Declined Home Insurance

vmjp · September 2011

We requested a quote for home insurance by sending them the appraisal and they declined us because the replacement cost per sq. ft. was under $100. Is that normal or is it just this company being dumb? We're going to try with some other companies but I'm just curious is anyone has heard of this before.

=Jewel= · September 2011

Never had that problem. In my experience, the insurance company will do their own "replacement value" determination, based on total sq ft, quality of products used, etc. Our home is currently insured at a replacement value $50k over what we paid for it a year ago. The insurance company insists it's much more expensive to build a house right now, than it is to purchase one already built. Who knows...but we weren't able to change that amount, and we need insurance, so that's what it is.

curlylocks3 · September 2011

I've not heard of that. When I called for a quote they told me the minimum amount we could insure for and we worked from that. We didn't have to give them the appraisal.

Desmond&MollyJones* · September 2011

=Jewel=:
Never had that problem. In my experience, the insurance company will do their own "replacement value" determination, based on total sq ft, quality of products used, etc. Our home is currently insured at a replacement value $50k over what we paid for it a year ago. The insurance company insists it's much more expensive to build a house right now, than it is to purchase one already built. Who knows...but we weren't able to change that amount, and we need insurance, so that's what it is.

Ditto this. The minimum our company will insure us for is $230k and we paid $115k for it last year. I know we got a great deal, but I don't think we'll need $230k to rebuild. Hmmm...maybe with granite and tile and nicer light fixtures and stainless appliances... Devil

Declined Home Insurance

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