WHATíS YOUR HOUSE WORTH?
By Chuck Wells
How much insurance should you
put on your house? Should it be for your town appraised value?
Should it be for the value it would sell for today?
You should insure your house
for the amount of money it would take to rebuild it today. This
amount is usually higher than appraised or market value.
If you own a house that would
sell for $80,000 and is appraised for $60,000, you know that
building a new house would cost at least $100,000 in this area.
You should insure the house for $100,000.
Keep in mind that if you do not
insure your house for the cost to replace it, most home
insurance policies have a zinger that will penalize you big
bucks when you go to make a claim. The difference in premium to
insure for full replacement value is very small and if you are
going to pay on a home insurance policy anyway, make sure it
pays off for you.
How can you find out home much
it would cost to replace your home? You can ask your insurance
agent to do a replacement estimator. This calculates the square
footage of your house to help determine how much it would cost
to build the same size and type of house at todayís prices. If
you know a building contractor, he may be able to tell you the
cost per square foot to build a new house and you can come up
with an estimate yourself.
The bottom line: donít go cheap
on your house insurance. It is one of your most valuable assets
and you want to make sure you get enough money from the
insurance company should you lose everything!
PORTUGESE ARMY GENERAL AN
Portugese officials arrested
Tito Anibal da Paixao Gomes after neighbors complained that he
failed to repay money they had lent him on the promise of being
repaid by his military pension. Gomes said he was a retired army
general. Upon being arrested, authorities found that Gomes had
never been an army general and, in fact, had never been a man.
Gomes had fooled his neighbors for 18 years. Oh, one other
thing. Gomes was married for 5 years before his/her wife
wandered into the bathroom and noticed her husband was a she.
ZOOKEEPER FIRED AFTER
Recklingshausen, Germany fired
its zookeeper after catching him barbequing some of the zoo
animals. The zookeeper was eating five Tibetan mountain chickens
and two sheep from Cameroon. Because of German law, the town had
to give the zookeeper 6 months of severance pay before firing
him. No word as to what kind of sauce he was using.
HIGH COST OF HOSPITAL STAY
A court in Minneapolis awarded
Patricia Koehler $16 million after she suffered brain damage
from a suicide attempt. The jury said the hospital was 50% at
fault for allowing Koehler to be alone so she could tie a shirt
around her neck and hang herself.
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