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When you've done a lot of work on your house...

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laborday06
LIF Infant

Member since 6/05

166 total posts

Name:

When you've done a lot of work on your house...

Do you have to notify your insurance company? How do you have it re-assest?

We've done a tremedous amount of work and I want to make sure that if something happens to our house we are covered insurance wise. We did both work inside and out including new roof, all new windows, siding, etc.

Who do you call to get your house reassest? We know the value HAS to have gone up...we got it cheap (for LI) becaus it was such a mess! What type of company would you call?

TIA!

Posted 6/28/07 2:09 PM
 
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TJLealand3
LIF Adolescent

Member since 6/07

839 total posts

Name:
Thomas

Re: When you've done a lot of work on your house...

You can contact your insurance company and have them send an agent to increase your policy. If you call the county you can count on paying higher taxes.

Posted 7/1/07 6:01 PM
 

Goobster
:)

Member since 5/07

27557 total posts

Name:
:)

Re: When you've done a lot of work on your house...

I would NEVER call the town to reassess.

It will only make your taxes go up.

As for home insurance, our company told us that our policy covers way more than needs. We tried to up it and even pay more, but were told our replacement costs were based mostly on square footage rather than what the house has in it. So if the SQ ft havent changed, I dont think the insurance company will up your policy.

But just call them, DO NOT have LI reassess it. You are asking for trouble. YOu know assessment value has nothing to do with Fair Market Value. Most houses by me sell for more than 100,000 above FMV. Some sell 100,000 under. Its all about demand and FMV assessment only looks at your property size and sq ft. Thats it really.

Posted 7/2/07 2:15 AM
 
 

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