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i had a house fire 1/2 house burned naples fl. should i build back or rebuy

i had a house fire 1/2 house burned naples fl. should i build back or rebuy elseware
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September 15 2010 - Golden Gate
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That decision is purely based on how your insurance policy is structured. If you have replacement coverage you most likely will be required to build back to use the insurance funds. However if you have a Cash Value Policy, you can take the coverage minus depreciation and call it a day. Of course this also depends on your mortgage. If you have a mortgage any funds will be jointly payable to you and your mortgage company. Thus, they will require you to rebuild. Bottom line is get with your insurance agent for official guidance. Good luck and hope it makes out OK for you. Chris
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September 16 2010
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Assuming that the insurance company will let you not rebuild there I would check into which is the better deal. If you can rebuild for less rebuild. If you can buy elsewhere cheaper move on.

The only exception would be if you really like that neighborhood or if you hate it. Then that could be the deciding factor.

Include the cost of house removal in the decision. And then look at the potential money for selling an empty improved lot. Whatever you decide is up to you. If you make a choice to buy elsewhere and keep the lot you could always rebuild later on there if you keep the lot. If you rebuild you can not move as easily at a later date. You would have to sell this house first.
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September 15 2010
 
Related Questions
i had a house fire 1/2 house burned naples fl. should i build back or rebuy
Profile picture for Chris Spina
Latest answer by Chris Spina
September 16 2010 | 2 answers
  • Asked by naples34117
  • In Mortgage
  • September 15 2010
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