As far as coverage required by the mortgage co, they’ve told me in the past for condos that they will go with whatever the agent says is replacement cost. Looking at the listing, I estimated $30,000 for replacement cost. The Lloyds and Lexington quotes were submitted for that coverage amount.
While looking through the mortgage co system tonight, I saw the appraisal was in. I used the appraisal and Southern Fidelity calculated $34,000 for replacement cost, but they do allow us to go 80% of that to maintain replacement cost coverage. I quoted both $30,000 and then $50,000 just so he could see the difference in premium.
I can rerun the Southern quotes for any amount over $30,000 interior building and any amount of contents he’d like. I copied you on the quotes I sent earlier.
Tiffanie Domil Lapene, CISR
Standard Mortgage Insurance Agency
701 Poydras St., Ste. 400 PLAZA
New Orleans, LA 70139
Direct Phone / Fax: 504.569.3912
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