Home Insurance

polooo27 · April 2013

For those of you who own a home what is your dwelling coverage compared to the value of your house? You can say the actual amounts or give it as a percentage.

My coverage was for what I paid for my house. I have a friend that is getting a house and they want to insure him for $300k for a a house he's buying for $140k. They told him twice the amount is typical. I was wondering if this is true or not.

His insurance is going to cost him $600 ($1500 compared to $900) more per year than what I'm paying. Our houses are very similar.

chiogirl02 · April 2013

Value of my house is 150,000. Live in a college town in MS

Mortgage is for only 80,000. Bought it for 109,000 in 2007.

Homeowners insurance is 937.00

MommyLiberty5013 · April 2013

The value of our home is slightly over $300k.

We owe about $250k on a mortgage.

Our homeowners is for $434k on the dwelling and $43k on other structures.

Honestly, if you home is ruined you would need money to pay the mortgage PLUS cl

forcuatro · April 2013

Your insurance coverage amounts should have much more to do with the cost of rebuilding your home and replacing your personal property than with your mortgage amount. There are two portions of a homeowner's insurance policy- dwelling and pers

brij2006 · April 2013

The way homeowners insurance works, is that you want to insure your home at the cost to replace the home. Our home is 3,000 sq ft and we purchased it for $50k. We have our home insured at $285k, which is the cost to replace the home from th

polooo27 · April 2013

Yeah, it got me to thinking that my insurance wasn't high enough, but I also thought 2 times the amount was crazy. I would think 20% more would be enough. Like you said, the land is already owned. Plus, when you build, everything is brand new now. So of c

polooo27 · April 2013

Oh, and for clarrification. It doesn't matter what you owe on the house. What is the appraised value of the house to dwelling coverage.

Personal property coverage and liability insurance doesn't matter either. We all own differenct stuff. I'm j

brij2006 · April 2013

The personal property, other structures, and additional living expenses portion of a homeowners policy is part of the package. All of those amounts are based on a % of what the dwelling is insured for.

Our house was purchased for 50k,

polooo27 · April 2013

brij2006:

The personal property, other structures, and additional living expenses portion of a homeowners policy is part of the

brij2006 · April 2013

polooo26:

Yeah, I get all that about the person property and other structures. That's why I don't care about those, I can figu

polooo27 · April 2013

Thanks, that's helpful.

I have State Farm and my agent insured me for the amount I bought it for. I'm not sure how he came up with that number and I don't think it affected my premium. I was paying $850 at first, my premium is now $1000 because

brij2006 · April 2013

It's likely you're grandfathered into an ACV policy with State Farm. When we first bought our home, we had it insured at ACV through State Farm until we did all of the remodeling. We also insisted that we did not want $225k worth of co

Sisugal · April 2013

We have replacement value with 1K deductible - mortgage is paid off.

polooo27 · April 2013

brij2006:

It's likely you're grandfathered into an ACV policy with State Farm. When we first bought our home, we had it i

brij2006 · April 2013

It has gone away with some companies, but is still available. They have just learned over the years that people weren't realizing how they were covered (or not) until a claim happened. So most companies shy away from it.

Also most mortgage

vlagrl29 · April 2013

we paid $195,000 in 2006 and the dwelling is $208,100. The premium is $835/year. of course our premium also includes personal property value. I have no idea what our home is appraised for, that would cost money to have someone come out and

polooo27 · April 2013

brij2006:

It has gone away with some companies, but is still available. They have just learned over the years that people

brij2006 · April 2013

polooo26:

Do you know how much it costs for a cleanup of a burnt down house? Let's say a 2000 sq. ft. house with a 2

polooo27 · April 2013

brij2006:
polooo26:</

Erikan73 · April 2013

We paid $102,500 for our home. Our home was appraised at $107,000 due to poor comps in the neighborhood. We have a very unique & large home for our neighborhood, but it would take us at least $200,000 if we had to totally rebuild the house. That why insur

polooo27 · April 2013

Erikan73:
We paid $102,500 for our home. Our home was appraised at $107,000 due to poor comps in the neighborhood. We have a very

Home Insurance

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