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Show H- Brokers 1 i ) Corner IK ! Wi V)S SSSS!r?,SS! REALTOR I f ABOUT REAL ESTATE $ $ t i But were afraid to ask $ ...... . By ADAIR WHITE, Realtor $ X Question: I bought a $ home last year from you $ on a 100 percent Insur- ance coverage on the $ $45,000 loan. This year I received a notice from the $ insurance company stat-$ stat-$ ing they had raised my coverage and notified my lender (without asking i; me) because of the inflation rate. Do I have $ to pay this increased $ coverage? I feel I was already "over Insured" $ at closing because the lot is certainly worth some-( some-( thing! 5 Answer: You are so i: right! The lot is worth a ij minimum of $10,000 and i; you were "over Insured" at closing but of course the lender required full $ coverage. This same thing happened to me but I bought my house F.H. A. (which means 2 or 3 thousand down). I sold i over 60 houses last year and 99 percent of them ; were sold V.A. & F.H. A. and even though inflation is rising I resented the fact that my premium was raised automatically. I complained to my agent s on this, pointing out a3 you are that the value of the lot was not considered. consid-ered. In other words If your house burns down you still have a $10,000 lot. It's my opinion that $ on these highly financed $ loans that premiums should remain stable the i: first couple years until $ the lot value is covered. (Whatever happened to $ the day when we made $ decisions for ourselves $ and were not notified that someone else was making 5 them for us?) Incident- ally, I got my premium where it should have $ been. My agent did explain that most people want the company to "think" for them but that $ I had a perfect right to $ request that my coverage remain stable. Question: If I need an c appraisal on my lot value $ can you provide this for me? ANSWER: Absolutely: We keep a constant $ record In our office of all $ sales In the Moab area - $ we know what the Inf la- $ tion rate Is in Moab and are happy to provide our clients with a FREE MARKET APPRAISAL. $ If you have any ques- $ tions on any subject J relating to your real $ estate transactions please feel free to contact OLDE J HOMESTEAD REALTY at 198 East Center Street ; - the office "That's Got It 5 Together". Telephone: 4 259-5105. |