting today? GLWInsurance runaround

 

[basstracker89]

Look up your address on Zillow.com. Just start typing your address in, it will likely come up.

 

[Jdadams]

Its an old house. like 90ish years old. I would guess electrical just because that seems logical since no one was home.

Yeah I'm pretty sure the insurance ride will not be enjoyable.

 

[Grub Master]

I have replacement value on my rentals. My understanding is they will build back to current codes and that price you will be offered will be based on that. If you have a landlord policy it might have loss of rents. Don't assume there will not be a fair settlement because it is 90 years old. Check with your CPA on how taxes are handled on the proceeds. There are several ODT members that help with insurance claims and might be worth hiring if they chime in.

 

[gh1950]

I have replacement value on my rentals. My understanding is they will build back to current codes and that price you will be offered will be based on that. If you have a landlord policy it might have loss of rents. Don't assume there will not be a fair settlement because it is 90 years old. Check with your CPA on how taxes are handled on the proceeds. There are several ODT members that help with insurance claims and might be worth hiring if they chime in.

i don't have an old house, but just changed homeowners. The replacement value of my house is significantly more than the FMV because of the run-up in materials. I asked the agent if I would get replacement because my premium is based on replacement, and he said I would. Basically it's all calculated by computers, no adjustment at the local level.

If you have a replacement value policy, age is irrelevant.

 

[Jdadams]

My concern on replacement is old house on zero lot line on a non conforming lot. If it’s a tear down I’m not sure I can rebuild without a ton of arguing with the city.

 

[Just1more]

My concern on replacement is old house on zero lot line on a non conforming lot. If it’s a tear down I’m not sure I can rebuild without a ton of arguing with the city.

With a zero lot line on a non conforming lot, is it in a historical district? If so, it will be expensive to rebuild due to the many stipulations that govern those.

 

[Jdadams]

Yes it is. There are lots and lots of challenges. And the front door is about 6’ from the back of the sidewalk.

 

[BH-ATL]

With a zero lot line on a non conforming lot, is it in a historical district? If so, it will be expensive to rebuild due to the many stipulations that govern those.

I live in an area with older homes that flippers tear down to the foundation and start new builds from there. Supposedly that prevents having to go through zoning approval. That might work for you if the foundation is usable. YMMV depending on your county.