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karennjoe
LIF Toddler
Member since 6/05 403 total posts
Name:
Karen
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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
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Posted 8/26/05 1:35 PM  |
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JamieW
LIF Toddler
Member since 7/05 471 total posts
Name:
Jamie
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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.
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| Posted 8/26/05 4:03 PM |
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karennjoe
LIF Toddler
Member since 6/05 403 total posts
Name:
Karen
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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
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| Posted 8/26/05 4:52 PM |
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MrsB
LIF Toddler
Member since 5/05 491 total posts
Name:
Andrea
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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.
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| Posted 8/27/05 7:18 AM |
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