Oh, jeez. Our country is becoming a joke. Misreporting values to insurance companies, who have multiple ways to verify the accuracy of reported value?
Can’t wait for a Democratic President so Republicans can launch all kinds of ridiculous investigations in an effort to overturn a democratically elected leader.
Actually, why wait? Have the Senate investigate the lifelong financial dealings of Pelosi, whose husband’s health care business received millions due to Obamacare. Then launch investigations into Schumer, Feinstein, AOC, and dozens of other Dems.
Based on your first sentence, it’s legal to lie on insurance forms so long as your lie can be proven false by another source? So if i tell my carrier I make $250,000 a year and have no debt that’s no longer Material Misrepresentation?
What a foolish comment. He is the PRESIDENT. Of the United States. Do you REALLY want endless investigations of EVERY politician. Or only the Republicans?
Cohen alleged he INFLATED the values of his buildings. This is insane. He wanted to pay MORE for insurance? There is NO evidence he ever filed a phony claim.
You and millions of people like you are ruining the country with your blind, partisan ignorance of 200 years of democracy. You don’t like Trump? Fine. I couldn’t stand Obama. But I would NEVER have approved this approach to hurt Obama.
Craig – I don’t care if you’re black, white, red, green, a Democrat, a Republican, someone who believes Vermin Supreme is who should run our country … if you lie on an insurance application that’s Material Misrepresentation and you shouldn’t get away with it. If you claim your building is worth $2,000,000 for insurance ACV purposes but also claim it’s only worth $100,000 on your tax forms, you shouldn’t be able to get away with it.
Obama should be investigated for alleged – simply alleged – campaign finance violations. Because lying about that is, you know, not so cool. Hillary should be investigated about dozens of things, because you know, if one person – a criminal no less – makes an allegation, we should investigate. AOC, Shumer, Pelosi, hell all of them. If we can find a criminal to make an allegation . . .
I asked you this nicely before and I’ll ask you nicely again — please do not put words in my mouth or speak for me. Please stop attributing things to me that are not true.
Let’s try to get back on topic….
Forget about who may have done it — do you believe it’s legal if someone intentionally lies about their assets on an insurance application?
March 6, 2019 at 9:34 pm
PolarBeaRepeal says:
Like or Dislike:
3
5
@Rosie: you like asking questions, but won’t reply to tough ones. Example: do you think AOC and her manager violated campaign finance laws and if so, what should be done about the criminal violations?
March 6, 2019 at 10:08 pm
Rosenblatt says:
Like or Dislike:
5
1
I’ll bite since that’s on topic.
Disclaimer: I’m not a campaign finance expert, have never worked for a PAC or a Federal PAC (totally different, it’s not a Superpac), nor have I ever worked for the FEC. I don’t know the legal difference between a Reporting Violation and a Campaign Finance Violation.
Answer: I don’t know if they did or didn’t do something wrong. Someone with experience should look into it and, if they’re guilty, they should be punished based on prior cases similar to what they did.
Like i said earlier – nobody should be allowed to get away with illegal activities.
March 6, 2019 at 3:54 pm
Martin says:
Like or Dislike:
2
4
Big difference Craig on insurance applications and tax tables on home values. I have seen homes worth $1,000,000 and their tax value is $250,000.. Like I said.. Get your tuition in early..
I don’t want to speak for Craig but I think he meant that if you did not mean to misrepresent the value. the value that one states on their application can be ambiguous. For instance…. A person may value their brand, home, and jewelry significantly higher than what it is worth. One mans treasure is another mans garbage.. I have had clients value their property significantly higher and that’s why underwriters and carriers get involved with their value systems.. Anybody that doesn’t see that this is a witch hunt is just sour grapes because they lost the election. Material Misrepresentation is very difficult to prove and that’s why we us a Marshall swift evaluator and many other tools. Rosenblatt needs to get his tuition in early to learn about insurance regulation.
“Material Misrepresentation is very difficult to prove” I agree 100%. You know how it becomes easy to prove? If you list your home as $1,000,000 with your insurance company and report the value of it on your taxes that year as only being worth $250,000.
PS: accidental misrepresentation is still material misrepresentation
I do not have a home yet, so this may be a silly question but I would love both of your opinions about the distinction between what you report on your taxes for a home value. We only do replacement cost here versus what the market value is and the replacement cost is almost always higher here. I had a house that the replacement cost was about 25% higher than the actual market value for the property. Which would you report and why? The only reason I ask would be most people believe their house is normally work the market value and not he higher replacement cost value, but insurance companies I work with don’t care replacement cost is replacement cost is… replacement cost.
Again I do not own a home yet, but when my fiancee and I are a little more established in our respective fields I cannot wait.
I’m surprised that RC is higher than the market value. Usually it’s the market value which is higher because market value includes the land the home is built upon, and the land itself normally doesn’t need replacement when there’s a covered insurance loss.
Maybe you’re thinking that RC usually comes in higher than the purchase price of the home? That makes sense if the home was bought for cheaper than it’s listed market value (say it’s a buyers market or the prior homeowner wanted to sell ASAP and took less than the market value).
The easy way to think of it is:
Market Value = value of the structure & the land its on
Purchase Price = can be higher or lower than market value depending on various factors
Replacement Cost = cost to replace only the structure, which can be higher or lower than the purchase price depending on the variable factors that changed the purchase price to be higher or lower than the market value
March 8, 2019 at 11:16 am
helpingout says:
Like or Dislike:
3
0
My perspective may be slightly skewed. My clients build or buy high net worth homes that typically have a replacement cost of $1M or more.
I understand that the market value includes the land value, but replacement cost appreciates normally at the rate of inflation because of building material pricing. From my experience the market value is close to the home’s price for only a few years after it was built before the replacement cost will exceed the market value. I think of market value as what someone is willing to pay, and replacement cost as if a tornado came through and destroyed the whole town the actual cost to rebuild the structure to the exact specs as it is currently.
My favorite replacement cost estimator so far is AIG for these high net worth homes because it also shows that replacement cost is typically higher than market value for the 4 years I have been in this insurance space. Another distinction I think is made when doing high net worth quotes is really highlighting the discounts that builders get that insurance companies do not during a claim process. A builder gets a 5-10% discount on the goods because of bulk buying, but insurance companies get 0% automatically increasing the overall replacement cost.
March 11, 2019 at 9:49 am
PolarBeaRepeal says:
Like or Dislike:
0
2
Your 75% undervaluation example doesn’t apply to this case. That means you’re aware you are on weak grounds and need hyperbole to buttress your position.
It’s 100% on-topic. The basis for this article is the claim that Mr. Trump reported different values of his property depending on what the valuations were being used for. I don’t know how my comment could be any more on-topic.
March 6, 2019 at 9:58 am
Fair Playing Field says:
Like or Dislike:
11
3
Don’t have a party without inviting Maxine Waters…
It’s just a thought, but with real estate don’t most people carry sufficient insurance to cover replacement value as opposed some to some estimate of market value? I’m pretty certain the insurance coverage on my home is greater than the amount I could sell it for, but in the event of a fire that destroyed the house the costs of clean up and rebuilding are going to be higher than I could sell it for today.
I am not a fan of the current President, but he is still our President. Before we start new investigations, can’t we wait a short time more to see what the Mueller Report says and then go from there. This country has some serious problems and we need to make it a priority to solve those problems rather than get caught up in political name calling and to see who can out-do who in starting investigations.
I am a fan of our great President. These witch hunts are a joke. The Democrats are not going to be satisfied if the Mueller Report says there was no collusion. They have promised an endless series of investigations on anything and everything. Taking the word of a convicted liar about to go to prison is not grounds for anything.
.By the way, our economy grew by 3.1% GDP in 2018. The prior POTUS never approached those figures in 8 years and the liberal egghead professors just can’t believe it.
‘Un-indicted’ and ‘co-conspirator’ are mutually exclusive when the Justice System works properly (it doesn’t!), yet your bias causes you to associate them.
Well, he has been identified as a co-conspirator in a crime. He is unindicted. It would seem those terms are not mutually exclusive.
March 7, 2019 at 3:37 pm
Joey Terranova says:
Like or Dislike:
5
6
I too support President Trump. Our economy has not been this productive since the Regan years. Unemployment hasn’t been this low for decades, and Americans have more expendable income than then they’ve had in 30 years! I don’t like or agree with everything Trump has done, but he’s certainly done much more good than the multitude before him. Trump may not be the most politically correct politician, but he knows how to run a business and our country. We needed this businessman, not another self-serving politician who only looks out for the good of himself or his party. He will go down in history as one of our greatest presidents to hold the office.
Put The Kool Aid Down. Kool Aid is for Closers says:
Like or Dislike:
5
2
We have seen nearly 10 years of growth. In the past two years, things have continued to get better. The problem is, our deficits continue to grow larger. Typically when an economy is doing as well as ours is, that is when you work to reduce those deficits, not balloon them out of control.
One of the greatest presidents of all time – doubtful.
One of the presidents – definitely.
Did you see that the CBO revised their projections on what the tax cuts would do to the deficit? They reported last year that 80% of the loss in revenue would be offset by higher economic growth and resulting increases in tax receipts.
Huh! Liberals at the CBO pushing Supply Side theory after all. And sure enough, the Federal government reported that tax receipts for February were 10% higher than a year ago, despite the lower tax rates. Just like the theory predicted.
And now Trump pushes a budget with cuts to the deficit for 2020. Can’t wait for all the liberals who are suddenly so concerned about the Debt to push the Democrats in Congress to agree with Trump on the budget. (As if.)
March 6, 2019 at 3:40 pm
Martin says:
Like or Dislike:
7
6
I can’t wait until a Liberal gets in some day as the President. We will subpoena him to death too. We had more than enough evidence to hire a special counsel to investigate Obama but we didn’t want to put our country through such idiocy. The liberals need to bring some ideas to the table on how to move our country forward instead of continuing to look into the rear view window..
Fire them all! Lets just put an average Joe in the White House. Fill Congress with more of the same. More will get done in a day then they have got done in 2 years.
Oh, jeez. Our country is becoming a joke. Misreporting values to insurance companies, who have multiple ways to verify the accuracy of reported value?
Can’t wait for a Democratic President so Republicans can launch all kinds of ridiculous investigations in an effort to overturn a democratically elected leader.
Actually, why wait? Have the Senate investigate the lifelong financial dealings of Pelosi, whose husband’s health care business received millions due to Obamacare. Then launch investigations into Schumer, Feinstein, AOC, and dozens of other Dems.
Sounds productive.
Based on your first sentence, it’s legal to lie on insurance forms so long as your lie can be proven false by another source? So if i tell my carrier I make $250,000 a year and have no debt that’s no longer Material Misrepresentation?
What a foolish comment. He is the PRESIDENT. Of the United States. Do you REALLY want endless investigations of EVERY politician. Or only the Republicans?
Cohen alleged he INFLATED the values of his buildings. This is insane. He wanted to pay MORE for insurance? There is NO evidence he ever filed a phony claim.
You and millions of people like you are ruining the country with your blind, partisan ignorance of 200 years of democracy. You don’t like Trump? Fine. I couldn’t stand Obama. But I would NEVER have approved this approach to hurt Obama.
Craig – I don’t care if you’re black, white, red, green, a Democrat, a Republican, someone who believes Vermin Supreme is who should run our country … if you lie on an insurance application that’s Material Misrepresentation and you shouldn’t get away with it. If you claim your building is worth $2,000,000 for insurance ACV purposes but also claim it’s only worth $100,000 on your tax forms, you shouldn’t be able to get away with it.
The Rosenblatt Standard:
Obama should be investigated for alleged – simply alleged – campaign finance violations. Because lying about that is, you know, not so cool. Hillary should be investigated about dozens of things, because you know, if one person – a criminal no less – makes an allegation, we should investigate. AOC, Shumer, Pelosi, hell all of them. If we can find a criminal to make an allegation . . .
I asked you this nicely before and I’ll ask you nicely again — please do not put words in my mouth or speak for me. Please stop attributing things to me that are not true.
Let’s try to get back on topic….
Forget about who may have done it — do you believe it’s legal if someone intentionally lies about their assets on an insurance application?
@Rosie: you like asking questions, but won’t reply to tough ones. Example: do you think AOC and her manager violated campaign finance laws and if so, what should be done about the criminal violations?
I’ll bite since that’s on topic.
Disclaimer: I’m not a campaign finance expert, have never worked for a PAC or a Federal PAC (totally different, it’s not a Superpac), nor have I ever worked for the FEC. I don’t know the legal difference between a Reporting Violation and a Campaign Finance Violation.
Answer: I don’t know if they did or didn’t do something wrong. Someone with experience should look into it and, if they’re guilty, they should be punished based on prior cases similar to what they did.
Like i said earlier – nobody should be allowed to get away with illegal activities.
Big difference Craig on insurance applications and tax tables on home values. I have seen homes worth $1,000,000 and their tax value is $250,000.. Like I said.. Get your tuition in early..
I don’t want to speak for Craig but I think he meant that if you did not mean to misrepresent the value. the value that one states on their application can be ambiguous. For instance…. A person may value their brand, home, and jewelry significantly higher than what it is worth. One mans treasure is another mans garbage.. I have had clients value their property significantly higher and that’s why underwriters and carriers get involved with their value systems.. Anybody that doesn’t see that this is a witch hunt is just sour grapes because they lost the election. Material Misrepresentation is very difficult to prove and that’s why we us a Marshall swift evaluator and many other tools. Rosenblatt needs to get his tuition in early to learn about insurance regulation.
“Material Misrepresentation is very difficult to prove” I agree 100%. You know how it becomes easy to prove? If you list your home as $1,000,000 with your insurance company and report the value of it on your taxes that year as only being worth $250,000.
PS: accidental misrepresentation is still material misrepresentation
I do not have a home yet, so this may be a silly question but I would love both of your opinions about the distinction between what you report on your taxes for a home value. We only do replacement cost here versus what the market value is and the replacement cost is almost always higher here. I had a house that the replacement cost was about 25% higher than the actual market value for the property. Which would you report and why? The only reason I ask would be most people believe their house is normally work the market value and not he higher replacement cost value, but insurance companies I work with don’t care replacement cost is replacement cost is… replacement cost.
Again I do not own a home yet, but when my fiancee and I are a little more established in our respective fields I cannot wait.
I’m surprised that RC is higher than the market value. Usually it’s the market value which is higher because market value includes the land the home is built upon, and the land itself normally doesn’t need replacement when there’s a covered insurance loss.
Maybe you’re thinking that RC usually comes in higher than the purchase price of the home? That makes sense if the home was bought for cheaper than it’s listed market value (say it’s a buyers market or the prior homeowner wanted to sell ASAP and took less than the market value).
The easy way to think of it is:
Market Value = value of the structure & the land its on
Purchase Price = can be higher or lower than market value depending on various factors
Replacement Cost = cost to replace only the structure, which can be higher or lower than the purchase price depending on the variable factors that changed the purchase price to be higher or lower than the market value
My perspective may be slightly skewed. My clients build or buy high net worth homes that typically have a replacement cost of $1M or more.
I understand that the market value includes the land value, but replacement cost appreciates normally at the rate of inflation because of building material pricing. From my experience the market value is close to the home’s price for only a few years after it was built before the replacement cost will exceed the market value. I think of market value as what someone is willing to pay, and replacement cost as if a tornado came through and destroyed the whole town the actual cost to rebuild the structure to the exact specs as it is currently.
My favorite replacement cost estimator so far is AIG for these high net worth homes because it also shows that replacement cost is typically higher than market value for the 4 years I have been in this insurance space. Another distinction I think is made when doing high net worth quotes is really highlighting the discounts that builders get that insurance companies do not during a claim process. A builder gets a 5-10% discount on the goods because of bulk buying, but insurance companies get 0% automatically increasing the overall replacement cost.
Your 75% undervaluation example doesn’t apply to this case. That means you’re aware you are on weak grounds and need hyperbole to buttress your position.
It’s 100% on-topic. The basis for this article is the claim that Mr. Trump reported different values of his property depending on what the valuations were being used for. I don’t know how my comment could be any more on-topic.
Don’t have a party without inviting Maxine Waters…
It’s just a thought, but with real estate don’t most people carry sufficient insurance to cover replacement value as opposed some to some estimate of market value? I’m pretty certain the insurance coverage on my home is greater than the amount I could sell it for, but in the event of a fire that destroyed the house the costs of clean up and rebuilding are going to be higher than I could sell it for today.
I am not a fan of the current President, but he is still our President. Before we start new investigations, can’t we wait a short time more to see what the Mueller Report says and then go from there. This country has some serious problems and we need to make it a priority to solve those problems rather than get caught up in political name calling and to see who can out-do who in starting investigations.
I am a fan of our great President. These witch hunts are a joke. The Democrats are not going to be satisfied if the Mueller Report says there was no collusion. They have promised an endless series of investigations on anything and everything. Taking the word of a convicted liar about to go to prison is not grounds for anything.
.By the way, our economy grew by 3.1% GDP in 2018. The prior POTUS never approached those figures in 8 years and the liberal egghead professors just can’t believe it.
He’s been convicted of lying to congress…on behalf of Unindicted Co-conspirator 1.
‘Un-indicted’ and ‘co-conspirator’ are mutually exclusive when the Justice System works properly (it doesn’t!), yet your bias causes you to associate them.
Well, he has been identified as a co-conspirator in a crime. He is unindicted. It would seem those terms are not mutually exclusive.
I too support President Trump. Our economy has not been this productive since the Regan years. Unemployment hasn’t been this low for decades, and Americans have more expendable income than then they’ve had in 30 years! I don’t like or agree with everything Trump has done, but he’s certainly done much more good than the multitude before him. Trump may not be the most politically correct politician, but he knows how to run a business and our country. We needed this businessman, not another self-serving politician who only looks out for the good of himself or his party. He will go down in history as one of our greatest presidents to hold the office.
We have seen nearly 10 years of growth. In the past two years, things have continued to get better. The problem is, our deficits continue to grow larger. Typically when an economy is doing as well as ours is, that is when you work to reduce those deficits, not balloon them out of control.
One of the greatest presidents of all time – doubtful.
One of the presidents – definitely.
Did you see that the CBO revised their projections on what the tax cuts would do to the deficit? They reported last year that 80% of the loss in revenue would be offset by higher economic growth and resulting increases in tax receipts.
Huh! Liberals at the CBO pushing Supply Side theory after all. And sure enough, the Federal government reported that tax receipts for February were 10% higher than a year ago, despite the lower tax rates. Just like the theory predicted.
And now Trump pushes a budget with cuts to the deficit for 2020. Can’t wait for all the liberals who are suddenly so concerned about the Debt to push the Democrats in Congress to agree with Trump on the budget. (As if.)
I can’t wait until a Liberal gets in some day as the President. We will subpoena him to death too. We had more than enough evidence to hire a special counsel to investigate Obama but we didn’t want to put our country through such idiocy. The liberals need to bring some ideas to the table on how to move our country forward instead of continuing to look into the rear view window..
Fire them all! Lets just put an average Joe in the White House. Fill Congress with more of the same. More will get done in a day then they have got done in 2 years.
And they believe this liar on every thing except that there was no collusion.