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HomeOwners Insurance

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karennjoe
LIF Toddler

Member since 6/05

403 total posts

Name:
Karen

HomeOwners Insurance

Ok Im so confused.

I have gotten 3 price quotes so far. We already have Allstate for renters so I started with him first.

Allstate $750

State Farm $1,141.00

Liberty Mutual $2,000.

I swear I gave them all the same info.

so here is my question Allstate says that my house is valued at $185,000 even though we are paying a lottttt more. He said that the banks wanted you to take out insurance to cover what you are paying, they are loaning,but that changed beacuse it is against the law and they will only hand me a check for the value of the house being replaced rebuilt.

does any of this make sense and is that true. Even though we are paying almost $400,000 for the house we only need $185,000 worht of insurance.

Please help

Karen

Posted 8/26/05 1:35 PM
 
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JamieW
LIF Toddler

Member since 7/05

471 total posts

Name:
Jamie

Re: HomeOwners Insurance

Yes, it is true. Your homeowners insurance covers the loss of the house itself and belongings...not the land or foundation. For example if your house bunt to the ground (hopefully this will not happen) it would not take the purchase price of the house to rebuilt it and replace the things inside....it would take the 185,000.
Good luck.

Posted 8/26/05 4:03 PM
 

karennjoe
LIF Toddler

Member since 6/05

403 total posts

Name:
Karen

Re: HomeOwners Insurance

Thank you so much. Im starting to understand now. I just talked to the bank and they said they need the replacement value of the house for insurance. Thanks again,

Karen

Posted 8/26/05 4:52 PM
 

MrsB
LIF Toddler

Member since 5/05

491 total posts

Name:
Andrea

Re: HomeOwners Insurance

Posted by JamieW

Yes, it is true. Your homeowners insurance covers the loss of the house itself and belongings...not the land or foundation. For example if your house bunt to the ground (hopefully this will not happen) it would not take the purchase price of the house to rebuilt it and replace the things inside....it would take the 185,000.
Good luck.



This is exactly what we were told as well. we went with State Farm because I have other insurance with them as well.

Posted 8/27/05 7:18 AM
 
 

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