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Homeowners Insurance

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DjPiLL

Member since 5/05

3664 total posts

Name:
Richard

Homeowners Insurance

How much homeowners insurance should you purchase?

If the house is 400k... do you just take out a policy for 400k? Or should you take out less since you aren't insuring the land and you should insure for how much it would cost to rebuild.

Posted 9/6/05 10:25 PM
 
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Holly
Prayers to those who need them

Member since 5/05

6631 total posts

Name:
Holly

Re: Homeowners Insurance

I'd take it out for the value of the house...you do not want to underinsure...

When purchasing Homeowners, make sure you request Replacement Cost Valuation, versus Actual Cost Value....RC Will cover waht it costs to buy stuff TODAY, ACV takes depreciation into consideration


Also, see if there is a CO-Insurance Clause...for instance, if the Co-Insurance is 80%, that means that in the case of a total loss, the insurance will cover 80%....most homeowners is 100% or FLAT...which means it will cover the whole amount in the case of a loss.

Hope I helped a little bit!Chat Icon

Posted 9/6/05 10:32 PM
 

dengal
Dad of Twins

Member since 5/05

1385 total posts

Name:
The 80's Man
Let's Go Mets!

Re: Homeowners Insurance

I took it out for the value of the house at the time we closes (new construction). I think it's about $700/year

Posted 9/6/05 10:56 PM
 

MsMBV
:P

Member since 5/05

28602 total posts

Name:
Me

Re: Homeowners Insurance

we got it at 125% of appraisal price. we have all of our insurance throught the same company, so it did not cost us too much more. It also covers flood, hurricane (less the 5% deductible for hurricane) theft, fire, vandalism, and also covers everything in the house that has a value of up to $5000 (we took out a rider on our wedding jewlery & my computer system).

Posted 9/7/05 9:58 AM
 

paulandles912
My children are a blessing!

Member since 5/05

2598 total posts

Name:
Leslie

Re: Homeowners Insurance

Posted by DjPiLL

Or should you take out less since you aren't insuring the land and you should insure for how much it would cost to rebuild.



This is what we did.

Posted 9/7/05 11:57 AM
 

Kate
*****

Member since 5/05

7557 total posts

Name:
Kate

Re: Homeowners Insurance

Posted by paulandles912

Posted by DjPiLL

Or should you take out less since you aren't insuring the land and you should insure for how much it would cost to rebuild.



This is what we did.



So did we.

Posted 9/7/05 12:06 PM
 
 

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