Update on Insurance Cancellation

MuleHouseSeptember 13, 2012

Well, it just keeps getting crazier and crazier. My Ins. Agt. has come up with a company that will write a policy. My original 1 year policy, the one cancelled, cost $769. The new quote is $2,502.66 for a year, or $1,511.56 for 6 mos.

They (whoever 'they' might be) have estimated my spending $100,000. on remodeling a $45,000. building. Uh, if I were planning on spending $100,000., I would have bought a $100,000. building in the first place!

My 'guesstimate' when getting the building permit was $10,000. spent on updates. I totaled up what I've spent on fixtures already purchased, and what will be purchased, and not counting labor of installation, the figure is $10,191. That's for light fixtures, kitchen appliances and cabinets, paint, flooring, wallpaper, and a shower.

It's not required that we finish the extra 2 upstairs rooms, the ones past the bedroom, before moving in. For anyone who didn't see the pictures but would like to, google 182 W Reynolds Ozark AL.

So that's my story to date. My Ins. Agt. is out of the office till Monday, when I'll let her know the remodel estimate by the insurance company is way too high.

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Hopefully "they" mistakenly added a zero to the estimated spending amount and will straighten it out on Monday. Good luck

    Bookmark   September 13, 2012 at 11:21PM
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Good grief.

    Bookmark   September 13, 2012 at 11:53PM
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That would be the dollar figure that I'd expect to have to spend on converting an old building to a home. Redoing electrical, plumbing, insulation, HVAC etc. It's NOT grandfathered in "as is" when it changes to residential. You have to do everything in the interior as if you were building new, bringing it up to modern building codes. Even if you have a laid back municipality that isn't quite up on the necessity of this, any insurance company won't be nearly so laid back and will require compliance with current national building standards. You really should buy a copy of the current code book so as to be familiar with those requirements.

    Bookmark   September 14, 2012 at 10:10AM
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I'd like to think that was the case, Badger Gal, but I'm afraid it is likely the quote is coming out of a high priced area and to them it's realistic. I mean in the Bay Area, there's probably no such thing as a $45,000. structure that can be inhabited by humans. It's probably as difficult for someone in that area to imagine how I can get 2 floors of livable space plus a great basement for that price as it is for me to understand how anyone is willing to pay the huge prices some people do for basic ranch style houses.

    Bookmark   September 14, 2012 at 11:14PM
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Hi Live Wire Oak. It doesn't require a complete overhaul. Most of the work has already been done. New lighting fixtures, all wiring is to code, the HVAC is in. It's had a pre-inspection by the city permit office. I have to add a hard wired smoke detector, have the kitchen plumbed and wired, and add a light switch at the bottom of the stairs, tied to the one at the top of the stairs.

Did you look at the photos? I'm taking out that old A/C above the front door, which predates the new HVAC system and putting in a piece of stained glass. The receptionist's railing has been removed.

I've replaced the tiny HWH with a new modern one, and old windows and frames in the basement, that look out onto the courtyard, have been replaced. There's a new ceiling in the basement as well. The ceramic tile basement floor is in fine shape for the use the basement will get. We only need to add a pair of additional florescent lights, which were there, waiting to be installed, when I bought the building.

I plan to work on it through the winter and anticipate a move in next spring. There's just no way the remaining work is going to come to a hundred grand.

    Bookmark   September 14, 2012 at 11:34PM
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I've been following your story, and I really hope that you find a reasonable solution! I don't have any advice, but I am keeping my fingers crossed for you.

Also, I'm sorry for some of the less than supportive comments you've received!

    Bookmark   September 15, 2012 at 12:18AM
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Thank you, Laura 12. I feel it is likely that those who anticipate high prices for my rehab are thinking of an old, empty building, much like it was in 1903. Have you looked at my photos? Google 182 W Reynolds Ozark AL and click on the Zillow site.

    Bookmark   September 17, 2012 at 12:48PM
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