Groups are smaller communities within the larger ActiveRain. Join groups created by others. or start your own and
get others to join
This is the place to view the past and present contests put on by ActiveRain and its members. Everyone can join the
group and help encourage each other. Current contest will be highlighted posts so it's easy for you all to see. Let it
Curious as to what others in your profession think about a certain product or tool?
AR's community takes the time to leave honest and transparent reviews of their experiences
so you can be a bit wiser about your purchase.
Broken down by categories and subcategories for easy finds
Get an unfiltered look at what real users are saying
Leave a review yourself for others to benefit from
Add new products as you use them and gain points for doing so
ActiveRain University (ARU) provides free on-line training. We coach, consult and support real estate professionals about real estate trends, technology and social media.
ARU Calendar provides class types and registration links
Watch short tutorials on updating your photo, inserting a hyperlink and much more
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Find answers to most FAQ's
Whatever it is you're into and wherever you are, AR surely has a group for you to join.
Brand, off the wall, specific subject matters…whatever it is you're looking for.
Each time you write a post you can syndicate your post to 5 groups.
And if by chance you don't find what you're looking for, start a new group today!
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Search by location or type
Feel free to start your own group
Find some that are close to home and close to heart
Each month AR runs numerous contests as a way for our members to engage in activities
that will boost their business and increase their visibility in the community and beyond.
Earn points by partaking in these contest and climb the leaderboard
Do what's good for you and your business by participating
If you have an idea for a contest, just let us know
Stay motivated and on track with new contests popping up each month
Ask a Real Estate Question
Here's another avenue for you to build relationships with others. Share your expertise with someone searching for answers.
Play the teacher role and help someone out today
Your Homepage will alert you of new questions in your state
A wonderful way to open a door to a possible new client
Ask a question yourself to get help
These state pages or hyper-local pages provide content directly related to a specific geographical location.
State, County, City and Neighborhood pages make it easy for consumers to find what they're looking for.
Post your listings, school information, local events, market reports and more
Consumers peruse these pages for information
Farm your niche market and cover all the happenings in your neighborhood
Ask an insurance agent, a mortgage broker, and a realtor "How muchinsurance should I have on my new home" and I will guarantee you will get three different answers. The mortgage broker might say the loan amount, the realtor might say the market value, and the insurance agent, if he or she is doing their job correctly will say the replacement cost of the home. So who's correct? In short, it has to be insured for the replacement value- the cost it would take to re-build the home at today's construction costs.
Insurance companies use a computerized "replacement cost estimator" using historical data of building costs in a given area. This data is compiled by independent companies who do actual surveys of building costs and provide it to insurance companies and others in the construction business. One of the best known companies providing this information is Marshall & Swift. By plugging in the square footage, number of baths, style of the home, and the home's other amenities into the worksheet a replacement value is determined.
The worksheet also considers the extra cost of rebuilding a home like demolition cost, debris removal, architectural plans, and even environmental costs. The replacement value may be more or less than the home's market value. In a depressed home market, this value could be more than what a home sold for. The replacement value could also be more than the sales price in a distress sale. In a hot real estate market, the value could be, and usually is, less than what the home sold for. The replacement value will also be less than the market value when a sale involves a large amount of acreage. This causes a dilemma in that the mortgage company or bank wants the insurance to be equal or greater than the loan amount and the buyer doesn't want to insure more than the replacement cost.
Many states have enacted laws stating lenders can not force insurance above the replacement cost of a home due to this problem. Keep in mind that the replacement cost worksheet works well in determining the correct amount of insurance for the average home in the average community. High valued homes with a lot of customization present a different set of challenges.
Why do Insurance Companies Insist on Insuring at Replacement Cost?
First and foremost, insurance companies and their agents want clients to have adequate insurance in the event of a catastrophe. No one wins when a fire destroys a home and there is not enough insurance to rebuild what a family has worked long and hard to accumulate. Insuring to replacement cost also ensures that the insurance company is collecting enough premium to set aside the reserves that are needed to pay it's clients claims when they do happen.
Please feel free to give me a call if you have any questions about this or any other insurance topic.
I hope you're finishing up a great year and best wishes on a wonderful holiday season to you and your family!
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.