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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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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.
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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
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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!
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| Posted 9/6/05 10:32 PM |
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dengal
Dad of Twins
Member since 5/05 1385 total posts
Name:
The 80's Man
Let's Go Mets!
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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
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| Posted 9/6/05 10:56 PM |
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MsMBV
:P
Member since 5/05 28602 total posts
Name:
Me
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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).
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| Posted 9/7/05 9:58 AM |
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paulandles912
My children are a blessing!
Member since 5/05 2598 total posts
Name:
Leslie
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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.
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| Posted 9/7/05 11:57 AM |
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Kate
*****
Member since 5/05 7557 total posts
Name:
Kate
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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.
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| Posted 9/7/05 12:06 PM |
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