East News
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Pennsylvania Bans Lenders from Requiring Excess Home Insurance
East News • July 8, 2008
Pennsylvania homeowners may be entitled to a reduction in their homeowners' insurance premiums, thanks to The Mortgage Property Insurance Coverage Act that Gov. Rendell signed into law on July ...
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| Subject | Posted By | Posted On |
|---|---|---|
| RE: RE: RE: Pennsylvania Bans Lenders from Requiring Excess | Temblor | Jul 9, 2008, 11:19 am |
| RE: RE: Pennsylvania Bans Lenders from Requiring Excess Home | Stat Guy | Jul 9, 2008, 7:35 am |
| RE: Pennsylvania Bans Lenders from Requiring Excess Home Ins | expert | Jul 8, 2008, 2:42 pm |
| Pennsylvania Bans Lenders from Requiring Excess Home Insuran | Temblor | Jul 8, 2008, 1:42 pm |
| Back to article | ||
Subject: RE: RE: RE: Pennsylvania Bans Lenders from Requiring Excess
They say "For example, a homeowner with a $150,000 home on a $50,000 piece of land was often required to obtain a $200,000 homeowners' insurance policy" which is clearly talking market value, not replacement cost (what's the insurable replacement cost of land?)
Instead, they should have said "the market value is...and the insured was required to buy $200,000 of insurance, when they should have been required to buy insurance based on the replacement cost of the building, which may or may not have any relationship to it's market value (here in Fl. there currently is no relationship - I'm insuring my home for a fair amount more than it's current market value."