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tack123453566 | My house is appraised at 93K. My insurance agent says I need 157K worth of house insurance.? |
This seems high to me. He claims that the replacement value is the reason this. In the case of a complete loss, I doubt they would pay me 157K, but he disputes this. He also says that the state requires an over value on house insurance. I think that I'm paying for more coverage than I need. Can't you buy something like term insurance for the value that I think the property is worth? |
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mbrcatz
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Yes, what the house sells for is NOT related to how much it would cost to fix. Your problem isn't for a COMPLETE loss, it's for a partial loss. MOST losses are partial losses. If you don't insure for full replacement cost, YOU share the loss. If you're 2/3 insured (your example) and you have a $30,000 kitchen fire, they'll pay $20,000 - their share of the claim.
I've never heard of the state requiring "over valuing" the house. I think there's some miscommunication somewhere. He should be able to show you EXACTLY how he gets the $157K - but in most areas, replacement is approximately $200 per square foot.
YES, there is "flat coverage" you can buy for your house. The reason most people don't buy it, is it's MUCH MUCH more expensive than a homeowners policy. Minimum premium is $1,000 with $1,000 deductible. The actual RATE is about 5X what a homeowners policy is rated. AND, it doesn't have any built in coverages. So if you want to add $25,000 of contents (usually theft excluded), that's another $250. Loss of use, $10,000, around $150 more. And liability is $500 (with $1,000 of medical payments included), but has a $1,000 deductible PER CLAIM, including legal costs and insurance company claim costs.
So, you can do it the cheap way - insuring to full replacement cost - or do it your way, and pay about 5X what you're paying right now. Your choice. |
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fighting saints
|
This CANNOT be said enough!!!!
The homeowners policy has NOTHING to do with the value or appraisal of the house. It's only purpose is to pay to rebuild the house in the event of a total loss. Normally, there is a BIG difference between value and rebuilding cost. The value of the house has many factors that effect it's value, but rebuilding costs stay pretty consistent.
Odds are the agent wasn't trying to rip you off. The replacement cost comes from figuring the cost to rebuild per square foot of home. Depending on what part of the country and the type of home the agent will figure $65 to $185 per square foot to figure the replacement cost.
I would suggest that you talk to the agent and ask them how they came to the 157K. You have the right to know how they arrived at the 157K then you can do your own research to confirm the figure. That way you will be informed and more comfortable with what the agent is doing.
Trust me you do not want to be under-insured if you have a total loss house fire. I have seen this happen and it isn't pretty or fun. |
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Heidi P
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Hi work in insurance for farmers and it could go either way. I have a cost calculator that determines how much it would cost to rebuild. You do have to have enough insurance to completely rebuild, your mortgage company will insist on that. If you are concerned that he is not giving you the best rate look around. Get two or three quotes from other companies. the 175k sounds very high if your home was appraised at 93K. I would look into it you can e-mail me at greatmom465@comcast.net and i will help you.
your personall things are covered under a different part of the policy not in the dwelling you also have seperate coverage for money while your home is being rebuilt |
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Sparkles
 |
You need to allow for inflation of construction plus replacing all your personal items. We have ours the same way. Better too much insurance than not enough to replace your loss. |
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blb
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The appraised value has nothing to do with the replacement cost of the house. If there is such a big difference I am guessing that you have an older home. The replacement cost on an older home is always more expensive than a new house. Older homes take into consideration plaster walls, timbers in the walls instead of 2 x 6's. One thing you can do that most companies will do is to insure your house for the functional replacement cost. That means that if you have a claim you are willing to replace with todays materials instead of the plaster. It will decrease the replacement cost of your house.
call your agent and ask them to go over the replacement cost with you. If they are not willing to do this, check around for a new agent. |
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myssie6983
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Depending on the state and where you are at, yes, your home could cost more to replace in the event of a total loss. Also, The apprasial should have a "Replacement cost" evaluation which most insurance companies look at. Within the company i work for, we will allow you 25% over that amount, but nothing more to insure. Possbily try to talk to another agent. Or ask the company he's trying to place you with. |
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Andy K
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he is covering himself.. to replace your place will cost that so that's it don't under value you self ,,,, |
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jimobasa
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Try another insurance company. The guy you;re dealing with is obviously trying to increase his commission at your expense. Make official inquiries about the over value issue |
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