Question about Home Owners Ins.

I've been getting quotes this week for home owners insurance and they vary so much in price and also the coverage....so I have two questions......How much is your personal liability and how much less did you insure your home for than the price you paid. We paid 480 for the house and one says we should insure for 300K another 325K and another 335K so I'm just getting confused here.

Re: Question about Home Owners Ins.

Personal Liab $500,000 and as far as the amount your Real Property "house" is Insured for, do not go by the purchase price because that is never what it would be Insured for. I got the same thing when looking were it varied by $20K-$30K. It is determined by the replacement cost (how much it would be to replace your house in a total loss) and that info is on the appraisal.

When looking for Insurance things you should look out for:
1) AM Best Rating of the Carrier -This is the Companies Financial backing and you want to go with someone who won't go belly up in 6-months (I can look this up for you if need be)
2) Amount of coverage (Personal Liab, Dwelling, Personal Property, etc..)
3) Your deductible (Check your all other peril deductible and make sure you check your wind deductible).
4) If you need Flood Insurance, same thing check the deductibles

You can FM with any questions, I am in the biz

Message edited 9/18/2007 8:51:23 AM.

Re: Question about Home Owners Ins.

Posted by Mrs-D-Girl

Personal Liab $500,000 and as far as the amount your Real Property "house" is Insured for, do not go by the purchase price because that is never what it would be Insured for. I got the same thing when looking were it varied by $20K-$30K. It is determined by the replacement cost (how much it would be to replace your house in a total loss) and that info is on the appraisal.

When looking for Insurance things you should look out for:
1) AM Best Rating of the Carrier -This is the Companies Financial backing and you want to go with someone who won't go belly up in 6-months (I can look this up for you if need be)
2) Amount of coverage (Personal Liab, Dwelling, Personal Property, etc..)
3) Your deductible (Check your all other peril deductible and make sure you check your wind deductible).
4) If you need Flood Insurance, same thing check the deductibles

You can FM with any questions, I am in the biz

Re: Question about Home Owners Ins.

Can you explain number 3 to me....i'm lost ....No one mentioned anything about this when they gave me a quote. Thanks


No problem. Your Ded, is the same thing as if it was car Insurance. In the event of a claim, that is your "out of pocket expense". It should read $1000 or $2500 so check your quote.

With respects to the Wind/Hurricane ded. It would say either a % next to it or an amount. There can be and usually is depending on the company a separate deductible in the event of a wind loss (great to live on Long Island). Now not to confuse you more, but ask this question to your broker, if the Wind deductible is for "Named Storms Only" This means that in the event of a Named Hurricane or a Named Tropical Storm, etc..(Wilma, Katrina, etc..( that deducitlbe would be what is listed and make sure to ask that in the event of a Non-Named Storm (a strong autumn breeze, knocks a tree down) what your deductible would be.

Re: Question about Home Owners Ins.