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How to set and get property value?

If your house is insured at $90,000,if it burns, do you get that, or the property tax value?

  • My home is insured for 90,000 thousand structure and content, but the property taxs are only for 18000 thousand. If my house burns down, do I get the insurance amount or the property tax amount?

  • Answer:

    It depends. Assuming you have a standard homeowners policy: If the fire is a TOTAL LOSS, you have to choose - are you going to just walk away, or are you going to rebuild it? If you choose to rebuild it, you'll get $90,000, for a like size/kind/quality house, to rebuild it. You don't get it up front - you get depreciated value up front, and ongoing payments as construction is completed. If you decide to walk away, you get DEPRECIATED VALUE - that is, cost to rebuild, less depreciation for age. Then they subtract a holdback amount, for demolition costs, that goes to your municipality - so you don't abandon the property and make them clear the lot. Once you clear the lot, you get the holdback amount.

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Other answers

You would get enough to rebuild your house, up to $90,000, plus coverage to replace your personal items that are destroyed. There may be some extra coverage built into the policy, depending on the company and the type of policy you have. The tax value has no bearing on the insurance. You might ask your insurer if they have any kind of brochure that explains what the policy covers.

patsworth

You would get the cost to rebuild the house up to the dwelling limits on your homeowners insurance policy.

dirtyinjersey

Property taxes have nothing to do with it. You get the actual cost of repairs or the amount of loss up to your maximum insured value.

rotflol

Unless you have a home replacement policy, you get the 90K less the outstanding balance on the mortgage.

oldmanwithcoyote

Are you planning on burning it down!?

Jane

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