Island Property Insurance

Webbsatwinni · 09-20-2007, 06:03 PM

The advice has been great so far, so lets try the forum magic eight ball again.

We are in the final stages of purchasing a home on Rattlesnake island, the only remaining thing between us and the closing is getting home owners insurance. We have called every local insurance agency we can find and we have been told that unless we already have our main home owners insurance with that company, they are not insuring island properties any more.

Any advice? We have waited a long time to get a place on the lake and it seems like a small thing to lose this opportunity over.

Thanks in advance.

GWC... · 09-20-2007, 06:38 PM

Did you try Avery in Wolfeboro?

http://www.averyinsurance.net/location.cfm

Island Girl · 09-20-2007, 07:33 PM

At least they used to.

Formula260SS · 09-20-2007, 08:11 PM

try Horne in Meredith, Wendy 279-8122

Webbsatwinni · 09-20-2007, 08:15 PM

The last one we called was Wolfeboro Insurance, I will try Avery in the morning.

Thanks Island Girl!

Webbsatwinni · 09-20-2007, 08:18 PM

Thanks Formula! We'll try Wendy as well.

How can anyone live at the lake and not use the forum? You guys (and girls) are great.

Blue Thunder · 09-21-2007, 06:02 AM

Webbs,
You may find that inevitably you'll have to change your homeowners to someone who will do your primary home and your island home. We, and many others, have run into this since 9/11 & Hurricane Katrina. We had our first island home insured with One Beacon for years. When we purchased a different one, they told us they didn't do islands anymore. That is a common theme among the different carriers now. I think you said your closing is coming up soon. Don't delay, get this resolved soon. We almost lost ours over this same issue. Even though I was with the same agent for 20 years, I had to change. In the end, the new guy saved me a ton of money on my primary home and insured my island home no problem. Sometimes, change is good! We now use Farm Family Insurance. They have several agents in Mass and NH. Their web address is http://www.farmfamily.com/
Good Luck

Blue Thunder

northforty · 09-21-2007, 07:21 AM

We have used Melcher & Prescott in Laconia for many decades.

codeman671 · 09-21-2007, 08:02 AM

We use Farm Family as well in Concord, Mike Bertelone. 223-6686. We did our primary home, auto policies and island with him.

AC2717 · 09-21-2007, 08:18 AM

One thing to note, is that the agent, those being shown here are not actually your insurance carrier. I am sure you probably know that. The best thing to do is to find a agent with multiple carriers and at the same time have a good relationship with. So they can market your insurance needs to different carriers such as One Beacon, Nationwide, Allstate (unsure if they do), and Whom ever might be writing in the state of NH. Some carriers require that if you want your second home or island home or auto policy with them that they want you to have your homeowners with them as well. It is a way of account rounding if you will, and they will not bend on this. And then you have other carriers that might write your homeowners and then not want the second home no matter what, especially an island camp. So then you are in a pickle. You need a great agent, like I am sure some mentioned here are, that can find you a happy medium and good premium. Cause yes this carrier here will write the island home but will only do it if they get your homeowners and then you move your homeowners policy to them and it is much more than what you were currently paying, the same with the auto, so that does not make your position any better.

Talk to three to four agents, look to see and ask what markets they have in there office, some have more than others and that is also sometimes for certain reasons such as capacity, relationships, age of agency and company, etc... Have them quote you with their carriers for all scenarios, you might find one that will be able to just do the island camp and not have to mover anything else, and then later down the line you could if you wanted to move the rest of your insurance to that agency.

One major important fact is that the insurance agent gets paid by making commission off of your policy from the carrier and all contracts with carriers and agents are different, so a bad agent might try to force you into a market because they make more that way or have incentives and goals they might need to hit, and then you have agents, which I would have to say most of them, earn your business through relationship and getting you the best coverages possible. Price is not always what you want to go by, you want to compare each policy as they are not all the same.

Speaking as someone that works in the industry, I transact with agents everyday. Unfortunately I do not have any in NH that I could Recommend as I do not write in NH, but if you are from MA, let me know and I can refer to agents down here, your agent does not need to be in the area to be able to write in the area, if your current agent is good, check with them to see if they are licensed to write in NH. If you need help let me know, I can do some checking!

Good luck

Blue Thunder · 09-21-2007, 08:48 AM

Quote:

Originally Posted by codeman671

We use Farm Family as well in Concord, Mike Bertelone. 223-6686. We did our primary home, auto policies and island with him.

Codeman,
If I'm not mistaken, I went to school with Mike here in Mass. Top shelf guy. He, myself, and the agent I deal with here were all in the same class. It wouldn't surprise me that the two of them sell for the same company (Farm Family).

BT

Island Dweller · 09-21-2007, 03:48 PM

From my own experience, island insurance isn't easy to find. I had gone through Avery, great people but the insurance was expensive. I called a couple other places, including Farm Family and there are a few requirements for island property that I, at the time, didn't meet. Most require a heat source, other than a wood/pellet stove. They are afraid of pipes freezing, even though we drain them for the winter. If you're in the position we were in, a pellet stove was our only heat source because we pretty much close up for the winter (except for sno-mobile trips). Also, alot of insurance companies won't insure Island properties but I found Allstate who will, because we have fire boats that can come out to the island. We finished building our Lakehouse this year, installed electric heat strips in addition to our pellet stove, and got a great price from Paul Caron at Allstate. 603-569-0110. (The insurance was 1/3 the price that I paid through Avery.) Paul is very helpful.
Good luck!

LIforrelaxin · 09-21-2007, 11:06 PM

Never realized that island property would be so hard to get insurence for.... put there seems to be good advice here.... Something I want to bring up though for people that have primary residences outside of NH..... Is before you just call insurence companies in NH trying to get insurance, talk to your agent at home and have them recomend someone. (lots of time they recomend someone that uses the same underwriter) I have found that to be the best way. Then your going to someone via a recomondation which sometimes get you a better response. My parents own the camp and keep it insured.... so when I bought my own boat I was worried about insuring it in NH with out insurring anything else.....When I talked to my agent in VT they gave me the name of someone in NH, whom they talked to first....when I called them it was a piece of cake, and they did tell me that had I not had a recommedation from the agent in Vt that handled my homeowners and car insurance they might not have wanted to take on just my boat.......

Rattlesnake Guy · 09-22-2007, 09:05 AM

We were having trouble finding a lender and an insurance company for our island property. It made for some very interesting phone calls. How far is the nearest fire hydrant? How do the police respond to a problem? The fire department has a boat? How do the trucks get to the island? No roads? No street address?

We got referred to Laconia Savings bank for the money. They were great and knew exactly what an Island on Wini was and how great it is. They understood why it cost so much for such a small place with such limited facilities.

The Bank then referred us to a local Insurance company who again was super and did not have many questions. They only needed a picture and directions on how to get here on their boat to check things out.
When we bought the lot next door they added it to the same policy at no charge.

They explained to me that Island properties are expected to burn to the ground in the event of a fire. They also cost more to rebuild than a mainland property. (Was cheaper for the do it yourselfer but the insurance company is going to have to hire someone.)

I can't remember the name of the place but I don't think it was more than $700 bucks a year. Sounds like you have plenty of recommendations here. PM if you want more.

Webbsatwinni · 09-23-2007, 06:31 AM

Thanks for all of the great advice!

I never thought my wife would be this into owning an island property (her first question when we started looking was "where's the driveway" I pointed to the boat launch

). But the way she has been calling all over to get this insurance has shown me that she is really on board and not just doing this for me (that is great news).

We have a few good leads and should have insurance by Tuesday. The information I gained from starting this post was invaluable, thanks to everyone who responded.

I will let everyone know the outcome and the names of the companies that were able to help. I can only wonder what this will do to island property values, but that is not why we are doing this, it is for our daughters and the memories they will gain from the lake.

Thanks again!

WINDinmySOCKIES · 09-23-2007, 08:53 AM

our lender is meredith village savings bank, our insurance company is MMG out of maine.....our place is a 4 season home...but so in addition to the "how close to the fire hydrant"., and all that, ..we have a cold weather alarm....set up to dial..our # and one other phone # ...if the power is out too long..and temp in house drops too low for too long its supposed to auto dial to warn of pipes freezing. Insurance Co. required it. I think that's kind of funny, myself, being the likelyhood that if the power goes out, there's a good chance you're going to lose phone service too! So, we got the stupid expensive alarm, had to pay an electrician to hook it up.....and we shut off the water every time we leave any way!!

WINDinmySOCKIES · 09-23-2007, 08:56 AM

our lender is meredith village savings bank, our insurance company is MMG out of maine.....our place is a 4 season home...but so in addition to the "how close to the fire hydrant"., and all that, ..we have a cold weather alarm....set up to dial..our # and one other phone # ...if the power is out too long..and temp in house drops too low for too long its supposed to auto dial to warn of pipes freezing. Insurance Co. required it. I think that's kind of funny, myself, being the likelyhood that if the power goes out, there's a good chance you're going to lose phone service too! So, we got the stupid expensive alarm, had to pay an electrician to hook it up.....and we shut off the water every time! Good luck!...don't know if either of these will work for you as this is an island home.

Rattlesnake Guy · 09-23-2007, 09:25 PM

Quote:

Originally Posted by Webbsatwinni

I never thought my wife would be this into owning an island property

I know what you mean. My wife would live at the island year round if she could. I suspect an air boat might be in our future so we can extend both ends of the season. This past year we were literally zig zagging around the ice sheets that were still floating in the lake. Island living is a bit more work but we would not trade it for anything.

We bought while the kids were young enough to enjoy it. We got about 4 years in before the jobs, school and girl friends kicked in. We know the seed has been planted deep enough to keep them coming back.

FLAG! · 09-24-2007, 03:43 PM

Funny, I saw an airboat out there this sunday. Anyway, I am an independent agent in Massachusetts and when I have a customer who has a home on an island on Winni I refer them to Avery in Wolfeboro. They have the markets to insure island property. best of Luck!

camp guy · 09-24-2007, 04:01 PM

I hope you have been able to secure coverage by now. I truly do. As I read through these postings one thing jumped out at me (unless I missed it) - no mention of the realestate agent. I would certainly think that an agent representing island property would have a handle on insuring island property, at least the name of the company insuring the property you are buying. My experience has been that agents usually have a pretty good "book" of people to call to make the buying experience go smoothly. Again, I sure hope you get it.

Webbsatwinni · 09-25-2007, 10:28 AM

We have insurance!

We worked with Gail at Avery Insurance and the policy is through Phoenix Mutual. This was tougher than we thought, the prices and options varied greatly in range and went from, nobody will insure it to ok they will within a day.

The lead for Gail came from the forum and not from the real estate agent. Thank s to all for the help, I know we will enjoy the island. We will be out there after the closing on the weekend of Oct 19 and start living the island life (at least for a weekend or two).

Thanks to all!

CanisLupusArctos · 09-25-2007, 11:00 AM

If your insurance requires you to monitor/alert for sub-freezing temps or water, try the products made by Sensatronics in Bow, N.H. (www.sensatronics.com)

They make monitors for IT (computer) server rooms that can monitor temp/humidity, wetness, open doors, etc. The monitors have built-in mini-computers with their own IP addresses so all you have to do is plug them into an internet outlet (or router) and you can start your remote monitoring. I believe they can also email you or send a text message to alert you of various conditions.

There are also a number of temperature monitoring devices that can send remote alerts on www.ambientweather.com.

To defend against power outages you can use a surge protector with battery backup (available at Staples and similar stores.) They'll run a computer & monitor for 30 minutes or so (their intended purpose, so you have time to save your work and shut down), but if you only use the battery for modem/router and temp monitoring device it lasts a lot longer, especially if you have a top-of-the-line battery backup.

I do recommend testing the whole system when you're present, just to see exactly how long the battery will last. It can vary.

Flylady · 09-25-2007, 08:21 PM

Congradulations! I also use Avery and have my policies through Phonix. No problem with them at all, but of course the true test is if you have a claim, which I haven't (TG). I found renewals to be fairly simple, as they send a local rep out to inspect the cottage each fall. Guess they just want to see that property and cottage are maintained without hazards as I've never been there when they visit. This is the second season at my place and I can attest the excitement and anticipation of each trip to the lake has not faded at all!

Rattlesnake Guy · 09-25-2007, 08:44 PM

I can tell you that power outages on the Island during the summer last a lot longer than they do on the mainland for obvious reasons. When the power goes out we usually plan for 24 hours. We keep an ice cube on a shelf in the freezer to tell if we lost power while we were gone.

I can only imagine that in the winter it gets a lot worse, especially if no one is present to report it. It must be very difficult if a tree goes down on the lines and there are no roads, no trucks and no real emergency.

I think if I wanted to spend significant time on the island in the off season, I would get a generator.

B&D · 09-27-2007, 02:21 PM

If the towns actually covered the islands (thinking about Alton & Rattlesnake Island), then the insurance companies would cover us,.....but, the towns hit us up for property tax,claiming that we have fire and police coverage, but provide zip.

AC2717 · 09-27-2007, 02:43 PM

Quote:

Originally Posted by B&D

If the towns actually covered the islands (thinking about Alton & Rattlesnake Island), then the insurance companies would cover us,.....but, the towns hit us up for property tax,claiming that we have fire and police coverage, but provide zip.

Agree but do not the insurance company can choose not to write island property even if there were coverage but I agree on the taxes.
What infastructure is the city providing you on the island, yes I can see tax the land you park on on the mainland, but on the island what d they provide you with? If you have electricity you're paying the electrical company and there are taxes on that so what else can you give me?

Webbsatwinni · 10-03-2007, 06:58 AM

We are back to square 1, the insurance quote was for their estimate of 100% replacement cost, the mortgage company has a higher number in mind based on the appraisal.

The search continues, we are looking for an insurance carrier to match the mort gage lender's number or get the lender to agree to the current insurance number.

With the closing approaching fast, the anticipation is building.

Again, thanks to everyone for their great advice!!!!!!!!!!!!!!!!!!!

AC2717 · 10-03-2007, 07:33 AM

Quote:

Originally Posted by Webbsatwinni

We are back to square 1, the insurance quote was for their estimate of 100% replacement cost, the mortgage company has a higher number in mind based on the appraisal.

The search continues, we are looking for an insurance carrier to match the mortgage lender's number or get the lender to agree to the current insurance number.

With the closing approaching fast, the anticipation is building.

Again, thanks to everyone for their great advice!!!!!!!!!!!!!!!!!!!

Mortgage Companies cannot, I repeat, cannot press upon the buyer of the loan, nor the insurance, that the insurance must be for the value of the loan. It is law and in every state I know where to find it in MA and RI online but not in NH. As long as you have proper insurance for the bldg then they have to accept it. Insurance is for cost to rebuild and or replace, not for market value replacement.

In the event of a loss the mortgage company will be made whole again by a rebuilding of the property, their investment is protected by the insurance policy. every Mortgage company tries to do this because they feel that if they can bully their position in, they are better protected, just another case of mortgage people not knowing insurance policies and how insurance acts. I deal with this every single day Monday through Friday (in the industry).
Case in Point. I purchased my place for well over $100,000, it is a 400sqft building with no foundation. Max to replace this bldg to the same footprint, because i am in an assoc, would be 40k to $60 depending on types of materials and contractors. I placed $100k on the bldg because NH is a policy value state and in the event of a total loss I would receive $100k to do with as I please. The mortgage company tried to say something, cited the rule, did not even have to find it (which I would have if need and and would have been able to tell you where to find it. and they immediately backed off. The insurance company is not going to insure a bldg barley worth $20k as it stands now just because the market demands that it is worth $150k, the mortgage companies know this they just try to get the loan completely covered.

GWC... · 10-03-2007, 01:09 PM

Are we at the Lake or the Ocean?

It's beginning to smell like low tide...

Webbsatwinni · 10-03-2007, 04:06 PM

AC,

The appraisal for replacement cost came in at $192,000 and the best insurance we can get is $160,000. To go to $200,000 would bring my policy to an annual cost of $3,000 if we can get it at all.

The $160,000 comes at a reasonable rate but 3k annual is way too high for me to swallow. I don't know what this says for the future of island living (or should I say selling the property) as this should only get worse and not better. As the insurance gets harder to get and the cost to rebuild goes up, what we are being told is that even if we get it, one claim may be justification to be dropped.

I hate being so negative, but we thought island properties were a more affordable way to get on the lake earlier than we planned. It still may be and we have not thrown in the towel yet, I just would have never imagined that this would be the one item that stopped us.

The other interesting fact is that even if the mortgage was $10,000, the lender would require 100% replacement insurance based on the appraisal number to rebuild.

Wish me luck, I am going in for another round of insurance agent calls tomorrow, I will send updates as I get them. As always, thanks to the forum for the information and being a place to vent.

Rattlesnake Guy · 10-03-2007, 05:09 PM

Sounds like the lender is the problem for requiring you to have more insurance than you need. An island lot is usually worth least half of the property value. Hang in there, trust me that it will be worth the hassle when you get done.

We have used
Paul Turner
Liberty Insurance
Farmington NH 03835
603-755-3511

They used Phoenix Mutual

Some numbers if it helps.
We have a $1000 deductible
Dwelling $150K
Other Structures $15K
Personal Property $75K
Loss of use 30K

Personal Liability $500K
Medical $5K each

Annual premium under $500 bucks.

I never tried to get 100% of the retail value and my lender did not ask for it.

One step at a time. You can do it.

Webbsatwinni · 10-04-2007, 08:15 AM

Thanks RG

The issue seems to be that the appraiser feels that it would take more than 1/2 of the appraised value to rebuild. We have gone back to her, but they will not adjust it.
We are hanging in and it will be worth it!

Lakegeezer · 10-04-2007, 08:23 AM

Its amazing how much it costs to rebuild these days. It is unlikely you can build on an island for less than $150 per square foot, and it could easily be much more. $200K for replacement means a maximum of 1300 sqare feet. What size are you looking to insure? Just a thought, but can you take out a home equity loan on your primary house to pay for the island home, then reduce the coverage? Risky, but more affordable.

AC2717 · 10-04-2007, 08:27 AM

Hi,
Have to be careful on this one here. The appraisers are sent out by the lenders and work for them essentially. It is a way to justify the amount of the loan. In most cases these numbers can be inflated. A lot of times it works in your favor when obtaining a equity loan or a 2nd mortgage, but when it is for a purchase it can hurt you. This is one of the major reason for the fall in the real estate market over inflation of appraisal values in order to obtain homes for buyers that have an over inflated price tag. A multitude of appraisal companies nationwide are being investigated by the Fed Gov. as a result. (this is the stuff you do not hear about on the new just that the market is terrible).

As people have reccommed here I would shop around maybe both insurance agents and a new lender, but it is clear to me the lender is the problem as their appraised amount is not a required limit of insurance needed in order to obtain the mortgage, as long as the bldg is properly insured then it is legal. There has got to be a special market for island homes in this area, there are to many in this area to not be. Best bet contact the real estate agent they have to know of a market, the insurance agent, if they do not have a special market, will not really tell you of one because they might want to gain your business and keep it in their agency. Not all are this way though and do not want to be blamed for stereo typing here.

Problem here insurance RC is more in tune, not saying correct, with rebuilding costs and the construction industry as they deal with it on a daily basis with losses. The lender is more in tune, again not saying correct, with the real estate market and buying and selling properties not rebuilding them or building them. That is why they hire appraisers.

If you want, and I am sure the forum might be getting sick of my long Windiness Private message me and we can chat more. I wish I could help you out with a insurance carrier but my knowledge does not reach past MA and some main-land NH areas.

codeman671 · 10-04-2007, 08:30 AM

That sounds ridiculous. We pay $750 a year on ours and have an estimated replacement cost of $330k, and that is on a log home which is usually more expensive than stick built.

We did find that a few insurers wanted to put enough coverage on it to cover the land value as well, rather silly being that even if the house burns down the land still remains. Our bank certainly did not require this.

AC2717 · 10-04-2007, 09:01 AM

Quote:

Originally Posted by codeman671

That sounds ridiculous. We pay $750 a year on ours and have an estimated replacement cost of $330k, and that is on a log home which is usually more expensive than stick built.

We did find that a few insurers wanted to put enough coverage on it to cover the land value as well, rather silly being that even if the house burns down the land still remains. Our bank certainly did not require this.

On to of this the land is not even covered in the replacement, it is just covered for liability

Island Dweller · 10-04-2007, 01:29 PM

Obtaining Island insurance is definitely one of the more aggravating ordeals but don't let it take away from your enjoyment of your new vacation home. Did you find that companies wouldn't give you insurance because of the fact it was on an island, or because of your heating source? Again, I recommend giving Allstate a call. I already had boat & snow mobile insurance through them and I even changed my primary NH residence to Allstate because of the money savings. As I mentioned earlier, just adding a few heat strips in the home (it's a log home) qualified me for their homeowners insurance with a huge savings over what I was paying through Avery, so it was a no-brainer. I do remember being told that there was something new in NH insurance policies where as the company had to pay replacement value no matter what the total cost is, and now there are specific dollar amounts on the policies.(as of October 2007).

Webbsatwinni · 10-04-2007, 02:41 PM

Island Dweller

You are correct, if we did this in September, there would have been no issue. If the mortgage we are going for is less than the house only replacement number the appraiser puts on it, you still need the 100% replacement number.

There was a large insurance company that said no, but when I told the mortgage broker that if we could not find the insurance, we were done and not moving ahead. He made some calls to friends and that company called me and they are back at the table.

Still trying and can't wait to get this behind us.

Thanks to all!

oliviernh · 10-04-2007, 04:22 PM

When we were building on Rattlesnake in 2005 we couldn't find anyone to insure the property...including Avery. Finally I connected with Codeman and he set me up with Mike Bertelone at Farm Family Insurance. Once I talked to him it was NO PROBLEM...For around $600 per year!!! Call Mike at 223-6686 and you won't have a problem.

Blue Thunder · 10-05-2007, 07:58 AM

Quote:

Originally Posted by oliviernh

Call Mike at 223-6686 and you won't have a problem.

Farm Family is the way to go. Call Mike.

BT

NightWing · 10-05-2007, 11:29 AM

Insuring a home for full loan value is crazy. Even if your home burns to the ground, you still have the lot, the foundation, basement, (if you have one) septic system, fresh water source. The home itself is only required to be insured to 80% of rebuilding costs. If you insure for less, they may not pay off in case of a loss.

Rattlesnake Guy · 10-06-2007, 04:09 PM

You can see why the insurance company would not want to make your place more valuable burnt to the ground than standing by over insuring.

Reminds me of when my employer wanted to insure key employees for the companies benefit. I declined over fear it would make it harder for me to get insurance as I would be considered over insured.

Webbsatwinni · 10-17-2007, 02:15 PM

I just wanted to take a minute and thank everyone for their great advice and assistance. We are all set to close on the 19th and I owe a big part of that to the forum.

Thanks again and join us in hoping for good (or so so) weather on Friday for the closing walk though and the boat ride out there.

GWC... · 10-17-2007, 02:59 PM

Quote:

Originally Posted by Webbsatwinni

I just wanted to take a minute and thank everyone for their great advice and assistance. We are all set to close on the 19th and I owe a big part of that to the forum.

Thanks again and join us in hoping for good (or so so) weather on Friday for the closing walk though and the boat ride out there.

The weather looks warm and the waves should be minimal with a southern breeze, especially on the Broads side of the Island; but you might appreciate some rain gear, just in case...

Alton Bay Bob · 10-17-2007, 07:07 PM

Congrats on being the newest home owner on the lake. I was mesmerized reading through the posts... Your fortitude and the great help of everyone on this forum helped make it possible. You will find the same great folks will give you advice on any questions. You have found the best spot in the world for advice and help. I also think you found the best part of the lake...

So when are you going to invite all us landlubbers to the famous Rattlesnake Island for a small intimate party?

Blue Thunder · 10-18-2007, 06:07 AM

Quote:

Originally Posted by Webbsatwinni

I just wanted to take a minute and thank everyone for their great advice and assistance. We are all set to close on the 19th and I owe a big part of that to the forum.

Thanks again and join us in hoping for good (or so so) weather on Friday for the closing walk though and the boat ride out there.

Would you care to tell us who you finally went with?

BT

Webbsatwinni · 10-23-2007, 02:15 PM

First, we went with Allstate, best coverage and the best annual premium we could find.

Then the next part, we got to the closing (after towing the bow for a few hours) only to find an issue with the title, there was an undisclosed private mortgage that was never removed. We turned around and went home (towing again).

The paperwork is now complete and we are trying again for this Friday, it looks colder, but more sun.

I am sure this is all worth it and will be for many years to come. But the road to rattlesnake has been bumpy (or wavy).

tis · 10-23-2007, 05:36 PM

Oh, Webb, I can feel for you. Why is eveything SO difficult today. Anyone who does a lot knows how hard things are. Keep you chin up, don't get discouraged, and you will get it all solved. You just have to work hard for it. You would think it would be easy to do something like buy insurance and pass papers on a house.

Webbsatwinni · 10-24-2007, 02:39 PM

It will be worth it, having purchased other houses, this one seems to be particularly difficult. But it is waterfront and therefore will be more than worth the wait.

Rattlesnake Guy · 10-24-2007, 08:12 PM

Tough time of the year to close. This site can try to keep you distracted while waiting for the ice to yield.

We have had two closings from hell on houses.

The first one the buyer told the lawyer at the end of the closing that she had changed her name the week before. We waited two hours for the paperwork to be redone and to close again.

The second, we got to the end of the closing and were informed that the bank had not decided if they would let the seller sell the house for the amount agreed to. We waited 3 hours at the table for the bank to decide.

You will soon forget the hassles you are going through but just keep thinking of the many days and years of fun and great memories you are in for.

Webbsatwinni · 11-05-2007, 02:43 PM

It finally went though and we have a house on Rattlesnake, thanks to all for the help provided during this purchase and I hope I can return the favor someday.

Rattlesnake Guy · 11-05-2007, 06:43 PM

Quote:

Originally Posted by Webbsatwinni

It finally went though and we have a house on Rattlesnake, thanks to all for the help provided during this purchase and I hope I can return the favor someday.

Congratulations Neighbor.

Flylady · 11-05-2007, 07:30 PM

Quote:

Originally Posted by Webbsatwinni

It finally went though and we have a house on Rattlesnake, thanks to all for the help provided during this purchase and I hope I can return the favor someday.

I know we have all been watching your saga, and I for one am glad to hear you stuck it out! I am sure you will have no regrets and just remember, spring is only 5 month away!!!

09-20-2007, 06:03 PM	#1
Webbsatwinni Senior Member Join Date: Sep 2007 Location: Lebanon Ct and Rattlesnake Island Since 2007 Posts: 610 Thanks: 180 Thanked 137 Times in 72 Posts	Island Property Insurance The advice has been great so far, so lets try the forum magic eight ball again. We are in the final stages of purchasing a home on Rattlesnake island, the only remaining thing between us and the closing is getting home owners insurance. We have called every local insurance agency we can find and we have been told that unless we already have our main home owners insurance with that company, they are not insuring island properties any more. Any advice? We have waited a long time to get a place on the lake and it seems like a small thing to lose this opportunity over. Thanks in advance.

09-20-2007, 06:38 PM	#2
GWC... Senior Member Join Date: Apr 2004 Posts: 1,325 Thanks: 5 Thanked 0 Times in 0 Posts	Did you try Avery in Wolfeboro? http://www.averyinsurance.net/location.cfm __________________ [Assume funny, clever sig is here. Laugh and reflect... ]

09-20-2007, 07:33 PM	#3
Island Girl Senior Member Join Date: Jul 2002 Location: Central MA Posts: 2,352 Thanks: 18 Thanked 535 Times in 179 Posts	Avery in Wolfeboro At least they used to. __________________ Island Girl ....... Make Lemonade

09-21-2007, 06:02 AM	#7
Blue Thunder Senior Member Join Date: Apr 2004 Location: Eastern MA & Frye Island/Sebago Lake, Maine Posts: 951 Thanks: 252 Thanked 351 Times in 158 Posts	Webbs, You may find that inevitably you'll have to change your homeowners to someone who will do your primary home and your island home. We, and many others, have run into this since 9/11 & Hurricane Katrina. We had our first island home insured with One Beacon for years. When we purchased a different one, they told us they didn't do islands anymore. That is a common theme among the different carriers now. I think you said your closing is coming up soon. Don't delay, get this resolved soon. We almost lost ours over this same issue. Even though I was with the same agent for 20 years, I had to change. In the end, the new guy saved me a ton of money on my primary home and insured my island home no problem. Sometimes, change is good! We now use Farm Family Insurance. They have several agents in Mass and NH. Their web address is http://www.farmfamily.com/ Good Luck Blue Thunder __________________ " Live for today because yesterday is gone and tomorrow may never come"

09-21-2007, 08:18 AM	#10
AC2717 Senior Member Join Date: Apr 2007 Location: Maynard, MA & Paugus Bay Posts: 2,575 Thanks: 753 Thanked 354 Times in 266 Posts	Insurance One thing to note, is that the agent, those being shown here are not actually your insurance carrier. I am sure you probably know that. The best thing to do is to find a agent with multiple carriers and at the same time have a good relationship with. So they can market your insurance needs to different carriers such as One Beacon, Nationwide, Allstate (unsure if they do), and Whom ever might be writing in the state of NH. Some carriers require that if you want your second home or island home or auto policy with them that they want you to have your homeowners with them as well. It is a way of account rounding if you will, and they will not bend on this. And then you have other carriers that might write your homeowners and then not want the second home no matter what, especially an island camp. So then you are in a pickle. You need a great agent, like I am sure some mentioned here are, that can find you a happy medium and good premium. Cause yes this carrier here will write the island home but will only do it if they get your homeowners and then you move your homeowners policy to them and it is much more than what you were currently paying, the same with the auto, so that does not make your position any better. Talk to three to four agents, look to see and ask what markets they have in there office, some have more than others and that is also sometimes for certain reasons such as capacity, relationships, age of agency and company, etc... Have them quote you with their carriers for all scenarios, you might find one that will be able to just do the island camp and not have to mover anything else, and then later down the line you could if you wanted to move the rest of your insurance to that agency. One major important fact is that the insurance agent gets paid by making commission off of your policy from the carrier and all contracts with carriers and agents are different, so a bad agent might try to force you into a market because they make more that way or have incentives and goals they might need to hit, and then you have agents, which I would have to say most of them, earn your business through relationship and getting you the best coverages possible. Price is not always what you want to go by, you want to compare each policy as they are not all the same. Speaking as someone that works in the industry, I transact with agents everyday. Unfortunately I do not have any in NH that I could Recommend as I do not write in NH, but if you are from MA, let me know and I can refer to agents down here, your agent does not need to be in the area to be able to write in the area, if your current agent is good, check with them to see if they are licensed to write in NH. If you need help let me know, I can do some checking! Good luck

09-20-2007, 08:11 PM	#4
Formula260SS Senior Member Join Date: Oct 2006 Location: NH Posts: 384 Thanks: 11 Thanked 76 Times in 51 Posts	try Horne in Meredith, Wendy 279-8122

09-20-2007, 08:15 PM	#5
Webbsatwinni Senior Member Join Date: Sep 2007 Location: Lebanon Ct and Rattlesnake Island Since 2007 Posts: 610 Thanks: 180 Thanked 137 Times in 72 Posts	The last one we called was Wolfeboro Insurance, I will try Avery in the morning. Thanks Island Girl!

09-20-2007, 08:18 PM	#6
Webbsatwinni Senior Member Join Date: Sep 2007 Location: Lebanon Ct and Rattlesnake Island Since 2007 Posts: 610 Thanks: 180 Thanked 137 Times in 72 Posts	Thanks Formula! We'll try Wendy as well. How can anyone live at the lake and not use the forum? You guys (and girls) are great.

09-21-2007, 07:21 AM	#8
northforty Junior Member Join Date: Apr 2004 Posts: 15 Thanks: 0 Thanked 2 Times in 1 Post	We have used Melcher & Prescott in Laconia for many decades.

09-21-2007, 08:02 AM	#9
codeman671 Senior Member Join Date: Jan 2005 Posts: 3,495 Thanks: 221 Thanked 812 Times in 488 Posts	We use Farm Family as well in Concord, Mike Bertelone. 223-6686. We did our primary home, auto policies and island with him.

09-21-2007, 03:48 PM	#12
Island Dweller Junior Member Join Date: Sep 2007 Posts: 3 Thanks: 0 Thanked 0 Times in 0 Posts	Island Insurance From my own experience, island insurance isn't easy to find. I had gone through Avery, great people but the insurance was expensive. I called a couple other places, including Farm Family and there are a few requirements for island property that I, at the time, didn't meet. Most require a heat source, other than a wood/pellet stove. They are afraid of pipes freezing, even though we drain them for the winter. If you're in the position we were in, a pellet stove was our only heat source because we pretty much close up for the winter (except for sno-mobile trips). Also, alot of insurance companies won't insure Island properties but I found Allstate who will, because we have fire boats that can come out to the island. We finished building our Lakehouse this year, installed electric heat strips in addition to our pellet stove, and got a great price from Paul Caron at Allstate. 603-569-0110. (The insurance was 1/3 the price that I paid through Avery.) Paul is very helpful. Good luck!

09-21-2007, 11:06 PM	#13
LIforrelaxin Senior Member Join Date: May 2006 Location: Texas, Lake Ray Hubbard and NH, Long Island Winnipesaukee Posts: 2,871 Thanks: 1,037 Thanked 892 Times in 524 Posts	Never realized that island property would be so hard to get insurence for.... put there seems to be good advice here.... Something I want to bring up though for people that have primary residences outside of NH..... Is before you just call insurence companies in NH trying to get insurance, talk to your agent at home and have them recomend someone. (lots of time they recomend someone that uses the same underwriter) I have found that to be the best way. Then your going to someone via a recomondation which sometimes get you a better response. My parents own the camp and keep it insured.... so when I bought my own boat I was worried about insuring it in NH with out insurring anything else.....When I talked to my agent in VT they gave me the name of someone in NH, whom they talked to first....when I called them it was a piece of cake, and they did tell me that had I not had a recommedation from the agent in Vt that handled my homeowners and car insurance they might not have wanted to take on just my boat....... __________________ Life is about how much time you can spend relaxing... I do it on an island that isn't really an island.....

09-22-2007, 09:05 AM	#14
Rattlesnake Guy Senior Member Join Date: Sep 2004 Posts: 1,254 Thanks: 423 Thanked 366 Times in 175 Posts	We were having trouble finding a lender and an insurance company for our island property. It made for some very interesting phone calls. How far is the nearest fire hydrant? How do the police respond to a problem? The fire department has a boat? How do the trucks get to the island? No roads? No street address? We got referred to Laconia Savings bank for the money. They were great and knew exactly what an Island on Wini was and how great it is. They understood why it cost so much for such a small place with such limited facilities. The Bank then referred us to a local Insurance company who again was super and did not have many questions. They only needed a picture and directions on how to get here on their boat to check things out. When we bought the lot next door they added it to the same policy at no charge. They explained to me that Island properties are expected to burn to the ground in the event of a fire. They also cost more to rebuild than a mainland property. (Was cheaper for the do it yourselfer but the insurance company is going to have to hire someone.) I can't remember the name of the place but I don't think it was more than $700 bucks a year. Sounds like you have plenty of recommendations here. PM if you want more.

09-23-2007, 06:31 AM	#15
Webbsatwinni Senior Member Join Date: Sep 2007 Location: Lebanon Ct and Rattlesnake Island Since 2007 Posts: 610 Thanks: 180 Thanked 137 Times in 72 Posts	Thanks for all of the great advice! I never thought my wife would be this into owning an island property (her first question when we started looking was "where's the driveway" I pointed to the boat launch ). But the way she has been calling all over to get this insurance has shown me that she is really on board and not just doing this for me (that is great news). We have a few good leads and should have insurance by Tuesday. The information I gained from starting this post was invaluable, thanks to everyone who responded. I will let everyone know the outcome and the names of the companies that were able to help. I can only wonder what this will do to island property values, but that is not why we are doing this, it is for our daughters and the memories they will gain from the lake. Thanks again!

09-23-2007, 08:53 AM	#16
WINDinmySOCKIES Member Join Date: Jan 2007 Location: Hills Pond, Alton NH , Horsham, PA Posts: 40 Thanks: 0 Thanked 0 Times in 0 Posts	our lender is meredith village savings bank, our insurance company is MMG out of maine.....our place is a 4 season home...but so in addition to the "how close to the fire hydrant"., and all that, ..we have a cold weather alarm....set up to dial..our # and one other phone # ...if the power is out too long..and temp in house drops too low for too long its supposed to auto dial to warn of pipes freezing. Insurance Co. required it. I think that's kind of funny, myself, being the likelyhood that if the power goes out, there's a good chance you're going to lose phone service too! So, we got the stupid expensive alarm, had to pay an electrician to hook it up.....and we shut off the water every time we leave any way!!

09-23-2007, 08:56 AM	#17
WINDinmySOCKIES Member Join Date: Jan 2007 Location: Hills Pond, Alton NH , Horsham, PA Posts: 40 Thanks: 0 Thanked 0 Times in 0 Posts	our lender is meredith village savings bank, our insurance company is MMG out of maine.....our place is a 4 season home...but so in addition to the "how close to the fire hydrant"., and all that, ..we have a cold weather alarm....set up to dial..our # and one other phone # ...if the power is out too long..and temp in house drops too low for too long its supposed to auto dial to warn of pipes freezing. Insurance Co. required it. I think that's kind of funny, myself, being the likelyhood that if the power goes out, there's a good chance you're going to lose phone service too! So, we got the stupid expensive alarm, had to pay an electrician to hook it up.....and we shut off the water every time! Good luck!...don't know if either of these will work for you as this is an island home.

09-24-2007, 03:43 PM	#19
FLAG! Senior Member Join Date: Jan 2005 Location: Upton, MA Posts: 112 Thanks: 44 Thanked 14 Times in 6 Posts	Insurance Funny, I saw an airboat out there this sunday. Anyway, I am an independent agent in Massachusetts and when I have a customer who has a home on an island on Winni I refer them to Avery in Wolfeboro. They have the markets to insure island property. best of Luck!

09-24-2007, 04:01 PM	#20
camp guy Senior Member Join Date: Apr 2004 Location: formerly Winter Harbor, still Wolfeboro Posts: 1,183 Thanks: 301 Thanked 525 Times in 293 Posts	Island Property Insurance I hope you have been able to secure coverage by now. I truly do. As I read through these postings one thing jumped out at me (unless I missed it) - no mention of the realestate agent. I would certainly think that an agent representing island property would have a handle on insuring island property, at least the name of the company insuring the property you are buying. My experience has been that agents usually have a pretty good "book" of people to call to make the buying experience go smoothly. Again, I sure hope you get it.

09-25-2007, 10:28 AM	#21
Webbsatwinni Senior Member Join Date: Sep 2007 Location: Lebanon Ct and Rattlesnake Island Since 2007 Posts: 610 Thanks: 180 Thanked 137 Times in 72 Posts	Hooray! Yippeee! We have insurance! We worked with Gail at Avery Insurance and the policy is through Phoenix Mutual. This was tougher than we thought, the prices and options varied greatly in range and went from, nobody will insure it to ok they will within a day. The lead for Gail came from the forum and not from the real estate agent. Thank s to all for the help, I know we will enjoy the island. We will be out there after the closing on the weekend of Oct 19 and start living the island life (at least for a weekend or two). Thanks to all!

09-25-2007, 11:00 AM	#22
CanisLupusArctos Senior Member Join Date: Jan 2007 Location: Center Harbor Posts: 1,049 Thanks: 15 Thanked 472 Times in 107 Posts	Temperature monitoring If your insurance requires you to monitor/alert for sub-freezing temps or water, try the products made by Sensatronics in Bow, N.H. (www.sensatronics.com) They make monitors for IT (computer) server rooms that can monitor temp/humidity, wetness, open doors, etc. The monitors have built-in mini-computers with their own IP addresses so all you have to do is plug them into an internet outlet (or router) and you can start your remote monitoring. I believe they can also email you or send a text message to alert you of various conditions. There are also a number of temperature monitoring devices that can send remote alerts on www.ambientweather.com. To defend against power outages you can use a surge protector with battery backup (available at Staples and similar stores.) They'll run a computer & monitor for 30 minutes or so (their intended purpose, so you have time to save your work and shut down), but if you only use the battery for modem/router and temp monitoring device it lasts a lot longer, especially if you have a top-of-the-line battery backup. I do recommend testing the whole system when you're present, just to see exactly how long the battery will last. It can vary.

09-25-2007, 08:21 PM	#23
Flylady Senior Member Join Date: Apr 2006 Location: So. California & Lakes Region Posts: 256 Thanks: 225 Thanked 106 Times in 61 Posts	Insurance Found! Congradulations! I also use Avery and have my policies through Phonix. No problem with them at all, but of course the true test is if you have a claim, which I haven't (TG). I found renewals to be fairly simple, as they send a local rep out to inspect the cottage each fall. Guess they just want to see that property and cottage are maintained without hazards as I've never been there when they visit. This is the second season at my place and I can attest the excitement and anticipation of each trip to the lake has not faded at all!

09-25-2007, 08:44 PM	#24
Rattlesnake Guy Senior Member Join Date: Sep 2004 Posts: 1,254 Thanks: 423 Thanked 366 Times in 175 Posts	I can tell you that power outages on the Island during the summer last a lot longer than they do on the mainland for obvious reasons. When the power goes out we usually plan for 24 hours. We keep an ice cube on a shelf in the freezer to tell if we lost power while we were gone. I can only imagine that in the winter it gets a lot worse, especially if no one is present to report it. It must be very difficult if a tree goes down on the lines and there are no roads, no trucks and no real emergency. I think if I wanted to spend significant time on the island in the off season, I would get a generator.

09-27-2007, 02:21 PM	#25
B&D Junior Member Join Date: May 2004 Posts: 4 Thanks: 0 Thanked 0 Times in 0 Posts	insurance & taxes If the towns actually covered the islands (thinking about Alton & Rattlesnake Island), then the insurance companies would cover us,.....but, the towns hit us up for property tax,claiming that we have fire and police coverage, but provide zip.

10-03-2007, 06:58 AM	#27
Webbsatwinni Senior Member Join Date: Sep 2007 Location: Lebanon Ct and Rattlesnake Island Since 2007 Posts: 610 Thanks: 180 Thanked 137 Times in 72 Posts	Just when you thought is was safe to go in the water! We are back to square 1, the insurance quote was for their estimate of 100% replacement cost, the mortgage company has a higher number in mind based on the appraisal. The search continues, we are looking for an insurance carrier to match the mort gage lender's number or get the lender to agree to the current insurance number. With the closing approaching fast, the anticipation is building. Again, thanks to everyone for their great advice!!!!!!!!!!!!!!!!!!!

10-03-2007, 01:09 PM	#29
GWC... Senior Member Join Date: Apr 2004 Posts: 1,325 Thanks: 5 Thanked 0 Times in 0 Posts	Are we at the Lake or the Ocean? It's beginning to smell like low tide... __________________ [Assume funny, clever sig is here. Laugh and reflect... ]

10-03-2007, 04:06 PM	#30
Webbsatwinni Senior Member Join Date: Sep 2007 Location: Lebanon Ct and Rattlesnake Island Since 2007 Posts: 610 Thanks: 180 Thanked 137 Times in 72 Posts	AC, The appraisal for replacement cost came in at $192,000 and the best insurance we can get is $160,000. To go to $200,000 would bring my policy to an annual cost of $3,000 if we can get it at all. The $160,000 comes at a reasonable rate but 3k annual is way too high for me to swallow. I don't know what this says for the future of island living (or should I say selling the property) as this should only get worse and not better. As the insurance gets harder to get and the cost to rebuild goes up, what we are being told is that even if we get it, one claim may be justification to be dropped. I hate being so negative, but we thought island properties were a more affordable way to get on the lake earlier than we planned. It still may be and we have not thrown in the towel yet, I just would have never imagined that this would be the one item that stopped us. The other interesting fact is that even if the mortgage was $10,000, the lender would require 100% replacement insurance based on the appraisal number to rebuild. Wish me luck, I am going in for another round of insurance agent calls tomorrow, I will send updates as I get them. As always, thanks to the forum for the information and being a place to vent.

10-03-2007, 05:09 PM	#31
Rattlesnake Guy Senior Member Join Date: Sep 2004 Posts: 1,254 Thanks: 423 Thanked 366 Times in 175 Posts	Sounds like the lender is the problem for requiring you to have more insurance than you need. An island lot is usually worth least half of the property value. Hang in there, trust me that it will be worth the hassle when you get done. We have used Paul Turner Liberty Insurance Farmington NH 03835 603-755-3511 They used Phoenix Mutual Some numbers if it helps. We have a $1000 deductible Dwelling $150K Other Structures $15K Personal Property $75K Loss of use 30K Personal Liability $500K Medical $5K each Annual premium under $500 bucks. I never tried to get 100% of the retail value and my lender did not ask for it. One step at a time. You can do it.

10-04-2007, 08:15 AM	#32
Webbsatwinni Senior Member Join Date: Sep 2007 Location: Lebanon Ct and Rattlesnake Island Since 2007 Posts: 610 Thanks: 180 Thanked 137 Times in 72 Posts	Thanks RG The issue seems to be that the appraiser feels that it would take more than 1/2 of the appraised value to rebuild. We have gone back to her, but they will not adjust it. We are hanging in and it will be worth it!

10-04-2007, 08:23 AM	#33
Lakegeezer Senior Member Join Date: Feb 2003 Location: Moultonboro, NH Posts: 1,678 Blog Entries: 1 Thanks: 354 Thanked 639 Times in 290 Posts	Building prices Its amazing how much it costs to rebuild these days. It is unlikely you can build on an island for less than $150 per square foot, and it could easily be much more. $200K for replacement means a maximum of 1300 sqare feet. What size are you looking to insure? Just a thought, but can you take out a home equity loan on your primary house to pay for the island home, then reduce the coverage? Risky, but more affordable. __________________ -lg

10-04-2007, 08:27 AM	#34
AC2717 Senior Member Join Date: Apr 2007 Location: Maynard, MA & Paugus Bay Posts: 2,575 Thanks: 753 Thanked 354 Times in 266 Posts	Appraisal replacement cost Hi, Have to be careful on this one here. The appraisers are sent out by the lenders and work for them essentially. It is a way to justify the amount of the loan. In most cases these numbers can be inflated. A lot of times it works in your favor when obtaining a equity loan or a 2nd mortgage, but when it is for a purchase it can hurt you. This is one of the major reason for the fall in the real estate market over inflation of appraisal values in order to obtain homes for buyers that have an over inflated price tag. A multitude of appraisal companies nationwide are being investigated by the Fed Gov. as a result. (this is the stuff you do not hear about on the new just that the market is terrible). As people have reccommed here I would shop around maybe both insurance agents and a new lender, but it is clear to me the lender is the problem as their appraised amount is not a required limit of insurance needed in order to obtain the mortgage, as long as the bldg is properly insured then it is legal. There has got to be a special market for island homes in this area, there are to many in this area to not be. Best bet contact the real estate agent they have to know of a market, the insurance agent, if they do not have a special market, will not really tell you of one because they might want to gain your business and keep it in their agency. Not all are this way though and do not want to be blamed for stereo typing here. Problem here insurance RC is more in tune, not saying correct, with rebuilding costs and the construction industry as they deal with it on a daily basis with losses. The lender is more in tune, again not saying correct, with the real estate market and buying and selling properties not rebuilding them or building them. That is why they hire appraisers. If you want, and I am sure the forum might be getting sick of my long Windiness Private message me and we can chat more. I wish I could help you out with a insurance carrier but my knowledge does not reach past MA and some main-land NH areas.

10-04-2007, 08:30 AM	#35
codeman671 Senior Member Join Date: Jan 2005 Posts: 3,495 Thanks: 221 Thanked 812 Times in 488 Posts	That sounds ridiculous. We pay $750 a year on ours and have an estimated replacement cost of $330k, and that is on a log home which is usually more expensive than stick built. We did find that a few insurers wanted to put enough coverage on it to cover the land value as well, rather silly being that even if the house burns down the land still remains. Our bank certainly did not require this.

10-04-2007, 01:29 PM	#37
Island Dweller Junior Member Join Date: Sep 2007 Posts: 3 Thanks: 0 Thanked 0 Times in 0 Posts	Island Insurance Obtaining Island insurance is definitely one of the more aggravating ordeals but don't let it take away from your enjoyment of your new vacation home. Did you find that companies wouldn't give you insurance because of the fact it was on an island, or because of your heating source? Again, I recommend giving Allstate a call. I already had boat & snow mobile insurance through them and I even changed my primary NH residence to Allstate because of the money savings. As I mentioned earlier, just adding a few heat strips in the home (it's a log home) qualified me for their homeowners insurance with a huge savings over what I was paying through Avery, so it was a no-brainer. I do remember being told that there was something new in NH insurance policies where as the company had to pay replacement value no matter what the total cost is, and now there are specific dollar amounts on the policies.(as of October 2007).

10-04-2007, 02:41 PM	#38
Webbsatwinni Senior Member Join Date: Sep 2007 Location: Lebanon Ct and Rattlesnake Island Since 2007 Posts: 610 Thanks: 180 Thanked 137 Times in 72 Posts	Island Dweller You are correct, if we did this in September, there would have been no issue. If the mortgage we are going for is less than the house only replacement number the appraiser puts on it, you still need the 100% replacement number. There was a large insurance company that said no, but when I told the mortgage broker that if we could not find the insurance, we were done and not moving ahead. He made some calls to friends and that company called me and they are back at the table. Still trying and can't wait to get this behind us. Thanks to all!

10-04-2007, 04:22 PM	#39
oliviernh Member Join Date: Sep 2004 Location: Hampton and Rattlesnake Island Posts: 33 Thanks: 0 Thanked 2 Times in 1 Post	I too had the problem... When we were building on Rattlesnake in 2005 we couldn't find anyone to insure the property...including Avery. Finally I connected with Codeman and he set me up with Mike Bertelone at Farm Family Insurance. Once I talked to him it was NO PROBLEM...For around $600 per year!!! Call Mike at 223-6686 and you won't have a problem.

10-05-2007, 11:29 AM	#41
NightWing Senior Member Join Date: Aug 2004 Posts: 410 Thanks: 4 Thanked 6 Times in 6 Posts	Insuring a home for full loan value is crazy. Even if your home burns to the ground, you still have the lot, the foundation, basement, (if you have one) septic system, fresh water source. The home itself is only required to be insured to 80% of rebuilding costs. If you insure for less, they may not pay off in case of a loss.