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heres the situation...
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Additional Details
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Snoopy | Can I set the amount of home insurance I purchase since I own the house? |
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mbrcatz
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Sure. But a company doesn't have to write your policy if they don't want to.
See, when people complain to me about wanting to set their own limit, that's not what they REALLY want. They REALLY want to cut their insurance costs. And it doesn't work that way.
The CHEAPEST way to insure your house, is on a homeowners package policy. You get all six coverages, whether you want them or not; you can modify it a little bit; the company requires you to insure to 80% or 90% or 100% of the cost to rebuild the home.
If you don't want to insure for that much, you can get a FLAT policy, with NO coinsurance. It doesn't come with ANY extra coverages - no built-ins. It's cafeteria style - if you don't specifically put it on the tray, you don't get it. AND, the premium costs much, much more. You can insure your house for a limit about 25% of the standard policy, and end up paying twice as much. That's how the rating works. And, of course, come loss time, you get . . .up to the policy limit.
Then, for slightly lower rates, you can get a fire policy with a coinsurance clause. Not as expensive as a flat policy, but still cafeteria style. The problem with this, is that darned coinsurance clause. Come claim time, they pay the LESSER of actual cash value (replacement cost less depreciation) or the policy limit, AND, then apply the percentage you insured - so if you insured your house for 50% of the cost to rebuild, you get the policy limit or ACV, times .5 - you effectively CO INSURE your house with the insurance company.
So, do you REALLY want to set the limit, or do you REALLY just want to cut the premiums? If cutting the premiums is your goal, take a higher deductible - like $5,000 or $10,000, and update your house. |
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ranger_822nd
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if you have no mortgage - you can do anything you want
but if there is a mortgage the bank will make sure you have enough insurance - |
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mom_of_1
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No, the amount of home insurance is based on the cost of rebuilding your house. |
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Joey M
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Typically, insurance companies run a replacement cost valuation to determine how much insurance is needed on your house. I would go with that figure even if you think its a little high...or a lot high. They use very accurate software.
I don't know about all companies, but with some you can sign a form stating that you only want to insure your home for a certain amount, but you don't get guaranteed replacement cost coverage when you sign off on a lower amount. |
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Chickie
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You expect the insurance company to replace or rebuild whatever gets damaged on your house (rebuild the kitchen after a fire, rebuild the corner of your house that got taken out by a huge fallen tree, etc), so they in turn ask you to pay for the amount of insurance that is needed to do this, which is the replacement cost, or the cost to rebuild your home. Some companies will let you set the amount. This is called an actual cash value policy. It will pay you based on the depreciated amount for the items that were damaged. If your 15 year old deck is destroyed by a fallen tree and the normal life of a deck is 20 years, you get paid 25% of the cost to rebuild the deck since it only had 25% of its useful life left. You can see how this would cause you to incur HUGE out of pocket expenses for any claim. Actual cash value policies are usually more expensive than replacement cost policies too, even though you are getting much less coverage. Like mbrcatz said, if it's really the premium that you want decreased, not your coverage, try a higher deductible. Going from $250 to $500 or $1000 can save a lot. |
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larsgirl
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ranger - I don't think you are correct. If you have replacement cost on your home. You must insure at least 80% to value, some companies have different %s, but if you don't then they apply the did over should rule.
did X Loss - Deductible = Payment
____
Should
so if you insured a 100,000 home for 50,000 and had a 10,000 loss and had a 500 ded.
50,000 X 10000 - 500 = 24500
-----------
100,000
You insure for half you get paid half in the event of a loss |
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Zach
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It depends on the company. Most insurance companies default to replacement cost, however, most lenders require home insurance coverage for the lesser of the replacement cost or the amount of liens on the property.
If you own the property outright, you don't have to have coverage for replacement cost (assuming the insurance company is ok with it). |
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